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In the event that there is no mean price available for such exchange-traded equity option held by a Fund","page_number":36,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"419e25f8-63c1-4767-9c52-42160eb494be","block_type":"box","text":"on a day on which the Fund values such option, the last bid (long positions) or ask (short positions) price, if","page_number":36,"box":{"x":116,"y":243,"width":730,"height":11}},{"id":"83bdb408-54d1-46bd-aa1f-5a347f60827d","block_type":"box","text":"available, will be used as the value of such option. If no bid or ask price is available on a day on which a Fund","page_number":36,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"5615d818-ab9d-4302-9dd3-5353a3bfb796","block_type":"box","text":"values such option, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":36,"box":{"x":116,"y":274,"width":769,"height":11}},{"id":"047b7a61-2475-4605-8deb-4291aa0ecd32","block_type":"box","text":"longer reflects the fair value of the option, in which case such option will be treated as a fair value asset.","page_number":36,"box":{"x":116,"y":289,"width":707,"height":12}},{"id":"26b8af89-66b3-402a-a6a1-b025e06a9da9","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be","page_number":36,"box":{"x":116,"y":305,"width":737,"height":11}},{"id":"55956cca-1559-4822-beff-58dcdfa48f39","block_type":"box","text":"valued using a mathematical model which may incorporate a number of market data factors. Financial futures","page_number":36,"box":{"x":116,"y":320,"width":744,"height":12}},{"id":"35d2d4f4-4b0f-4903-ad60-099ac566645b","block_type":"box","text":"contracts and options thereon, which are traded on exchanges, are valued at their last sale price or settle price as","page_number":36,"box":{"x":116,"y":336,"width":759,"height":11}},{"id":"a1377203-70da-49b3-b077-139bc1455bb9","block_type":"box","text":"of the close of such exchanges. Swap agreements and other derivatives are generally valued daily based upon","page_number":36,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"0cbb3476-95ac-44d5-97f2-5415e576f02a","block_type":"box","text":"quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":36,"box":{"x":116,"y":367,"width":681,"height":11}},{"id":"c298093d-a336-4ca0-be24-7076799466d6","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":36,"box":{"x":267,"y":398,"width":470,"height":11}},{"id":"a79976ab-6544-44e1-8e17-05683c39b83a","block_type":"box","text":"PRSAI-MF-1125SUP","page_number":36,"box":{"x":116,"y":429,"width":152,"height":9}},{"id":"da58aa3a-68f4-4b88-93b3-c7ff08686f43","block_type":"box","text":"4","page_number":36,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"4d8358b9-037c-43dc-99b9-ed2559f9e12d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":36,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"558af679-a246-4fc7-a703-65478b82ddb3","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":37,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"ba29b8e7-7890-4f12-b701-72a0e261f5bc","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund","page_number":37,"box":{"x":165,"y":120,"width":649,"height":18}},{"id":"275de014-bfec-42b3-9a41-294fde31daeb","block_type":"box","text":"of BlackRock Multi-State Municipal Series Trust","page_number":37,"box":{"x":313,"y":149,"width":352,"height":11}},{"id":"02802492-49bb-4d45-8e81-baa2de48b1bd","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":37,"box":{"x":118,"y":176,"width":742,"height":14}},{"id":"ef78fba7-ec6d-45ef-82a0-2b6333da3fd4","block_type":"box","text":"This Statement of Additional Information of BlackRock New York Municipal Opportunities Fund (the","page_number":37,"box":{"x":101,"y":233,"width":761,"height":12}},{"id":"d5bedca5-16b7-4c95-8529-e28f56d75ce4","block_type":"box","text":"“Fund”), a series of BlackRock Multi-State Municipal Series Trust (the “Trust”) is not a prospectus and should","page_number":37,"box":{"x":69,"y":248,"width":827,"height":12}},{"id":"77168cd9-e35d-4635-a1e6-a2ef4b49d1f7","block_type":"box","text":"be read in conjunction with the Prospectuses of the Fund, dated October 28, 2025, as they may be amended","page_number":37,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"4d6b0d11-3895-48e1-849e-f0d6acab6ded","block_type":"box","text":"or supplemented from time to time (each, a “Prospectus”) which have been filed with the Securities and","page_number":37,"box":{"x":69,"y":279,"width":785,"height":11}},{"id":"d4ca5e68-85d3-449a-9921-9bb88e309a5f","block_type":"box","text":"Exchange Commission (the “Commission” or the “SEC”) and can be obtained, without charge, by calling","page_number":37,"box":{"x":70,"y":294,"width":788,"height":12}},{"id":"d47c298d-3b81-4534-b0b0-8d26b4a47d78","block_type":"box","text":"(800) 441-7762 or by writing to the Fund at the above address. The Fund’s Prospectuses are incorporated by","page_number":37,"box":{"x":69,"y":309,"width":829,"height":12}},{"id":"faebc1df-3444-4397-bfa7-783585fba759","block_type":"box","text":"reference into this Statement of Additional Information, and Part I of this Statement of Additional Information","page_number":37,"box":{"x":70,"y":324,"width":833,"height":11}},{"id":"0062995e-286e-4805-ad35-6a4400e29ae5","block_type":"box","text":"and the portions of Part II of this Statement of Additional Information that relate to the Fund have been","page_number":37,"box":{"x":69,"y":339,"width":785,"height":12}},{"id":"ea4ee46a-fcff-4576-aa18-25696a1d1030","block_type":"box","text":"incorporated by reference into the Fund’s Prospectuses. The portions of Part II of this Statement of Additional","page_number":37,"box":{"x":70,"y":354,"width":832,"height":12}},{"id":"a0c9ea7a-9483-4230-b863-8567c31a5da7","block_type":"box","text":"Information that do not relate to the Fund do not form a part of the Fund’s Statement of Additional","page_number":37,"box":{"x":70,"y":369,"width":748,"height":12}},{"id":"95efaf5c-295e-43c6-85ea-b979016a3ca9","block_type":"box","text":"Information, have not been incorporated by reference into the Fund’s Prospectuses and should not be relied","page_number":37,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"8fba9b9d-3b18-4587-ad71-684c3da681c1","block_type":"box","text":"upon by investors in the Fund. The audited financial statements of the Fund are incorporated into this","page_number":37,"box":{"x":70,"y":400,"width":775,"height":12}},{"id":"f90fe161-4133-468a-9398-d8491dc655fc","block_type":"box","text":"Statement of Additional Information by reference to the Fund’s Annual Financial Statements and Additional","page_number":37,"box":{"x":69,"y":415,"width":820,"height":12}},{"id":"9eee965c-4f97-4164-b036-9bd9aeff2dd2","block_type":"box","text":"Information for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR (the “2025 Annual","page_number":37,"box":{"x":70,"y":430,"width":822,"height":12}},{"id":"9b0b03cc-f5dc-40e3-a7d4-600052a36349","block_type":"box","text":"Financial Statements”). You may request a copy of the 2025 Annual Financial Statements at no charge by","page_number":37,"box":{"x":70,"y":445,"width":803,"height":12}},{"id":"fc3a0ccf-3fb9-4ce2-adaa-52daa986979e","block_type":"box","text":"calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":37,"box":{"x":69,"y":460,"width":693,"height":12}},{"id":"8d648af5-f621-426f-8622-96023e0ef91b","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the","page_number":37,"box":{"x":103,"y":483,"width":786,"height":12}},{"id":"4bc6ef59-38fc-49ba-8eeb-04c0c7a299b5","block_type":"box","text":"“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,","page_number":37,"box":{"x":69,"y":498,"width":772,"height":12}},{"id":"cf9fa141-b6da-483d-b24c-fbbb846db1f3","block_type":"box","text":"interpretations or modifications by the Commission, Commission staff or other authority with appropriate","page_number":37,"box":{"x":70,"y":513,"width":804,"height":12}},{"id":"dbed7e43-5828-4bd1-8854-aec461996b42","block_type":"box","text":"jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the","page_number":37,"box":{"x":67,"y":528,"width":819,"height":12}},{"id":"1415c070-7a24-4041-a30d-2930be9e0c10","block_type":"box","text":"Commission, Commission staff or other authority.","page_number":37,"box":{"x":70,"y":543,"width":378,"height":12}},{"id":"25000496-2c62-495b-ab62-3a66a1d5f058","block_type":"box","text":"Class","page_number":37,"box":{"x":69,"y":572,"width":31,"height":7}},{"id":"b1d8a594-1be8-46b3-a5fc-a5e0cf793c77","block_type":"box","text":"Ticker Symbol","page_number":37,"box":{"x":827,"y":572,"width":82,"height":9}},{"id":"af43d7a7-1dd6-44b8-949f-4494c259fcbf","block_type":"box","text":"Investor A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M","page_number":37,"box":{"x":70,"y":590,"width":784,"height":9}},{"id":"1e85e1d4-2974-42b3-be9b-bf7f8fb302dc","block_type":"box","text":"ENKX","page_number":37,"box":{"x":857,"y":590,"width":37,"height":8}},{"id":"1ed96b6b-d588-4015-9092-95c559e7ac0c","block_type":"box","text":"Investor A1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MDNKX","page_number":37,"box":{"x":70,"y":605,"width":825,"height":9}},{"id":"b498e99f-bb84-4d76-9f79-0c16fddbfa27","block_type":"box","text":"Investor C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MFNKX","page_number":37,"box":{"x":70,"y":620,"width":824,"height":9}},{"id":"0e253538-563a-4920-b32f-e1889fb994cf","block_type":"box","text":"Institutional Shares","page_number":37,"box":{"x":70,"y":635,"width":137,"height":9}},{"id":"9ab83905-d181-43c6-924f-009753155d32","block_type":"box","text":"........................................................................ M","page_number":37,"box":{"x":216,"y":635,"width":638,"height":9}},{"id":"ef1ee1ac-d548-47ec-a956-831e04277cd5","block_type":"box","text":"ANKX","page_number":37,"box":{"x":856,"y":635,"width":38,"height":9}},{"id":"75e6a35a-8168-47f7-a136-4da03c59fd7a","block_type":"box","text":"Class K Shares","page_number":37,"box":{"x":69,"y":650,"width":109,"height":9}},{"id":"25dff5ee-36b4-4685-8406-211a7ad2a2fa","block_type":"box","text":"............................................................................ M","page_number":37,"box":{"x":183,"y":650,"width":671,"height":9}},{"id":"7c0e7161-50e7-4d14-9f5f-4d09a86215d2","block_type":"box","text":"KNKX","page_number":37,"box":{"x":857,"y":650,"width":38,"height":9}},{"id":"634690a8-c09a-4019-9f66-1a0687f67f96","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":37,"box":{"x":260,"y":705,"width":460,"height":19}},{"id":"6eee8c8c-b093-40fe-b5d6-d8cb1b008e3c","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":37,"box":{"x":222,"y":727,"width":536,"height":18}},{"id":"c0943487-0c9a-4a09-9ca5-e002ab889707","block_type":"box","text":"The date of this Statement of Additional Information is October 28, 2025.","page_number":37,"box":{"x":210,"y":787,"width":557,"height":11}},{"id":"3dca4616-35ab-4fc0-b6ba-77b715419cb9","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebbfbc02-208a-4387-b784-e87979dd08ae","block_type":"box","text":"TABLE OF CONTENTS","page_number":38,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"33f156ac-c325-4ebb-bd23-5ee31a0e6b98","block_type":"box","text":"Page","page_number":38,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"8ecf61fc-8a31-47a6-a438-6a3c245031e8","block_type":"box","text":"PART I","page_number":38,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"e00d3273-117c-494f-ad68-fe11c0d1e36d","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":38,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"682e520e-5d46-4f7e-8bcd-b8fd9816de6c","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":38,"box":{"x":70,"y":125,"width":838,"height":9}},{"id":"57e278ff-1c69-43bc-9bc4-61525d8eb699","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-9","page_number":38,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"8b3f73e3-0ca0-4ca3-93ac-382492e393ec","block_type":"box","text":"Management, Advisory and Other Service Arrangements. . . . . . . . .","page_number":38,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"f61167cf-454c-4b48-8526-f1884a181e25","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-20","page_number":38,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"d6fe88b4-7988-47f2-bc8a-68410a0380b8","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":38,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"78daa908-165b-4100-97e2-fac97c92c146","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":38,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"cb24c9ff-90e7-42b4-8696-29a14d555d35","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"a29828e2-a65e-4476-89f2-a2cfd29a71ae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":38,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"220dd15f-79f2-42f0-9455-4e54e2a4376f","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":38,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"b2ff8727-def0-48fc-97d9-a9d31ab1cd5e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Ratings","page_number":43,"box":{"x":72,"y":466,"width":123,"height":10}},{"id":"7a94d7d0-eb3a-41c0-a4f3-c6009254b848","block_type":"box","text":"X","page_number":43,"box":{"x":737,"y":466,"width":7,"height":8}},{"id":"aff19194-08dc-4cb1-9006-b768f3863af4","block_type":"box","text":"Zero Coupon Securities","page_number":43,"box":{"x":73,"y":486,"width":154,"height":10}},{"id":"36bc265a-4512-4083-956f-c9434e17852e","block_type":"box","text":"X","page_number":43,"box":{"x":737,"y":486,"width":7,"height":8}},{"id":"9082858d-0db9-4328-8164-3496de84dbd0","block_type":"box","text":"1","page_number":43,"box":{"x":69,"y":510,"width":3,"height":4}},{"id":"3ebe5123-b25b-4084-9b4e-17643daa2114","block_type":"box","text":"The Fund may only make short sales “against-the-box.”","page_number":43,"box":{"x":76,"y":510,"width":314,"height":9}},{"id":"1a43bee0-283e-471b-9f11-18069032b535","block_type":"box","text":"The investment objective of the Fund is to provide shareholders with income that is exempt from Federal income","page_number":43,"box":{"x":101,"y":531,"width":801,"height":11}},{"id":"074b5f89-f3d8-4f1b-b7bd-8affd81bbbc1","block_type":"box","text":"tax and New York State and New York City personal income taxes. The investment objective of the Fund is a","page_number":43,"box":{"x":68,"y":546,"width":766,"height":11}},{"id":"575c07bb-e44a-449f-bb5e-5c8e68176a09","block_type":"box","text":"fundamental policy and may not be changed without a vote of a majority of the outstanding shares of the Fund. There","page_number":43,"box":{"x":68,"y":561,"width":836,"height":11}},{"id":"399ea98f-1b6f-4d1e-9901-c6ab3819eb50","block_type":"box","text":"can be no assurance that the investment objective of the Fund will be achieved. The Fund seeks to achieve its","page_number":43,"box":{"x":69,"y":576,"width":786,"height":11}},{"id":"f173a5b3-297a-4e95-920a-53c4b29a9087","block_type":"box","text":"objective by investing primarily in a portfolio of investment grade obligations issued by or on behalf of New York State,","page_number":43,"box":{"x":69,"y":591,"width":839,"height":12}},{"id":"d24ed211-08e8-4973-953b-262e023f4c84","block_type":"box","text":"its political subdivisions, agencies and instrumentalities and obligations of other qualifying issuers, such as issuers","page_number":43,"box":{"x":70,"y":606,"width":824,"height":12}},{"id":"b1688100-1689-4485-9c1f-31d4b78d33cd","block_type":"box","text":"located in Puerto Rico, the U.S. Virgin Islands and Guam, that pay interest that is, in the opinion of bond counsel to","page_number":43,"box":{"x":70,"y":622,"width":824,"height":11}},{"id":"478c12ae-bf54-41db-a1f2-8bf7e4ba0944","block_type":"box","text":"the issuer, excludable from gross income for Federal income tax purposes and exempt from New York State and New","page_number":43,"box":{"x":68,"y":637,"width":834,"height":11}},{"id":"d5ebeeae-a6a6-4079-950c-177f0b3f10b0","block_type":"box","text":"York City personal income taxes. Obligations that pay interest excludable from gross income for Federal income tax","page_number":43,"box":{"x":68,"y":652,"width":820,"height":11}},{"id":"73697cf0-3e06-4c88-b469-45428ba0d5d2","block_type":"box","text":"purposes are referred to herein as “Municipal Bonds,” and obligations that pay interest excludable from gross","page_number":43,"box":{"x":70,"y":667,"width":785,"height":11}},{"id":"4b5ebb9c-189a-4f4d-afd9-ca223608068d","block_type":"box","text":"income for Federal income tax purposes and exempt from New York State and New York City personal income taxes","page_number":43,"box":{"x":70,"y":682,"width":820,"height":11}},{"id":"f16fd87b-3d70-401e-9906-e7de49c9984b","block_type":"box","text":"are referred to as “New York Municipal Bonds.” Unless otherwise indicated, references to Municipal Bonds shall be","page_number":43,"box":{"x":69,"y":697,"width":825,"height":11}},{"id":"9441d1cf-a55d-4352-8c27-62df76867cd9","block_type":"box","text":"deemed to include New York Municipal Bonds. The Fund is classified as a diversified open end investment company","page_number":43,"box":{"x":69,"y":712,"width":825,"height":12}},{"id":"ce792702-3953-4466-9fcb-0c9177bf65db","block_type":"box","text":"under the Investment Company Act.","page_number":43,"box":{"x":69,"y":728,"width":252,"height":11}},{"id":"fbad261b-c61d-4056-a945-85f0b8eb07f9","block_type":"box","text":"Under normal circumstances, except when acceptable securities are unavailable as determined by BlackRock or","page_number":43,"box":{"x":102,"y":750,"width":799,"height":11}},{"id":"ef2dc9ff-2340-45f0-8e32-110d8c8d711b","block_type":"box","text":"for temporary defensive purposes, the Fund will invest at least 80% of its assets in investment grade New York","page_number":43,"box":{"x":68,"y":765,"width":792,"height":12}},{"id":"1bf15bea-ac95-4579-9964-494c99f441f6","block_type":"box","text":"Municipal Bonds. For this purpose, net assets include any borrowings for investment purposes. This policy is a","page_number":43,"box":{"x":70,"y":780,"width":788,"height":12}},{"id":"8469c54d-cbf1-4ee0-a08e-e4febed78621","block_type":"box","text":"fundamental policy of the Fund and may not be changed without approval of a majority of the Fund’s outstanding","page_number":43,"box":{"x":68,"y":795,"width":802,"height":12}},{"id":"ff58e47c-8490-4c57-b859-32ca3cbc423c","block_type":"box","text":"shares.","page_number":43,"box":{"x":69,"y":811,"width":51,"height":9}},{"id":"d2ba14af-a944-4b84-a750-88eaa57d18be","block_type":"box","text":"Under normal circumstances, at least 80% of the Fund’s assets will be invested in Municipal Bonds that are","page_number":43,"box":{"x":102,"y":833,"width":771,"height":11}},{"id":"f71bcf96-985f-452d-8b4a-40acf7d8ca4e","block_type":"box","text":"commonly referred to as “investment grade” securities, which are obligations rated at the time of purchase within the","page_number":43,"box":{"x":69,"y":848,"width":839,"height":12}},{"id":"dd012e25-bb82-44d3-847f-649e1fdbbfab","block_type":"box","text":"four highest quality ratings as determined by Moody’s Investors Service, Inc. (“Moody’s”) (currently Aaa, Aa, A and","page_number":43,"box":{"x":68,"y":863,"width":816,"height":12}},{"id":"910cacdd-6208-4a97-a604-e7f7489c9c41","block_type":"box","text":"Baa), S&P Global Ratings (“S&P”), a division of S&P Global Inc., (currently AAA, AA, A and BBB) or Fitch Ratings","page_number":43,"box":{"x":70,"y":879,"width":793,"height":11}},{"id":"ea092973-96b6-45fe-875f-47c6f1e18e37","block_type":"box","text":"(“Fitch”) (currently AAA, AA, A and BBB). If unrated, such securities will possess creditworthiness comparable, in the","page_number":43,"box":{"x":69,"y":894,"width":830,"height":11}},{"id":"a59be1c8-9ea2-4b4b-89f3-4717c7e4e127","block_type":"box","text":"I-5","page_number":43,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"69bc0f41-6353-4a72-aa03-26e64c35ee1a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b16db40b-b915-46b0-9c9b-4ff347602548","block_type":"box","text":"opinion of the Manager, to other obligations in which the Fund may invest. Securities rated in the lowest investment","page_number":44,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"fe9049ad-d00a-4e47-9406-d58d44690065","block_type":"box","text":"grade rating category may be considered to have speculative characteristics.","page_number":44,"box":{"x":68,"y":60,"width":546,"height":11}},{"id":"fd6e01de-cbfc-44a4-833f-306a4ffc277a","block_type":"box","text":"The Fund may invest up to 20% of its assets in Municipal Bonds that are rated below Baa by Moody’s or below","page_number":44,"box":{"x":101,"y":82,"width":789,"height":12}},{"id":"3bca7af6-8a39-4be4-abaa-21208f19c1b6","block_type":"box","text":"BBB by S&P or Fitch or that, in the Manager’s judgment, possess similar credit characteristics. Such securities,","page_number":44,"box":{"x":70,"y":98,"width":794,"height":11}},{"id":"ac6547b3-f125-4c4c-aeb3-f4935033876a","block_type":"box","text":"sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with respect to the capacity to","page_number":44,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"7e2cde41-7157-495c-8dac-380831779ddf","block_type":"box","text":"pay interest and repay principal in accordance with the terms of the security and generally involve a greater volatility","page_number":44,"box":{"x":70,"y":128,"width":825,"height":11}},{"id":"65923ce7-c38c-4278-870b-0e06c6a57306","block_type":"box","text":"of price than securities in higher rating categories. The Fund may invest in debt securities that at the time of","page_number":44,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"5cdf6681-8c98-463d-a4f1-96f9a7edb343","block_type":"box","text":"purchase are in default or that the Manager believes will be in default. Split rated bonds will be considered to have","page_number":44,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"c1309c74-c092-4c4b-ad9c-8c4f2789c8ed","block_type":"box","text":"the higher credit rating. Split rated bonds are bonds that receive different ratings from two or more rating agencies.","page_number":44,"box":{"x":68,"y":173,"width":822,"height":11}},{"id":"900b4747-4b34-4a8e-bf63-e2796ab0906f","block_type":"box","text":"The Fund may invest in bonds of any maturity. Under normal circumstances, the Fund seeks to maintain an","page_number":44,"box":{"x":101,"y":196,"width":762,"height":11}},{"id":"f9baf1ff-acfe-47bc-9f62-1fc179f956f2","block_type":"box","text":"average portfolio duration of zero to ten years. Duration is a mathematical calculation of the average life of a bond (or","page_number":44,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"88b8b756-75e4-4a57-b4e5-c6bca0853e7d","block_type":"box","text":"bonds in a bond fund) that serves as a useful measure of its price risk. Each year of duration represents an expected","page_number":44,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"c063b68f-7757-4292-9eaf-b1e70f26ede7","block_type":"box","text":"1% change in the net asset value of a bond fund for every 1% immediate change in interest rates. For example, if a","page_number":44,"box":{"x":70,"y":241,"width":820,"height":11}},{"id":"97e89d85-2858-492f-8e4f-d3091d4bba25","block_type":"box","text":"bond fund has an average duration of ten years, its net asset value would be expected to fall about 10% when","page_number":44,"box":{"x":69,"y":256,"width":785,"height":12}},{"id":"37712772-6a2a-4488-898b-030c421b8330","block_type":"box","text":"interest rates rise by one percentage point, assuming all other factors remain equal. Conversely, the bond fund’s net","page_number":44,"box":{"x":70,"y":271,"width":832,"height":12}},{"id":"699e7375-409d-4f06-b879-806e757b2072","block_type":"box","text":"asset value would be expected to rise about 10% when interest rates fall by one percentage point, assuming all other","page_number":44,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"a98a7a3e-731a-434f-98b2-75909622b8f4","block_type":"box","text":"factors remain equal. Duration, which measures price sensitivity to interest rate changes, is not necessarily equal to","page_number":44,"box":{"x":68,"y":302,"width":831,"height":11}},{"id":"772ab187-4168-4309-a241-18789d21cfc4","block_type":"box","text":"average maturity. The Fund’s average weighted duration may vary significantly from time to time depending on the","page_number":44,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"685ed0f9-e784-4ff1-8c0b-b4c26c4c07ce","block_type":"box","text":"views of Fund management.","page_number":44,"box":{"x":68,"y":332,"width":198,"height":11}},{"id":"c631bf79-7a0c-4618-a971-279b77f3677a","block_type":"box","text":"For temporary periods or to provide liquidity, the Fund has the authority to invest as much as 35% of its assets in","page_number":44,"box":{"x":102,"y":355,"width":806,"height":11}},{"id":"82ebfb2d-a375-4fc5-8d00-37a4f2edd5c6","block_type":"box","text":"tax-exempt or taxable money market obligations with a maturity of one year or less (such short-term obligations being","page_number":44,"box":{"x":68,"y":370,"width":838,"height":11}},{"id":"0388355a-5fd2-4acf-80cb-7407a200b03c","block_type":"box","text":"referred to herein as “Temporary Investments”), except that taxable Temporary Investments shall not generally","page_number":44,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"3de66a66-ab41-42f0-b9b9-25ef7a3020d6","block_type":"box","text":"exceed 20% of the Fund’s net assets.","page_number":44,"box":{"x":69,"y":400,"width":268,"height":9}},{"id":"4b1fb0a0-e9cd-4403-aac5-e8abb192facf","block_type":"box","text":"Certain instruments in which the Fund may invest may be characterized as derivative instruments. The Fund is","page_number":44,"box":{"x":102,"y":423,"width":785,"height":11}},{"id":"3276377e-b7b0-408a-9735-99ab8a187e9b","block_type":"box","text":"authorized to engage in transactions in derivatives, such as options or futures on a security or an index of securities","page_number":44,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"46e6bd21-4a80-460e-949e-36b78430c74b","block_type":"box","text":"(including, but not limited to, interest rate futures contracts, financial futures contracts and options thereon), for","page_number":44,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"5bf58a2d-34a5-4f59-bada-d07651f905bb","block_type":"box","text":"hedging purposes or to seek to enhance returns. The Fund may seek to actively manage interest rate risk through","page_number":44,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"92941c1f-5f89-4fad-ad5e-6abe34bb57b9","block_type":"box","text":"hedging strategies, and may seek to generate yield through liquidity, structure, credit, interest rate and duration","page_number":44,"box":{"x":69,"y":483,"width":795,"height":11}},{"id":"ec7835fa-6e34-419f-afff-028da8adabce","block_type":"box","text":"strategies. The Fund is also authorized to invest in indexed and inverse floating rate obligations and swap","page_number":44,"box":{"x":69,"y":498,"width":753,"height":11}},{"id":"d15589bd-858b-4e42-946b-ea24756486db","block_type":"box","text":"agreements, including credit default swap agreements. The Fund may also invest in variable rate demand obligations","page_number":44,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"3946581f-ec9c-44cd-acea-3d72f7609e25","block_type":"box","text":"(“VRDOs”) and VRDOs in the form of participation interests in variable rate tax-exempt obligations held by a financial","page_number":44,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"732b93a2-bb1a-4adb-a380-52e0ca368ae8","block_type":"box","text":"institution (“Participating VRDOs”). The Fund’s hedging strategies are not fundamental policies and may be modified","page_number":44,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"67c1f41c-db69-4953-89da-c12a36193ca7","block_type":"box","text":"by the Trustees of the Trust without the approval of the Fund’s shareholders.","page_number":44,"box":{"x":69,"y":559,"width":546,"height":11}},{"id":"302df751-ff67-4f09-9022-25a92d9abfcd","block_type":"box","text":"Certain Municipal Bonds may be entitled to the benefits of letters of credit or similar credit enhancements","page_number":44,"box":{"x":102,"y":581,"width":756,"height":11}},{"id":"b5120dbd-ce86-4170-bd01-13511a595788","block_type":"box","text":"issued by financial institutions. In such instances, the Trustees and the Manager will take into account in assessing","page_number":44,"box":{"x":70,"y":596,"width":827,"height":12}},{"id":"44bcd22d-5bc7-4f19-a9bf-e19e4d83d93b","block_type":"box","text":"the quality of such bonds not only the creditworthiness of the issuer of such bonds but also the creditworthiness of","page_number":44,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"f78cde28-a92b-407b-ba58-75ef7884d69d","block_type":"box","text":"the financial institution that provides the credit enhancement.","page_number":44,"box":{"x":68,"y":627,"width":439,"height":11}},{"id":"9d0cf7f4-0d24-4c6f-832e-1cedff9816ea","block_type":"box","text":"The Fund may purchase Municipal Bonds issued by other states, their agencies and instrumentalities, the","page_number":44,"box":{"x":101,"y":650,"width":755,"height":11}},{"id":"a6780a59-42c3-4612-9fc1-209cc231d8d8","block_type":"box","text":"interest income on which is, in the opinion of bond counsel to the issuer, excludable from gross income for Federal","page_number":44,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"8fae49c0-2c25-4213-a01c-fee5e628116c","block_type":"box","text":"income tax purposes, but not exempt from New York State and New York City personal income taxes. The Fund also","page_number":44,"box":{"x":70,"y":680,"width":822,"height":11}},{"id":"62bc157c-9d96-4164-b989-20521f5485f4","block_type":"box","text":"may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof","page_number":44,"box":{"x":69,"y":695,"width":814,"height":11}},{"id":"1759e839-9a4b-48db-81ce-a36ea48b9e31","block_type":"box","text":"that are believed to pay interest that is excludable from gross income for Federal income tax purposes (“Non","page_number":44,"box":{"x":68,"y":710,"width":780,"height":11}},{"id":"4b16af59-7a77-41d0-b0a4-4ac8cd2a4a62","block_type":"box","text":"Municipal Tax-Exempt Securities”). Non-Municipal Tax-Exempt Securities could include trust certificates or other","page_number":44,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"f311a2d3-7fa7-493d-b729-fece85b563f0","block_type":"box","text":"instruments evidencing interest in one or more municipal securities. Non-Municipal Tax-Exempt Securities also may","page_number":44,"box":{"x":70,"y":740,"width":818,"height":11}},{"id":"7dc3bb63-29f1-4ee0-824c-3fcb49c2537f","block_type":"box","text":"include securities issued by other investment companies that invest in New York Municipal Bonds or Municipal","page_number":44,"box":{"x":70,"y":755,"width":785,"height":11}},{"id":"2e36b6aa-fdb8-4de6-aa8a-cf4f93c99d99","block_type":"box","text":"Bonds, to the extent such investments are permitted by the Investment Company Act. Certain Non-Municipal Tax","page_number":44,"box":{"x":70,"y":770,"width":804,"height":11}},{"id":"7f795e2c-6728-4006-b0e0-e7661a51ce3b","block_type":"box","text":"Exempt Securities may be characterized as derivative instruments. For purposes of the Fund’s investment objective","page_number":44,"box":{"x":70,"y":785,"width":821,"height":12}},{"id":"d2c14b80-9bc0-4e9c-a619-b83cbad47638","block_type":"box","text":"and policies, Non-Municipal Tax-Exempt Securities that pay interest that is excludable from gross income for Federal","page_number":44,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"6c538475-2cea-4cc5-ae12-c6611d24f0b6","block_type":"box","text":"income tax purposes will be considered “Municipal Bonds” and Non-Municipal Tax-Exempt Securities that pay interest","page_number":44,"box":{"x":70,"y":816,"width":836,"height":11}},{"id":"80921501-3c7b-4451-be99-5dff291cf7bd","block_type":"box","text":"that is excludable from gross income for Federal income tax purposes and exempt from New York State and New York","page_number":44,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"e01c00e4-c581-43e6-872c-9d0138057ab4","block_type":"box","text":"City personal income taxes will be considered “New York Municipal Bonds.” Interest received on certain otherwise","page_number":44,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"c43fdf40-5737-4cdb-95fe-8c54a7fcb47a","block_type":"box","text":"tax-exempt securities that are classified as “private activity bonds” (in general, bonds that benefit non-governmental","page_number":44,"box":{"x":68,"y":861,"width":828,"height":11}},{"id":"18fc597f-9158-43d1-b7f4-08ef0758322c","block_type":"box","text":"entities) may be subject to a Federal alternative minimum tax. The percentage of the Fund’s total assets invested in","page_number":44,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"2312440e-54f2-4869-a6a1-409e13203d63","block_type":"box","text":"“private activity bonds” will vary during the year. Federal tax laws limit the types and volume of bonds the interest on","page_number":44,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"f7d32a92-0126-4aba-b3c7-eb7a14877bc2","block_type":"box","text":"I-6","page_number":44,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8e6bf601-2179-45c6-8eea-87bbbfceb1b9","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc2d4946-f8f2-4738-9799-877f8dcfe23c","block_type":"box","text":"which qualifies for a Federal income tax exemption. These laws and legislation that may be enacted in the future may","page_number":45,"box":{"x":68,"y":45,"width":837,"height":11}},{"id":"5b78a22b-40b1-4616-9fb8-4f34e1152d5d","block_type":"box","text":"affect the availability of Municipal Bonds for investment by the Fund.","page_number":45,"box":{"x":69,"y":60,"width":487,"height":11}},{"id":"b20a232e-23a7-4362-b950-a4c7e3fb0ac4","block_type":"box","text":"Description of Temporary Investments","page_number":45,"box":{"x":102,"y":82,"width":270,"height":12}},{"id":"40b753e9-8cc6-47dc-8d2d-fa73a38cc66e","block_type":"box","text":"— The Fund may invest in short-term tax-exempt and taxable securities","page_number":45,"box":{"x":376,"y":83,"width":508,"height":11}},{"id":"92a2af5a-ad10-4943-b8e5-74abd0d685ab","block_type":"box","text":"subject to the limitations set forth above and in the Prospectus under “How the Fund Invests.” The tax-exempt money","page_number":45,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"c4ee2fda-33ea-4fa7-a2a6-1d154585ef4d","block_type":"box","text":"market securities may include municipal notes, municipal commercial paper, municipal bonds with a remaining","page_number":45,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"d438e639-346c-42ed-935f-81f1b57fc58e","block_type":"box","text":"maturity of less than one year, variable rate demand notes and participations therein. Municipal notes include tax","page_number":45,"box":{"x":69,"y":128,"width":810,"height":11}},{"id":"4adde2ef-0510-4b6e-9b62-cfebcd0dd734","block_type":"box","text":"anticipation notes, bond anticipation notes, revenue anticipation notes and grant anticipation notes. Anticipation","page_number":45,"box":{"x":69,"y":143,"width":801,"height":11}},{"id":"b93ec2cc-9811-40dc-a99b-43290e651646","block_type":"box","text":"notes are sold as interim financing in anticipation of tax collection, bond sales, government grants or revenue","page_number":45,"box":{"x":69,"y":158,"width":781,"height":11}},{"id":"0d5cbbb4-ceea-4ca3-b93b-463a091228c7","block_type":"box","text":"receipts. Municipal commercial paper refers to short-term unsecured promissory notes generally issued to finance","page_number":45,"box":{"x":69,"y":173,"width":816,"height":11}},{"id":"707b7f55-1c87-4be6-acb0-0768cb3d4377","block_type":"box","text":"short-term credit needs. The taxable money market securities in which the Fund may invest as Temporary","page_number":45,"box":{"x":69,"y":188,"width":752,"height":11}},{"id":"ba9244a4-dd9b-43ca-81cb-54eb4ec474c8","block_type":"box","text":"Investments consist of U.S. Government securities, U.S. Government agency securities, domestic bank or savings","page_number":45,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"e85a7122-0bc8-4a92-8c39-aa4372f8dfe1","block_type":"box","text":"institution certificates of deposit and bankers’ acceptances, short-term corporate debt securities such as commercial","page_number":45,"box":{"x":70,"y":218,"width":838,"height":11}},{"id":"18d07e68-f3d8-47e6-a03a-62538a5b7e73","block_type":"box","text":"paper and repurchase agreements. These Temporary Investments must have a stated maturity not in excess of one","page_number":45,"box":{"x":70,"y":234,"width":823,"height":11}},{"id":"f24ed967-d7a4-4f57-aee4-380c1e5d9c9b","block_type":"box","text":"year from date of purchase. The Fund may not invest in any security issued by a commercial bank or a savings","page_number":45,"box":{"x":68,"y":249,"width":787,"height":11}},{"id":"54dc60a0-6f89-437f-b92a-59c029f32f81","block_type":"box","text":"institution unless the bank or institution is organized and operating in the United States, has total assets of at least","page_number":45,"box":{"x":70,"y":264,"width":828,"height":11}},{"id":"ce9c028e-6c5f-471a-9df5-5069a0dbbe32","block_type":"box","text":"$1 billion and is a member of the Federal Deposit Insurance Corporation (“FDIC”), except that up to 10% of total","page_number":45,"box":{"x":69,"y":278,"width":800,"height":12}},{"id":"2b0cc91c-66fe-4a9a-804c-9caa889984e4","block_type":"box","text":"assets may be invested in certificates of deposit of smaller institutions if such certificates are fully insured by the","page_number":45,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"85ca25f3-5d33-488c-acf0-a38f96da9f59","block_type":"box","text":"FDIC.","page_number":45,"box":{"x":70,"y":309,"width":35,"height":9}},{"id":"36cdf3f7-26da-4bd3-a23e-6520c2d8175f","block_type":"box","text":"Investments in Puerto Rico Municipal Securities.","page_number":45,"box":{"x":102,"y":332,"width":356,"height":11}},{"id":"37321ade-9ef5-4689-83a1-cf514123ad3c","block_type":"box","text":"The Fund may invest in municipal securities issued in Puerto","page_number":45,"box":{"x":465,"y":332,"width":432,"height":11}},{"id":"73462c11-d12e-4aaf-a637-2ede3b3c991d","block_type":"box","text":"Rico, subject to market, economic and political conditions. Like many other U.S. states and municipalities, Puerto","page_number":45,"box":{"x":70,"y":347,"width":811,"height":11}},{"id":"77988674-8f2c-4e40-83aa-b7bfaaa719b7","block_type":"box","text":"Rico experienced a significant downturn during the last recession. Puerto Rico continues to face significant fiscal","page_number":45,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"cc3fd667-a89a-4df0-a3e8-8ac9c9c4bd25","block_type":"box","text":"challenges, including persistent government deficits, underfunded government retirement systems, sizable debt","page_number":45,"box":{"x":69,"y":377,"width":798,"height":12}},{"id":"2b6afdca-4a8b-46d0-9bfe-36b0e731f56f","block_type":"box","text":"service obligations and a high unemployment rate. Puerto Rico has been defaulting on various debt payments since","page_number":45,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"4842f667-4380-4a44-bfe8-4cf9a6db1b1d","block_type":"box","text":"2015. In 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act","page_number":45,"box":{"x":69,"y":408,"width":773,"height":11}},{"id":"17e89ce4-a6c6-4335-9fa3-93c47812ffb6","block_type":"box","text":"(“PROMESA”) into law. PROMESA established a seven-member federal oversight board and a bankruptcy restructuring","page_number":45,"box":{"x":69,"y":423,"width":839,"height":11}},{"id":"81ecf395-c478-4927-9a57-22dfa8efe4c0","block_type":"box","text":"mechanism for Puerto Rico to adjust its debts in the event voluntary agreements with creditors cannot be reached.","page_number":45,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"0bff6fc1-ec02-45db-92d1-566be1aed41d","block_type":"box","text":"On August 31, 2016, President Obama appointed the seven-member board from various lists provided by","page_number":45,"box":{"x":69,"y":453,"width":751,"height":11}},{"id":"6ffe66f8-a642-47dd-848a-9ec16cba21cb","block_type":"box","text":"congressional leadership. Several of Puerto Rico’s debt-issuing entities have been placed into the PROMESA","page_number":45,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"55ec60d9-ce56-4550-baec-6cef24c2c628","block_type":"box","text":"bankruptcy, restructuring mechanism by the oversight board following failed voluntary negotiation talks. A","page_number":45,"box":{"x":69,"y":483,"width":750,"height":11}},{"id":"22847232-21fe-45f0-a621-b29c064b89d7","block_type":"box","text":"restructuring of some or all of Puerto Rico’s debt, or a further decline in market prices of Puerto Rico debt","page_number":45,"box":{"x":69,"y":498,"width":759,"height":11}},{"id":"bb2b8bf0-5c99-44e4-aa75-71daeaa25392","block_type":"box","text":"obligations, may affect a Fund investment in these securities. If the economic situation in Puerto Rico persists or","page_number":45,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"0e904a93-d3c2-425d-8944-ad6702f1b271","block_type":"box","text":"worsens, the volatility, credit quality and performance of the Fund could be adversely affected.","page_number":45,"box":{"x":68,"y":528,"width":673,"height":12}},{"id":"5c2bbffd-4ed2-4612-a725-0dfa11e728dd","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":45,"box":{"x":102,"y":551,"width":246,"height":11}},{"id":"558c7825-9571-448f-9ccd-fbb99fc58a5d","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers to","page_number":45,"box":{"x":355,"y":551,"width":530,"height":11}},{"id":"a79d900e-4059-4771-8108-ff41e3a7e30c","block_type":"box","text":"registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either","page_number":45,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"98176e83-1f56-4768-a442-38c5211bceb0","block_type":"box","text":"(i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options","page_number":45,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"63610b5b-9507-4360-8c78-611428447cd1","block_type":"box","text":"and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the","page_number":45,"box":{"x":69,"y":596,"width":819,"height":12}},{"id":"66bb6af9-2a49-4824-900e-a082f044ff6e","block_type":"box","text":"extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as","page_number":45,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"cf3768ea-5fe1-414c-aed9-407ab04d05a9","block_type":"box","text":"a “commodity pool” or a vehicle for trading such instruments. Accordingly, BlackRock has claimed an exclusion from","page_number":45,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"6d1a034a-6711-47b8-a1bd-57e6fb5fe16f","block_type":"box","text":"the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule","page_number":45,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"7f1c444c-eed5-4bdb-9753-e520b2c85d51","block_type":"box","text":"4.5 under the CEA. BlackRock is not, therefore, subject to registration or regulation as a “commodity pool operator”","page_number":45,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"fe5c8f9a-6265-4f29-bc56-cda9fd98132f","block_type":"box","text":"under the CEA in respect of the Fund.","page_number":45,"box":{"x":69,"y":672,"width":265,"height":11}},{"id":"1378a606-4f06-455a-956a-d01459a36408","block_type":"box","text":"II. Investment Restrictions","page_number":45,"box":{"x":69,"y":702,"width":194,"height":9}},{"id":"eaf4dc0b-a5b3-4199-8dd4-d00483de0dcd","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted restrictions and policies relating to the investment of its assets","page_number":45,"box":{"x":101,"y":725,"width":784,"height":11}},{"id":"64b74305-1608-4020-9498-7ba60d13184a","block_type":"box","text":"and its activities. Certain of the restrictions are fundamental policies of the Trust and may not be changed without","page_number":45,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"2409783f-3f48-4940-92fa-66ad71c5df54","block_type":"box","text":"the approval of the holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under","page_number":45,"box":{"x":68,"y":755,"width":839,"height":11}},{"id":"8d0b31b7-8f20-4fe1-977c-d7c42a529c21","block_type":"box","text":"the Investment Company Act, means the lesser of (i) 67% of the shares present at a meeting at which more than","page_number":45,"box":{"x":68,"y":770,"width":806,"height":12}},{"id":"1dc0412c-6545-4cd0-813f-de3b0479fbcb","block_type":"box","text":"50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares). The Trust has also","page_number":45,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"5d2ddf56-7a1b-4a93-b93c-4d97b7869331","block_type":"box","text":"adopted certain non-fundamental investment restrictions, which may be changed by the Board of Trustees without","page_number":45,"box":{"x":69,"y":801,"width":813,"height":11}},{"id":"b2e32188-4101-4168-b38b-9a425c587015","block_type":"box","text":"shareholder approval.","page_number":45,"box":{"x":69,"y":816,"width":153,"height":11}},{"id":"857e8c11-58aa-41aa-bb03-dbf5c5bbd630","block_type":"box","text":"Set forth below are the Trust’s fundamental and non-fundamental investment restrictions. Unless otherwise","page_number":45,"box":{"x":102,"y":838,"width":769,"height":9}},{"id":"2f3e4c18-3c78-4069-ba2d-351ef38216e1","block_type":"box","text":"provided, all references below to the assets of the Fund are in terms of current market value.","page_number":45,"box":{"x":70,"y":853,"width":664,"height":11}},{"id":"6084993d-8c84-4c8a-bd24-181a38bcb77e","block_type":"box","text":"I-7","page_number":45,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"2ee0abf7-3fc5-478f-adc4-4f857e99994f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea902ffe-f25c-43d6-aa45-e464b04d3e06","block_type":"box","text":"Under the Trust’s fundamental investment restrictions, the Fund may not:","page_number":46,"box":{"x":102,"y":45,"width":522,"height":11}},{"id":"d1ac7c70-9a06-405e-8f06-aca84daaa66a","block_type":"box","text":"(1) Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":46,"box":{"x":134,"y":67,"width":734,"height":11}},{"id":"819476da-6958-4830-9413-ea90d0b6df90","block_type":"box","text":"Investment Company Act.","page_number":46,"box":{"x":102,"y":83,"width":179,"height":11}},{"id":"862137f2-0551-485a-bfc9-9ef17823a94c","block_type":"box","text":"(2) Invest more than 25% of its assets, taken at market value at the time of each investment, in the","page_number":46,"box":{"x":134,"y":105,"width":713,"height":11}},{"id":"192598cf-aa7c-41a1-8185-77a84db14837","block_type":"box","text":"securities of issuers in any particular industry (excluding the U.S. Government and its agencies and","page_number":46,"box":{"x":102,"y":120,"width":709,"height":12}},{"id":"5a57b134-aa57-4f60-a5bf-e810ddb5c4b8","block_type":"box","text":"instrumentalities). For purposes of this restriction, states, municipalities and their political subdivisions are not","page_number":46,"box":{"x":102,"y":135,"width":793,"height":11}},{"id":"58ebe3cc-a383-4b65-8713-23690570fcdf","block_type":"box","text":"considered part of any industry.","page_number":46,"box":{"x":101,"y":150,"width":226,"height":12}},{"id":"c385873c-f464-49dc-9b76-c373818b12d7","block_type":"box","text":"(3) Make investments for the purpose of exercising control or management.","page_number":46,"box":{"x":134,"y":173,"width":538,"height":11}},{"id":"2d6a15b6-c955-4505-acb8-cee1a9d35a5d","block_type":"box","text":"(4) Purchase or sell real estate, except that, to the extent permitted by applicable law, the Fund may invest","page_number":46,"box":{"x":134,"y":196,"width":762,"height":11}},{"id":"17d5d29e-eb99-426d-95ab-43b42eecbb75","block_type":"box","text":"in securities directly or indirectly secured by real estate or interests therein or issued by companies that invest in","page_number":46,"box":{"x":102,"y":211,"width":806,"height":11}},{"id":"51fd64a3-186f-425f-bc1c-fa33fcffd81a","block_type":"box","text":"real estate or interests therein.","page_number":46,"box":{"x":102,"y":226,"width":221,"height":9}},{"id":"6bcfc1e3-0781-4751-8143-1ab335ba879d","block_type":"box","text":"(5) Make loans to other persons, except that the acquisition of bonds, debentures or other corporate debt","page_number":46,"box":{"x":134,"y":249,"width":756,"height":11}},{"id":"c9f034a0-679b-485e-9b1a-d35d75c8742b","block_type":"box","text":"securities and investment in government obligations, commercial paper, pass-through instruments, certificates","page_number":46,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"a0219c8b-2fe3-4cf6-a9c6-277de6788d6e","block_type":"box","text":"of deposit, bankers’ acceptances, repurchase agreements or any similar instruments shall not be deemed to be","page_number":46,"box":{"x":102,"y":279,"width":800,"height":11}},{"id":"36854a7d-862a-436c-a611-362c8198962f","block_type":"box","text":"the making of a loan, and except further that the Fund may lend its portfolio securities, provided that the lending","page_number":46,"box":{"x":101,"y":294,"width":805,"height":11}},{"id":"23ff0c80-ee85-4082-9d99-137e6b9a73ac","block_type":"box","text":"of portfolio securities may be made only in accordance with applicable law and the guidelines set forth in the","page_number":46,"box":{"x":102,"y":309,"width":777,"height":11}},{"id":"9f45f931-4bc2-4b5a-b179-eb6eb0b93515","block_type":"box","text":"Fund’s Prospectus and Statement of Additional Information, as they may be amended from time to time.","page_number":46,"box":{"x":102,"y":324,"width":743,"height":11}},{"id":"4c49fcb8-580e-43d1-abe6-529b7ea8400a","block_type":"box","text":"(6) Issue senior securities to the extent such issuance would violate applicable law.","page_number":46,"box":{"x":134,"y":347,"width":595,"height":11}},{"id":"6c8c0610-2b9e-4a91-9b6c-13ee8da674bc","block_type":"box","text":"(7) Borrow money, except that (i) the Fund may borrow from banks (as defined in the Investment Company","page_number":46,"box":{"x":134,"y":370,"width":756,"height":11}},{"id":"0d353417-57b3-4559-836f-17c6cab25ec4","block_type":"box","text":"Act) in amounts up to 33","page_number":46,"box":{"x":101,"y":385,"width":177,"height":11}},{"id":"dbdc9dc8-eec9-48eb-a8d4-a87f1e68c97c","block_type":"box","text":"1⁄","page_number":46,"box":{"x":280,"y":385,"width":5,"height":5}},{"id":"eb6d69b4-1572-4eb8-8e85-402418ca05e6","block_type":"box","text":"1⁄3","page_number":46,"box":{"x":283,"y":385,"width":8,"height":9}},{"id":"8bde5130-beb2-4898-b19d-995648020542","block_type":"box","text":"⁄3","page_number":46,"box":{"x":289,"y":388,"width":6,"height":6}},{"id":"9e08da15-802f-4977-bcc5-248a64235e3b","block_type":"box","text":"% of its total assets (including the amount borrowed), (ii) the Fund may, to the extent","page_number":46,"box":{"x":295,"y":385,"width":605,"height":11}},{"id":"d09ca389-b751-48af-8e96-465b53dab8d6","block_type":"box","text":"permitted by applicable law, borrow up to an additional 5% of its total assets for temporary purposes, (iii) the","page_number":46,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"03434e81-7734-4f6a-9cb1-22fd9da7910b","block_type":"box","text":"Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of","page_number":46,"box":{"x":102,"y":415,"width":753,"height":11}},{"id":"6bcd8ec3-f66d-453d-8bb0-a9b9bd5dcce7","block_type":"box","text":"portfolio securities and (iv) the Fund may purchase securities on margin to the extent permitted by applicable","page_number":46,"box":{"x":102,"y":430,"width":778,"height":11}},{"id":"b9c210a6-7520-4db8-b293-1d9cef998b79","block_type":"box","text":"law. The Fund may not pledge its assets other than to secure such borrowings or, to the extent permitted by the","page_number":46,"box":{"x":102,"y":446,"width":797,"height":11}},{"id":"70c47e3c-b518-4e7b-a166-e4c8b8a0932e","block_type":"box","text":"Fund’s investment policies as set forth in its Prospectus and Statement of Additional Information, as they may","page_number":46,"box":{"x":102,"y":460,"width":789,"height":12}},{"id":"4645f834-f25a-413a-a9f6-b31286ffe448","block_type":"box","text":"be amended from time to time, in connection with hedging transactions, short sales, when-issued and forward","page_number":46,"box":{"x":102,"y":475,"width":787,"height":12}},{"id":"59ed7b97-f2cc-4598-bf0e-b77501d57582","block_type":"box","text":"commitment transactions and similar investment strategies.","page_number":46,"box":{"x":101,"y":491,"width":428,"height":11}},{"id":"853223a4-2252-4b44-b52a-c7441854d206","block_type":"box","text":"(8) Underwrite securities of other issuers, except insofar as the Fund technically may be deemed an","page_number":46,"box":{"x":134,"y":513,"width":712,"height":11}},{"id":"f8b856c5-7a77-4f30-b002-69f7068edf02","block_type":"box","text":"underwriter under the Securities Act of 1933, as amended (“Securities Act”) in selling portfolio securities.","page_number":46,"box":{"x":102,"y":528,"width":756,"height":12}},{"id":"fa97ed80-9f7b-401a-837b-519e3ecbe48b","block_type":"box","text":"(9) Purchase or sell commodities or contracts on commodities, except to the extent that the Fund may do so","page_number":46,"box":{"x":134,"y":551,"width":773,"height":11}},{"id":"f09d6f96-09de-49a2-9e72-e1e8b2c0ceb0","block_type":"box","text":"in accordance with applicable law and the Fund’s Prospectus and Statement of Additional Information, as they","page_number":46,"box":{"x":102,"y":566,"width":786,"height":11}},{"id":"62aeb5f2-56eb-47f8-b67d-7aabcbe0e98b","block_type":"box","text":"may be amended from time to time, and without registering as a commodity pool operator under the Commodity","page_number":46,"box":{"x":102,"y":581,"width":797,"height":12}},{"id":"5b9a75e4-7cf1-4204-8042-838561b1ad66","block_type":"box","text":"Exchange Act.","page_number":46,"box":{"x":102,"y":597,"width":97,"height":11}},{"id":"68df5d06-0e09-41db-bd18-8a1f6a702210","block_type":"box","text":"Under the Trust’s non-fundamental investment restrictions, the Fund may not:","page_number":46,"box":{"x":102,"y":619,"width":552,"height":11}},{"id":"59996e9c-13cd-4562-ad3e-f31a09e51772","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":46,"box":{"x":134,"y":642,"width":747,"height":11}},{"id":"2f357a01-ab9a-41fa-a75f-77770bc812bd","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":46,"box":{"x":102,"y":657,"width":759,"height":11}},{"id":"cd5b166c-ebbe-4016-9b26-19937e9053d2","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":46,"box":{"x":102,"y":672,"width":779,"height":11}},{"id":"ab5a1151-9b37-4379-bbe6-f3535d851f75","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":46,"box":{"x":101,"y":687,"width":761,"height":11}},{"id":"16400d14-be96-42e8-93a1-6ecbf96e8dae","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":46,"box":{"x":102,"y":702,"width":795,"height":12}},{"id":"5271bf80-1d7a-46d5-aac6-cba69c6857fe","block_type":"box","text":"12(d)(1).","page_number":46,"box":{"x":102,"y":718,"width":60,"height":10}},{"id":"7d0be8aa-ee33-486c-86e0-2f7f0d9e65d0","block_type":"box","text":"(b) Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":46,"box":{"x":134,"y":740,"width":770,"height":11}},{"id":"7d307efb-3517-4e55-9f80-48c953e54ed6","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":46,"box":{"x":102,"y":755,"width":740,"height":11}},{"id":"98075636-840c-4c14-9741-2cb7c839ca6b","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":46,"box":{"x":102,"y":779,"width":511,"height":11}},{"id":"458fd0ca-b620-4e8f-b33f-bdc1a962cb44","block_type":"box","text":"The following notations are not considered to be part of the Fund’s fundamental investment restrictions and are","page_number":46,"box":{"x":101,"y":802,"width":799,"height":11}},{"id":"c75537a1-9b7a-4b23-beeb-e0603cc84c28","block_type":"box","text":"subject to change without shareholder approval.","page_number":46,"box":{"x":69,"y":817,"width":341,"height":11}},{"id":"2eda17e6-9371-4431-a839-a734623311a7","block_type":"box","text":"For purposes of applying the fundamental policy relating to concentration set forth in (2) above, municipal","page_number":46,"box":{"x":102,"y":840,"width":751,"height":11}},{"id":"94d513d8-8363-4ada-8844-570223f7da81","block_type":"box","text":"securities issued to finance a specific project, such as industrial development bonds and private activity bonds, are","page_number":46,"box":{"x":69,"y":855,"width":823,"height":11}},{"id":"a3fb72d1-07f6-4620-ac81-4c9b04a86315","block_type":"box","text":"not excluded from the Fund’s 25% industry concentration limit, as they are considered to be in the industry of the","page_number":46,"box":{"x":69,"y":870,"width":811,"height":11}},{"id":"a9e105a1-43ea-45bc-933e-ba6554c1ea19","block_type":"box","text":"relevant project. There also will be no limit on investment in issuers domiciled in a single jurisdiction or country.","page_number":46,"box":{"x":69,"y":885,"width":795,"height":11}},{"id":"d7983e35-a4fb-4ca4-b68c-75761d48c0ae","block_type":"box","text":"Finance companies will be considered to be in the industries of their parents if their activities are primarily related to","page_number":46,"box":{"x":70,"y":900,"width":830,"height":11}},{"id":"9f285de1-741f-4417-9b32-cadcd8a6c2af","block_type":"box","text":"I-8","page_number":46,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"7856a28e-ce52-47d1-95fb-4e913c43c66d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6379ca8d-a4b2-42de-b380-946e5856535a","block_type":"box","text":"financing the activities of the parents. Each foreign government will be considered to be a member of a separate","page_number":47,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"c85e684d-dd4d-4ad1-aaa5-906e433a82fc","block_type":"box","text":"industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one or more of the","page_number":47,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"791f6a4c-2e5e-49ab-81f5-abd181678ac2","block_type":"box","text":"industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as","page_number":47,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"8100dd71-bbea-421c-b8c4-7810f93f9459","block_type":"box","text":"defined by Fund management. The policy also will be interpreted to give broad authority to the Fund as to how to","page_number":47,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"90ed6662-0700-426d-baa2-8cef4ecbc6b7","block_type":"box","text":"classify issuers within or among industries.","page_number":47,"box":{"x":69,"y":105,"width":306,"height":11}},{"id":"2c4e75d3-c421-4771-ac52-b66f2f4f30ec","block_type":"box","text":"With respect to the fundamental policy relating to borrowing set forth in (7) above, the policy does not restrict","page_number":47,"box":{"x":101,"y":128,"width":782,"height":11}},{"id":"7f6d8c10-7232-4162-a824-74f2167219f6","block_type":"box","text":"the Fund from obtaining leverage through tender option bond trust transactions, provided that the Fund either","page_number":47,"box":{"x":68,"y":143,"width":781,"height":11}},{"id":"f707a235-45b1-4635-81df-3d3afddcffd4","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":47,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"703951d5-a2e3-4dfa-8743-58bdf1e1ed72","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “Investment Risks and","page_number":47,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"36bdbdf8-edb8-4f10-afa7-074422f3299b","block_type":"box","text":"Considerations — Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” below.","page_number":47,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"bf12b68d-cdaf-40f0-b4fc-ddb6f7e69d59","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set forth in (8) above, the Investment Company","page_number":47,"box":{"x":101,"y":211,"width":788,"height":11}},{"id":"5dd748d6-50b6-4089-9b8e-c5484a25e06e","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":47,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"60fbedb4-bff7-4bf6-901f-5402d2127774","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":47,"box":{"x":70,"y":241,"width":825,"height":11}},{"id":"484bb709-889b-4a73-b9dc-9ea91a129af9","block_type":"box","text":"commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the","page_number":47,"box":{"x":69,"y":256,"width":811,"height":11}},{"id":"e4993bf1-e757-4c7f-91d8-b0e3a76f3324","block_type":"box","text":"amount of the Fund’s underwriting commitments, when added to the value of the Fund’s investments in issuers","page_number":47,"box":{"x":69,"y":271,"width":796,"height":12}},{"id":"a41b4267-3b80-4520-8673-c754766485a7","block_type":"box","text":"where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25%","page_number":47,"box":{"x":68,"y":286,"width":818,"height":12}},{"id":"d620cfeb-f2d0-4e81-9d56-def2e239157e","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered","page_number":47,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"1191f73f-2cd9-4089-8adc-03a5c80fb1b1","block_type":"box","text":"to be an underwriter under the Securities Act. Although it is not believed that the application of the Securities Act","page_number":47,"box":{"x":68,"y":317,"width":808,"height":11}},{"id":"c7ec2abf-e3f3-4505-8bc6-b045ccf71854","block_type":"box","text":"provisions described above would cause the Fund to be engaged in the business of underwriting, the policy in","page_number":47,"box":{"x":70,"y":332,"width":780,"height":11}},{"id":"39c39453-b357-4ab4-970f-b5a6738521a5","block_type":"box","text":"(8) above will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or","page_number":47,"box":{"x":69,"y":347,"width":781,"height":11}},{"id":"15a29439-d265-4446-9da0-72906b273878","block_type":"box","text":"disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the","page_number":47,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"7d3de27f-ccb7-4836-a617-97dd83e3f468","block_type":"box","text":"Securities Act or is otherwise engaged in the underwriting business to the extent permitted by applicable law.","page_number":47,"box":{"x":69,"y":377,"width":779,"height":12}},{"id":"25e2d17c-9e0b-43b2-b988-939cd7125689","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":47,"box":{"x":102,"y":400,"width":744,"height":10}},{"id":"cc37f802-bf26-42dd-8e2b-4eef1972007a","block_type":"box","text":"restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s","page_number":47,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"6f938181-fba0-497e-811c-e34a9fc184af","block_type":"box","text":"assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the","page_number":47,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"7d5cc82e-ad72-47bf-b8d6-984a26bbe984","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":47,"box":{"x":70,"y":445,"width":780,"height":11}},{"id":"8bbd0b18-3513-4aff-8fd8-c04410f881ee","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":47,"box":{"x":70,"y":461,"width":642,"height":10}},{"id":"5b5c9010-4c6e-4417-a30c-0f37e48de818","block_type":"box","text":"III. Information on Trustees and Officers","page_number":47,"box":{"x":69,"y":491,"width":290,"height":9}},{"id":"ba88836a-9f58-405b-934a-e95ef876c20a","block_type":"box","text":"The Board of Trustees (the “Board”) of the Trust consists of ten individuals (each a “Trustee”), eight of whom","page_number":47,"box":{"x":101,"y":513,"width":780,"height":12}},{"id":"d3eb2790-9927-41d1-8c94-a3a17e9912a3","block_type":"box","text":"are not “interested persons” of the Trust as defined in the Investment Company Act (the “Independent Trustees”).","page_number":47,"box":{"x":69,"y":528,"width":814,"height":12}},{"id":"c502fac0-32f4-48a5-a802-96de5d024043","block_type":"box","text":"The registered investment companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are","page_number":47,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"6172c0ef-074d-4646-86de-cf88eda2ec5e","block_type":"box","text":"organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex","page_number":47,"box":{"x":69,"y":559,"width":818,"height":11}},{"id":"6b08b9a8-32ea-4f22-9cd9-f74927df0ed4","block_type":"box","text":"(each, a “BlackRock Fund Complex”). The Fund is included in the BlackRock Fund Complex referred to as the","page_number":47,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"e3225a4d-ad76-4c0c-bf25-cdbecea0ed87","block_type":"box","text":"BlackRock Fixed-Income Complex. The Trustees also oversee as board members the operations of the other open-end","page_number":47,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"b4824556-9b45-43e2-90ff-3f1865323bd2","block_type":"box","text":"and closed-end registered investment companies included in the BlackRock Fixed-Income Complex.","page_number":47,"box":{"x":69,"y":604,"width":704,"height":11}},{"id":"1a52134c-af06-4771-af31-6f723fc6c8ff","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board and the","page_number":47,"box":{"x":101,"y":627,"width":789,"height":11}},{"id":"8277a622-96ca-49da-941d-1a9b2f0b43fa","block_type":"box","text":"Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also the","page_number":47,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"44998ac2-ff12-4be8-9418-cb492b537ec0","block_type":"box","text":"Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has six standing","page_number":47,"box":{"x":69,"y":657,"width":781,"height":11}},{"id":"dcdec50b-3d3b-4e0f-ae6d-7abc4249b13d","block_type":"box","text":"Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":47,"box":{"x":69,"y":672,"width":750,"height":11}},{"id":"754a8f4a-8168-4d72-a969-3bc70e66bd0c","block_type":"box","text":"Performance Oversight Committee, a Securities Lending Committee and an Executive Committee. The role of the","page_number":47,"box":{"x":69,"y":687,"width":803,"height":11}},{"id":"fdd66523-db16-4429-9e65-92fb04969d70","block_type":"box","text":"Chair of the Board is to preside over all meetings of the Board and to act as a liaison with service providers, officers,","page_number":47,"box":{"x":69,"y":702,"width":836,"height":12}},{"id":"d614b984-c464-463d-8951-3f3b099494bc","block_type":"box","text":"attorneys, and other Trustees between meetings. The Chair of each Committee performs a similar role with respect","page_number":47,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"c57460c8-8f63-4276-b9be-8403f94c2e27","block_type":"box","text":"to the Committee. The Chair of the Board or a Committee may also perform such other functions as may be","page_number":47,"box":{"x":68,"y":732,"width":770,"height":12}},{"id":"3e46b0d0-774d-4dc4-8b98-9ba6453a36c9","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":47,"box":{"x":69,"y":748,"width":809,"height":11}},{"id":"09bcb2f5-4a0e-4952-b065-b13fcafcde4d","block_type":"box","text":"presence of the Fund’s management, in executive sessions or with other service providers to the Fund. The Board","page_number":47,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"7ee2b92d-f361-4cf8-8704-6cf61b3f7a7e","block_type":"box","text":"has regular meetings five times a year, including a meeting to consider the approval of the Fund’s investment","page_number":47,"box":{"x":69,"y":778,"width":780,"height":11}},{"id":"eb70ef3e-6c87-40b6-ade3-467fb9ace8b4","block_type":"box","text":"management agreement, and, if necessary, may hold special meetings before its next regular meeting. The Audit","page_number":47,"box":{"x":69,"y":793,"width":805,"height":11}},{"id":"fed2a65f-dd87-4865-ac33-39ad259f3edc","block_type":"box","text":"Committee, the Governance and Nominating Committee, the Compliance Committee, the Performance Oversight","page_number":47,"box":{"x":69,"y":808,"width":801,"height":11}},{"id":"5db23686-479d-4d15-97ae-ff707deb146e","block_type":"box","text":"Committee and the Securities Lending Committee each meets regularly and the Executive Committee meets on an ad","page_number":47,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"3f42bb34-c5a5-4137-95d4-c5bd3e728f33","block_type":"box","text":"hoc basis to conduct the oversight functions delegated to that Committee by the Board and reports its findings to the","page_number":47,"box":{"x":69,"y":838,"width":838,"height":12}},{"id":"1e4e256f-9eb3-4c36-b4e4-786663dd7342","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":47,"box":{"x":70,"y":853,"width":773,"height":12}},{"id":"39d55573-5981-4622-b19d-c6cd0676ee75","block_type":"box","text":"structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board","page_number":47,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"c77a37c4-a703-496c-9dad-cf72d71b821f","block_type":"box","text":"to exercise independent judgment over management and to allocate areas of responsibility among Committees and","page_number":47,"box":{"x":68,"y":884,"width":823,"height":11}},{"id":"2d1216c9-8f8e-418f-b43b-00ebe24ddfe1","block_type":"box","text":"the Board to enhance oversight.","page_number":47,"box":{"x":68,"y":899,"width":227,"height":11}},{"id":"943c4e88-3368-4c11-beb8-bef6160e6bc2","block_type":"box","text":"I-9","page_number":47,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"a84be5ab-a8a3-4384-a49f-63ccc3b7833d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db5ee06e-72f7-40b3-8548-4be85ae26a13","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that having","page_number":48,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"2dc2721f-046e-4846-8a8e-20ebc659a139","block_type":"box","text":"an independent Chair:","page_number":48,"box":{"x":69,"y":60,"width":155,"height":11}},{"id":"4dd17c74-97d1-45c4-8d14-f85bc2ed7080","block_type":"box","text":"•","page_number":48,"box":{"x":102,"y":83,"width":6,"height":4}},{"id":"63f3093b-1f71-4e02-b90d-f7724340b75f","block_type":"box","text":"increases the independent oversight of the Fund and enhances the Board’s objective evaluation of the Chief","page_number":48,"box":{"x":135,"y":80,"width":771,"height":11}},{"id":"b7a054fc-65a8-4436-900a-2a1f4be36a06","block_type":"box","text":"Executive Officer;","page_number":48,"box":{"x":135,"y":95,"width":121,"height":11}},{"id":"62fef9b6-bd8d-4c8e-8b56-8df559ccf69f","block_type":"box","text":"•","page_number":48,"box":{"x":102,"y":118,"width":6,"height":5}},{"id":"8612a9d1-0d76-4ef8-9583-5209dcbf50fb","block_type":"box","text":"allows the Chief Executive Officer to focus on the Fund’s operations instead of Board administration;","page_number":48,"box":{"x":134,"y":115,"width":717,"height":11}},{"id":"e74566da-43b6-416a-9b52-8f7787a84088","block_type":"box","text":"•","page_number":48,"box":{"x":102,"y":138,"width":6,"height":5}},{"id":"2ddb5d0e-f181-4183-bc0d-a1bf389ed250","block_type":"box","text":"provides greater opportunities for direct and independent communication between shareholders and the","page_number":48,"box":{"x":135,"y":135,"width":742,"height":12}},{"id":"007daf3b-a5f0-4901-90d4-e2282b72df1c","block_type":"box","text":"Board; and","page_number":48,"box":{"x":135,"y":151,"width":76,"height":10}},{"id":"d6b7e7dd-8179-43cc-a9a7-e171167f82b1","block_type":"box","text":"•","page_number":48,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"cc4ee31d-4ce7-4a95-9ff0-058e88fd2301","block_type":"box","text":"provides an independent spokesman for the Fund.","page_number":48,"box":{"x":135,"y":171,"width":356,"height":11}},{"id":"b8f3bff7-0d84-4578-a01f-1f0f7b58bf25","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":48,"box":{"x":101,"y":193,"width":777,"height":12}},{"id":"8cabd28e-262c-4ddf-a36a-9502ce1a5a79","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":48,"box":{"x":69,"y":208,"width":832,"height":12}},{"id":"a24ac95b-84d0-424d-8242-bb1dab7f2877","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s charter, and the Fund’s","page_number":48,"box":{"x":68,"y":223,"width":819,"height":12}},{"id":"0196d2fd-4189-47b4-bf55-00248cc3c6a3","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s performance, operations,","page_number":48,"box":{"x":70,"y":239,"width":817,"height":11}},{"id":"7c040462-10f8-4376-a059-4fde116470fd","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":48,"box":{"x":69,"y":254,"width":819,"height":11}},{"id":"4c81255f-ae56-481c-9c2b-c4db2060ac49","block_type":"box","text":"the operations of the Fund.","page_number":48,"box":{"x":68,"y":269,"width":192,"height":11}},{"id":"ccfa280d-c1db-4e8a-8416-7d4df3a28bb7","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager, sub-advisers or other","page_number":48,"box":{"x":102,"y":292,"width":793,"height":11}},{"id":"65344852-aecc-4477-b880-70589becfdfe","block_type":"box","text":"service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":48,"box":{"x":69,"y":307,"width":787,"height":11}},{"id":"af6b2c74-88d1-4ddd-8d25-445451aba08d","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":48,"box":{"x":69,"y":322,"width":832,"height":11}},{"id":"9314d69c-d2b4-4e2d-aa1f-7d3a98144d1b","block_type":"box","text":"there are a number of risk management functions performed by the Manager, sub-advisers or other service providers,","page_number":48,"box":{"x":68,"y":337,"width":839,"height":11}},{"id":"dea31442-0f5d-4d09-ade0-3bef72a6e36c","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight is part of the","page_number":48,"box":{"x":69,"y":352,"width":789,"height":11}},{"id":"a24c2398-1670-4bf7-a0d5-53c97026b9f2","block_type":"box","text":"Board’s general oversight of the Fund and is addressed as part of various Board and Committee activities. The","page_number":48,"box":{"x":70,"y":367,"width":790,"height":11}},{"id":"63870293-1a23-4d8e-8426-fcaeacace766","block_type":"box","text":"Board, directly or through Committees, also reviews reports from, among others, management, the independent","page_number":48,"box":{"x":70,"y":382,"width":799,"height":12}},{"id":"7d4adaa8-0fcf-4b49-aa1e-651ec127e2eb","block_type":"box","text":"registered public accounting firm for the Fund, the Manager, sub-advisers and internal auditors for the Manager or its","page_number":48,"box":{"x":69,"y":397,"width":833,"height":12}},{"id":"adeaa0b7-b542-4581-8b4d-9a5969c30bee","block_type":"box","text":"affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s risk","page_number":48,"box":{"x":69,"y":412,"width":774,"height":12}},{"id":"4f9c6ee4-14d8-41ed-bf10-9adaecd449a9","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees and","page_number":48,"box":{"x":68,"y":428,"width":809,"height":11}},{"id":"5d2a3b90-54d2-47bb-be6b-8ff69f23c13b","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities and","page_number":48,"box":{"x":68,"y":443,"width":818,"height":11}},{"id":"f8efb68f-d849-4f81-a99c-7f710ed675af","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":48,"box":{"x":69,"y":458,"width":831,"height":11}},{"id":"1e01ab2a-3c7c-434e-b886-1a0af3a73a77","block_type":"box","text":"implementation and testing of the Fund’s compliance program and reports regularly to the Board regarding","page_number":48,"box":{"x":70,"y":473,"width":760,"height":11}},{"id":"94ec3346-3b16-4948-b479-b0c6aaf71189","block_type":"box","text":"compliance matters for the Fund and its service providers. The Independent Trustees have engaged independent","page_number":48,"box":{"x":69,"y":488,"width":804,"height":11}},{"id":"a94d1e55-9936-4761-8946-71dcd3eb0f03","block_type":"box","text":"legal counsel to assist them in performing their oversight responsibilities.","page_number":48,"box":{"x":70,"y":503,"width":524,"height":12}},{"id":"4043c468-24a4-40b5-b041-428541d4b1d3","block_type":"box","text":"Audit Committee.","page_number":48,"box":{"x":101,"y":526,"width":122,"height":9}},{"id":"0f0f92cd-c6c0-428c-b111-92c9a35ab96d","block_type":"box","text":"The Board has a standing Audit Committee composed of Catherine A. Lynch (Chair), Lorenzo A.","page_number":48,"box":{"x":229,"y":526,"width":676,"height":11}},{"id":"f0c3f44a-9550-4e2e-be2f-3bed62440d5f","block_type":"box","text":"Flores, J. Phillip Holloman and Arthur P. Steinmetz, all of whom are Independent Trustees. The principal","page_number":48,"box":{"x":70,"y":541,"width":734,"height":11}},{"id":"49fea156-628e-4ff5-968e-cc8cf1d24db5","block_type":"box","text":"responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the","page_number":48,"box":{"x":69,"y":556,"width":834,"height":11}},{"id":"77468a3e-22da-4d43-aae3-cf931b4b571f","block_type":"box","text":"accounting and financial reporting policies and practices of the Fund. The Audit Committee’s responsibilities include,","page_number":48,"box":{"x":69,"y":571,"width":832,"height":12}},{"id":"dcb8cd70-df70-42da-b62f-da8d4a4faa11","block_type":"box","text":"without limitation: (i) approving, and recommending to the full Board for approval, the selection, retention, termination","page_number":48,"box":{"x":68,"y":586,"width":840,"height":12}},{"id":"3b8872c7-705e-4202-a317-a2adfe4bf83f","block_type":"box","text":"and compensation of the Fund’s independent registered public accounting firm (the “Independent Registered Public","page_number":48,"box":{"x":69,"y":601,"width":823,"height":12}},{"id":"03e73899-4520-47e5-bc33-d93ce93e28fe","block_type":"box","text":"Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered Public Accounting","page_number":48,"box":{"x":68,"y":617,"width":824,"height":11}},{"id":"b011e0bd-e0c1-4e9a-a641-f94d9ca500f5","block_type":"box","text":"Firm; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each","page_number":48,"box":{"x":70,"y":632,"width":822,"height":11}},{"id":"3c25bfdd-c8c5-44b4-87ce-bd60fb1baabc","block_type":"box","text":"audit; (iv) reviewing any issues raised by the Fund’s Independent Registered Public Accounting Firm or management","page_number":48,"box":{"x":69,"y":647,"width":824,"height":11}},{"id":"b2ca07af-627a-4080-b8f3-0070811940ba","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund, its internal controls, and, as","page_number":48,"box":{"x":69,"y":662,"width":785,"height":11}},{"id":"4b8196fd-baf2-49bd-954b-f2087dff16ac","block_type":"box","text":"appropriate, the internal controls of certain service providers and management’s response to any such issues;","page_number":48,"box":{"x":69,"y":677,"width":791,"height":11}},{"id":"fa372fd8-78aa-46b4-8070-00987e7af283","block_type":"box","text":"(v) reviewing and discussing the Fund’s audited and unaudited financial statements and disclosure in the Fund’s","page_number":48,"box":{"x":69,"y":692,"width":801,"height":11}},{"id":"27f7028f-7aef-45fa-9ad3-afc65897bb59","block_type":"box","text":"shareholder reports relating to the Fund’s performance; (vi) assisting the Board’s responsibilities with respect to the","page_number":48,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"0ef5fbd6-d455-4232-96aa-504ea550ab22","block_type":"box","text":"internal controls of the Fund and its service providers with respect to accounting and financial matters; and","page_number":48,"box":{"x":70,"y":722,"width":764,"height":12}},{"id":"8f41a52f-045e-4816-b857-3b86657cca7b","block_type":"box","text":"(vii) resolving any disagreements between the Fund’s management and the Fund’s Independent Registered Public","page_number":48,"box":{"x":69,"y":738,"width":809,"height":11}},{"id":"50bd89e3-165a-4452-82ec-814557a38c95","block_type":"box","text":"Accounting Firm regarding financial reporting. The Board has adopted a written charter for the Board’s Audit","page_number":48,"box":{"x":68,"y":753,"width":770,"height":11}},{"id":"717a3377-c33c-4a92-858a-db4d15996469","block_type":"box","text":"Committee. During the fiscal year ended June 30, 2025, the Audit Committee met nine times.","page_number":48,"box":{"x":69,"y":768,"width":669,"height":11}},{"id":"1c010cc0-51ab-4524-8995-bdc8b6e1364e","block_type":"box","text":"Governance and Nominating Committee.","page_number":48,"box":{"x":102,"y":791,"width":286,"height":11}},{"id":"661c34e2-9903-4cf8-a05d-c214ab2307ab","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":48,"box":{"x":394,"y":791,"width":471,"height":11}},{"id":"74c3527b-3871-462a-86c3-e11e69e831ee","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman, R. Glenn Hubbard and Catherine A. Lynch,","page_number":48,"box":{"x":69,"y":806,"width":819,"height":11}},{"id":"b828c301-0bc1-4199-8fe6-a3c19e59b2eb","block_type":"box","text":"all of whom are Independent Trustees. The principal responsibilities of the Governance and Nominating Committee","page_number":48,"box":{"x":69,"y":821,"width":817,"height":11}},{"id":"105c1ce7-4888-473c-b56d-40e4dc8ca64c","block_type":"box","text":"are: (i) identifying individuals qualified to serve as Independent Trustees and recommending Board nominees that are","page_number":48,"box":{"x":69,"y":836,"width":838,"height":11}},{"id":"2cace319-e270-42ab-9683-b7c6a4a34b4a","block_type":"box","text":"not “interested persons” of the Fund (as defined in the Investment Company Act) for election by shareholders or","page_number":48,"box":{"x":69,"y":851,"width":801,"height":11}},{"id":"f96650d4-8cc0-4586-b193-8d62afef2656","block_type":"box","text":"appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and Committees of","page_number":48,"box":{"x":69,"y":866,"width":829,"height":11}},{"id":"df62ec9f-2014-4754-a3d4-ec6a9b89bf05","block_type":"box","text":"the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees","page_number":48,"box":{"x":68,"y":881,"width":829,"height":11}},{"id":"14b1c988-e55d-47ef-a4fd-597c3ccc912a","block_type":"box","text":"of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent","page_number":48,"box":{"x":69,"y":896,"width":836,"height":12}},{"id":"867f28f8-fe9c-4b10-9016-30bf8723f61b","block_type":"box","text":"Trustee compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof","page_number":48,"box":{"x":68,"y":911,"width":837,"height":12}},{"id":"42ad9de5-3b6f-4b20-9235-29c63e5f2e33","block_type":"box","text":"I-10","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4cd39120-9411-4d53-a539-1f3bef9231f8","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16de677b-6ebe-47d8-b6c7-b23a34263adb","block_type":"box","text":"to the Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee","page_number":49,"box":{"x":68,"y":45,"width":820,"height":11}},{"id":"d3be26ac-b271-4468-acf6-9881f932f5ff","block_type":"box","text":"policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent","page_number":49,"box":{"x":70,"y":60,"width":796,"height":11}},{"id":"18afb85a-cb49-4883-9f1d-e62751158df5","block_type":"box","text":"Trustees; and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the","page_number":49,"box":{"x":68,"y":75,"width":816,"height":11}},{"id":"c403a08f-39eb-479c-93d2-4134ca98fa88","block_type":"box","text":"Independent Trustees. The Board has adopted a written charter for the Board’s Governance and Nominating","page_number":49,"box":{"x":70,"y":90,"width":770,"height":11}},{"id":"2875b479-3741-4482-a245-b42d343a77ef","block_type":"box","text":"Committee. During the fiscal year ended June 30, 2025, the Governance and Nominating Committee met four times.","page_number":49,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"025e5602-5a7b-49cc-a5b3-7d29cb016b9a","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":49,"box":{"x":101,"y":128,"width":803,"height":11}},{"id":"8e8792a0-7ebc-4f17-90e1-2bd0bdc5b745","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":49,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"940dacca-bc45-4ad9-ac11-dd6cc07a13b9","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Fund’s activities. In so doing, the Governance and","page_number":49,"box":{"x":69,"y":158,"width":759,"height":11}},{"id":"5ac6787a-fe91-4d89-8d53-47487ac17dc0","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Trustees and their tenure on the Board,","page_number":49,"box":{"x":70,"y":173,"width":833,"height":11}},{"id":"7506447b-76d8-44ac-9362-d8eb78c02635","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Fund in determining","page_number":49,"box":{"x":69,"y":188,"width":794,"height":12}},{"id":"fbebaec5-33de-4317-a808-81589d5b6371","block_type":"box","text":"whether one or more new trustees should be added to the Board. The Board as a group strives to achieve diversity in","page_number":49,"box":{"x":68,"y":204,"width":836,"height":11}},{"id":"13b11446-a287-4894-89f7-06f8004f08ad","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":49,"box":{"x":68,"y":218,"width":775,"height":12}},{"id":"ce76d3d8-6cac-49b1-adf5-6246d0d0e5ec","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Fund. The","page_number":49,"box":{"x":68,"y":234,"width":801,"height":11}},{"id":"46557ba2-41cf-46a1-91ee-1ddc6afac46b","block_type":"box","text":"Trustees’ biographies included herein highlight the diversity and breadth of skills, qualifications and expertise that","page_number":49,"box":{"x":68,"y":249,"width":815,"height":11}},{"id":"8c629929-93af-448d-b0cb-4ee01b65a653","block_type":"box","text":"the Trustees bring to the Fund.","page_number":49,"box":{"x":68,"y":264,"width":219,"height":11}},{"id":"a23a098c-12df-44c7-b823-8cbc43d8e6e8","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Fund’s","page_number":49,"box":{"x":101,"y":286,"width":741,"height":12}},{"id":"611c4e44-49f7-4f9d-820f-c743217d3c0a","block_type":"box","text":"shareholders as it deems appropriate. Under the Trust’s Bylaws, shareholders must follow certain procedures to","page_number":49,"box":{"x":69,"y":302,"width":803,"height":11}},{"id":"e1e0e130-48af-438b-b4e2-a4d69b299b05","block_type":"box","text":"nominate a person for election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under","page_number":49,"box":{"x":69,"y":317,"width":805,"height":11}},{"id":"44c47f7d-a6c8-4196-89a2-9fc456efb336","block_type":"box","text":"these advance notice procedures, shareholders must submit the proposed nominee by delivering a notice to the","page_number":49,"box":{"x":68,"y":332,"width":801,"height":11}},{"id":"d9bb2f0a-681e-470c-9c4c-e93d6ba12204","block_type":"box","text":"Secretary of the Fund at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":49,"box":{"x":69,"y":347,"width":790,"height":11}},{"id":"e2d682fa-1f3b-425a-9b72-eb1f5bd32220","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":49,"box":{"x":68,"y":362,"width":784,"height":11}},{"id":"f3368b6a-bc2f-4027-bb1f-e3a1cb6bb406","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":49,"box":{"x":69,"y":377,"width":302,"height":12}},{"id":"45a1fa0a-6580-489f-a52d-06a034512894","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about the","page_number":49,"box":{"x":101,"y":400,"width":769,"height":11}},{"id":"59110b48-c2b2-44dd-88f9-1059d84d0dc9","block_type":"box","text":"shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":49,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"be206d00-2e54-46e4-9013-b25f49213d2c","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details.","page_number":49,"box":{"x":69,"y":430,"width":615,"height":11}},{"id":"edc4f693-39e2-4182-a3c6-53ba1d713a79","block_type":"box","text":"Compliance Committee.","page_number":49,"box":{"x":102,"y":453,"width":168,"height":11}},{"id":"b7d59435-69c7-458c-aa77-8b3489aa5c93","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":49,"box":{"x":276,"y":453,"width":628,"height":11}},{"id":"98da34df-1bc2-4ff0-892b-733e5d9e4927","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":49,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"6278fbea-bcb0-478f-9176-7193ccc560ae","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary","page_number":49,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"37a11e23-4662-4760-a643-acc361e674fc","block_type":"box","text":"compliance matters involving the Fund, the fund-related activities of BlackRock, and any sub-advisers and the Fund’s","page_number":49,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"ddba36f7-19d6-4dc2-9d74-d86a7e5acb05","block_type":"box","text":"other third party service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":49,"box":{"x":69,"y":513,"width":765,"height":11}},{"id":"8fb49346-1e7e-4318-8e7e-ed1a6a7bd686","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Fund and its service providers and recommending","page_number":49,"box":{"x":69,"y":528,"width":791,"height":12}},{"id":"4336b421-ec50-4d65-a0ba-140db0d68cc1","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":49,"box":{"x":69,"y":543,"width":762,"height":12}},{"id":"13956251-57b2-45b7-9261-cd3cdb425d4b","block_type":"box","text":"recommending policies concerning the Fund’s compliance with applicable law; (iii) reviewing information on any","page_number":49,"box":{"x":69,"y":559,"width":791,"height":11}},{"id":"668a3d54-c137-40ef-beaf-42bd5aa7dec8","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Fund and","page_number":49,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"bdb352ac-1729-45ab-9551-f77f12aeac5d","block_type":"box","text":"any employee complaints or published reports that raise concerns regarding compliance matters; and (iv) reviewing","page_number":49,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"8cba5ec8-c72e-4413-a19c-7c9af5c54112","block_type":"box","text":"reports from, overseeing the annual performance review of, and making certain recommendations in respect of, the","page_number":49,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"919b74bc-e5d3-40c5-889d-6416732b4c62","block_type":"box","text":"Fund’s CCO, including, without limitation, determining the amount and structure of the CCO’s compensation. The","page_number":49,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"eb6e5376-61ea-4b26-878a-e9e2c3ffac77","block_type":"box","text":"Board has adopted a written charter for the Board’s Compliance Committee. During the fiscal year ended","page_number":49,"box":{"x":70,"y":634,"width":747,"height":12}},{"id":"62222660-cad6-45d6-b23c-2972d37af5f7","block_type":"box","text":"June 30, 2025, the Compliance Committee met four times.","page_number":49,"box":{"x":69,"y":649,"width":422,"height":11}},{"id":"59fc6fa3-3525-4fd4-b68c-de85bffd829c","block_type":"box","text":"Per formance Oversight Committee.","page_number":49,"box":{"x":102,"y":672,"width":248,"height":11}},{"id":"6b0d3a99-2fe5-43a7-a8bd-34c5b05cdc3f","block_type":"box","text":"The Board has a Performance Oversight Committee composed of Arthur P.","page_number":49,"box":{"x":356,"y":672,"width":530,"height":11}},{"id":"f647837f-477c-4f07-8bb8-7275016ab735","block_type":"box","text":"Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard, W. Carl","page_number":49,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"7e119a51-3695-44d0-988b-480e58746dde","block_type":"box","text":"Kester and Catherine A. Lynch, all of whom are Independent Trustees. The Performance Oversight Committee’s","page_number":49,"box":{"x":70,"y":702,"width":793,"height":12}},{"id":"c91a9149-7702-4e82-b0f7-084e4e6fee8f","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to","page_number":49,"box":{"x":70,"y":717,"width":829,"height":12}},{"id":"3e7333c5-2d72-41e1-8bd8-b9f513371418","block_type":"box","text":"the Fund’s investment objective, policies and practices. The Performance Oversight Committee’s responsibilities","page_number":49,"box":{"x":68,"y":732,"width":804,"height":12}},{"id":"0cf233d0-1d26-4cbb-8058-f119f0b92ec9","block_type":"box","text":"include, without limitation: (i) reviewing the Fund’s investment objective, policies and practices; (ii) recommending to","page_number":49,"box":{"x":70,"y":748,"width":827,"height":11}},{"id":"e80731ab-c705-423c-b112-628870179f6a","block_type":"box","text":"the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions;","page_number":49,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"e7f2a750-5bfb-46b6-bb29-757f66bcb3f5","block_type":"box","text":"(iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Fund’s investment","page_number":49,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"f6c0839e-2cbd-403e-abc3-105657cb23bf","block_type":"box","text":"performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters;","page_number":49,"box":{"x":70,"y":793,"width":815,"height":11}},{"id":"bbf7d65a-12e5-40a0-8bf9-a092b0d5bc04","block_type":"box","text":"(vi) reviewing whether the Fund has complied with its investment policies and restrictions; and (vii) overseeing","page_number":49,"box":{"x":69,"y":808,"width":782,"height":11}},{"id":"36068da2-4014-48b6-9f75-4ccd3784764e","block_type":"box","text":"policies, procedures and controls regarding valuation of the Fund’s investments. The Board has adopted a written","page_number":49,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"83da051b-e21d-45a3-935d-fae894461e75","block_type":"box","text":"charter for the Board’s Performance Oversight Committee. During the fiscal year ended June 30, 2025, the","page_number":49,"box":{"x":69,"y":838,"width":765,"height":12}},{"id":"9e996e4b-7599-412f-8b6e-8a3306d2fe6d","block_type":"box","text":"Performance Oversight Committee met four times.","page_number":49,"box":{"x":69,"y":853,"width":358,"height":12}},{"id":"5ff5a6b3-f0b9-48fc-b257-4e5b11057075","block_type":"box","text":"Securities Lending Committee.","page_number":49,"box":{"x":102,"y":876,"width":217,"height":11}},{"id":"93be8f42-97f8-4838-a7ad-a2e54c702661","block_type":"box","text":"The Board has a Securities Lending Committee composed of Catherine A. Lynch","page_number":49,"box":{"x":325,"y":876,"width":570,"height":11}},{"id":"4c9403c8-3af0-4b28-a7ce-0f58778c8de6","block_type":"box","text":"(Chair), Cynthia L. Egan and W. Carl Kester, all of whom are Independent Trustees. The principal responsibilities of","page_number":49,"box":{"x":69,"y":891,"width":816,"height":12}},{"id":"33f77e82-f870-410d-9449-227711c42bab","block_type":"box","text":"the Securities Lending Committee include, without limitation: (i) supporting, overseeing and organizing on behalf of","page_number":49,"box":{"x":68,"y":906,"width":820,"height":12}},{"id":"ba1d159d-f1be-4cc0-bfd8-1e925eeaf255","block_type":"box","text":"I-11","page_number":49,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"95e0e64e-38df-4b19-b5ab-238f98f2e35b","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f2b04a9-3340-4bf7-983b-5767a6759299","block_type":"box","text":"the Board the process for oversight of the Fund’s securities lending activities; and (ii) providing a recommendation to","page_number":50,"box":{"x":68,"y":45,"width":834,"height":11}},{"id":"20152132-3310-4127-8089-6a21032f92f3","block_type":"box","text":"the Board regarding the annual approval of the Fund’s Securities Lending Guidelines and the Fund’s agreement with","page_number":50,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"d02d0d18-6ba2-407d-bf06-d8f4026441aa","block_type":"box","text":"the lending agent. The Board has adopted a written charter for the Board’s Securities Lending Committee. During","page_number":50,"box":{"x":68,"y":75,"width":809,"height":11}},{"id":"38293ead-b437-4ad1-af7e-c345716c7d06","block_type":"box","text":"fiscal year ended June 30, 2025, the Securities Lending Committee met two times.","page_number":50,"box":{"x":68,"y":90,"width":594,"height":11}},{"id":"08e079c2-db6a-454f-9b42-aa48a43ac653","block_type":"box","text":"Executive Committee.","page_number":50,"box":{"x":102,"y":113,"width":152,"height":9}},{"id":"5aa0ddc0-cdc9-4b76-8dd4-941e502f3c94","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":50,"box":{"x":260,"y":113,"width":645,"height":11}},{"id":"fbec67dd-cfcc-4e2f-b435-0f8ccc98a2c5","block_type":"box","text":"Kester, both of whom are Independent Trustees, and John M. Perlowski, who serves as an interested Trustee. The","page_number":50,"box":{"x":70,"y":128,"width":815,"height":11}},{"id":"ab5f77bc-a178-4500-b7e2-160a462c82c3","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":50,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"e1432cb6-67c1-4e0f-a1d1-5869ba615ca0","block_type":"box","text":"meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and","page_number":50,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"818d66d6-7037-4c7f-8675-b00c4ab974cb","block_type":"box","text":"(iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board.","page_number":50,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"62d9efbb-1caf-4c97-a7e7-5df114c699bc","block_type":"box","text":"The Board has adopted a written charter for the Board’s Executive Committee. During the fiscal year ended","page_number":50,"box":{"x":68,"y":188,"width":764,"height":12}},{"id":"a061a3b5-eb50-40bb-93d3-2b6061214dc8","block_type":"box","text":"June 30, 2025, the Executive Committee did not meet.","page_number":50,"box":{"x":69,"y":203,"width":391,"height":11}},{"id":"1588304f-b596-4bed-a7b8-7f3aec79a907","block_type":"box","text":"The Independent Trustees have adopted a statement of policy that describes the experiences, qualifications,","page_number":50,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"88d72faa-bbd3-40dd-8bf8-fa68a28fbed1","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":50,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"2cd1a9fb-ca57-465e-a5f0-9bfe122d43a4","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":50,"box":{"x":69,"y":256,"width":830,"height":11}},{"id":"d6496cd4-232d-4873-8706-c79c41530351","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":50,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"516d357a-6e0d-4e72-8cac-a4b194a94fd4","block_type":"box","text":"standards set forth in the Trust’s Bylaws. Furthermore, in determining that a particular Trustee was and continues to","page_number":50,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"17c23240-5330-4718-be3e-bfb4241d0e5e","block_type":"box","text":"be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":50,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"40f53c8c-2bd3-44cb-8f28-12ceaff68c5a","block_type":"box","text":"controlling. The Board believes that, collectively, the Trustees have balanced and diverse experiences, skills,","page_number":50,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"23e4bfc1-cb48-4e97-874b-e4313b9af540","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing the Fund and protecting the","page_number":50,"box":{"x":69,"y":332,"width":812,"height":11}},{"id":"b4194bc1-6dc0-46da-b780-f496aead6cf7","block_type":"box","text":"interests of shareholders. Among the attributes common to all Trustees is their ability to review critically, evaluate,","page_number":50,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"91fa9e4f-78df-4370-a0a0-87bfda01b1e8","block_type":"box","text":"question and discuss information provided to them, to interact effectively with the Manager, sub-advisers, other","page_number":50,"box":{"x":69,"y":362,"width":796,"height":11}},{"id":"d4a69cee-b466-4ed4-8fb8-508ea95ec27b","block_type":"box","text":"service providers, counsel and independent auditors, and to exercise effective business judgment in the","page_number":50,"box":{"x":69,"y":377,"width":744,"height":12}},{"id":"609d0d40-4771-48f2-88eb-cda6cee58ec8","block_type":"box","text":"performance of their duties as Trustees. Each Trustee’s ability to perform his or her duties effectively is evidenced by","page_number":50,"box":{"x":70,"y":392,"width":840,"height":12}},{"id":"2fc4a4a0-5460-4240-b1b2-905592675aa9","block_type":"box","text":"his or her educational background or professional training; business, consulting, public service or academic","page_number":50,"box":{"x":69,"y":407,"width":768,"height":12}},{"id":"fda41dbf-3001-4d71-b4ed-d09ebe7819c1","block_type":"box","text":"positions; experience from service as a board member of the Trust or the other funds in the BlackRock Fund","page_number":50,"box":{"x":70,"y":423,"width":771,"height":11}},{"id":"83ff80d1-5f0e-4345-8de1-c5df7a9aaf00","block_type":"box","text":"Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other","page_number":50,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"6b755b53-6436-45de-b8d2-c8ff3f37fe92","block_type":"box","text":"organizations; ongoing commitment and participation in Board and Committee meetings, as well as his or her","page_number":50,"box":{"x":69,"y":453,"width":782,"height":11}},{"id":"6550114a-d02a-4076-bec4-2d98367fbea3","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":50,"box":{"x":70,"y":468,"width":719,"height":11}},{"id":"6769367a-625c-4116-a873-0717cea4e237","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Trustee that support the","page_number":50,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"bfd072c0-b5de-4026-bea2-0f5fe05cf803","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":50,"box":{"x":69,"y":506,"width":378,"height":9}},{"id":"85e17b0b-a2fd-4786-acf6-966b3abf8c46","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":50,"box":{"x":68,"y":534,"width":409,"height":9}},{"id":"29a9e232-0b94-4d80-ba57-34296d7cd319","block_type":"box","text":"Independent Trustees","page_number":50,"box":{"x":70,"y":551,"width":154,"height":10}},{"id":"b0ae648d-1833-45e4-ae4b-75b6794d248b","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":50,"box":{"x":70,"y":566,"width":814,"height":11}},{"id":"ef2043c7-4467-4109-8807-f5881f2682ab","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":50,"box":{"x":264,"y":581,"width":606,"height":9}},{"id":"ee86f791-be3e-4eac-b645-e59d7161d266","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":50,"box":{"x":265,"y":596,"width":635,"height":10}},{"id":"881200d9-66b0-4e99-b597-76e69fc15395","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":50,"box":{"x":265,"y":611,"width":602,"height":11}},{"id":"f58aa7d5-d8ed-45bd-8fb8-c129e3769761","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":50,"box":{"x":265,"y":626,"width":608,"height":11}},{"id":"6b2734d3-e43f-464c-aab6-28dc3a0a5b30","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":50,"box":{"x":265,"y":641,"width":613,"height":11}},{"id":"42848e85-964d-46d8-90bd-98a40f8f53ec","block_type":"box","text":"adds a dimension of balance to the Fund’s governance and provides perspective on","page_number":50,"box":{"x":265,"y":656,"width":595,"height":12}},{"id":"690bcd4e-48b7-47fa-8d57-aedfba44f3a0","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":50,"box":{"x":265,"y":671,"width":597,"height":11}},{"id":"ca7f8db5-7ac5-429f-bff9-f1e334623e61","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":50,"box":{"x":265,"y":686,"width":581,"height":12}},{"id":"4ddee8ac-721b-4493-a593-cafe3e2dc4f6","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":50,"box":{"x":265,"y":702,"width":632,"height":11}},{"id":"e3f5dced-2eef-4f80-9d0c-005207595647","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":50,"box":{"x":265,"y":717,"width":594,"height":11}},{"id":"3a2b8ada-4e33-47ea-a05f-844afbaa513d","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Fund, its","page_number":50,"box":{"x":265,"y":732,"width":573,"height":11}},{"id":"0e570ee4-2399-4c26-859e-6e41b858c5e4","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Hubbard’s","page_number":50,"box":{"x":265,"y":747,"width":589,"height":11}},{"id":"59a4c8e1-eb2e-4e9e-a2ba-0a1abe9f9256","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Chair of the","page_number":50,"box":{"x":265,"y":762,"width":595,"height":11}},{"id":"79eec262-c648-4980-a1e2-65b6f1232af1","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":50,"box":{"x":265,"y":777,"width":562,"height":11}},{"id":"f10a630a-068d-44c8-b393-a2d09044e36e","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Performance Oversight","page_number":50,"box":{"x":265,"y":792,"width":592,"height":12}},{"id":"6f94cacd-d3c2-4001-afb3-1b5eb6d9dca0","block_type":"box","text":"Committee.","page_number":50,"box":{"x":265,"y":808,"width":80,"height":8}},{"id":"28496ad0-ce57-4408-b1be-b228fdf396e1","block_type":"box","text":"I-12","page_number":50,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"aa687d91-a99a-482b-ba5a-645e365c1b1a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bed8baa-cda5-4d35-b3d4-02397d6c8206","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":51,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"7f24f39e-77e1-4230-aa4f-60c3c55b7c9e","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":51,"box":{"x":68,"y":65,"width":786,"height":11}},{"id":"8c9b3eed-f92b-42bd-ae15-789bb789170d","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":51,"box":{"x":264,"y":81,"width":578,"height":11}},{"id":"d406d592-4704-4b22-8055-7d52ff2038c9","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":51,"box":{"x":264,"y":96,"width":618,"height":11}},{"id":"3d72b0f0-7ea9-4b28-9189-57e7a3c07bac","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":51,"box":{"x":265,"y":111,"width":581,"height":11}},{"id":"77e89fc7-4098-457a-be6e-a35fce31cece","block_type":"box","text":"expertise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":51,"box":{"x":265,"y":126,"width":613,"height":11}},{"id":"bdd01c8f-42ee-4e58-9628-b78ce8e3952e","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":51,"box":{"x":265,"y":141,"width":641,"height":11}},{"id":"dd60cb84-76c4-4366-8ab7-6e90c13ec855","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":51,"box":{"x":265,"y":156,"width":599,"height":11}},{"id":"9c326319-fbe3-4456-aee1-1a6cf5aaf292","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":51,"box":{"x":265,"y":171,"width":605,"height":11}},{"id":"3930984d-c52d-4c27-a9f2-637e946cb9b2","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Fund, its","page_number":51,"box":{"x":265,"y":186,"width":613,"height":12}},{"id":"6748121d-c359-4e5c-a435-af0f006409d7","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Kester’s","page_number":51,"box":{"x":265,"y":201,"width":576,"height":12}},{"id":"4dd1bd38-a488-4d71-a624-3655dea2b887","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Vice Chair of the","page_number":51,"box":{"x":265,"y":217,"width":630,"height":11}},{"id":"a9b43afb-f10a-4df3-ba74-b9db600b3625","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee and a member of the","page_number":51,"box":{"x":265,"y":232,"width":576,"height":11}},{"id":"f0a752b7-032d-4313-a453-6d583ee3489e","block_type":"box","text":"Executive Committee, the Compliance Committee, the Performance Oversight Committee","page_number":51,"box":{"x":265,"y":247,"width":634,"height":11}},{"id":"9d6ef869-db44-4c2c-8667-932c7fbc0039","block_type":"box","text":"and the Securities Lending Committee.","page_number":51,"box":{"x":265,"y":262,"width":275,"height":11}},{"id":"6aeb1b83-e406-4ae7-9f9f-deb823d4837f","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment","page_number":51,"box":{"x":69,"y":285,"width":775,"height":11}},{"id":"79905e7f-e3c2-404c-97ea-e5e3def06060","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":51,"box":{"x":264,"y":300,"width":613,"height":11}},{"id":"86b28f25-cd55-4931-8576-a16714d38bb8","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":51,"box":{"x":265,"y":315,"width":633,"height":11}},{"id":"77a94128-97b5-4e94-ae19-ad09e5c91651","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":51,"box":{"x":265,"y":330,"width":636,"height":11}},{"id":"58389a66-4902-4740-99f2-9f8b0331738a","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":51,"box":{"x":265,"y":345,"width":629,"height":11}},{"id":"6bdf8fca-16d1-4f4b-8bba-ade2eabc7a00","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":51,"box":{"x":265,"y":360,"width":617,"height":12}},{"id":"5913f89c-9608-4548-9368-df105fa34331","block_type":"box","text":"Department of Treasury as an expert in domestic retirement security. Ms. Egan began her","page_number":51,"box":{"x":265,"y":375,"width":642,"height":12}},{"id":"aaa9a9f1-73df-404e-9629-837960ec8937","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal","page_number":51,"box":{"x":265,"y":390,"width":608,"height":11}},{"id":"0350b9ed-f4e7-4ad0-9f3c-2870afc08081","block_type":"box","text":"Reserve Bank of New York. Ms. Egan is also a director of UNUM Corporation, a publicly","page_number":51,"box":{"x":265,"y":406,"width":620,"height":11}},{"id":"3da3f759-dd00-4d2f-9504-bd6b502412ba","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":51,"box":{"x":264,"y":421,"width":643,"height":11}},{"id":"b73596fb-7bc8-43ff-ae38-81e91de72e8f","block_type":"box","text":"the Board of The Hanover Group, a public property casualty insurance company. Ms. Egan","page_number":51,"box":{"x":264,"y":436,"width":640,"height":11}},{"id":"c614e63c-a850-4357-8a42-d2b60666214f","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":51,"box":{"x":265,"y":451,"width":583,"height":11}},{"id":"03a25683-a6cb-4c42-9db6-2f846bd07a93","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":51,"box":{"x":265,"y":466,"width":643,"height":11}},{"id":"23e06364-06ae-4b1e-ad1b-04726158beca","block_type":"box","text":"Ms. Egan’s independence from the Fund and the Manager enhances her service as Chair","page_number":51,"box":{"x":265,"y":481,"width":636,"height":11}},{"id":"96fa58aa-2bd7-4421-bd10-11a543213436","block_type":"box","text":"of the Compliance Committee and a member of the Governance and Nominating","page_number":51,"box":{"x":265,"y":496,"width":571,"height":12}},{"id":"e3fb9d1e-9c16-4b81-8a1d-e45c609725fc","block_type":"box","text":"Committee, the Performance Oversight Committee and the Securities Lending Committee.","page_number":51,"box":{"x":265,"y":511,"width":641,"height":12}},{"id":"4bd3425d-11ad-4571-a90d-fed07e0b2f93","block_type":"box","text":"Lorenzo A. Flores The Board benefits from Lorenzo A. Flores’s many years of business, leadership and","page_number":51,"box":{"x":70,"y":534,"width":796,"height":11}},{"id":"f2c9bc08-b3b9-4001-bc29-bdb20a0a80e2","block_type":"box","text":"financial experience in his roles at various public and private companies. In particular,","page_number":51,"box":{"x":264,"y":549,"width":612,"height":11}},{"id":"764362d4-0afe-42d7-8717-c30bff44b476","block_type":"box","text":"Mr. Flores’s service as Chief Financial Officer of Lattice Semiconductor Corporation, a","page_number":51,"box":{"x":265,"y":564,"width":611,"height":11}},{"id":"b7268d12-2770-43d4-80a9-176d2498fccd","block_type":"box","text":"semiconductor company that designs, develops, and markets programmable logic","page_number":51,"box":{"x":265,"y":580,"width":582,"height":11}},{"id":"68ef7f44-b222-40e6-8c0b-ea5574d0beb4","block_type":"box","text":"products and related software, Chief Financial Officer of Intel Foundry, a semiconductor","page_number":51,"box":{"x":265,"y":595,"width":622,"height":11}},{"id":"09820212-d796-4f4c-8ab3-fe0471c9b257","block_type":"box","text":"manufacturing unit of Intel Corporation, Chief Financial Officer and Corporate Controller of","page_number":51,"box":{"x":265,"y":610,"width":639,"height":11}},{"id":"90afb660-32b5-4ad8-bb13-cb8c120d898f","block_type":"box","text":"Xilinx, Inc., a technology and semiconductor company that supplies programmable logic","page_number":51,"box":{"x":264,"y":625,"width":622,"height":11}},{"id":"5c5e73f7-0c2b-4641-8df2-662642a75bc9","block_type":"box","text":"devices, and Vice Chairman of Kioxia, Inc., a manufacturer and supplier of flash memory","page_number":51,"box":{"x":265,"y":640,"width":631,"height":11}},{"id":"500529e0-801b-43bf-9379-da01ca8fc500","block_type":"box","text":"and solid state drives, and his long experience in the technology industry allow him to","page_number":51,"box":{"x":265,"y":655,"width":610,"height":11}},{"id":"14584b8a-516f-4c29-bbea-2bfdf997db5c","block_type":"box","text":"provide insight to into financial, business and technology trends. Mr. Flores’s knowledge","page_number":51,"box":{"x":265,"y":670,"width":628,"height":11}},{"id":"65bfcdb2-80ed-49d3-b859-bbae5d46a3d3","block_type":"box","text":"of financial and accounting matters qualifies him to serve as a member of the Audit","page_number":51,"box":{"x":265,"y":685,"width":596,"height":12}},{"id":"64b3abfc-a84e-4c6c-a1d4-e81732dd4cd6","block_type":"box","text":"Committee. Mr. Flores’s independence from the Fund and the Manager enhances his","page_number":51,"box":{"x":265,"y":700,"width":605,"height":12}},{"id":"c5a0141b-a9df-4b5e-aaad-c97a4e9ef5f2","block_type":"box","text":"service as a member of the Performance Oversight Committee.","page_number":51,"box":{"x":265,"y":715,"width":450,"height":12}},{"id":"2ffa329d-de51-4b99-9b73-66100f24bdd8","block_type":"box","text":"I-13","page_number":51,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"fb9f4e1b-eb77-4350-83dc-0856438161da","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49cbc2ee-2d6d-45b5-84ec-f9d4eb284623","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":52,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"be5a77f4-ea16-49a0-b85b-4fb3e48e4f01","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained","page_number":52,"box":{"x":69,"y":65,"width":832,"height":12}},{"id":"d2930e77-e96d-4c15-a8e5-861a968a265b","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":52,"box":{"x":265,"y":81,"width":617,"height":11}},{"id":"e702eb68-8032-47f3-8cc1-5d771c9483e4","block_type":"box","text":"United States Air Force. In her most recent role, Ms. Harris reported to the Secretary and","page_number":52,"box":{"x":265,"y":96,"width":637,"height":11}},{"id":"80ff4728-9a01-4a6a-9248-5e90c686cb80","block_type":"box","text":"Chief of Staff of the Air Force on matters concerning Air Force effectiveness, efficiency","page_number":52,"box":{"x":265,"y":111,"width":617,"height":11}},{"id":"4f6a69b2-90f9-4356-8a13-99a5c6c4afe3","block_type":"box","text":"and the military discipline of active duty, Air Force Reserve and Air National Guard forces.","page_number":52,"box":{"x":265,"y":126,"width":635,"height":11}},{"id":"52785163-88f6-4efc-be81-8869aa04add4","block_type":"box","text":"Ms. Harris’s experience on governance matters includes oversight of inspection policy and","page_number":52,"box":{"x":265,"y":141,"width":643,"height":11}},{"id":"642eeb94-e12d-47a0-ac12-bcf1a9060328","block_type":"box","text":"the inspection and evaluation system for all Air Force nuclear and conventional forces;","page_number":52,"box":{"x":264,"y":156,"width":614,"height":11}},{"id":"f1f5c819-daa2-42b2-96a3-e22e18e0d8b9","block_type":"box","text":"oversight of Air Force counterintelligence operations and service on the Air Force","page_number":52,"box":{"x":265,"y":171,"width":573,"height":12}},{"id":"58af2e97-6f3e-420b-8293-9816f943614a","block_type":"box","text":"Intelligence Oversight Panel; investigation of fraud, waste and abuse; and oversight of","page_number":52,"box":{"x":265,"y":186,"width":612,"height":12}},{"id":"4bacdfb4-010f-4e9b-a0f9-38d51d9b0738","block_type":"box","text":"criminal investigations and complaints resolution programs. Ms. Harris is also a director","page_number":52,"box":{"x":264,"y":202,"width":630,"height":11}},{"id":"19f15312-4e1c-4607-81ec-550ed559ba2d","block_type":"box","text":"of The Boeing Company. Ms. Harris’s independence from the Fund and the Manager","page_number":52,"box":{"x":265,"y":217,"width":599,"height":11}},{"id":"ea59a024-fb4a-46d9-9213-937a1c72abe1","block_type":"box","text":"enhances her service as a member of the Compliance Committee and the Performance","page_number":52,"box":{"x":265,"y":232,"width":623,"height":11}},{"id":"9607d759-38bf-4549-b182-8e0e1cfc866a","block_type":"box","text":"Oversight Committee.","page_number":52,"box":{"x":265,"y":247,"width":151,"height":11}},{"id":"b5c76dd9-5d92-485f-aa51-243a55d3a612","block_type":"box","text":"J. Phillip Holloman The Board benefits from J. Phillip Holloman’s many years of business and leadership","page_number":52,"box":{"x":69,"y":269,"width":800,"height":12}},{"id":"8673bdef-4ff2-4eaa-9d7f-519456bdb8f9","block_type":"box","text":"experience as an executive, director and advisory board member of various public and","page_number":52,"box":{"x":265,"y":285,"width":612,"height":11}},{"id":"e8257612-a818-4809-b339-98026d9af3b4","block_type":"box","text":"private companies. In particular, Mr. Holloman’s service as Interim Executive Chairman,","page_number":52,"box":{"x":265,"y":300,"width":624,"height":11}},{"id":"5fddb0ec-e37c-492e-be99-e927b618cadc","block_type":"box","text":"President and Chief Executive Officer of Vestis Corporation, President and Chief Operating","page_number":52,"box":{"x":265,"y":315,"width":640,"height":11}},{"id":"766abd3b-7556-42ba-879b-5fffd8f04867","block_type":"box","text":"Officer of Cintas Corporation allows him to provide insight into business trends and","page_number":52,"box":{"x":265,"y":330,"width":593,"height":11}},{"id":"6b022614-c53b-4436-abc0-18cb15991663","block_type":"box","text":"conditions. Mr. Holloman’s knowledge of financial and accounting matters qualifies him to","page_number":52,"box":{"x":264,"y":345,"width":642,"height":11}},{"id":"5f6f4616-6945-4bd4-9f17-947daaa6b5ea","block_type":"box","text":"serve as a member of the Audit Committee. Mr. Holloman’s independence from the Fund","page_number":52,"box":{"x":265,"y":360,"width":633,"height":11}},{"id":"2fcf2597-94bb-4637-bfb1-d0f7efb19b23","block_type":"box","text":"and the Manager enhances his service as a member of the Governance and Nominating","page_number":52,"box":{"x":265,"y":375,"width":628,"height":12}},{"id":"efc6b4ba-b6c3-4560-8f3f-10cf9131d354","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":52,"box":{"x":265,"y":390,"width":389,"height":12}},{"id":"64c80aa9-bec0-45d8-b02a-1c9201ecec43","block_type":"box","text":"Catherine A. Lynch Catherine A. Lynch, who served as the Chief Executive Officer and Chief Investment","page_number":52,"box":{"x":69,"y":413,"width":792,"height":11}},{"id":"78eb35f7-3e81-44e1-931a-1596f6b0428a","block_type":"box","text":"Officer of the National Railroad Retirement Investment Trust, benefits the Board by","page_number":52,"box":{"x":265,"y":428,"width":591,"height":11}},{"id":"a7a71d33-f450-4456-bc6e-65eca470f22e","block_type":"box","text":"providing business leadership and experience and a diverse knowledge of pensions and","page_number":52,"box":{"x":265,"y":443,"width":624,"height":12}},{"id":"56c3d419-976e-4890-a71d-71fae4f851a3","block_type":"box","text":"endowments. Ms. Lynch is also a trustee of PennyMac Mortgage Investment Trust, a","page_number":52,"box":{"x":265,"y":458,"width":605,"height":12}},{"id":"20b2a6a3-c381-4199-9bde-dc9165a35411","block_type":"box","text":"specialty finance company that invests primarily in mortgage-related assets. Ms. Lynch","page_number":52,"box":{"x":265,"y":474,"width":618,"height":11}},{"id":"1a84b598-2cb7-4f06-b070-e6038cd2e4df","block_type":"box","text":"also holds the designation of Chartered Financial Analyst. Ms. Lynch’s knowledge of","page_number":52,"box":{"x":265,"y":489,"width":601,"height":11}},{"id":"cdb6d802-30c1-4a95-8bc1-8a4164f09cc1","block_type":"box","text":"financial and accounting matters qualifies her to serve as Chair of the Audit Committee.","page_number":52,"box":{"x":264,"y":504,"width":626,"height":11}},{"id":"7ebd8bb9-3a94-475c-bd7d-f71700ef3284","block_type":"box","text":"Ms. Lynch’s independence from the Fund and the Manager enhances her service as the","page_number":52,"box":{"x":265,"y":519,"width":627,"height":11}},{"id":"d8f09f9d-a366-45bc-9749-af530aea2cd7","block_type":"box","text":"Chair of the Securities Lending Committee, and a member of the Governance and","page_number":52,"box":{"x":265,"y":534,"width":580,"height":11}},{"id":"044e131f-bdde-4da0-b468-05b2d4fe0d10","block_type":"box","text":"Nominating Committee and the Performance Oversight Committee.","page_number":52,"box":{"x":265,"y":549,"width":475,"height":11}},{"id":"2b9b8252-d0c7-4f1f-b450-1ebf589020c3","block_type":"box","text":"Arthur P. Steinmetz The Board benefits from Arthur P. Steinmetz’s many years of business and leadership","page_number":52,"box":{"x":68,"y":572,"width":808,"height":11}},{"id":"cb8569c2-5fb5-4346-a7b5-dde02e0d305d","block_type":"box","text":"experience as an executive, chairman and director of various companies in the financial","page_number":52,"box":{"x":265,"y":587,"width":624,"height":11}},{"id":"7523062f-f7a4-450c-b568-fd8d696c6e5d","block_type":"box","text":"industry. Mr. Steinmetz’s service as Chairman, Chief Executive Officer and President of","page_number":52,"box":{"x":265,"y":602,"width":622,"height":11}},{"id":"92c0b64c-585c-4394-8a3d-aea42c60fca3","block_type":"box","text":"the OppenheimerFunds, Inc. and as Trustee, President and Principal Executive Officer of","page_number":52,"box":{"x":264,"y":617,"width":629,"height":11}},{"id":"8135343a-f247-44e9-8530-c7ac630c0f0d","block_type":"box","text":"certain OppenheimerFunds funds provides insight into the asset management industry.","page_number":52,"box":{"x":264,"y":632,"width":621,"height":12}},{"id":"493f1317-38b8-4272-a458-6099f5c36c55","block_type":"box","text":"He has also served as a Director of ScotiaBank (U.S.). 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Steinmetz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":56,"box":{"x":78,"y":737,"width":535,"height":9}},{"id":"85b15ed5-d3b4-40c1-ad0e-a8220474aab1","block_type":"box","text":"None Over $100,000","page_number":56,"box":{"x":675,"y":736,"width":219,"height":11}},{"id":"9a54f144-1e55-4987-9efb-0192884468a0","block_type":"box","text":"Interested Trustees","page_number":56,"box":{"x":70,"y":752,"width":138,"height":9}},{"id":"cfb487d2-be42-4a2c-b70c-ced26cd270b7","block_type":"box","text":"Robert Fairbairn. . .","page_number":56,"box":{"x":79,"y":767,"width":135,"height":9}},{"id":"62a30fa3-a28d-4d5e-8b37-83fb58d8cc2d","block_type":"box","text":".................................................","page_number":56,"box":{"x":220,"y":775,"width":393,"height":1}},{"id":"4ab63838-bc6d-4a85-82c6-bb02f6b50a59","block_type":"box","text":"None Over $100,000","page_number":56,"box":{"x":675,"y":766,"width":219,"height":12}},{"id":"03e9eb26-57f5-4f82-8ad2-43560c3ddd6a","block_type":"box","text":"John M. Perlowski . .","page_number":56,"box":{"x":78,"y":783,"width":144,"height":8}},{"id":"1bef04dd-437b-460e-9521-3d74b9084c3e","block_type":"box","text":"................................................","page_number":56,"box":{"x":228,"y":790,"width":385,"height":1}},{"id":"b21f8628-3582-4903-8c7e-cf7d3bda7dcb","block_type":"box","text":"None Over $100,000","page_number":56,"box":{"x":675,"y":782,"width":219,"height":11}},{"id":"5437f5ee-f21e-44bf-9afa-04b90d62a6fc","block_type":"box","text":"* Includes share equivalents owned under the deferred compensation plan in the Supervised Funds by certain Independent Trustees who have","page_number":56,"box":{"x":70,"y":807,"width":815,"height":9}},{"id":"9e64a9b9-059b-4ed2-a201-c0800ba6e4a2","block_type":"box","text":"participated in the deferred compensation plan of the Supervised Funds.","page_number":56,"box":{"x":69,"y":817,"width":414,"height":9}},{"id":"e650913d-569e-43f5-901d-b769fa055ad3","block_type":"box","text":"As of October 2, 2025, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned","page_number":56,"box":{"x":101,"y":838,"width":794,"height":11}},{"id":"a720e436-d88e-4591-8843-55bc15c51629","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2024, none of","page_number":56,"box":{"x":69,"y":853,"width":833,"height":11}},{"id":"7c635e81-866a-477c-a113-a10399b181be","block_type":"box","text":"the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":56,"box":{"x":68,"y":868,"width":776,"height":11}},{"id":"c8694a40-fd7d-44f5-8ec8-d0fec5a69faf","block_type":"box","text":"securities of the Fund’s investment adviser, principal underwriter, or any person directly or indirectly controlling,","page_number":56,"box":{"x":69,"y":883,"width":793,"height":11}},{"id":"4a19679c-1fae-4897-894b-c3e7fc7dd13d","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":56,"box":{"x":69,"y":898,"width":412,"height":11}},{"id":"d8111dd4-5663-4d59-9ca6-0067c7b318a4","block_type":"box","text":"I-18","page_number":56,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d895d03f-16be-48b7-8868-4b0660dafb7d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"556acccb-e52f-4b3c-9c0e-51dc0850284d","block_type":"box","text":"Compensation of Trustees","page_number":57,"box":{"x":69,"y":45,"width":190,"height":11}},{"id":"a5a8075e-689d-41e4-b260-57892d8dfb0e","block_type":"box","text":"Each Independent Trustee is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":57,"box":{"x":102,"y":67,"width":775,"height":11}},{"id":"85e43705-c24a-4f1b-a514-bda57b241e7e","block_type":"box","text":"member of the BlackRock-advised Funds, including the Fund, together with out-of-pocket expenses in accordance with","page_number":57,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"b64e0bc4-f6d5-4d25-bb87-2d075c9e8218","block_type":"box","text":"a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair of the","page_number":57,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"353d7d4a-e467-4ddc-a6b6-e04df8c6fc71","block_type":"box","text":"Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000, respectively.","page_number":57,"box":{"x":70,"y":112,"width":835,"height":12}},{"id":"9a751190-2894-4024-8404-b8886fa93a1d","block_type":"box","text":"The Chairs of the Audit Committee, Performance Oversight Committee, Compliance Committee, Governance and","page_number":57,"box":{"x":68,"y":128,"width":801,"height":11}},{"id":"98a6467c-5e1d-41e7-91ff-d61f58b08f9b","block_type":"box","text":"Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of $55,000,","page_number":57,"box":{"x":70,"y":142,"width":780,"height":12}},{"id":"b9524f2f-4ac1-4707-a9f2-3482ce231067","block_type":"box","text":"$42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit Committee,","page_number":57,"box":{"x":69,"y":157,"width":779,"height":12}},{"id":"9869c470-4002-4e76-b053-9b4d46334f31","block_type":"box","text":"Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are paid an","page_number":57,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"7fcbdf1f-11eb-4b1b-9990-f3bad82772c2","block_type":"box","text":"additional annual retainer of $30,000, $25,000, $25,000 and $15,000, respectively, for his or her service on such","page_number":57,"box":{"x":69,"y":188,"width":826,"height":11}},{"id":"3267d485-6dac-4e3d-85c9-bb717f2ae0be","block_type":"box","text":"committee. An Independent Trustee may receive additional compensation for his or her service as a member or Chair,","page_number":57,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"b3f31214-2ff7-4c0e-bc06-9e320b53330b","block_type":"box","text":"as applicable, of one or more ad hoc committees of the Board. The Fund will pay a pro rata portion quarterly (based","page_number":57,"box":{"x":69,"y":218,"width":826,"height":12}},{"id":"93afee3d-335f-40f6-98a6-cacda3c44c1f","block_type":"box","text":"on relative net assets) of the foregoing Trustee fees paid by the funds in the BlackRock Fixed-Income Complex.","page_number":57,"box":{"x":69,"y":234,"width":789,"height":11}},{"id":"a929e16b-c960-4bde-9f81-b803bc159ac6","block_type":"box","text":"The Independent Trustees have agreed that a maximum of 50% of each Independent Trustee’s total","page_number":57,"box":{"x":101,"y":256,"width":711,"height":12}},{"id":"fd32909f-3917-4dcf-a636-e5fda3ca05f9","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":57,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"2e31a737-41d7-4f97-b271-af568f37dbf0","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":57,"box":{"x":70,"y":286,"width":833,"height":11}},{"id":"097767bb-9c4e-4080-b8d2-4fba63858757","block_type":"box","text":"a return for the Independent Trustees as though equivalent dollar amounts had been invested in shares of certain","page_number":57,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"b3b63d60-59ba-4300-932e-93f123a4fe1a","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has approximately the","page_number":57,"box":{"x":68,"y":317,"width":802,"height":11}},{"id":"3fa2d034-780e-473b-885b-00d1cf0503fc","block_type":"box","text":"same economic effect for the Independent Trustees as if they had invested the deferred amounts in such funds in","page_number":57,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"ec881a64-b993-4319-9a6c-b9ee1412c0df","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":57,"box":{"x":68,"y":347,"width":800,"height":11}},{"id":"ba00cd70-fa3e-4b52-9f40-5a22aa310803","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":57,"box":{"x":69,"y":362,"width":760,"height":11}},{"id":"5b1632d1-2887-49d4-b386-06edb059eb91","block_type":"box","text":"accounting purposes.","page_number":57,"box":{"x":69,"y":377,"width":151,"height":12}},{"id":"1a24a402-13a6-4f33-a402-ff2e322ab725","block_type":"box","text":"The following table sets forth the compensation paid to the Trustees by the Trust, on behalf of the Fund, for the","page_number":57,"box":{"x":101,"y":400,"width":796,"height":11}},{"id":"37cc1a40-c42a-4ba8-81b9-abb3311c95c4","block_type":"box","text":"fiscal year ended June 30, 2025 and the aggregate compensation, including deferred compensation amounts, paid to","page_number":57,"box":{"x":68,"y":415,"width":841,"height":11}},{"id":"c3335c45-0135-453e-a946-4225d18fb1d1","block_type":"box","text":"them by all BlackRock-advised Funds for the calendar year ended December 31, 2024.","page_number":57,"box":{"x":68,"y":430,"width":618,"height":11}},{"id":"539fb999-4ebd-4d8a-8f61-e39143ee46ad","block_type":"box","text":"I-19","page_number":57,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"66698bb1-2fb3-488a-8b41-3c2298b2f7d2","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b33c7d9f-c3cf-4524-976b-0f980c79572d","block_type":"box","text":"Name","page_number":58,"box":{"x":69,"y":78,"width":32,"height":7}},{"id":"3ef97bf3-f405-49be-8ff0-8969d935c1f8","block_type":"box","text":"1","page_number":58,"box":{"x":102,"y":78,"width":4,"height":4}},{"id":"0fa552b5-55ee-45da-8a4c-caa4f856fa5c","block_type":"box","text":"Compensation","page_number":58,"box":{"x":508,"y":68,"width":83,"height":9}},{"id":"46e6536d-5e78-4a53-b021-b45a18035636","block_type":"box","text":"from the Fund","page_number":58,"box":{"x":509,"y":78,"width":81,"height":7}},{"id":"519ac8fe-f85c-469f-a04c-30309eb80246","block_type":"box","text":"Estimated","page_number":58,"box":{"x":641,"y":58,"width":58,"height":7}},{"id":"f5674eb2-5481-4c9b-9af1-85a051ee21ec","block_type":"box","text":"Annual Benefits","page_number":58,"box":{"x":624,"y":68,"width":92,"height":7}},{"id":"8fa60226-27ea-48f3-984e-5eac9c999220","block_type":"box","text":"Upon Retirement","page_number":58,"box":{"x":621,"y":78,"width":98,"height":9}},{"id":"732ac649-3fb0-4617-885a-352670fdfbfe","block_type":"box","text":"Aggregate Compensation","page_number":58,"box":{"x":755,"y":58,"width":148,"height":9}},{"id":"2dbc04a3-bf8e-45df-bd10-95e164971973","block_type":"box","text":"from the Fund and Other","page_number":58,"box":{"x":758,"y":68,"width":142,"height":7}},{"id":"82d9c43b-89a6-4312-9f57-09250adbb182","block_type":"box","text":"BlackRock-Advised Funds","page_number":58,"box":{"x":750,"y":78,"width":149,"height":7}},{"id":"8a63727f-e3c8-4ef6-bf6d-62f06ccd99f6","block_type":"box","text":"2,3","page_number":58,"box":{"x":900,"y":78,"width":9,"height":4}},{"id":"b1ff5bf8-9c4e-43af-b5f8-cc4265dd4bb7","block_type":"box","text":"Independent Trustees","page_number":58,"box":{"x":70,"y":96,"width":154,"height":11}},{"id":"7eef8c81-eb40-45f8-b99b-c0251bdb47cb","block_type":"box","text":"Cynthia L. Egan. .","page_number":58,"box":{"x":79,"y":111,"width":121,"height":11}},{"id":"af0665ac-abe9-4028-8e39-97ff37471c48","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,227","page_number":58,"box":{"x":206,"y":110,"width":369,"height":11}},{"id":"8b483c45-df28-45f9-8cd4-a47ef113c683","block_type":"box","text":"None $655,000","page_number":58,"box":{"x":653,"y":110,"width":212,"height":11}},{"id":"1bbef383-8dd8-4728-b0e7-795536a67d20","block_type":"box","text":"Lorenzo A. Flores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,804","page_number":58,"box":{"x":79,"y":125,"width":497,"height":11}},{"id":"ce8472e7-901c-427a-844e-6b3359c4313b","block_type":"box","text":"None $420,000","page_number":58,"box":{"x":653,"y":125,"width":212,"height":11}},{"id":"dc4c7e42-9b6e-4a66-aab9-02367571abdc","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,703","page_number":58,"box":{"x":79,"y":140,"width":497,"height":12}},{"id":"1c4c1108-de24-455d-800e-1c7d6594d2a4","block_type":"box","text":"None $395,000","page_number":58,"box":{"x":653,"y":140,"width":212,"height":12}},{"id":"69677c58-660c-4175-a00f-b489bb81187f","block_type":"box","text":"J. Phillip Holloman .","page_number":58,"box":{"x":78,"y":156,"width":138,"height":11}},{"id":"17a8b849-6db3-4fe8-9548-9df993321db7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,824","page_number":58,"box":{"x":223,"y":155,"width":353,"height":12}},{"id":"a43c2bff-5fd2-4d2b-a96e-6e34a6c2c7eb","block_type":"box","text":"None $425,000","page_number":58,"box":{"x":653,"y":155,"width":212,"height":12}},{"id":"2837ce16-448c-4ac0-9464-b629db3651a3","block_type":"box","text":"R. Glenn Hubbard","page_number":58,"box":{"x":79,"y":171,"width":124,"height":9}},{"id":"66d65173-8b1c-4424-b3c2-479a61b67c7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,448","page_number":58,"box":{"x":206,"y":171,"width":370,"height":11}},{"id":"8e4502ad-8864-4298-9596-a31971074fdf","block_type":"box","text":"None $600,000","page_number":58,"box":{"x":653,"y":171,"width":212,"height":11}},{"id":"8e0ca6ed-9bb5-4c73-a024-b27f285fb562","block_type":"box","text":"W. Carl Kester","page_number":58,"box":{"x":78,"y":186,"width":102,"height":9}},{"id":"d32f4c9d-ca03-4dc2-a1dd-5621cee83350","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,535","page_number":58,"box":{"x":182,"y":186,"width":394,"height":11}},{"id":"94ff95e8-e5ca-4d2c-9fef-f801d168739e","block_type":"box","text":"None $746,500","page_number":58,"box":{"x":653,"y":186,"width":212,"height":11}},{"id":"425d4c46-b5ef-41e3-aaf0-fd30211dcde7","block_type":"box","text":"Catherine A. Lynch. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,307","page_number":58,"box":{"x":79,"y":201,"width":496,"height":12}},{"id":"c1f9787a-6c62-4959-be56-cd626cbf152d","block_type":"box","text":"None $695,000","page_number":58,"box":{"x":653,"y":201,"width":212,"height":11}},{"id":"8f196173-ba6a-4f41-9215-b081693aed71","block_type":"box","text":"Arthur P. Steinmetz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,975","page_number":58,"box":{"x":78,"y":216,"width":498,"height":11}},{"id":"b2abbfa0-8635-4863-8855-da0a9400ac52","block_type":"box","text":"None $534,206","page_number":58,"box":{"x":653,"y":216,"width":212,"height":11}},{"id":"0355033d-6808-4970-9aaa-4c8d26504e12","block_type":"box","text":"Interested Trustees","page_number":58,"box":{"x":70,"y":232,"width":138,"height":9}},{"id":"1b8aa6e6-af93-4720-8f69-a4c3763aa4d7","block_type":"box","text":"Robert Fairbairn . . .","page_number":58,"box":{"x":79,"y":247,"width":137,"height":9}},{"id":"ea97b78e-4f60-41a7-8db8-f6a20981e19b","block_type":"box","text":"................................","page_number":58,"box":{"x":223,"y":254,"width":254,"height":2}},{"id":"116a30dd-fcd1-41fb-a538-2244b6da7626","block_type":"box","text":"None None None","page_number":58,"box":{"x":532,"y":247,"width":315,"height":9}},{"id":"1694daf3-2021-46ea-b794-57c681cad891","block_type":"box","text":"John M. Perlowski . . .","page_number":58,"box":{"x":78,"y":262,"width":155,"height":9}},{"id":"40679f63-9a12-4679-b35e-25d210637bc5","block_type":"box","text":"..............................","page_number":58,"box":{"x":239,"y":269,"width":238,"height":2}},{"id":"d7d547fe-0b4d-40bd-8871-e45e23ff861d","block_type":"box","text":"None None None","page_number":58,"box":{"x":532,"y":262,"width":315,"height":9}},{"id":"25e1d5d7-8160-4c0b-a29a-9e471b189685","block_type":"box","text":"1","page_number":58,"box":{"x":69,"y":287,"width":3,"height":3}},{"id":"b00f9369-de9d-4c98-b755-34d6ea78a617","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation see the Biographical Information Chart beginning","page_number":58,"box":{"x":94,"y":286,"width":811,"height":9}},{"id":"593c07e7-d37c-40c7-a394-896c006ab01c","block_type":"box","text":"on page I-16.","page_number":58,"box":{"x":93,"y":297,"width":74,"height":9}},{"id":"cea68a07-882c-4cfb-9452-54ffc426ba76","block_type":"box","text":"2","page_number":58,"box":{"x":69,"y":309,"width":3,"height":4}},{"id":"008b09ef-c485-449e-9872-29961a42a82f","block_type":"box","text":"For the Independent Trustees, this amount represents the aggregate compensation earned from the funds in the BlackRock Fixed-Income","page_number":58,"box":{"x":94,"y":309,"width":782,"height":9}},{"id":"79c11cdf-3e99-4b9d-ac8e-bdecd51ee530","block_type":"box","text":"Complex during the calendar year ended December 31, 2024. Of this amount, Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard, Dr. Kester,","page_number":58,"box":{"x":93,"y":319,"width":801,"height":9}},{"id":"97bc0bb2-78e6-4abc-8daf-23c66d72b131","block_type":"box","text":"Ms. Lynch and Mr. Steinmetz deferred $210,000, $197,500, $212,500, $300,000, $58,641, $34,750 and $266,957, respectively,","page_number":58,"box":{"x":94,"y":329,"width":761,"height":9}},{"id":"d7caaa49-25f2-4122-a4d3-5cb3c87c234f","block_type":"box","text":"pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":58,"box":{"x":94,"y":339,"width":457,"height":9}},{"id":"db2c82bb-0fcb-4af2-927c-d0c03aa322e5","block_type":"box","text":"3","page_number":58,"box":{"x":69,"y":352,"width":3,"height":4}},{"id":"6912936f-6c16-4c40-aa9e-0a18c129f860","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":58,"box":{"x":93,"y":352,"width":810,"height":9}},{"id":"ae04d676-ff74-4f89-b1e1-49b8fcad36de","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz is $743,845, $726,494, $773,663, $5,010,835, $2,155,608, $631,953 and $278,737,","page_number":58,"box":{"x":94,"y":361,"width":752,"height":10}},{"id":"96ed517c-1aae-4622-9a7b-032e0c92da9e","block_type":"box","text":"respectively, as of December 31, 2024. Ms. Egan did not participate in the deferred compensation plan as of December 31, 2024.","page_number":58,"box":{"x":94,"y":372,"width":748,"height":9}},{"id":"946cb55a-cd69-42a6-b7cf-3f3587b79d27","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":58,"box":{"x":69,"y":401,"width":432,"height":11}},{"id":"c3a31e5c-80ec-40aa-83ac-b9238d34fa02","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with BlackRock, (the “Management","page_number":58,"box":{"x":101,"y":423,"width":803,"height":12}},{"id":"cab63a60-79f6-40a8-90f8-7cba647cc2f8","block_type":"box","text":"Agreement”), pursuant to which BlackRock receives for its services to the Fund a fee based on the Fund’s average","page_number":58,"box":{"x":68,"y":438,"width":818,"height":12}},{"id":"3033ccb3-3dfa-424a-8f70-ec4fb791a79b","block_type":"box","text":"daily net assets.","page_number":58,"box":{"x":69,"y":454,"width":116,"height":11}},{"id":"de99a28e-b4e6-4aef-8f6a-0c23d8bdb890","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s","page_number":58,"box":{"x":102,"y":476,"width":762,"height":11}},{"id":"58a3ca56-e000-4ea5-8e69-f8afac0d4b8b","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":58,"box":{"x":69,"y":491,"width":799,"height":12}},{"id":"c49cc38c-c2e9-4aa3-ae22-3e1555b6b9bd","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":58,"box":{"x":68,"y":506,"width":726,"height":12}},{"id":"c3a60b6c-1955-4416-964f-9023925e9869","block_type":"box","text":"June 30, 2027. 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$0 $0 $0 $0 $0","page_number":59,"box":{"x":368,"y":412,"width":506,"height":8}},{"id":"86a1801c-644d-4972-ab67-0d0c8ddf0447","block_type":"box","text":"Christian Romaglino, CFA 36 0 0 0 0 0","page_number":59,"box":{"x":74,"y":425,"width":797,"height":9}},{"id":"6ad0befb-7248-47ed-92fc-2e8f7321eae3","block_type":"box","text":"$15.16 Billion $0 $0 $0 $0 $0","page_number":59,"box":{"x":364,"y":437,"width":510,"height":8}},{"id":"fb658ab3-897a-46f4-a03b-c0ffa880ada4","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":59,"box":{"x":69,"y":475,"width":304,"height":12}},{"id":"1892e11a-48be-46e5-aa0f-d8666c1b9b0a","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of June 30, 2025.","page_number":59,"box":{"x":101,"y":498,"width":660,"height":11}},{"id":"d873bef7-ba02-4159-85a3-b313088ca2b6","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":59,"box":{"x":102,"y":521,"width":774,"height":11}},{"id":"63decd0d-3ab3-4198-87a9-34eba289e669","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":59,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"8dd9c786-6194-40a8-9540-af86c4b0360c","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":59,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"581e6754-30c0-4ae2-8eb4-bb5cb51d4525","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":59,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"6bd847bb-a3c9-48f1-a289-0c004b85f10f","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":59,"box":{"x":70,"y":581,"width":670,"height":12}},{"id":"305e8997-4bcc-4f18-b5fa-52bc418f1b75","block_type":"box","text":"Base Compensation.","page_number":59,"box":{"x":102,"y":604,"width":148,"height":11}},{"id":"6e87ec99-21ae-40ad-9b99-33278cef0960","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":59,"box":{"x":257,"y":604,"width":640,"height":11}},{"id":"584ba5bb-0600-49ca-add7-1800690bbbe5","block_type":"box","text":"firm.","page_number":59,"box":{"x":68,"y":619,"width":32,"height":9}},{"id":"7d1c4ea4-99bc-4af4-8b6c-51f6270edc7a","block_type":"box","text":"Discretionary Incentive Compensation","page_number":59,"box":{"x":69,"y":649,"width":277,"height":11}},{"id":"618ea24c-89c0-4aaf-b636-6cf1c67eac5c","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc.,","page_number":59,"box":{"x":102,"y":672,"width":792,"height":11}},{"id":"68b1cf1c-5ebe-4085-8e4a-561f29e25c7b","block_type":"box","text":"the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk","page_number":59,"box":{"x":68,"y":687,"width":800,"height":11}},{"id":"f99190e6-7912-4672-9dad-d77804201307","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to","page_number":59,"box":{"x":69,"y":702,"width":777,"height":12}},{"id":"24d01283-4883-4510-9eae-2a0dc0d4edb6","block_type":"box","text":"predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these","page_number":59,"box":{"x":70,"y":717,"width":817,"height":11}},{"id":"049b580f-ed1d-49a2-928d-7cf0a634aedf","block_type":"box","text":"portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":59,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"7a515699-bb3d-4b4f-a679-d7dc86aac277","block_type":"box","text":"which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among","page_number":59,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"9339f29f-b982-4e2e-a23c-faa1eb07684c","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio","page_number":59,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"0c92619c-aa6b-428b-81c3-88875d4e9a56","block_type":"box","text":"manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio","page_number":59,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"b4ed3f23-69c6-4f63-8929-51ea37801371","block_type":"box","text":"manager relative to the various benchmarks. Performance of fixed-income funds is measured on a pre-tax and/or","page_number":59,"box":{"x":69,"y":793,"width":807,"height":11}},{"id":"0834f02b-01b4-4b05-9aff-7ab6f4279de1","block_type":"box","text":"I-21","page_number":59,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"04f6db07-59d7-4fd7-811e-960465f3352b","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3768d5e4-1507-4f83-ada5-4f02b1948a33","block_type":"box","text":"after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these","page_number":60,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"66789857-3603-435c-9fdc-40b65e23ffec","block_type":"box","text":"portfolio managers, such benchmarks for the Fund and other accounts are:","page_number":60,"box":{"x":70,"y":60,"width":534,"height":11}},{"id":"e387afa6-7ffd-44e8-9af5-7015d186ab52","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":60,"box":{"x":69,"y":88,"width":267,"height":9}},{"id":"bcaa8294-1c8d-4c72-a151-55ff7e172258","block_type":"box","text":"Michael Kalinoski, CFA","page_number":60,"box":{"x":70,"y":105,"width":160,"height":10}},{"id":"0a278df6-d2c2-4a4c-a240-2debacb0ae23","block_type":"box","text":"Kevin Maloney, CFA","page_number":60,"box":{"x":70,"y":120,"width":137,"height":11}},{"id":"f1e67abf-b269-4dd3-b633-a5277ce7c4fd","block_type":"box","text":"Ryan McDonald, CFA","page_number":60,"box":{"x":70,"y":135,"width":146,"height":11}},{"id":"227b118d-3e5a-4456-9b0a-48cf7901b3dd","block_type":"box","text":"Christian Romaglino,","page_number":60,"box":{"x":69,"y":150,"width":146,"height":11}},{"id":"b67d8d6e-0479-419e-86f0-51dc8b5a8bea","block_type":"box","text":"CFA","page_number":60,"box":{"x":69,"y":165,"width":26,"height":9}},{"id":"dfe0eaac-33f9-4b14-927a-93137a23e4d1","block_type":"box","text":"A combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain","page_number":60,"box":{"x":264,"y":104,"width":620,"height":12}},{"id":"ad6b5cda-05b1-4e9d-a608-f769e9d8ca39","block_type":"box","text":"customized indices and certain fund industry peer groups.","page_number":60,"box":{"x":264,"y":120,"width":414,"height":11}},{"id":"67148b93-0030-4336-b483-46a747b7ee72","block_type":"box","text":"Sean Carney A combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain","page_number":60,"box":{"x":69,"y":188,"width":815,"height":11}},{"id":"7332943e-3782-4b50-8121-77be6b9255fb","block_type":"box","text":"customized indices and certain fund industry peer groups. Due to Portfolio Manager Sean","page_number":60,"box":{"x":264,"y":203,"width":640,"height":11}},{"id":"49fee99e-e0d8-493a-9b46-dce9d40ed70a","block_type":"box","text":"Carney’s unique position (Portfolio Manager and Co-Chief Investment Officer of Tax","page_number":60,"box":{"x":265,"y":218,"width":590,"height":11}},{"id":"b4e1c6a0-168e-4f69-87be-00ea9bdda1dc","block_type":"box","text":"Exempt Fixed Income) his compensation does not solely reflect his role as PM of the","page_number":60,"box":{"x":265,"y":233,"width":602,"height":11}},{"id":"05c2554c-9181-479c-be64-d73e730c1f7b","block_type":"box","text":"funds managed by him. The performance of his fund(s) are included in consideration of","page_number":60,"box":{"x":264,"y":248,"width":623,"height":11}},{"id":"68e5ee1e-f366-4962-b81d-11a27ba37c72","block_type":"box","text":"his incentive compensation but given his unique role it is not the sole driver of","page_number":60,"box":{"x":265,"y":263,"width":558,"height":12}},{"id":"b2c76a65-d13e-44ed-a5e8-9860ce1eec34","block_type":"box","text":"compensation.","page_number":60,"box":{"x":264,"y":279,"width":104,"height":10}},{"id":"5b069ff6-dfad-4b86-b85b-527cd8939e4c","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":60,"box":{"x":102,"y":302,"width":389,"height":11}},{"id":"d29fbdfc-73ac-4426-80ca-c8c43a8d454f","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":60,"box":{"x":499,"y":303,"width":383,"height":10}},{"id":"c75c0c8d-a741-41c8-82cf-14807630161f","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":60,"box":{"x":70,"y":317,"width":815,"height":12}},{"id":"278919ee-dbd6-4117-9c39-1665f604079b","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":60,"box":{"x":68,"y":332,"width":522,"height":12}},{"id":"559d9d39-24ee-4fd8-bb75-23a139eee9dd","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":60,"box":{"x":102,"y":355,"width":760,"height":11}},{"id":"6c865863-1404-42f5-94b5-9e0617583237","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":60,"box":{"x":69,"y":370,"width":795,"height":12}},{"id":"81c723a8-bf7a-4fcc-a485-fa2518be2260","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":60,"box":{"x":69,"y":385,"width":805,"height":12}},{"id":"42823edd-b135-43f6-a2b1-8523b84f0870","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":60,"box":{"x":69,"y":401,"width":822,"height":11}},{"id":"ccf14098-313a-4a8f-916b-d6a8feeddd79","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":60,"box":{"x":68,"y":416,"width":839,"height":11}},{"id":"a8806fb3-992d-48e7-a774-36984a5b651f","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":60,"box":{"x":69,"y":431,"width":802,"height":11}},{"id":"e77b252b-a750-4600-b068-29fc2bb13cde","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":60,"box":{"x":70,"y":446,"width":820,"height":11}},{"id":"2c46a2fa-20b2-4e14-acac-741169b5c9d6","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":60,"box":{"x":70,"y":461,"width":801,"height":11}},{"id":"b3c8246c-e9b2-475e-a2ca-c6bdcb33a9b5","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":60,"box":{"x":70,"y":476,"width":831,"height":11}},{"id":"368f990f-00d3-4115-b382-7c7d394937d0","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":60,"box":{"x":69,"y":491,"width":479,"height":12}},{"id":"bc27c848-01ee-4186-944b-110861387031","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":60,"box":{"x":102,"y":514,"width":785,"height":11}},{"id":"4bee7525-e6fa-4c1e-9b14-a35e4ce6c748","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":60,"box":{"x":68,"y":529,"width":836,"height":11}},{"id":"ec002519-5853-4640-be7c-d849348bfc01","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":60,"box":{"x":68,"y":544,"width":821,"height":11}},{"id":"cbad6f64-e4ab-4491-a2a8-2871ea7c0163","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":60,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"d38b7e85-392b-44b8-87e4-86600337e26e","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":60,"box":{"x":70,"y":574,"width":835,"height":12}},{"id":"f12c586f-e60e-4587-803b-85f050f6108e","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":60,"box":{"x":69,"y":589,"width":414,"height":12}},{"id":"4e40d6bb-ff98-4f68-8a53-d50088a3b89e","block_type":"box","text":"Other Compensation Benefits.","page_number":60,"box":{"x":101,"y":612,"width":218,"height":11}},{"id":"b9572a99-0b8e-47b9-a0e6-7e0d3bb6e168","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":60,"box":{"x":327,"y":612,"width":552,"height":11}},{"id":"a32fe45c-1036-4000-95cc-6e50f6793cba","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":60,"box":{"x":69,"y":627,"width":582,"height":12}},{"id":"626cf549-ca47-43df-bab5-5994f076e432","block_type":"box","text":"Incentive Savings Plans","page_number":60,"box":{"x":102,"y":650,"width":167,"height":11}},{"id":"5bab8d4f-336d-4e7d-b056-97e3094dfda9","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":60,"box":{"x":274,"y":650,"width":614,"height":11}},{"id":"4d02e9c5-595b-47f3-adbc-774b78fa6c22","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":60,"box":{"x":69,"y":665,"width":831,"height":11}},{"id":"cf2f7139-c14a-4e30-8bc6-ebab842b240d","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":60,"box":{"x":70,"y":680,"width":785,"height":11}},{"id":"184dbe82-cedc-4198-b455-df506a7668ca","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":60,"box":{"x":69,"y":695,"width":830,"height":12}},{"id":"1cc5d34a-6b0c-4b2c-a2d8-a61f89b1acf2","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":60,"box":{"x":69,"y":710,"width":799,"height":12}},{"id":"8f79ea88-e622-4f82-9463-7a8f7f1e5d16","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":60,"box":{"x":69,"y":725,"width":831,"height":12}},{"id":"8f86123c-327f-4254-9ec9-49b934ccd229","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":60,"box":{"x":69,"y":741,"width":798,"height":11}},{"id":"1c8f5ccb-f0d2-4e68-9f12-85b45b6eb8fe","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":60,"box":{"x":70,"y":756,"width":809,"height":11}},{"id":"73cc443c-e41c-4d48-b879-6a02e8032d06","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":60,"box":{"x":68,"y":771,"width":793,"height":11}},{"id":"65950cc3-faed-4e7d-9ffa-3d729eedf733","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":60,"box":{"x":70,"y":786,"width":832,"height":11}},{"id":"d56ac7da-68e9-43ea-87ec-80dc88a8553e","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":60,"box":{"x":68,"y":801,"width":805,"height":11}},{"id":"9bb0f1f4-8b50-4a04-8ab5-c1a5099a3dbe","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":60,"box":{"x":69,"y":816,"width":808,"height":12}},{"id":"1d81d3b0-5946-45e7-90c4-1fecf7ce777e","block_type":"box","text":"participate in these plans.","page_number":60,"box":{"x":70,"y":832,"width":185,"height":10}},{"id":"d823efd3-6902-40ab-9f19-77d89f75d451","block_type":"box","text":"I-22","page_number":60,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d504920a-0ced-4838-b1b5-9ff277dcc8c1","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c789639-3879-4746-a834-0418f3f62df2","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":61,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"c8f73e4d-f2a1-4ef1-adfd-d66bd77a160a","block_type":"box","text":"As of June 30, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":61,"box":{"x":101,"y":67,"width":735,"height":12}},{"id":"fa0b66ff-8784-4852-b674-dfc1798da871","block_type":"box","text":"beneficially owned by the portfolio managers in the Fund is shown below:","page_number":61,"box":{"x":69,"y":82,"width":519,"height":12}},{"id":"87e85700-aa19-4f73-a074-5d52c6e1d7bc","block_type":"box","text":"Portfolio Manager","page_number":61,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"c149fcfa-7e87-448e-8eea-8de2b7630771","block_type":"box","text":"Dollar Range of Equity","page_number":61,"box":{"x":759,"y":111,"width":129,"height":9}},{"id":"b703e89b-6421-429f-a8c9-fdd097927b19","block_type":"box","text":"Securities Beneficially Owned","page_number":61,"box":{"x":736,"y":121,"width":173,"height":9}},{"id":"22bb8022-63e0-4e81-8861-5d07d4fe31d8","block_type":"box","text":"Michael Kalinoski, CFA . . .","page_number":61,"box":{"x":70,"y":139,"width":187,"height":10}},{"id":"e75cb344-ba17-4a39-9c70-01d003fd1c73","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 -","page_number":61,"box":{"x":263,"y":138,"width":540,"height":10}},{"id":"d973d2bd-fe9d-4091-ab66-e3073fbe107c","block_type":"box","text":"$10,000","page_number":61,"box":{"x":808,"y":138,"width":62,"height":11}},{"id":"a166004e-fe97-4339-b4ea-1ad4fec9726a","block_type":"box","text":"Kevin Maloney, CFA . . .","page_number":61,"box":{"x":70,"y":154,"width":163,"height":11}},{"id":"d0f40260-86fb-4293-a438-9804762d3a1a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 -","page_number":61,"box":{"x":239,"y":153,"width":564,"height":10}},{"id":"686270bc-3c1b-4395-8f46-69904a864a08","block_type":"box","text":"$10,000","page_number":61,"box":{"x":808,"y":153,"width":62,"height":11}},{"id":"a7b23967-491a-4ed1-8be9-36fb3b44fa5f","block_type":"box","text":"Ryan McDonald, CFA","page_number":61,"box":{"x":70,"y":169,"width":146,"height":11}},{"id":"6a94cd62-ac62-4a96-b86a-d9fc8b309d7c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 -","page_number":61,"box":{"x":223,"y":168,"width":580,"height":11}},{"id":"c3c3d332-bc99-4b28-97ef-4ad208cb5afa","block_type":"box","text":"$10,000","page_number":61,"box":{"x":808,"y":168,"width":62,"height":11}},{"id":"67d01f43-9703-40ca-b249-a0cdbe0b465f","block_type":"box","text":"Christian Romaglino, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":61,"box":{"x":69,"y":184,"width":772,"height":11}},{"id":"6de168cb-f4b5-4b4a-88fa-bab56fee32f2","block_type":"box","text":"Sean Carney . . .","page_number":61,"box":{"x":69,"y":199,"width":115,"height":11}},{"id":"8c7ff5f0-76b0-4593-87d8-d011b4939b50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":61,"box":{"x":190,"y":199,"width":651,"height":9}},{"id":"4b94ca74-c5b4-4686-8d27-c24eab731133","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":61,"box":{"x":69,"y":230,"width":403,"height":12}},{"id":"7131b503-20b7-4862-a033-7303e5e96ed7","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":61,"box":{"x":102,"y":253,"width":727,"height":11}},{"id":"eb43bae8-126b-4aeb-b63a-417198f4e99d","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":61,"box":{"x":70,"y":268,"width":814,"height":12}},{"id":"df304453-1368-419a-ab36-de2113e60cf7","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":61,"box":{"x":70,"y":283,"width":837,"height":11}},{"id":"997c1aff-55fb-4b26-9f9f-1a970063d53b","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":61,"box":{"x":70,"y":298,"width":810,"height":12}},{"id":"6493750c-613b-41db-af7c-3922cd2ff2c7","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":61,"box":{"x":69,"y":314,"width":782,"height":11}},{"id":"24c73740-3da5-4837-b266-85d65e9fe119","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":61,"box":{"x":69,"y":329,"width":830,"height":11}},{"id":"45ff79c2-8843-4509-a385-d396df307292","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":61,"box":{"x":69,"y":344,"width":828,"height":11}},{"id":"21e64471-3b4d-44f5-ba6e-25fa9013731a","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":61,"box":{"x":68,"y":359,"width":834,"height":11}},{"id":"e07e1af3-a170-4d51-bfb1-1a4404e8dc66","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":61,"box":{"x":70,"y":374,"width":777,"height":11}},{"id":"e10b4f75-40bc-42ed-837f-e4aa01dd6f91","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":61,"box":{"x":70,"y":389,"width":821,"height":11}},{"id":"dfae65d4-2cb0-45de-9a29-0abb722f8bb5","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":61,"box":{"x":69,"y":405,"width":819,"height":10}},{"id":"50de4b8e-5050-4f06-98cf-dd14f5c9439e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":61,"box":{"x":69,"y":419,"width":832,"height":12}},{"id":"452035dd-a646-45d6-a9fe-19e94ec30083","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":61,"box":{"x":68,"y":435,"width":804,"height":11}},{"id":"9cf7daec-fb6b-49c9-9473-4be29c287442","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":61,"box":{"x":69,"y":450,"width":760,"height":11}},{"id":"c8a6f55a-ca9c-44cd-aabd-61119987cbf5","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":61,"box":{"x":69,"y":465,"width":834,"height":11}},{"id":"6def5d5a-4ba3-4421-893e-1e2a816ef49a","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":61,"box":{"x":69,"y":480,"width":836,"height":11}},{"id":"52d040bd-d8b0-4873-afd4-98541096dade","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":61,"box":{"x":69,"y":495,"width":822,"height":11}},{"id":"d3043218-f9fd-4167-9282-b33648b43db7","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":61,"box":{"x":70,"y":510,"width":835,"height":11}},{"id":"bc33f3f9-8e0b-4beb-8cf4-5ecf182887dd","block_type":"box","text":"be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing","page_number":61,"box":{"x":69,"y":525,"width":803,"height":12}},{"id":"0feaac0e-1675-429e-b3cb-a3f3b48332f6","block_type":"box","text":"hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":61,"box":{"x":69,"y":540,"width":811,"height":12}},{"id":"725598da-0c9f-458d-969d-d7d2fa08ec1b","block_type":"box","text":"subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees","page_number":61,"box":{"x":69,"y":555,"width":839,"height":12}},{"id":"0650407f-6b2d-4de3-aad5-63594264f85b","block_type":"box","text":"earned on such accounts. Currently, the portfolio managers of this Fund are not entitled to receive a portion of","page_number":61,"box":{"x":69,"y":571,"width":791,"height":11}},{"id":"e776ef1d-5a0d-4ffc-b8b5-762b387455fa","block_type":"box","text":"incentive fees of other accounts.","page_number":61,"box":{"x":70,"y":586,"width":231,"height":9}},{"id":"95162ea0-eb5c-4440-bea6-9842ea4b8054","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":61,"box":{"x":101,"y":608,"width":788,"height":12}},{"id":"29bfd41f-2998-4b1d-9747-6e46547a56a0","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":61,"box":{"x":70,"y":623,"width":839,"height":11}},{"id":"38c1483e-bfe3-4135-be42-dcceda94abc3","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":61,"box":{"x":68,"y":639,"width":823,"height":11}},{"id":"1838a325-350b-46c1-a022-8a00e3d22367","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":61,"box":{"x":68,"y":654,"width":812,"height":11}},{"id":"9cbf478b-ae0f-4d80-9dfd-7db8f3e4f79f","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":61,"box":{"x":69,"y":669,"width":777,"height":11}},{"id":"83a8885e-ebbf-45d5-a536-7ced1fbb6403","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":61,"box":{"x":70,"y":684,"width":826,"height":11}},{"id":"173699b9-d9a3-42f4-b5c0-ffe2d14bda4e","block_type":"box","text":"Custodian","page_number":61,"box":{"x":69,"y":714,"width":72,"height":9}},{"id":"a8b0783c-6fa2-4aec-8dc4-c5100dbefea7","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) has been retained to act as custodian for the Fund and is","page_number":61,"box":{"x":102,"y":737,"width":800,"height":11}},{"id":"5d1265d3-3651-43f4-923e-a166362e575d","block_type":"box","text":"located at 1 Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian, among other things,","page_number":61,"box":{"x":70,"y":752,"width":803,"height":11}},{"id":"0c5688d6-6114-405a-82cf-1452f1722cf2","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":61,"box":{"x":69,"y":767,"width":832,"height":11}},{"id":"8575278b-2ad6-4887-9a14-68777ad02829","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":61,"box":{"x":70,"y":783,"width":813,"height":10}},{"id":"8d81f3c1-af1d-40a5-9158-2a9f58a3ac8d","block_type":"box","text":"account of the assets of the Fund.","page_number":61,"box":{"x":69,"y":797,"width":244,"height":9}},{"id":"eba0735b-fecb-46bd-9e0e-2c80070daa2b","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":61,"box":{"x":68,"y":828,"width":432,"height":11}},{"id":"fa8cadf9-73b8-42b7-b833-3fbdeb18445a","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), which has its principal place of business at 301","page_number":61,"box":{"x":102,"y":850,"width":765,"height":12}},{"id":"8519c60a-8a41-48b1-817c-23713ad8ff7f","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer and dividend disbursement agent for the","page_number":61,"box":{"x":70,"y":865,"width":799,"height":12}},{"id":"6a0bb222-d658-447f-84d0-0be0bdbb7f77","block_type":"box","text":"Fund.","page_number":61,"box":{"x":70,"y":881,"width":36,"height":9}},{"id":"406f868b-071e-4d2a-a7ec-440626ed5d33","block_type":"box","text":"I-23","page_number":61,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5851b4f0-d929-43a6-8ffa-3a3847661bef","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1cfd958-4564-44cd-9efc-5cd69a921360","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, the Manager provides certain shareholder","page_number":62,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"0b9944e0-6dd2-4d34-89fe-6c3febbb49b8","block_type":"box","text":"liaison services in connection with the Fund’s investor service center. The Fund reimburses the Manager for its costs","page_number":62,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"d9e522a1-111b-45e1-a03d-274c6da74a7c","block_type":"box","text":"in maintaining the service center, which costs include, among other things, employee salaries, leasehold expenses,","page_number":62,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"2cf34ee4-82a9-4a75-9353-620defa669e0","block_type":"box","text":"and other out-of-pocket expenses which are a component of the transfer agency fees in the Fund’s annual report.","page_number":62,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"c79a3156-90ff-43d7-bc1b-d6a71cec79d6","block_type":"box","text":"The following table sets forth the fees paid by the Fund to the Manager pursuant to the Shareholders’","page_number":62,"box":{"x":101,"y":113,"width":725,"height":11}},{"id":"25c33ac2-3f91-43bd-9503-f63f86fb36a9","block_type":"box","text":"Administrative Services Agreement for the periods indicated:","page_number":62,"box":{"x":68,"y":128,"width":432,"height":11}},{"id":"178e8d7f-0763-49c1-89da-29719f28a14e","block_type":"box","text":"Fees Paid","page_number":62,"box":{"x":716,"y":156,"width":55,"height":7}},{"id":"bf2ecdc9-1921-45d7-9d5f-8ed88d71706a","block_type":"box","text":"to the Manager","page_number":62,"box":{"x":699,"y":166,"width":90,"height":9}},{"id":"3492973a-3613-42b4-93a6-28c0393a566f","block_type":"box","text":"Fees Waived","page_number":62,"box":{"x":828,"y":156,"width":72,"height":7}},{"id":"84562d48-e008-48b3-b142-dc8153bc16f3","block_type":"box","text":"by the Manager","page_number":62,"box":{"x":819,"y":166,"width":90,"height":9}},{"id":"036e13c9-894b-4586-8d21-08e8dd58e2e0","block_type":"box","text":"Fiscal Year Ended June 30, 2025. . . . . . . .","page_number":62,"box":{"x":70,"y":184,"width":296,"height":10}},{"id":"f3ab0fe5-a574-490b-abe7-48105d166752","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,054 $5,259","page_number":62,"box":{"x":372,"y":183,"width":518,"height":11}},{"id":"aa8cce5f-49e9-4b36-ad16-2b1e5507111c","block_type":"box","text":"Fiscal Year Ended June 30, 2024. . . . . . . .","page_number":62,"box":{"x":70,"y":199,"width":296,"height":10}},{"id":"3ca94558-d36e-463b-8530-dd174aa1b44f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,886 $4,436","page_number":62,"box":{"x":372,"y":198,"width":518,"height":11}},{"id":"46fa1389-0cf4-4d51-b7e0-15804252486b","block_type":"box","text":"Fiscal Year Ended June 30, 2023. . . . . . . .","page_number":62,"box":{"x":70,"y":214,"width":296,"height":11}},{"id":"49058f7d-1646-43a6-a732-2b671c550bc1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,469 $5,228","page_number":62,"box":{"x":372,"y":213,"width":518,"height":12}},{"id":"4c625d83-620a-496e-933d-59ab9d59ea2e","block_type":"box","text":"Accounting Services","page_number":62,"box":{"x":68,"y":246,"width":150,"height":11}},{"id":"461d4c4a-ac72-40e0-a086-0d82ecbbcc00","block_type":"box","text":"State Street serves as the accounting services provider for the Fund. State Street maintains the books of","page_number":62,"box":{"x":102,"y":268,"width":754,"height":12}},{"id":"76cedf01-cfd3-4993-b9bd-50aad8c4335d","block_type":"box","text":"account and other financial records (other than those maintained by the Fund’s custodian); records general ledger","page_number":62,"box":{"x":69,"y":283,"width":813,"height":12}},{"id":"2413d0c2-4185-4e09-bf6b-ff199b9df81a","block_type":"box","text":"entries; calculates daily net income; reconciles activity to the trial balance; calculates and publishes daily net asset","page_number":62,"box":{"x":69,"y":299,"width":824,"height":11}},{"id":"8b19a19e-5c0e-4fea-9797-39e6dbf30b3e","block_type":"box","text":"value; prepares account balances; and provides such other accounting services as may be required. 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Though not subject to a sales charge, certain share classes may be subject to","page_number":63,"box":{"x":69,"y":872,"width":833,"height":12}},{"id":"8edfdc27-24e6-4a4c-9495-6482bb8fb20a","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":63,"box":{"x":69,"y":887,"width":813,"height":12}},{"id":"28885014-f73e-4031-b2f5-ee2537bdfa79","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this Statement of Additional Information.","page_number":63,"box":{"x":69,"y":903,"width":607,"height":11}},{"id":"900e87b8-1731-4b13-8276-4cdfb3de8a58","block_type":"box","text":"I-25","page_number":63,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b4265383-b339-48ad-a117-4e8e009b7020","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25737ed9-68a6-4701-bd1a-251dfac94fa2","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":64,"box":{"x":68,"y":45,"width":302,"height":11}},{"id":"cf6276c1-6ef1-49fa-a3dc-3951dbb3f7c8","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this Statement of Additional Information for more","page_number":64,"box":{"x":102,"y":67,"width":750,"height":12}},{"id":"d0dd31ca-91a3-4867-9d9c-c63a747e0e7f","block_type":"box","text":"information.","page_number":64,"box":{"x":70,"y":82,"width":83,"height":9}},{"id":"7d2bdb70-bc60-44ef-9a24-664a1970c45b","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates of the","page_number":64,"box":{"x":102,"y":105,"width":790,"height":11}},{"id":"db83067d-ce0b-4540-9d96-ce4acbeabb83","block_type":"box","text":"Manager, is set forth in the following table:","page_number":64,"box":{"x":70,"y":120,"width":304,"height":12}},{"id":"b5e8d7cc-2f33-4da7-91a4-4a7302e1c35d","block_type":"box","text":"Aggregate Brokerage","page_number":64,"box":{"x":613,"y":149,"width":125,"height":8}},{"id":"c8d17272-4232-4898-9580-9083b1b3910d","block_type":"box","text":"Commissions Paid","page_number":64,"box":{"x":623,"y":159,"width":106,"height":7}},{"id":"581616b4-b8ac-4748-918d-de33e129d146","block_type":"box","text":"Brokerage Commissions","page_number":64,"box":{"x":769,"y":149,"width":140,"height":8}},{"id":"4d79b19f-42ae-43b5-816b-0e0722ad3928","block_type":"box","text":"Paid to Affiliates","page_number":64,"box":{"x":791,"y":159,"width":96,"height":7}},{"id":"f90308e1-699a-4440-81f9-d0fd5d80df9a","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":64,"box":{"x":70,"y":176,"width":234,"height":11}},{"id":"112443fe-3696-4461-8741-64c11b6de7c8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,378 $0","page_number":64,"box":{"x":311,"y":176,"width":537,"height":11}},{"id":"0e02705f-6583-43bc-bbea-0e7cb10b2e3c","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":64,"box":{"x":70,"y":192,"width":234,"height":10}},{"id":"b5183bfe-c62f-4776-bb9d-44b9f2f823c9","block_type":"box","text":"..................................","page_number":64,"box":{"x":311,"y":199,"width":271,"height":1}},{"id":"e841f12c-fcbd-4077-b545-20262f8e4f19","block_type":"box","text":"$42,842 $0","page_number":64,"box":{"x":645,"y":191,"width":203,"height":11}},{"id":"b49686dd-c866-4e57-b9c4-bdeb3755a47c","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":64,"box":{"x":70,"y":207,"width":234,"height":10}},{"id":"f33f2455-8596-4762-9937-d94610b8112e","block_type":"box","text":"..................................","page_number":64,"box":{"x":311,"y":214,"width":271,"height":1}},{"id":"870ed617-6afa-4e0b-aacf-2d7b00fd65ff","block_type":"box","text":"$86,438 $0","page_number":64,"box":{"x":645,"y":206,"width":203,"height":11}},{"id":"54dbb5e4-f6f4-4e63-b529-429d28dfc694","block_type":"box","text":"As of June 30, 2025, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1","page_number":64,"box":{"x":101,"y":230,"width":766,"height":12}},{"id":"cf30ce7e-d2b3-4a94-acb2-dd2681861cfd","block_type":"box","text":"under the Investment Company Act) whose shares were purchased during the fiscal year ended June 30, 2025.","page_number":64,"box":{"x":69,"y":246,"width":793,"height":11}},{"id":"5ad90305-6285-452b-806a-b01ee494b675","block_type":"box","text":"Securities Lending","page_number":64,"box":{"x":68,"y":276,"width":135,"height":11}},{"id":"b19000b3-66cc-4822-9864-c0f6dd4c22e1","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":64,"box":{"x":101,"y":299,"width":807,"height":11}},{"id":"2c50a8b8-0ce8-470f-b950-620c74d1418d","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":64,"box":{"x":69,"y":314,"width":817,"height":11}},{"id":"d58db34e-ed43-4530-869b-5e03ad192b64","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":64,"box":{"x":69,"y":329,"width":813,"height":11}},{"id":"a1c42e37-9154-49fc-9470-152954a44de2","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":64,"box":{"x":70,"y":344,"width":838,"height":11}},{"id":"e0639347-e75f-40b0-8de1-3f304e8b8493","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":64,"box":{"x":69,"y":359,"width":813,"height":11}},{"id":"fc898287-b36d-4410-9df6-c0b5879ca97e","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":64,"box":{"x":70,"y":374,"width":646,"height":11}},{"id":"e1dbedb2-4038-42c9-a1c8-d255e27af407","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a portion of the securities lending income","page_number":64,"box":{"x":101,"y":397,"width":800,"height":11}},{"id":"20cd5700-8d6e-4012-b7a8-5ebe0e9af371","block_type":"box","text":"and remits the remaining portion to BIM as compensation for its services as securities lending agent. Securities","page_number":64,"box":{"x":69,"y":412,"width":802,"height":11}},{"id":"8b88b4fb-9645-4156-b4d8-65e88d087c09","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":64,"box":{"x":70,"y":427,"width":774,"height":11}},{"id":"c4234515-bb34-46ae-9dca-b5af9dda9c0f","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":64,"box":{"x":69,"y":442,"width":801,"height":11}},{"id":"a1924264-7df9-43d8-83c0-f458b419f9eb","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":64,"box":{"x":69,"y":457,"width":837,"height":12}},{"id":"11c35e93-6fba-4537-8cb9-715b29d1bb79","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":64,"box":{"x":70,"y":472,"width":834,"height":12}},{"id":"0a7bd58b-d7e5-4cf7-b603-ecb13b372876","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":64,"box":{"x":69,"y":487,"width":802,"height":12}},{"id":"5f440275-51d4-49f2-b101-b38cbdacee33","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":64,"box":{"x":69,"y":503,"width":778,"height":11}},{"id":"285d7674-842d-4886-a236-e9563fc32136","block_type":"box","text":"investment fees a Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":64,"box":{"x":70,"y":518,"width":814,"height":11}},{"id":"c665ffce-0f96-4a64-83d0-8d1f69a90058","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":64,"box":{"x":69,"y":533,"width":296,"height":10}},{"id":"fd6624b5-f644-4ec1-aa5e-0d1b4f12d87c","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":64,"box":{"x":101,"y":555,"width":776,"height":12}},{"id":"1fd9cfae-a04b-4e40-990f-ddea4acbf719","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":64,"box":{"x":69,"y":571,"width":831,"height":11}},{"id":"6defa6de-3f08-446d-bd0a-b6b2bbac04cc","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":64,"box":{"x":68,"y":586,"width":812,"height":11}},{"id":"cc605c63-7d68-4974-aef0-ee2ad8ebdbc3","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":64,"box":{"x":69,"y":601,"width":799,"height":11}},{"id":"21110deb-c979-4b15-9ad2-1d0ff2e73c4f","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":64,"box":{"x":68,"y":616,"width":835,"height":11}},{"id":"f4734dca-0f87-4f75-a2bc-d2484873e67d","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":64,"box":{"x":69,"y":631,"width":818,"height":11}},{"id":"25da9ebe-ea47-4674-ab48-4ab837dffa70","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":64,"box":{"x":68,"y":646,"width":789,"height":11}},{"id":"f9ae9437-c1e1-4c7a-ae2d-af76b16b3647","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":64,"box":{"x":69,"y":661,"width":829,"height":12}},{"id":"d596878c-0400-4e64-8593-ab8983121c80","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":64,"box":{"x":69,"y":676,"width":839,"height":12}},{"id":"30944976-a4fe-492c-b5bc-7fba5d971c9d","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":64,"box":{"x":69,"y":692,"width":802,"height":11}},{"id":"838a4a89-282f-4d69-bbe8-365f0cc1221d","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":64,"box":{"x":70,"y":707,"width":830,"height":11}},{"id":"389162dd-1cf3-43b6-a8b8-93445742c7a5","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":64,"box":{"x":69,"y":722,"width":838,"height":11}},{"id":"efb26829-6d5b-44ae-8bce-e68c95cd52bc","block_type":"box","text":"Fund’s returns on securities lending.","page_number":64,"box":{"x":70,"y":737,"width":258,"height":11}},{"id":"87ef7881-5691-4a6c-996a-a0cd4d940279","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":64,"box":{"x":102,"y":760,"width":774,"height":11}},{"id":"c8b5132a-140f-48fa-af12-9140ed8f6934","block_type":"box","text":"determination of the Fund’s asset class category (fixed income, domestic equity, international equity, or fund of","page_number":64,"box":{"x":69,"y":775,"width":796,"height":11}},{"id":"621c368f-a322-4320-b52c-4d41c02e0298","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":64,"box":{"x":68,"y":790,"width":809,"height":11}},{"id":"52616d8d-4df5-4787-ab83-35bc7201920c","block_type":"box","text":"Trust and BIM.","page_number":64,"box":{"x":68,"y":805,"width":103,"height":9}},{"id":"9aa79bf5-d6fe-419f-b1e6-1d70e60fabd3","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Fund were to engage in securities lending, the","page_number":64,"box":{"x":102,"y":828,"width":774,"height":11}},{"id":"5e46953f-687b-4c32-b472-a4b51b0ccdc1","block_type":"box","text":"Fund retains 82% of securities lending income (which excludes collateral investment expenses), and (ii) this amount","page_number":64,"box":{"x":70,"y":843,"width":826,"height":11}},{"id":"ed14f335-b589-49a4-aa54-c90c18e649e2","block_type":"box","text":"can never be less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":64,"box":{"x":69,"y":858,"width":750,"height":11}},{"id":"157d7697-672d-44ab-9d47-568f31eb00f7","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":64,"box":{"x":102,"y":881,"width":753,"height":11}},{"id":"5b911665-7a9a-4620-a177-d8c664de87a9","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":64,"box":{"x":69,"y":896,"width":791,"height":11}},{"id":"7c2c25ce-1497-44a0-b1d4-c96c5a723374","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":64,"box":{"x":70,"y":911,"width":817,"height":11}},{"id":"69322d92-d9a8-4b87-8342-640154557ada","block_type":"box","text":"I-26","page_number":64,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5a4f7f44-c46c-4b61-9f42-ac2595c213d3","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23280fde-f93a-4758-a3a5-72e5c8cab9e9","block_type":"box","text":"lending income as follows: (i) If the Fund were to engage in securities lending, 85% of securities lending income","page_number":65,"box":{"x":70,"y":45,"width":794,"height":11}},{"id":"93a04f9f-47b4-4fd3-b6a5-97857502144a","block_type":"box","text":"(which excludes collateral investment expenses); and (ii) this amount can never be less than 70% of the sum of","page_number":65,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"a7527f5a-e778-4c96-93ce-39b8ba57aa78","block_type":"box","text":"securities lending income plus collateral investment expenses.","page_number":65,"box":{"x":69,"y":75,"width":446,"height":11}},{"id":"f4c51c6c-b189-4ac0-98de-2a87d8b895ec","block_type":"box","text":"The Fund had no income and fees/compensation related to its securities lending activities during its most recent","page_number":65,"box":{"x":101,"y":98,"width":807,"height":11}},{"id":"f62e3c02-4db5-4a38-931d-014f87c770af","block_type":"box","text":"fiscal year ended June 30, 2025.","page_number":65,"box":{"x":68,"y":113,"width":236,"height":11}},{"id":"56c5fd22-2f1c-41cf-a0f5-af829c617a81","block_type":"box","text":"VIII. Additional Information","page_number":65,"box":{"x":68,"y":143,"width":195,"height":9}},{"id":"a6e60aa6-3787-49bb-86b2-855f11ebffe4","block_type":"box","text":"Description of Shares","page_number":65,"box":{"x":70,"y":173,"width":153,"height":11}},{"id":"904ade0c-d765-4e72-953a-d91b6e2ef87e","block_type":"box","text":"The Trust is a business trust organized on August 2, 1985 under the laws of Massachusetts. On","page_number":65,"box":{"x":101,"y":196,"width":690,"height":11}},{"id":"45b7a7ba-a18e-449a-a743-5b8350f42622","block_type":"box","text":"October 1, 1987, the Trust changed its name from “Merrill Lynch Multi-State Tax-Exempt Series Trust” to “Merrill","page_number":65,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"d4e52749-29c8-495a-bafc-984c8dfe2349","block_type":"box","text":"Lynch Multi-State Municipal Bond Series Trust,” and on December 22, 1987 the Trust again changed its name to","page_number":65,"box":{"x":70,"y":226,"width":805,"height":11}},{"id":"2d6dc3f9-8010-4526-b4bd-2a59d1bd0683","block_type":"box","text":"“Merrill Lynch Multi-State Municipal Series Trust.” Effective September 29, 2006, the Trust changed its name to","page_number":65,"box":{"x":70,"y":241,"width":801,"height":11}},{"id":"9624c59a-0f83-4831-9f71-fc103e40394b","block_type":"box","text":"“BlackRock Multi-State Municipal Series Trust” and the Fund changed its name to “BlackRock New York Municipal","page_number":65,"box":{"x":70,"y":256,"width":809,"height":12}},{"id":"3ed4c3ac-39cc-4d01-8ac8-d4d6050e9334","block_type":"box","text":"Bond Fund.” Effective February 18, 2015, the Fund changed its name to “BlackRock New York Municipal","page_number":65,"box":{"x":70,"y":271,"width":744,"height":12}},{"id":"52560ecc-0304-43bb-b035-a9e49d9adbf8","block_type":"box","text":"Opportunities Fund.” Effective on the close of business of February 24, 2020, all of the issued and outstanding","page_number":65,"box":{"x":69,"y":286,"width":800,"height":12}},{"id":"8ca22bc0-4ddb-4a88-99a0-c102c3b31271","block_type":"box","text":"Investor C1 Shares of the Fund converted into Investor A Shares of the Fund.","page_number":65,"box":{"x":70,"y":302,"width":548,"height":9}},{"id":"a169f699-9ac7-4368-918e-4b05aaec0867","block_type":"box","text":"The Trust is an open-end management investment company comprised of separate Series, each of which is a","page_number":65,"box":{"x":101,"y":324,"width":779,"height":12}},{"id":"9804a3f5-ed4c-4463-a369-c86e784f6b1e","block_type":"box","text":"separate portfolio offering shares to selected groups of purchasers. Each of the Series is managed independently in","page_number":65,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"64ed5e77-914b-40e8-b07b-cb0c86207a34","block_type":"box","text":"order to provide shareholders who are residents of the state to which such Series relates with income exempt from","page_number":65,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"d7f9b936-7f23-4110-9456-8ac21ba5307f","block_type":"box","text":"Federal, and in certain cases, state and local income taxes. The Trustees are authorized to create an unlimited","page_number":65,"box":{"x":70,"y":370,"width":792,"height":10}},{"id":"1974ca95-f40e-4cc2-9d70-a720cd217a95","block_type":"box","text":"number of Series and, with respect to each Series, to issue an unlimited number of full and fractional shares of","page_number":65,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"43ab0b3a-8ae8-4cbd-be76-b710b1e600bc","block_type":"box","text":"beneficial interest, $.10 par value per share, of different classes and to divide or combine the shares into a greater","page_number":65,"box":{"x":69,"y":399,"width":826,"height":12}},{"id":"206030b0-a844-4507-93d3-b9d7af2421e2","block_type":"box","text":"or lesser number of shares without thereby changing the proportionate beneficial interests in the Series. The Trust is","page_number":65,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"b455f1fd-2106-45f3-911f-e7ac15ffbab4","block_type":"box","text":"presently comprised of the Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal","page_number":65,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"c59cf821-3af7-4722-bc56-772fb2755c81","block_type":"box","text":"Bond Fund. Shareholder approval is not required for the authorization of additional Series or classes of a Series of","page_number":65,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"e84daab9-e6c1-4dc1-9907-95651127b150","block_type":"box","text":"the Trust.","page_number":65,"box":{"x":68,"y":461,"width":67,"height":8}},{"id":"75c0360b-3a9f-4d54-92f6-c838bdf830fb","block_type":"box","text":"Miscellaneous","page_number":65,"box":{"x":69,"y":491,"width":104,"height":9}},{"id":"ddaef6d9-030e-4525-a0d7-c308ebd9c65a","block_type":"box","text":"Counsel.","page_number":65,"box":{"x":101,"y":513,"width":62,"height":9}},{"id":"7c777bcc-2f7e-43fb-bdcb-4e9fbde7ba39","block_type":"box","text":"Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019, serves as the 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Main ST,","page_number":66,"box":{"x":69,"y":860,"width":506,"height":11}},{"id":"bf399ab4-c96b-44bd-ad4d-cdba7bd01da6","block_type":"box","text":"San Francisco CA 94105","page_number":66,"box":{"x":441,"y":876,"width":176,"height":8}},{"id":"0b6cc9c0-2457-4e32-8265-5c3d830dc7c7","block_type":"box","text":"10.37 Class K Shares","page_number":66,"box":{"x":694,"y":860,"width":202,"height":9}},{"id":"ef16f1b2-c292-4453-992a-a7cd5b177fb5","block_type":"box","text":"I-28","page_number":66,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0322d09c-bfe5-43bd-a330-df71bc878c81","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f8e9cfe-088b-4656-9a2f-8f6c20067205","block_type":"box","text":"Name Address % Class","page_number":67,"box":{"x":69,"y":49,"width":788,"height":7}},{"id":"1d614cad-3f7a-4de1-b129-7aa2cee49cf6","block_type":"box","text":"BNYM I S Trust Co CUST 301 Bellevue Pkwy","page_number":67,"box":{"x":70,"y":67,"width":526,"height":11}},{"id":"d78695da-675c-4ddc-bc0e-56ac86d94158","block_type":"box","text":"Wilmington, DE 19809","page_number":67,"box":{"x":448,"y":82,"width":161,"height":11}},{"id":"13777fb7-0255-4f46-9899-3ea1da848ea6","block_type":"box","text":"5.61 Class K Shares","page_number":67,"box":{"x":699,"y":67,"width":197,"height":9}},{"id":"9add8a7b-9369-4d25-bbbe-c7c3c1ca0bc5","block_type":"box","text":"State Tax Issues","page_number":67,"box":{"x":68,"y":113,"width":122,"height":9}},{"id":"7fe68403-9d7d-41bf-ae24-0ba67ea62711","block_type":"box","text":"The portion of exempt-interest dividends equal to the portion which the Fund’s interest on New York Municipal","page_number":67,"box":{"x":101,"y":136,"width":783,"height":11}},{"id":"c5199f26-76c7-4db0-ac80-956106d37fd8","block_type":"box","text":"Bonds bears to all of the Fund’s tax-exempt interest (whether or not distributed) will be exempt from New York State","page_number":67,"box":{"x":70,"y":151,"width":824,"height":11}},{"id":"03c482e0-c5a4-4d94-a116-7e18a7749c5c","block_type":"box","text":"and New York City personal income taxes. To the extent the Fund’s distributions are derived from interest on taxable","page_number":67,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"6ec985cd-4447-4baa-a1c5-6feac3c60374","block_type":"box","text":"investments or from gain from the sale of investments or are attributable to the portion of the Fund’s tax-exempt","page_number":67,"box":{"x":70,"y":181,"width":803,"height":12}},{"id":"e5ea540b-2fab-4ef9-b337-d13ed5ea251e","block_type":"box","text":"interest that is not derived from New York Municipal Bonds, they will constitute taxable income for New York State","page_number":67,"box":{"x":70,"y":196,"width":809,"height":12}},{"id":"b11304d0-c24d-4c05-b646-34bd0965d5a9","block_type":"box","text":"and New York City personal income tax purposes. Capital gain dividends paid by the Fund are treated as capital gains","page_number":67,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"4dec4949-ccc3-49bb-bbcb-fd252236973e","block_type":"box","text":"which are taxed at ordinary income tax rates for New York State and City personal income tax purposes. Distributions","page_number":67,"box":{"x":68,"y":227,"width":836,"height":11}},{"id":"c7bae9ab-08f8-41d0-82d7-ec08f1a18df2","block_type":"box","text":"paid to a corporate shareholder from investment income, including exempt-interest dividends, and capital gains of the","page_number":67,"box":{"x":70,"y":242,"width":838,"height":11}},{"id":"355e2f2f-93f1-4f57-8862-b51d1655ce1a","block_type":"box","text":"Fund will be subject to New York State corporate franchise and New York City corporation income tax.","page_number":67,"box":{"x":70,"y":257,"width":716,"height":11}},{"id":"12e30809-d3e3-47f7-98a9-55efc120cc5d","block_type":"box","text":"IX. Financial Statements","page_number":67,"box":{"x":69,"y":287,"width":179,"height":9}},{"id":"46f938ed-8436-4836-bd2c-6b05dbf901f3","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":67,"box":{"x":101,"y":310,"width":726,"height":11}},{"id":"27a04081-35a3-445e-9b6c-5ec2fe8d5ed0","block_type":"box","text":"Statements and Additional Information for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR","page_number":67,"box":{"x":69,"y":325,"width":833,"height":11}},{"id":"a7ba42c6-c9b8-4eba-a985-41e492c19489","block_type":"box","text":"(the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other parts of the 2025","page_number":67,"box":{"x":69,"y":340,"width":800,"height":11}},{"id":"526c9ac1-35df-4496-804e-ab267bcef63e","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been","page_number":67,"box":{"x":68,"y":355,"width":833,"height":11}},{"id":"6419f5bb-66a9-4945-b752-90fa36f38199","block_type":"box","text":"audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference. Such 2025","page_number":67,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"7a17138e-79fb-4db2-b668-326cea2edf6b","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the report of such firm given their","page_number":67,"box":{"x":68,"y":385,"width":790,"height":12}},{"id":"2a6934f8-be00-4977-9480-42dfeb7d7580","block_type":"box","text":"authority as experts in accounting and auditing. Additional copies of the Fund’s Annual and Semi-Annual Reports to","page_number":67,"box":{"x":69,"y":401,"width":821,"height":11}},{"id":"d0a662c9-86d4-42b0-83cf-1384f184f4ff","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":67,"box":{"x":69,"y":416,"width":785,"height":11}},{"id":"e7fc7e67-312c-4e91-bd8b-9e2f02c1f77c","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":67,"box":{"x":69,"y":431,"width":836,"height":11}},{"id":"b697589e-9f94-4237-842e-52115ec089d5","block_type":"box","text":"I-29","page_number":67,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"7fedeac3-8240-406b-ad31-cf7abf882282","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d0b0f42-e40b-4c01-9193-7eefc6c1ffd4","block_type":"box","text":"PART II","page_number":68,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"5dd24437-8235-4c7f-83fa-ebbdb21d428e","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":68,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"96584ce8-da3e-4d3f-9673-2c02f45df14c","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":68,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"325e6cd2-0988-422a-b1b9-e966d2cae0c8","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":68,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"3a2612c6-2f9b-459c-8208-87a87feb49eb","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":68,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"d78693b7-380a-4aff-b098-bbd4878abacc","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":68,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"86645a0e-c21a-44b1-b240-8bcec96d478e","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":68,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"35aa51b1-eafd-4b7d-b8ea-271d2dba4953","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":68,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"aa97f48d-c420-4478-9f86-bcd752fe4766","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":68,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"5b5e441a-a219-49e4-a090-ee0456a99459","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":68,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"efaafa75-84c4-40d2-9945-3ab31d68b5f9","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":68,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"a8cd7515-95bd-428a-9339-2d4f0c6de13d","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":68,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"c6ab7546-2659-48ce-b19b-0461bac03e09","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":68,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"b1822c81-a63a-4ffa-8b32-d7c5db487912","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":68,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"57839009-1a64-491b-99b1-a1d694eca3c5","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":68,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"417d6b42-5dd7-4c43-bfbb-5e1071c4cbec","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":68,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"cefd19d8-1815-409d-b5d7-a58e0429578b","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":68,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"98dff7e6-868d-4b50-93aa-46d329a84484","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":68,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"eeb1da6d-a921-457e-954f-877f99e611c7","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":68,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"ffa7981b-707b-4e58-8130-a1b02201376f","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":68,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"bba7924e-6644-446d-a314-65e030bdc262","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":68,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"050834c1-c0cc-495e-97b5-1f035c939e7d","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":68,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"ee3ded8b-dd3d-49b7-8505-11faca897eb2","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":68,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"2a62a250-0e5e-4e7c-b541-66a593c66df9","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":68,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"38954072-54a2-47a8-a695-c8394a98c43b","block_type":"box","text":"particular Fund.","page_number":68,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"004b1d0d-2671-4067-8b5b-74bf1b1c72b5","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":68,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"5e38f02d-2187-4662-8940-a24643be5186","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":68,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"65d87cd1-70be-4f69-a669-37752db4d327","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":68,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"1512cb40-22f5-46d5-a065-21ba467e31db","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":68,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"884094ac-035a-46ec-9fe5-2d41565175a5","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":68,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"ca77228a-f7fa-4c89-be27-5b98a8a7a712","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":68,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"b2ab00b6-1b8a-437d-9a4f-5bd0aa933b64","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":68,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"e19840d3-8027-471b-a52e-70f8ef22b0aa","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":68,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"52e9564f-3344-4719-b557-141208a1132e","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":68,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"dd0062e3-51f9-4e72-bfee-f8082be4381e","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":68,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"a9a7dcbc-1790-4e25-add4-ef83f4df45d5","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":68,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"662b8c13-d70c-4de5-9437-3822f2e1ac02","block_type":"box","text":"Asset-Backed Securities.","page_number":68,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"13ee1777-4397-42b0-bb7c-bbad2d070fc6","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":68,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"ed07c6e1-4c14-4e3a-a58e-496ffef1f704","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":68,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"7295c0c4-387e-43a3-8f4c-eff6c401739e","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":68,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"91cc9e1b-aa72-4955-a84b-dbf8a46295b6","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":68,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"f9624b07-e431-4eaf-9eae-593b5273ff00","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":68,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"8f88839a-9670-4711-a0b3-74b5f76e5652","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":68,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"52efe934-d60f-4b29-a71e-2a3c4af1611a","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":68,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"e43e710e-1196-46ec-9b57-da5f0433b4d2","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":68,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"c9a8c13f-a17b-4106-b92b-b828c5612794","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":68,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"9acffdec-018c-4272-a7cc-cd02e63360c0","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":68,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"f8d1dc7a-12bf-4dfa-8f18-a189ffaf3f59","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":68,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"b1956700-47b4-4b80-a6dc-ee39e7f9519c","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":68,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"49ff609a-2be7-4af4-9a4d-7f0aa7cd0f00","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":68,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"06166562-691f-459f-891c-ac9854398dbc","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":68,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"c0dfa9f2-d4a1-4e1c-a598-4d8d18864256","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":68,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"187d57aa-c33a-4f82-995e-1b3a853f7798","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":68,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"22b3f84e-509a-4f5a-9f2b-0dcb7303cf17","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":68,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"f1727b3d-b646-4eed-8fb3-3a87164b467c","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":68,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"fd04ab46-a94b-456e-844b-a3cdcff20237","block_type":"box","text":"II-1","page_number":68,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"7bbc998e-fba9-49e9-981e-6a356bf7d683","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9c09ca4-b6e6-4924-9db0-0583017b8d69","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":69,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"9b55a9c7-6a68-437e-9fef-15825591ecf4","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":69,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"db22c576-c061-4b91-ab31-2eb136280c0b","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":69,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"13ae9d55-21a0-439b-bb93-658fe65efefb","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":69,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"84c89b00-7706-4158-99ad-6157de162953","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":69,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"5d97e08e-b7e8-4670-b3bc-a055af374984","block_type":"box","text":"Asset-Based Securities.","page_number":69,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"bec8a80a-94f2-4da5-b9d1-cd4d015ccba2","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":69,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"b7db85fc-0ca1-4831-b526-93e44d0e96bf","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":69,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"ebf93a4e-a60e-4f71-a57f-484338ac3050","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":69,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"33a3d996-5bed-4dae-99b4-705a06279378","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":69,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"520cdc96-f985-4e58-a063-a5789368bb8d","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":69,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"6dc70e5f-f0ed-4d1d-bd94-a517d9774236","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":69,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"3c60e74b-9f96-49e7-82d1-0463a1c186df","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":69,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"7830aff7-e279-4c8b-a94a-cb398cfca10a","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":69,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"27cfee62-fc43-4a53-b831-264ede835aa6","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":69,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"4f6b9e6a-4091-48f8-83d9-9f871db09090","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":69,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"7054a38c-ff24-4a75-926f-4e2e195caba6","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":69,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"4ce97b92-5245-4d37-870d-3582dc8916a5","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":69,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"5c48814d-820a-4c2c-9b33-e6297a4e970c","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":69,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"e9c6d927-b4e2-40b3-89fb-8349f86b8bf5","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":69,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"ba5c394a-251b-484c-9cd0-728c591c1b1d","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":69,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"4098045a-3783-4558-b2b4-a6cf6cac6045","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":69,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"216bf32d-c84f-4199-8e54-197a27b3890a","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":69,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"df3facdc-a157-4103-b751-4b3f1e02a249","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":69,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"aea0eae2-b054-41e9-bbf6-f1d6cb7b2950","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":69,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"7c93838c-4abf-4161-a454-adfb4194818a","block_type":"box","text":"appreciation in the underlying asset.","page_number":69,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"4aa0ba43-ddc7-4a29-95d2-d712d2ebbed4","block_type":"box","text":"Precious Metal-Related Securities.","page_number":69,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"21537860-67b8-4cdf-8299-a8cf34a94de8","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":69,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"cf57c35b-9741-4bd1-b80d-7c7870fdce2e","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":69,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"68354c02-be71-47ab-a418-05182617c5d0","block_type":"box","text":"e.g.","page_number":69,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"e0b08272-7df2-460d-bf7d-c68f66a88c8c","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":69,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"77f4388a-9dd9-4f46-bd65-3c7392c44090","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":69,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"ce55cdf8-ae71-43b0-969f-68e7e934d02e","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":69,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"e99d5646-a099-41f8-a55d-587c1b172276","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":69,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"115cce8a-9cc9-4e2b-a433-84d64805656d","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":69,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"455d9e90-03e3-4857-933a-42f9fb5d1559","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":69,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"a4e2986e-e2c5-40f8-819b-e2f1e7bb585c","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":69,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"d34e8bfe-8c1e-41fd-8cce-6b9ba631c254","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":69,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"c0c3c135-bc3b-434d-9678-2c7b75e0755c","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":69,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"1894c3f4-6620-4157-8128-8079ff2164ac","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":69,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"593e66ca-926f-4994-a3f0-f3d7733d350e","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":69,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"db439e1e-4d4f-45b9-8e70-c37f80787fd6","block_type":"box","text":"South African gold production.","page_number":69,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"3da46887-e8db-479c-82af-e13f62d34aa2","block_type":"box","text":"Borrowing and Leverage.","page_number":69,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"f35948a4-3034-408c-8c0b-4f5c5dae8b1f","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":69,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"7e432858-d8a0-4973-a0b1-f298a13ccfca","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":69,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"7f9bf645-af84-4340-9883-bbd78f03aa45","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":69,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"131d4395-7287-45d2-b9bc-96916b3f567d","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":69,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"44a055b9-c134-4b63-97b7-ae9aa0e969ae","block_type":"box","text":"other securities transactions.","page_number":69,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"ca8518e8-c64c-40c5-a6b3-ee796bc6f68c","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":69,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"619c0c08-df69-45e3-bb1a-a2934f5346bb","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":69,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"56c9b8ca-2a59-439e-849a-f618340dbfea","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":69,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"eb28f0f9-6406-480d-9956-78d6b255baf5","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":69,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"3343e677-b9fc-4fb5-b170-2f3b8a749c40","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":69,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"4ecd5ad7-c167-408c-8857-89ae69798243","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":69,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"05e921a3-ab04-401a-bb93-0ff4c328d1ae","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":69,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"3056f4b5-4214-49af-b17e-3ab40f3a72c9","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":69,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"5b1b6455-8d65-4d96-8b8b-07d0d5a14565","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":69,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"1a01ea30-a8c0-4cb4-851e-1cc7bfed040e","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":69,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"fc13d543-137e-4df1-a47c-f6b9c3215398","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":69,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"d4fc0c0a-ac9b-4b2f-b329-9034faa3935f","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":69,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"5b890fb8-9cff-4b39-bfe6-3aa8e4213cec","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":69,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"cda08781-e68d-4f63-bd0d-debd279ccf12","block_type":"box","text":"II-2","page_number":69,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d6473577-fb8d-4907-a786-2fc1422221fa","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e422002-d86a-48d1-bb6c-ca67758d1349","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":70,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"5ebb9384-46fe-448f-be09-7b9e491a1da4","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":70,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"8f98f992-650d-480d-980a-f0ec684b4866","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":70,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"0daecde1-8eee-4318-8bee-1347e642218f","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":70,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"87f85276-878f-48b6-abfb-f712587ad96b","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":70,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"084ca7aa-bf41-4250-a039-24da713284f0","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":70,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"aced57f9-dd0d-4fe0-802a-fc13f3982c1c","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":70,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"ee34d31d-3abc-43e9-9951-1a217e7e15c2","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":70,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"89344351-20c7-4418-a5ed-1471243d8bcd","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":70,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"d42107a6-6f64-4b0f-9bb3-d07b0efc9d8f","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":70,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"6e116a16-a481-428d-8851-4b449d693937","block_type":"box","text":"Cash Management.","page_number":70,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"24d0e74d-07d3-48f4-8f18-2e4e24a3cf91","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":70,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"5923969b-e518-477a-a955-9d0c8ab7467f","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":70,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"cd1d205b-f7a7-4607-93cc-b394943f1d36","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":70,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"70ff9314-3965-4070-b7fe-1a6153b3a1e2","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":70,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"102d8495-0942-4091-ab13-384a18b3eef8","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":70,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"36726062-090e-46b2-ad4e-17bb03c45e67","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":70,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"238807af-74e1-4274-a28b-9b5f6aaa6337","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":70,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"4809f0cd-174f-45fe-b45e-a7282813aa43","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":70,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"18d92487-4678-497c-a719-66645f9a252d","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":70,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"dc88f521-7089-4593-bf3f-f891035d5b5e","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":70,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"e588d6f9-725d-4891-806c-d5ed15cb46c6","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":70,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"a7c3a2f4-460e-4313-b88c-df0e54770e81","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":70,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"4cb9ae15-83cf-457e-8331-50b499654478","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":70,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"1f30f579-3de6-4740-8b1a-9d59331c692b","block_type":"box","text":"Collateralized Debt Obligations.","page_number":70,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"ddd78d60-a465-4a3d-9446-05f3b0fb6835","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":70,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"b5cd1577-15f8-43e8-a985-4cc4307250de","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":70,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"9a8a0727-22c2-42cb-b220-0587d44b42d9","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":70,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"bfc610a8-2f6f-4139-b977-ab59d81e005c","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":70,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"0df40fb7-1888-4ea1-94bd-89b5025643eb","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":70,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"b9888037-8b0f-47aa-8507-245fa726f584","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":70,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"1ae02023-2d9c-4283-85e2-bdd84d43915a","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":70,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"99e79ee7-4bb5-4aae-aa76-87b3ac3d9733","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":70,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"5d57a6e6-bd12-4946-87a9-f30be09ff8b5","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":70,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"2acbc33f-6a25-4f73-b64e-d60e2e284d1a","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":70,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"3ba1c44b-9fcc-432b-a0d8-d554357cad68","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":70,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"f3a1375d-bedf-4b3f-a2e0-bd818fe283f6","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":70,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"afda60c5-028d-4365-b1cc-05e3000f906d","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":70,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"180944eb-966c-4251-863d-f0e07a567118","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":70,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"de2c2a0a-2ac5-4732-b2c1-4dc294f718e5","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":70,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"d2ed8855-fe25-42f9-9797-ad78749d65ba","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":70,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"ea7338c7-cc3e-42de-92fb-d2469b8976ed","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":70,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"c9910c41-7b8c-41d9-b3b8-53457580f88a","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":70,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"8783a53a-2619-4468-ad9c-33fb7d7a457c","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":70,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"3aba9b52-bbd2-4ad6-9d1e-8b934a0f1e49","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":70,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"fb327b7c-4648-4f64-8be6-9de1c4aff2fa","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":70,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"aae899e9-945b-47e1-aa05-7bac374efd96","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":70,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"c47a20f6-19f1-4c66-aa93-1728f85fe7f0","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":70,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"ff145702-362a-4baa-a1d5-7399ee57f937","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":70,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"b76752cc-1102-4cd4-b9df-0572120b66c1","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":70,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"8ac0b384-ff02-41ee-a2b2-6fe1ff237584","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":70,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"c29b52d4-b981-431c-a72c-47e6830aff42","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":70,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"cb7ba203-c83f-44ff-93a6-ca894c4e6e33","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":70,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"d7e3bfc9-23c5-4494-aa12-36855eeeba34","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":70,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"ff8f05e6-336b-4cce-a97a-b6f3467eb450","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":70,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"471f599c-5425-475b-b960-7dd8df6628d5","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":70,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"dfc25c2b-2b8f-4d27-9660-f463a27de457","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":70,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"c13ed750-fd2d-4691-b462-7a031df2c03e","block_type":"box","text":"II-3","page_number":70,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ea783042-011f-41c7-8114-a05a7d541459","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68bbce8a-3812-4c19-87f9-7124729ddc83","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":71,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"b0f9be50-d811-49df-951a-633d2bc6f1d9","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":71,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"bb0acf0e-f080-4050-b067-9b3afe05c30b","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":71,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"4ba79a99-894c-476c-a22f-2c3602b24dbf","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":71,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"a5856ebd-f067-4eb5-89fe-f8b3139a2911","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":71,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"3cf7191c-1abe-436a-bad6-7d4b3ce768e0","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":71,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"6b8cc525-38f7-4844-8234-05af9a4e7ba6","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":71,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"e7447a69-ecbe-413a-88d2-055cc267259c","block_type":"box","text":"Commercial Paper.","page_number":71,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"e4228549-2bca-4708-8bac-6e107163c474","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":71,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"9cedc3d9-cdda-4b18-9847-168aa2d64490","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":71,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"58265209-437b-4cb2-a240-4bd1520f7457","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":71,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"3db0b568-e9d3-4712-8e69-75bbd30973e7","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":71,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"8e8db83a-952f-4b8b-bf7a-eb2f4aea0300","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":71,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"15d7bf40-483f-450d-ad55-76ced3380687","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":71,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"dfdc3a83-8d49-4bb7-9d57-f034c1b7d227","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":71,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"b49c793e-25b9-4001-b31e-fc3755f303d3","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":71,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"b3b82b34-693f-4748-85b0-724477cc0af8","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":71,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"31462234-32bf-49c7-9361-24a7c7809227","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":71,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"d7f7f659-fedf-4450-97e8-9b14a2066535","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":71,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"ea080b6f-6bc6-4fee-a67e-3f46ea60acc2","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":71,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"1eac5e20-8fe2-4f7a-a7fc-0d372b78ecb3","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":71,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"de357a5c-022b-4219-b676-b2ba0ef8aa4a","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":71,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"58c09dc7-3643-4ba1-b46c-568fe56b60c4","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":71,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"0c94b8c8-3fc4-49ef-b944-624240456029","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":71,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"975501b2-35aa-4d31-8041-c994a008003a","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":71,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"594ab9b6-94c9-4b84-8e0f-4771e5fccfbb","block_type":"box","text":"variable.","page_number":71,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"90161083-7064-4683-88f9-98479fc0cfc5","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":71,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"557fc863-e808-4708-ad8f-753616809131","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":71,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"9c476f9d-e294-4902-bcd8-9f8ededabd3d","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":71,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"f4bde471-6544-49b1-bc3a-f0f348493d38","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":71,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"c2bf4f4f-47a3-4346-9e4f-1ef0e2a4a4d7","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":71,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"16875edb-6092-40ca-a9e4-cff88b955b07","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":71,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"4b0b13e3-5a54-4e20-9889-4635967aaee1","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":71,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"8486123b-ac3c-46dc-b3c6-9a420b00698d","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":71,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"7e67349b-236a-4026-8881-735e82e05065","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":71,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"684a84ea-4014-4a9c-9679-e1eb71ccdf4c","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":71,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"d4f009be-0f30-4ea7-9e5e-cddbd02b2890","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":71,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"2ace43eb-5468-46f3-8c9d-666a0031ee14","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":71,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"3b81dc60-66ad-4374-be74-cb2ac08f3821","block_type":"box","text":"correlation with stocks and bonds.","page_number":71,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"aeb61f8f-6c02-4499-b4c6-e12f2f0a9501","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":71,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"2874b437-7a61-4d20-a4d5-5077b85ed209","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":71,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"f8fe15bd-46f6-4a21-9e30-09181571827c","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":71,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"8cefe432-9eea-477d-99e1-7f47e2e3e18c","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":71,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"4de928e4-e23f-483b-a843-a809b89bb89a","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":71,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"a01a329d-a489-476c-84ce-a32edd42c8a7","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":71,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"de866937-d299-44fb-b886-b4616dd00102","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":71,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"5f4601c7-a809-473a-b539-d337ed9fab90","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":71,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"e8aebc30-d673-4ff3-8050-50d1e270ddfc","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":71,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"a49b6195-2cab-4575-b233-aa8258fe5a59","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":71,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"94e8e782-0111-4858-96c6-2c8281e4a523","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":71,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"f2d202f3-4e28-4b14-98c4-4efc104db38b","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":71,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"8b79eb8f-46e8-4542-81aa-0d9a25c986b4","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":71,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"4068794c-3a36-4c22-a774-134496355d66","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":71,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"f32f79e1-b119-4a64-9d9b-2f5bfb593765","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":71,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"3e9560f9-bafa-4481-bd91-f6c2af9e647f","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":71,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"62c64547-75d4-4d59-ba91-879be0bdb655","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":71,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"163a6535-9a03-4c15-b28e-500091a8bb8c","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":71,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"f467ac04-fe81-48fa-87c8-6a5a98897fc5","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":71,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"8e6b1d4d-a1de-4f20-a7a7-cd71df1374f4","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":71,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"785794ef-b41a-4550-a701-60860a077d4d","block_type":"box","text":"II-4","page_number":71,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d272e9fc-0c0c-4104-89c2-e7626af98c26","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21a34e0f-1dd4-4902-8f92-28f15e4cce97","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":72,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"43a12424-79e5-4658-9cd7-34bf1f2494df","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":72,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"0ea8154e-ffee-4d38-9264-17cd2c2e81fb","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":72,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"5cb9ad97-3f19-454c-876e-00b559bd366c","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":72,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"a7a9fa15-ee78-4fd1-ab46-44adbfa1ad31","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":72,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"74477954-9c75-4ced-a1e1-4f5584652b05","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":72,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"ff8dadd0-c9b8-4a1d-88b7-7674b9875a14","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":72,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"0298d1f8-9e51-4e9f-91e3-2a2c7b2ff0eb","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":72,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"cf704323-80ed-41b4-82b9-80096f978318","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":72,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"0b796ad5-0bbb-48f8-beb2-6cd601b48a90","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":72,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"7c7d62fc-3ed3-4c27-90a8-669d4756e033","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":72,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"70bc4892-6a1b-423c-9c2b-33212dadbe07","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":72,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"93f9aa0b-ce9f-4544-9683-5f31d54803a2","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":72,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"c73be5a7-0559-43f4-891c-20363e337a21","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":72,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"ac8129c7-b3b6-45e3-b62f-88753fd81ad4","block_type":"box","text":"the Manager believes are relevant.","page_number":72,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"ea5a63eb-c07f-457f-9bc3-7d9b7c8ba35d","block_type":"box","text":"Limitations on Leverage.","page_number":72,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"9dcb975e-74bf-4299-af55-a438b7bcfd37","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":72,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"3c5ff984-5f07-46fe-be40-832d20adeba1","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":72,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"ffc605c1-36fd-4f69-8005-c61b63d2c5f3","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":72,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"adac963c-e4b0-42c9-8e9f-aceb4bac762d","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":72,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"7ddd01bb-490b-4fbd-8174-f1b53b3d175c","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":72,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"6ffe3b6a-85a6-4417-8685-df72e8d83208","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":72,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"b93cfd95-c0cf-4d27-aa0a-5b3bfe5e57e1","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":72,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"5c93dce9-9ed6-4cdc-90f7-79767b4cff55","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":72,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"75c8c25f-afbd-44dc-924f-ae8ed1fd13dd","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":72,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"55bc9b15-ed55-47fc-a6b6-b3874ceac276","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":72,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"d1cfe2df-de0f-4dc8-8ddd-1e4b6b9cf422","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":72,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"19d72b46-2a59-445e-a895-86bcdaf73c55","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":72,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"12efa270-e063-4a60-8a52-06ae7bc45fd3","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":72,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"6d5c377e-3953-4b01-83fb-16a53f630170","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":72,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"04406202-6c8d-418b-9461-0b8b93d1b6c9","block_type":"box","text":"Counterpar ty Risk.","page_number":72,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"74afb64c-89e7-4d2a-951d-3d013d78d40b","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":72,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"5f44ac30-4e57-49f6-9ce2-63f0fcfe410d","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":72,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"62204a30-927b-4a32-a90e-092bc0c9fe39","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":72,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"4c480c98-fe03-494b-8cd8-566893964070","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":72,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"b08f2d20-0b2e-42b4-a865-689261ac158a","block_type":"box","text":"e.g.","page_number":72,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"4cfc786e-450b-4845-a096-0dad1d35183b","block_type":"box","text":",","page_number":72,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"273bb138-495e-4f3c-8939-0331783f01e3","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":72,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"63e8f04a-6092-45c3-ac63-9142feb1e434","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":72,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"78c750be-5b99-4c95-85ee-d10543cc8a90","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":72,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"404d9c64-1c78-43ef-8995-a9289c2a4181","block_type":"box","text":"obligations under the structured note.","page_number":72,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"d5ca8130-af1b-4dd3-a472-10eefdbb4c23","block_type":"box","text":"Convertible Securities.","page_number":72,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"104d7a4a-4e7d-4baf-9f2c-dcc054080cfc","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":72,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"648c91d4-4eb1-4ee3-b871-ff46610a133b","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":72,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"c91dd320-c696-40df-90fb-723a52aadd9e","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":72,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"1dbcd2a9-931d-48db-952c-8e4cefdc5870","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":72,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"d30fefd2-13e9-4e1f-affb-5cf0ff06ca36","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":72,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"a9447ff4-92e5-4958-96af-88a634ec84f2","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":72,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"6b17514e-03d8-4f08-90ea-c2d42284275c","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":72,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"17c32711-1745-4c13-b597-83b02257932b","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":72,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"7881d0af-011c-48e5-bdc0-4eb99cfacbb7","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":72,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"8491e60f-c3af-4a85-bf72-de303d305a28","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":72,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"1e70768b-e738-4b72-9348-a3d9849e1f0d","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":72,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"6275a702-0855-4972-81bb-254c627f96a2","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":72,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"e7a15586-eb39-4c02-856f-42b97b882803","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":72,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"1b294285-51ae-4cba-b9f4-ca301726ca93","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":72,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"d90d196e-1a8e-43b0-b520-cd940efdea57","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":72,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"b97f6479-2f82-4539-8814-3c2f22f0312f","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":72,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"0db4eac9-9df8-47a3-983a-a886eaf48009","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":72,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"f9a3a61c-d0ef-4b55-9a30-74c06d254036","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":72,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"b1bfdeef-75b7-425e-871c-744dde0bfad4","block_type":"box","text":"II-5","page_number":72,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"99627bf8-1098-46cf-9584-a8750f37ccb7","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"410b8f05-97d7-4783-ac46-521153b075df","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":73,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"d4cf4745-a222-4431-bb71-c6024d934234","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":73,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"16d231c0-c23f-4557-897b-51ac3e3bfb6c","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":73,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"57e4c0b5-54e4-4476-bf01-9485295535a7","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":73,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"7eb55b60-b002-4b2b-a401-297333542b76","block_type":"box","text":"things.","page_number":73,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"a0f5f29e-cd0d-4581-8f2d-49858505cfec","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":73,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"802b735c-9571-45ce-b61c-4fb7449be9a7","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":73,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"2d19f451-d378-460e-b3fc-0bfc9f58bd38","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":73,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"03ea82d7-5c87-439d-b467-dca6717aafdf","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":73,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"b25f1629-4bc2-45ab-8eb4-6c3284c012a7","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":73,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"b99c40b8-03da-495f-83a5-d658137ee246","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":73,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"f86388b2-99a5-409c-8c03-2a66e6b34812","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":73,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"00b8feb6-dba5-44bf-abb8-2cc6fbfe71e9","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":73,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"c26b6a87-b9b9-4be5-8636-a69b3d4f800a","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":73,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"8cca8157-b57c-4b70-8400-17522a840b91","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":73,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"199c35cc-f237-4137-a3da-db7e3db4eb62","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":73,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"43e60639-5086-46fc-b354-c8d187c9e0f3","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":73,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"6bd9797b-9349-45c6-ba93-e6b71b43d58d","block_type":"box","text":"i.e.","page_number":73,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"71869bf4-21d5-49bb-bb35-1e7e1487fcfd","block_type":"box","text":", strictly on the basis of its yield) is","page_number":73,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"15bb27f4-8698-441c-b6e5-d1c298a25069","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":73,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"a01016bf-5d75-455a-b1e2-ffd9a0b9785a","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":73,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"7575bfec-f30d-47a4-8277-04ee2ab1e594","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":73,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"9ed95748-9787-41a0-84d8-28a20a2d5d5c","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":73,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"ee196070-f5dc-4486-9187-e866434b1582","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":73,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"8d9234a3-847a-4157-a4e6-42235e151a9d","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":73,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"c3f39fab-df49-4f77-b867-a527f3f7289d","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":73,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"73e604bf-4f5a-4d16-b886-0336116b0743","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":73,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"88586cc9-4212-4200-86dc-162be0c2af86","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":73,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"5ca8a1bf-8914-43f8-a644-7d666fb2a2a2","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":73,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"cf542e8c-c577-4076-bdf2-9e3a379112c8","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":73,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"2fb70563-bfbc-4f3c-9257-7f8181da7d23","block_type":"box","text":"than the securities’ investment value.","page_number":73,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"078be7e8-9854-44b4-a653-b5ea9c4668c5","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":73,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"13eb0482-a01e-4179-8d28-f456a4c2e8e3","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":73,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"5eae2cff-8f95-47bc-8838-f2f4d5fb9dbd","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":73,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"55524ae9-db99-4d8a-ab16-d5ee2539d14f","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":73,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"3361606b-4519-4a21-863e-f3f5bbddcd1d","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":73,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"657a72f2-7b3f-4bb8-b209-1a7c6f1b8968","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":73,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"870516e7-c1b8-4037-b7b1-4977476a2e38","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":73,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"38310985-e54d-4aae-8494-0bc5522d08b3","block_type":"box","text":"security under certain circumstances.","page_number":73,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"147b0475-68a5-48a0-9f02-6368a3bf5d28","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":73,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"a7d54307-d09f-4535-aa4d-2afc4ddc2b35","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":73,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"27832099-a619-416b-9695-edf4fa786516","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":73,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"dd976538-3637-4635-81d5-f58b57a6c558","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":73,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"980bd391-e86d-42f9-b96c-0173725d7299","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":73,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"3f26c80d-874a-4480-a538-be255e17f566","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":73,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"532aa35d-7006-4e84-b852-f1168a0f30e2","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":73,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"2d3f5c2d-d21b-41a2-8bd9-b4312fac1b8c","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":73,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"0266fd3b-8337-48e6-8b36-099873582c8f","block_type":"box","text":"i.e.","page_number":73,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"74bfc1a6-48ad-4c30-b132-2f69b8c08ef3","block_type":"box","text":", fixed-income (“fixed","page_number":73,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"e47849d5-c877-426a-ba7f-8698169dc85e","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":73,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"8eeed44a-82c1-4fdc-b4c8-135ba7696cf1","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":73,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"0be0468a-84d2-40bf-ba70-b826821156fa","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":73,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"dc1ab9cb-be3b-4fa0-bdcb-f489d11d8d4d","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":73,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"6359b05c-bf62-40f3-88e1-a342ff601a65","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":73,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"b2e20447-11d6-48ac-be30-a9dd1f6773a3","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":73,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"f5ef3cbd-85c3-4e02-9955-378292287a6a","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":73,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"675014ee-9b34-45cb-bfa6-1e7234451d52","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":73,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"7d599c1f-57cf-480a-a776-7d34f820f362","block_type":"box","text":"II-6","page_number":73,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3dac89c7-582f-45d4-87a2-dc81044cbf69","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c2622f5-010c-4ec4-b47b-1fe97241ecb2","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":74,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"b54e7327-b966-452d-80cf-8c33b589cb11","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":74,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"f24e70f2-03e4-4772-9d79-1c931a700b02","block_type":"box","text":"component.","page_number":74,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"39fa78f2-ede7-4d86-bee9-6555b993475a","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":74,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"49a6022a-219c-450e-96c7-42a9cca3a29f","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":74,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"51f44dc1-5775-42dc-a5e8-b5aa2088b53c","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":74,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"adc25e28-e22e-4ed7-b5dc-65337985d760","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":74,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"537b9196-5b26-48e0-9a33-795924b16bee","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":74,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"20f91678-7aae-4436-84c0-ba89086e7577","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":74,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"47b72f49-2d5d-468d-87ae-6c6e592da069","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":74,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"e627f5e7-6cfc-4dc4-904c-ee33fe69b397","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":74,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"4a26f0ba-2731-453f-bba4-bf2575bf8087","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":74,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"661c445b-1f41-4d25-b3a2-2a6bba303670","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":74,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"19934833-78da-4ee4-a297-de877c1a4ac0","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":74,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"8b845483-c030-4f56-8e00-454d8d2c3b94","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":74,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"8d2c3b2d-7200-4017-8cae-f91542d073b6","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":74,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"498ee153-2a21-4585-acda-ca5a09edd3c1","block_type":"box","text":"favorable market conditions.","page_number":74,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"eece5bba-7c09-46d8-824a-3136c3df0e37","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":74,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"8c06e8e2-a2a3-4856-a336-550b6deb41c4","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":74,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"9604a7f0-a684-4fa0-b71e-9cbb2be023b4","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":74,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"f9925588-1bec-4604-9721-b37a892e0444","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":74,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"d2ac5130-a95b-491e-8958-54d348767116","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":74,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"6df3bcd6-162f-49ca-b8ee-2f3b242e8b6a","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":74,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"bc9ce46b-b0a2-47db-aafa-7feca290e589","block_type":"box","text":"Corporate Loans.","page_number":74,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"249b5b74-cf1c-4e09-99ba-cc80e92556f3","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":74,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"03863984-9acb-465c-8c76-b20e93ef4f72","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":74,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"5e85c69b-b7eb-4d53-8dbb-11b0c2bb5506","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":74,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"d09e8caf-e950-49f5-8414-88c2cd622959","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":74,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"53e1b9de-5c4a-4b1e-8031-06a72af07bf4","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":74,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"fb76b756-c2a6-4fb1-97cc-4bcd83cc3d91","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":74,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"faba395f-049e-4c8a-b322-8eed41f94a00","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":74,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"bffe959c-5692-441a-915b-b13ed4d1b70a","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":74,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"bb52c159-4e52-42e1-bc1f-3679a4487dea","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":74,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"b67bbb3d-a540-492f-8783-9224b53089e3","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":74,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"e0bd07e2-7095-4668-9070-dfe0188d3c99","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":74,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"e75ca0e6-dd3f-4d60-877d-017c65e1abe3","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":74,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"4a0a87cd-9241-4772-b158-c0911ed75169","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":74,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"4814cf25-51a5-40cd-a425-21c404204f41","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":74,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"3b65fd4f-3f66-41bc-9ade-49d4d6fb89e7","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":74,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"384140a7-0add-4bd2-8a1a-fbd05de0209a","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":74,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"c3d422ac-341d-4f44-bcb7-6e5c222f5636","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":74,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"d16b97d3-5923-4b78-8577-56115d8b9c2f","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":74,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"663cfc86-45e4-4f14-b70f-38b8cc1336d4","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":74,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"491b8da8-cf01-4e07-8215-ebc80e89d1f9","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":74,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"fcec2b05-c220-47eb-9e1c-91d3495baaa1","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":74,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"adf2dab5-2b54-4e18-a391-a3867d9ea949","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":74,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"98ef915c-d3e0-4f3a-ac95-7df31ccbcff8","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":74,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"77453718-0168-4c9e-8ec2-19f381d42c17","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":74,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"62159724-d2eb-4d8b-88f2-d3b33de873bf","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":74,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"e4b34aad-1f6c-48e6-8c26-3459b3732c0e","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":74,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"ba4cc1a6-b2c4-4d3e-a97f-da81efc437d6","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":74,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"1966baae-9588-40d5-b4d1-5401c819ea6d","block_type":"box","text":"of the borrower.","page_number":74,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"4cae213c-531d-4984-9eb5-f3c5dc9f391d","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":74,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"95f46a65-9f35-44ce-a8ab-f8aa314cbaff","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":74,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"177fb4a4-dc18-449a-bf6d-f326413f8f5b","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":74,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"743a74ff-a9e9-44a7-a519-87d500dc35ac","block_type":"box","text":"II-7","page_number":74,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f0a81d49-c655-4e11-920f-5a2c64ffea8e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ca3b963-a8af-44b8-964a-6e6d7d8a16eb","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":75,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"12582405-3ab0-49c7-91ac-1992087e31cd","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":75,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"2ea017fc-e570-44a7-9011-39a68f06eef0","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":75,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"7b7eb11a-61df-418f-9fe2-9fbde4f32bf9","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":75,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"70bd0c0b-7c6a-466f-8188-f1c36f75e26a","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":75,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"50741eff-dc5d-4f82-9ad8-11c346d43575","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":75,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"a5647125-c7b0-4945-96b2-1e5dfa5133cd","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":75,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"184aac8d-6cfc-4b3b-8f5d-f77e2606685b","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":75,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"7e92ed8d-c83a-46a8-9ea6-75c780d68972","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":75,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"6a6a4805-e722-4292-8071-a078c13ae403","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":75,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"322b3a3f-59e7-445e-bd8d-92fca86893a2","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":75,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"2cd7422e-87e6-4373-a573-9770e235c38a","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":75,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"91757e9e-feb6-432f-88c2-9324407b7f6f","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":75,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"ea1abe1d-8133-4257-b7c1-b7562d188021","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":75,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"2e220372-ec2d-4390-a813-5c6e206fb710","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":75,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"367e44d5-2dba-409e-8f97-049bb07cf1f4","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":75,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"d0ed71c2-5c9a-4751-bfae-6e06f9a953f0","block_type":"box","text":"state law.","page_number":75,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"708ca861-1bb5-4cca-aea3-3e7c0d174ecb","block_type":"box","text":"Direct Lending.","page_number":75,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"19c9ba2a-a009-4d74-a939-918085c0ec39","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":75,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"975ce7e3-a285-4c1a-8853-3797cdf907c3","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":75,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"3c02f49e-1d02-4353-b68b-3cd5217ff76b","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":75,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"6cbfb959-3135-4748-a2a9-832bd97fdb7f","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":75,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"eedd18c6-748a-4b27-af75-9d0f523f80cf","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":75,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"462121bc-3e9b-42b5-b334-f0a9e3b369bc","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":75,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"1da86bbc-a600-4d9b-ac80-490e8a3d7f63","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":75,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"42e0f48e-5167-4c78-9625-64e1728dbee9","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":75,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"9ca0c661-d2ba-4df8-b63b-a6e16f36cbd6","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":75,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"a1636ae2-7157-4637-a963-af45cc7b84cd","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":75,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"bb92ed8b-be25-4458-9b4d-aef013d1a16b","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":75,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"501cb324-d284-493f-959c-b7b556cb49b2","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":75,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"d059b749-de5a-43c2-8497-a53a810532f8","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":75,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"54a94230-c6ae-42e3-916a-efa7799ef5ae","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":75,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"8c2e25a5-932a-44b4-99d0-e8620bae9dc4","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":75,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"30090a3d-7631-4a01-8218-745eec8abfe0","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":75,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"252413a3-8e6a-4853-879d-f0b12dd699db","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":75,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"57586809-2e9c-4896-8ebe-0118b7b530af","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":75,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"8469f38d-1c00-4de1-b958-b5bbdf5ae82c","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":75,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"2302b737-ddc1-446c-a672-b4f015f01cf4","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":75,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"1138c4e2-f1f8-48f9-acf2-67a116c06fa8","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":75,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"5fe9e76a-e127-471a-8987-dda6e2a5837b","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":75,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"a972ff5e-d83d-4146-b9ff-9d6c92d844ab","block_type":"box","text":"Credit Linked Securities.","page_number":75,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"827060dd-9ece-4313-af3f-327caaf7fe2a","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":75,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"6dafc131-9ce4-4b52-80ca-20f7c9606533","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":75,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"c48db4d7-1987-464f-b8cf-aa5d583788a9","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":75,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"2e265d7e-1f3f-436d-a1c2-2d5c80745e70","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":75,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"d1924163-cfb7-45e0-9d6c-0e5c70bcb6ac","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":75,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"4cd5a55f-d888-48eb-8fe5-d75afac13fd6","block_type":"box","text":"traditional income producing securities are not available.","page_number":75,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"7a31d822-a804-4293-87e3-a9e66d78c944","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":75,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"05937fd9-528d-4122-a250-3e523076d494","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":75,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"b6a091fc-846f-46cd-ba50-601de5944e09","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":75,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"efa5346e-42af-4d7f-bbad-4649dd6a8529","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":75,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"581e3a5b-9cf8-4824-bb7e-87248e032752","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":75,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"100e55cc-9aaf-46c3-9ff7-067201772029","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":75,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"b1213d65-aeb4-4f5f-8308-b7c14292031c","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":75,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"c976bf20-ce8a-42f1-ae66-2e8218f6050d","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":75,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"f778c841-4586-4cba-9224-62fc32501ad8","block_type":"box","text":"II-8","page_number":75,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b0c0c4ba-6470-4228-acb7-a9a7a1408466","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62a055c7-64d5-4255-b54d-7cb5acb8c889","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":76,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"5e4dc90a-934d-4c16-b3e1-831326b48f37","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":76,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"640300e1-1327-407a-8567-6616fb81c903","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":76,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"4909359c-15ef-488f-8982-8b9ae562a90d","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":76,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"8d666e4b-03ff-4ac4-8622-f15bb50c9486","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":76,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"6a2507fc-ff73-4690-aa7b-ed1ffa56266e","block_type":"box","text":"investments.","page_number":76,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"77808bb9-5456-4b7d-87b9-7c2b1d72b0d8","block_type":"box","text":"Cyber Security Issues.","page_number":76,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"09fbe8d8-175b-438f-8c0a-0e5e2250a460","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":76,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"7e0be806-4fdd-4535-96af-657cafa01e58","block_type":"box","text":"Fund, Authorized Participants, service providers and the relevant listing exchange are susceptible to operational,","page_number":76,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"2374025b-74fc-47d4-bb02-a17fef5dd1b7","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":76,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"d8e60a57-1008-4287-8a96-b94e3bb9f6fa","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":76,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"39a7337b-dbf8-45e6-a8b8-8b79a45206d4","block_type":"box","text":"e.g.","page_number":76,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"ec8b70f9-7480-4497-9b5a-2415951aa0e5","block_type":"box","text":", through","page_number":76,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"e847f22f-7cbf-404c-877a-b6a977db7449","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":76,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"8ecfc402-b642-456d-aaea-5d4a16ed32e0","block_type":"box","text":"data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require","page_number":76,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"963e5a1a-b728-48bb-b5f3-224170095810","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":76,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"9ce43ea4-6301-4ebe-afe6-d4fb212466b9","block_type":"box","text":"i.e.","page_number":76,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"1dff7963-76b5-41c2-937b-a3b6c4b9bbbf","block_type":"box","text":", efforts to make network","page_number":76,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"f97187dd-63aa-4fc1-8ca1-135d6f4b5089","block_type":"box","text":"services unavailable to intended users). Cyber security failures or breaches by a Fund’s adviser, sub-adviser(s) and","page_number":76,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"1d29f7d9-25ea-45bc-9edc-3e5cb8ba2885","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":76,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"e4059339-b831-4644-8180-721a0452203b","block_type":"box","text":"and administrators), market makers, Authorized Participants or the issuers of securities in which the Funds invest,","page_number":76,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"2c4c3620-cf99-41a3-8383-4bcb5dd7e891","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":76,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"c334fa9b-bcf5-4e21-bcd0-055b74b987fc","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":76,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"a37e63c6-92cb-40de-847f-67dbf463e116","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":76,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"2481fe4d-f1df-4ce3-85af-e315539cfacf","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":76,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"151eec7b-d093-40a7-b9c9-b389abdff626","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":76,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"dd8162e7-bb0f-4307-82aa-1555f8a5f72b","block_type":"box","text":"substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds have","page_number":76,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"39b031d4-66d7-401c-bab0-108480f1c837","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":76,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"e5ff53eb-a542-4cc8-ad02-649f16bdcbaa","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that certain risks have not been","page_number":76,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"964f4f6b-b995-4519-899c-75d0a7862016","block_type":"box","text":"identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":76,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"51ea9ed4-1574-4e0e-bc92-860fb4e99115","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Participants. The Funds","page_number":76,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"f46a8034-4c7d-45b8-9705-b286ba8649d1","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":76,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"9de8907e-c454-4808-bf22-42ffa78585c6","block_type":"box","text":"Debt Securities.","page_number":76,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"8ce25fa5-73f6-445c-9ad6-3202691349af","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":76,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"6fc93efc-741c-4dac-93dc-1709f4e582c9","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":76,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"7b92e70b-94cb-4214-8046-c32cb24b47ae","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":76,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"a94f458c-bf65-42ac-9230-bf3b1516d8d3","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":76,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"8b733081-fe3c-40ae-b69a-6251b18c84b7","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":76,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"fbeefb71-b0cb-4f89-ae24-4952c307bef5","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":76,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"eafa413c-50f9-4b46-ae1e-010aaddcf3f4","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":76,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"458d4cc8-9df7-4354-8a92-4e9b9c666615","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":76,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"ffa41874-d813-453f-8f66-5cfd52da01f9","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":76,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"242c840a-6ed6-4e08-a026-acb38f7af88a","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":76,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"1962b55b-f8e5-465f-ab8d-25a0217d16c3","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":76,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"0110bb66-f28a-40b9-aec2-5129e6a36c0f","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":76,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"5cad79cb-d203-44b3-8921-ecc7c85e45c4","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":76,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"a18ca649-cb58-4809-831f-91baca1e6886","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":76,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"a31a947e-5ac0-4475-ad69-51e47c9da7c5","block_type":"box","text":"lose value. This is known as extension risk.","page_number":76,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"8292ef52-7dc2-4b22-b9ff-f284a8bfa370","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":76,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"55b5060b-e488-492b-baab-dc6dc4b22e54","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":76,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"bfd05656-b955-4831-813a-1d8087a40b0e","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":76,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"253977e0-a47c-4ffc-bda4-401a94109660","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":76,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"fc5444c5-04cc-4bc8-9190-7430f4bc80a2","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":76,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"e7386a1f-858e-462f-b496-da4d320208fd","block_type":"box","text":"Floating and Variable Rate Securities","page_number":76,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"ea1f9ed4-4134-437b-b225-e667995f69aa","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":76,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"c12b1d4d-d462-4d8e-a53d-437940ad5962","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":76,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"bd6cbf91-4f30-40f9-abec-3c3af718a8b6","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":76,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"90394c64-f57d-4efe-b5c5-f63e667a5e55","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":76,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"e7a6a75f-fcba-4290-8814-d9738b33a5e5","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":76,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"6d2244f3-4e1e-4171-bc7b-ca32b1d45192","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":76,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"6b476c2c-a593-4b30-a043-c4d3a67f18f6","block_type":"box","text":"market interest rates.","page_number":76,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"4ae8e120-e3b9-4470-a69f-f14c217b3ffe","block_type":"box","text":"II-9","page_number":76,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"022d8a83-a50f-443a-b685-6b2227362e9d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f70b599a-96b3-45be-bccd-6e6d40256a9a","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":77,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"856388ee-9898-4e82-b98f-7e619d832a94","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":77,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"e7f03285-5915-45d1-8cc7-67d14abbc929","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":77,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"47dd0ea5-b17a-4e85-852d-beb8136fefcd","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":77,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"79ab2e32-7841-4b2d-a5c8-2c2deaceee34","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":77,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"50a17403-a5f3-4320-89ca-bd55b32583b8","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":77,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"52dda0d5-e685-452b-9a62-fb432229d073","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":77,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"93c4ea11-aa5e-445b-a0d7-80c662781c5c","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":77,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"b819e7b5-04f3-497c-9e40-d112ca078218","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":77,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"2cc42a8f-bc3c-4dcb-a889-7dda6e4fc119","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":77,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"e3ef95b0-08e5-4a3b-8a50-267db00daef1","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":77,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"5b7a7f86-b464-4c8b-971b-5b2a8000540f","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":77,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"7de41076-5969-4ced-b410-86203caea552","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":77,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"a4d87695-cf7c-4f7b-8804-e7c42ad9932a","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":77,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"6b7b4226-4b98-4113-a4f1-d44165ac8beb","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":77,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"efca23c9-d6c6-44c3-b5f4-a4c21e7af878","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":77,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"7a595871-e4fb-4772-9296-d5da7cdcc4ca","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":77,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"190630ea-72a6-41d5-aa55-959ab282704a","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":77,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"04a2f94a-c6b2-431a-8458-30123239eb15","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":77,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"8097a45e-40bd-4ac6-b907-2b1e6ad2a7fc","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":77,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"57853d93-a3d3-4925-a9cd-a17aa11d6744","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":77,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"8c493855-0ae6-43b0-863c-59b6ecb2045e","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":77,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"97e86707-eb84-4b57-a833-73e8d6dc70d8","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":77,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"8963dd6f-c51a-4452-91e3-096c7fc90dda","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":77,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"be2e15e8-0379-45be-9cc1-4e3dc18cd35d","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":77,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"8808b6e2-1c42-4b76-81a3-11ecffa1c943","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":77,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"c5f876a6-f1b3-4c0a-a2f0-6e5103ec00a0","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":77,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"f9aa7564-9a82-4923-a808-2e909be9326f","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":77,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"0d769c9e-35b1-4284-866d-e8595c288ef1","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":77,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"6b17305c-df8b-44ed-91e7-43d1d96c7790","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":77,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"875afaf8-2e6b-4510-976a-9da630f4cf3c","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":77,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"2447be4f-e05f-4ed2-850e-f22e928c1337","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":77,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"7f411a54-4597-4308-b066-4140a79dedf2","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":77,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"b34603a6-39a2-4298-8afb-86ab7064aaba","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":77,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"1071b637-3daa-4805-ade4-502f231220a9","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":77,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"c39e9838-4d02-4588-b594-8325ed123863","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":77,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"e98e0775-a236-453e-8b1f-8102c2371f58","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":77,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"da4e2229-4bda-4349-bed6-545493b426c5","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":77,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"67f42bad-72ed-4021-b8fe-f05ea861a988","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":77,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"a67a7003-bdf5-4b38-b6fc-75d13ad6b6eb","block_type":"box","text":"United States.","page_number":77,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"fea06dd5-a43b-4166-9f56-a419f5380da3","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":77,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"c5ee9c63-6ca0-46cc-b964-19f86e3a4643","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":77,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"8db46aa0-c897-4338-8a48-44355ab75d31","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":77,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"ef059478-da38-4635-9fae-66aab6da5dc3","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":77,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"21b48559-5877-49e1-abed-5a97077bba95","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":77,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"29f03268-7bd3-4393-af27-a43e2baca245","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":77,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"a87193eb-0ca6-4554-a1e0-67220d0f43ca","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":77,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"c3d1b8f6-9497-479e-91db-2d098e4134cb","block_type":"box","text":"i.e.","page_number":77,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"8ee2cb20-0bdb-4a61-b025-08be993a1234","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":77,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"c578e331-8892-4b0a-b41c-1bb6812bb314","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":77,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"19a32584-fa80-4cef-87b7-d6d7c7b38b47","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":77,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"8140ccdf-fbab-4f3a-8635-327f2f8c3d6b","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":77,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"44456500-b829-4e41-87ce-b87de0e689de","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":77,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"3acc2cd6-da85-4c92-b2cf-375cf1412e3c","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":77,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"43d124cf-4100-4a82-a0bb-4c92bf818f4a","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":77,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"862a30c1-089f-44f3-ad37-d407aa0dc66e","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":77,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"cfec78ea-ff38-4dae-8adb-5dd673fc0402","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":77,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"7b763c44-5168-4da9-8960-1b0b518e961d","block_type":"box","text":"II-10","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f4a5cf0b-4991-4401-8eb7-b58ea29cf78d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62b0a2f7-5bff-4e8f-afeb-5bbb786cbf86","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":78,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"335159ad-af2b-4ed0-a73d-acf1ace30091","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":78,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"e2a8ce1e-8fa1-4809-adf3-dad059182cf9","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":78,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"4d77460f-b336-4b9a-90d7-9c6da1613b2b","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":78,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"3b529c03-6e03-409d-8289-abeb7c2081e2","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":78,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"9974db54-665a-45e7-9350-03b558afb84c","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":78,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"87e9a654-27f1-414c-ba1f-604b4fc06773","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":78,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"b971e82a-69d9-4b84-91b3-b0d5a36d014b","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":78,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"54dff77f-02ef-4d8f-801b-7bdf78e26a39","block_type":"box","text":"risk than higher rated securities.","page_number":78,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"3ee1ea56-b0a1-41e7-9566-ebea463e1a5d","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":78,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"d137ee89-c622-44e0-ac29-a0cb75186ee1","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"1c29a7b6-eaca-4979-8b2a-b798336831e1","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":78,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"e94dee98-5493-4a98-ac1d-1d26ee2d0502","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":78,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"872f0741-5aed-4197-a066-0f722b9d00ea","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":78,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"0b21b3bd-0252-4af3-9738-651733981965","block_type":"box","text":"unavailability of additional financing.","page_number":78,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"5b22d53c-ac79-45aa-8c0e-2829760c7655","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"cce7c5a7-4e1b-4e46-8dc0-85a1378cd60b","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":78,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"d542f655-0bdd-444f-8c31-83824133f545","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":78,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"9fb212d9-170f-4cb1-a16d-764dd29cde45","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":78,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"37113fa7-9f61-4724-a537-045763af28a1","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":78,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"e63b2dd9-3fe7-49eb-8743-3887cff96d75","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":78,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"b14141c4-7c0b-4385-bea5-4b4b11a2bb80","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"a9e258ed-af5d-4994-83d7-cfbc87930668","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":78,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"1fc21542-39f7-4660-914f-55338f55e3da","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":78,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"fce58da9-3438-43c1-b8d7-d46cda35d48a","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":78,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"4d10548d-53d2-4562-ba14-6677c41640ff","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":78,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"d9aad4b1-69f1-4e04-a451-9213ae6bcb3a","block_type":"box","text":"investors in higher rated securities.","page_number":78,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"321d970b-46c4-4d43-9f24-f1e46328578a","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"70788fac-efc9-448d-b966-a27da02d99fc","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":78,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"e002201c-304b-49e6-b967-433ed6123511","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":78,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"06c98c62-febc-4dd7-9672-a739f846027c","block_type":"box","text":"lower yields and may lose income.","page_number":78,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"529b9798-394c-4c51-8e74-5386ba48e189","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"147ba174-77af-4cbd-89bd-bf9107b263c6","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":78,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"60fbf258-2eab-4bfa-9bf4-676307da9ac0","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":78,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"087f92b3-f3be-4734-a5d3-c030bfe80148","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"1767086e-a69b-4b46-b88a-4dc5f866715a","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":78,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"0ac20792-74b6-4075-bed4-12f567a57a31","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":78,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"9f16f6a7-b0e5-4d32-b9dc-43b7403b2d4e","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":78,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"54e74285-f269-4ee8-a716-f6eebef81c27","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":78,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"5d079403-aac9-4ddc-aa84-50cc742913bd","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":78,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"9045bcc1-8946-4cf3-acdd-da70b5850c15","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":78,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"bcbf6b4e-cb11-4a0c-84b7-db6ef75a03e8","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":78,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"458f05c9-2d06-4f36-9b4e-f6a80076b6f9","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"c6ab84db-d014-4e75-84d8-25b33689fa79","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":78,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"f6791eb5-dc92-4798-966b-bfa9470bcd83","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":78,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"815f9386-b3be-4001-a046-4f460845cf53","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":78,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"308c98b1-d8e6-435a-bdbf-130a26996ae4","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":78,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"78108bfc-d63f-4ce5-8924-3464e2d3123d","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":78,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"fa8e2833-273d-4cd3-b428-eeb708bd0c10","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":78,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"2ce14ca6-9024-40d5-8f4d-341ed545404f","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":78,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"79e21f43-eb0e-4483-bb13-d47091454e3b","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":78,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"e0412b3d-6acb-4eb4-8787-e3b0a439276a","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":78,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"737994da-dd18-463e-aec9-79eb051ba3e7","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":78,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"f058d9ad-9c84-41c9-973b-59dc132b3702","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":78,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"50baa6fe-07b8-487f-82c6-9063446b04be","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":78,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"4bf35a8b-bf71-4bfd-adb7-89c2f646ce38","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":78,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"a7f0a56b-05a1-4620-8738-849db6e6822f","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":78,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"c98f7afb-a4cc-4b06-bd9f-c5ea14f4b59a","block_type":"box","text":"role in determining such valuations.","page_number":78,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"75fc8b8b-e965-480e-b57d-b56612de0d2c","block_type":"box","text":"•","page_number":78,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"012cd791-a226-4e8f-a1b3-42e7c685275e","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":78,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"38d67880-1eb8-49d2-a6a5-96a1f233e912","block_type":"box","text":"a defaulting issuer.","page_number":78,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"5ba49522-890a-44ca-860c-692a46dbbb79","block_type":"box","text":"II-11","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32416819-7ee8-4e36-9d08-7b21ff3e5a6d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6cfeebe-3020-4288-933e-0ce89c2012b9","block_type":"box","text":"•","page_number":79,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4d708517-4e5d-482d-ac01-422e71071bdd","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":79,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"cbdbcdd7-565f-4ff3-9140-2e7df951daa2","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":79,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"6fcc9054-c865-4cc9-b8cf-7e2f312e654c","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":79,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"0e0f41c2-2944-45ef-855b-e43c3800369a","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":79,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"4fa9df85-01ec-420d-aa50-4686479b370d","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":79,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"6f170883-38e7-4253-9601-76f08389f6b2","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":79,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"1cf2db37-d0db-4b1c-b708-89624d9eb926","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":79,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"0c4e0126-b0b7-4b63-ae6f-084b05167cae","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":79,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"d2dad302-d3aa-4ebd-a1c0-323de1dc9ed4","block_type":"box","text":"•","page_number":79,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"8b74dbbd-7a13-4435-a2d0-11cfbbd8d957","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":79,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"7227607c-6a00-4435-830e-5820b280a89d","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":79,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"8b06cc8f-d2f2-4f8b-8d85-780d4b14cab2","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":79,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"f5b85b72-1d67-41a3-b664-2348d21722de","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":79,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"8f9e69fb-c800-43dd-bcfc-9e22275e4596","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":79,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"0715c9ca-2819-4d80-b21f-a986b3190dca","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":79,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"ab5b1f21-5c17-40f5-b13b-d777ab9046dc","block_type":"box","text":"higher-rated securities.","page_number":79,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"2557231c-f6b8-4c96-911c-47142bbae7b9","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":79,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"bff0a50e-b088-4b85-abe9-b773529987b9","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":79,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"688bafc8-e64e-4963-9044-a09039d2d2e8","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":79,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"65fc56e0-044b-4fc1-ba44-c0c0961247cf","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":79,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"1b143352-4b5b-4d6e-8aee-3df81ed28a27","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":79,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"983aeb62-797f-4d09-944d-ffde8e6018b5","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":79,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"721a3d19-c714-4066-8fdb-5d5362577288","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":79,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"7c8303bc-59dd-458c-ab72-7f6c9cf3ec63","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":79,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"59d1c35d-b60c-4f9b-b0d1-db4c0467fbcc","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":79,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"64238902-fdc5-4726-a86e-84b64e982e31","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":79,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"ed611f67-b898-4a45-979f-579985b09aa6","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":79,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"4d75dece-cc6a-418f-8ced-979855845294","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":79,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"904dbc1d-91a1-43db-bbeb-84c25c2c6f48","block_type":"box","text":"Mezzanine Investments.","page_number":79,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"95e0c5ca-bb0c-4d78-9ae2-b5b9c194a299","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":79,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"e2426641-28a9-4797-ac3e-61c203feec33","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":79,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"b31ac129-6c95-4134-90b0-97bfc4593a40","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":79,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"2d0f7410-8ff9-435a-8e36-e564996545c6","block_type":"box","text":"e.g.","page_number":79,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"d368bdd6-96dd-4d43-85cb-4634fc3ef47f","block_type":"box","text":", with","page_number":79,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"93245068-f47b-49f9-8895-7f193268a160","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":79,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"f633864a-9df4-4ec7-b0e2-e0f41c864839","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":79,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"6a99215d-9333-4a11-8211-4d56aac13cd0","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":79,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"9513dd24-2da2-4706-8228-dcd8b1bf0ee8","block_type":"box","text":"other obligations of the issuer.","page_number":79,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"c01750f8-b4c9-4397-94ee-4c4f1342f4a2","block_type":"box","text":"Pay-in-kind Bonds.","page_number":79,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"786de9e8-d270-48d3-a9ec-e9c4ec0effe8","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":79,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"ae6299cb-cba4-4230-94df-171d5db12b7a","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":79,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"37acd8b7-7c97-449c-ab07-83992cc08b21","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":79,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"dbb993d4-a61d-4e29-96af-397da0859e71","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":79,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"2a6bb136-d2f3-43a6-a719-62970dd2a828","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":79,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"52d2d1b7-520b-4b3f-bc88-501ff3cf2565","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":79,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"ea548b67-6669-4a7d-9fd9-b29cff2f7d36","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":79,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"f2d93072-60a1-448a-ba6d-8d867409f124","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":79,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"78eb6a1d-d4b4-48df-92e9-f907a3cbfc10","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":79,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"e69b3e98-eb35-43ec-8c80-a5c61ddb517d","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":79,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"b30016d8-8812-4cd2-b8b9-804e603d008a","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":79,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"e61a8fa5-2088-4516-9242-14901e2cd474","block_type":"box","text":"Supranational Entities.","page_number":79,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"2a5624c2-b250-4ac0-95cc-e59c96f49bf8","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":79,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"12066091-77b1-481f-a6e6-3415a218271d","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":79,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"b10fb5a1-37cd-4884-891f-8c7e2ddd344b","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":79,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"92c17df2-24d8-4759-b061-558c5651384b","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":79,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"6b991afe-85e3-4c46-b2d6-1717fbd73fa2","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":79,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"b06d6fbb-2f95-4c22-9003-25aafb4cf965","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":79,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"8a59aead-f40c-4a39-bd80-971bddbd845b","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":79,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"caf5a1a2-51c1-488a-93b0-bae3c0348b13","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":79,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"8b00d2ff-fe89-4da0-8899-8b7eb69712fa","block_type":"box","text":"II-12","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f11ccf4-2269-4e15-8d85-991010209bad","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"435ecea0-bdd5-4355-a0a5-2bd7f1edbe99","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":80,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"562d2629-5248-422e-b797-893b8e528e07","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":80,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"dc91848c-bd9a-4b51-b8f0-5a742ccf40ab","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":80,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"7fd0ad44-71d1-4f40-bb37-03d4d9371c14","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":80,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"45eec168-83c8-4a68-b558-477516d846cd","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":80,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"3ece782b-95b6-47e7-b0c0-34b8b190d34d","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":80,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"87602a60-0072-4c7e-90a1-aa75fb091cbb","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":80,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"d5eb91bf-6d49-466f-bcb3-183f6d3ab29c","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":80,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"3c4818bd-f838-454a-bfbe-b8f94a059a0a","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":80,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"ada4c115-94f6-4301-b03b-5656532f5ad4","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":80,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"00cf6cd5-2ad9-4c5a-bc2f-532f897fad7b","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":80,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"d2f20012-770b-4ca9-bb10-120072b1fe54","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":80,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"1f8e46b1-8857-4e04-96e1-22f78474039b","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":80,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"5a146de0-7a79-41d6-bcb2-1c15b94ab06e","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":80,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"c52f0ae7-dbdc-4db8-ad32-3a0db76060be","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":80,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"a1bed089-615b-4f53-a679-1529cf9b488e","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":80,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"2061ec7c-525c-4256-8626-cb15d9818a35","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":80,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"2d8c8485-6fa9-43e3-a3b7-736b9649d6be","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":80,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"a50041bc-6615-47c0-859a-5b915af8be59","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":80,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"4236b6ca-10eb-4340-b445-1b9c6737fe45","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":80,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"cb54946f-b5d3-451a-a5ea-f0e603e875e3","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":80,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"960fabef-cac5-42a9-befd-d5c8606050a2","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":80,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"ba4e1771-75fe-4d8d-b07c-507a519ed4ab","block_type":"box","text":"Derivatives.","page_number":80,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"77f0451b-9e38-4b33-83b3-4c259d943aba","block_type":"box","text":"General.","page_number":80,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"14b51927-b5aa-445e-9b2c-3f97d3cf287c","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":80,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"b69ef279-1cb4-481e-8103-e049e7e6654f","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":80,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"de9b9c76-0764-4135-8073-08164996b833","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives may allow a","page_number":80,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"6a06e11f-0310-4183-9180-f4a5a3a73676","block_type":"box","text":"Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than with","page_number":80,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"420b5aa1-5707-4246-9a3a-0c80def6fc9d","block_type":"box","text":"other transactions. Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":80,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"238f03e8-2648-4f09-b5cf-32f061521480","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is prohibited by its","page_number":80,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"a9159f90-82da-477d-a62d-9c3a444c1d9d","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":80,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"2964ad81-ba6a-4ad5-9c5f-e051edebe295","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":80,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"7d326f4b-6376-45f6-a8b2-18655c88e7d6","block_type":"box","text":"i.e.","page_number":80,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"d3704023-7ffc-43dd-8371-4f7987d33b5d","block_type":"box","text":", the payment obligations of","page_number":80,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"72dfd541-5106-4566-a9b7-f1ff983234e2","block_type":"box","text":"derivatives contracts are netted against one another with the Fund receiving or paying, as the case may be, only the","page_number":80,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"1c911401-2f33-4c85-b100-d4c2766fb947","block_type":"box","text":"net amount of the two payment streams.","page_number":80,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"c3fa5293-83dd-4373-9537-3c404d3fe498","block_type":"box","text":"Hedging.","page_number":80,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"c81ac5ac-da41-4403-9744-3e769c092656","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":80,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"49c91a0a-7e40-4f41-af98-c5446b14ebb6","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":80,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"681a81bb-6f2e-409e-868b-50bc40d0609b","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":80,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"325b759f-ff44-403a-a1ec-d1fb25bac7d8","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":80,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"3793181c-2ded-40ec-8cec-e77e5317dca3","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":80,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"4cad40ce-9618-4d77-abe2-b282a6a97436","block_type":"box","text":"correlation risk,","page_number":80,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"b00d4f5b-a487-43d9-bbb6-e114d4cc96de","block_type":"box","text":"i.e.","page_number":80,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"c9a04034-ad88-4524-ba2b-c6a5510ebe9c","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":80,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"015d36f0-8107-46eb-96c8-55a9b8d549ff","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":80,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"88e85e8f-5f8d-477f-8148-c0d625638341","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":80,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"7f1bac1e-be3a-45ac-8c7a-06cfd342daea","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":80,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"a451bc30-b145-46fb-9ae9-b77333a5daf6","block_type":"box","text":"Speculation.","page_number":80,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"538f81f9-8711-408c-9203-d589f67b260b","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":80,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"119a392d-1ed2-4c21-a53c-8b36b6aa09eb","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":80,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"bab04a28-0c46-4cc7-b383-1bc16a139aad","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":80,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"e190efbd-6b94-43af-b106-70dcc3760700","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":80,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"68062e14-1515-462a-9c57-4dd87b8b9c0c","block_type":"box","text":"in certain cases may be unlimited.","page_number":80,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"a1ae0833-2acd-4f3a-97a8-3b9793f94ab1","block_type":"box","text":"Regulation of Derivatives.","page_number":80,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"2a77e27f-1fad-4277-95f6-e56d242b51de","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":80,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"d74c83ea-97f1-4a02-b631-3e0766082808","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":80,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"a8e00ca3-bdd9-46cb-99e0-c1d3f6504fc8","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":80,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"54038fa4-7262-4c05-82ef-f9c35230fa6d","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":80,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"fca54294-d3ba-4b23-b407-4497aa908ef6","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":80,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"2066c062-54eb-420f-8745-af1ca5af27a8","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":80,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"078c0391-cc99-4d4f-9a66-e3ef6fae3171","block_type":"box","text":"coverage”).","page_number":80,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"a1ac431e-03bd-4658-8509-91049be1cb39","block_type":"box","text":"II-13","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f9498260-2286-41e9-b4f6-bea24869ff79","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77e3e140-e503-4ecb-a129-005cb22c5032","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":81,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"05410ee8-35fb-4b99-a16f-084ad6851a1c","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":81,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"fa3fc201-4ea9-4602-9d05-b3d21ad6b031","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":81,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"4a5c360c-94e2-43b7-a43c-9fc814444586","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":81,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"94c34201-906a-4253-9446-c17f54a9ca0a","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":81,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"e5db2b06-5fcb-431b-b04b-1dd6984f2fb8","block_type":"box","text":"financing transactions (","page_number":81,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"7733e2c0-bbe0-478e-b373-7d1209e6fca8","block_type":"box","text":"e.g.","page_number":81,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"d1a6d515-5a71-478b-a42b-024c62466d9f","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":81,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"2cfdf951-9637-4bc1-9d85-483b07d05501","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":81,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"8d606227-91b4-4772-b5ed-3ef0bb6812fe","block_type":"box","text":"securities (","page_number":81,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"b85b5a62-9de6-40af-958d-8bf77f9ff49b","block_type":"box","text":"e.g.","page_number":81,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"82203922-f0f6-4fdc-b30a-871ac220fb21","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":81,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"ff175c32-53e4-4eb8-b0f9-859a818a3e85","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":81,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"af465caf-3218-4566-be2a-fc99c91bb16f","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":81,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"211d8d6b-1ed9-4bac-af95-2d7e9b2b0d4d","block_type":"box","text":"Commitments”).","page_number":81,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"a2cf633b-3bb6-4950-bdf5-05b164078005","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":81,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"98a1eb9e-2336-44d6-a8b7-ac36c1ba3017","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":81,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"67e2172b-fa09-4369-ae01-199591fe82fb","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":81,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"482eb809-cce6-461a-8324-80ce6d2948e5","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":81,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"33186da2-8647-429b-8419-2da977b2fa34","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":81,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"d3e11e68-2152-4ab6-8a47-6409ffe3abc6","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":81,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"f22d7ef9-7693-4049-aef4-df7fe1571bb2","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":81,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"37229521-baf1-40d2-95d5-8a1aa434846d","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":81,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"e80b36c8-8245-49fd-bf7e-0877736677f1","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":81,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"0cac4dee-a280-4c80-971b-7048a6d3a80d","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":81,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"d7fc7260-c212-427c-aea5-d40b9dc2f20d","block_type":"box","text":"Dodd-Frank Regulations.","page_number":81,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"42f42332-ccef-4bcc-b165-4d6ec4cc258e","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":81,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"eaf8f7de-6fdd-41f8-8536-9433e49a67fd","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":81,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"cd5024d1-51dd-41ca-b2b2-13aa21ded838","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":81,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"68f882fc-a247-4ba7-83be-e44b9c091bc3","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":81,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"e5581087-2c91-45e8-8727-b60902309fbb","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":81,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"d7d2b86b-66af-4c14-95f3-5aead2b023b7","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":81,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"8e41b88e-ff57-4f80-bc58-ee4b2dfe02d8","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":81,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"d260fac3-bd09-4378-a1bc-e92806f60997","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":81,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"8d17079e-afe1-419f-b125-a5fa5819d25b","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":81,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"c14a31b1-79b5-4c1c-a7bf-fe60c422c44d","block_type":"box","text":"requirements.","page_number":81,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"9eb8d74f-0ff2-4055-83b2-d967a8feb3ea","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":81,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"19a9f919-1bba-4871-9339-7501cf7ee006","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":81,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"24d7dc69-a718-434d-87ea-4c8eee304146","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":81,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"32bfaed2-9afb-427d-a00e-3c51492dc56c","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":81,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"63cc891d-1a69-420f-8330-411da6b8c078","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":81,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"a795acc3-1941-4643-b7e3-9100e940c0be","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":81,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"e3a608e5-55d2-439e-9eab-58c2a061a7d7","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":81,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"486e1eb9-c35b-4112-a7f8-a22b13858d91","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":81,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"b25296c7-0c6c-427e-925c-625b8a0db296","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":81,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"a8a210fa-0484-4a3e-b9f1-cdc7a35a0bce","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":81,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"3ef761e3-11a8-4b49-a9fb-375791fc6f98","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":81,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"f4120213-7a68-401e-b7a7-c0d88ee1d614","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":81,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"6fea4ca1-fcb6-4498-b1bd-46fe96f8a524","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":81,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"9b763048-c603-4048-9e6b-49238245a77f","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":81,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"0f12859a-7d20-4876-b86b-907085bcf0a2","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":81,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"31314672-8964-4001-8c66-bf68262645ef","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":81,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"63e6b950-31fd-4ac1-948c-a6dbfae08234","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":81,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"7ebf55e5-58d8-4c17-9c5f-61f3a6cf9cfe","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":81,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"15f8c4a8-2b9a-493c-bb5e-1aba1ec4d49f","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":81,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"56028b50-0aff-4f66-ad3d-51c6c2c4e593","block_type":"box","text":"member.","page_number":81,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"6be4c049-b822-4511-82d9-30a80a4fc272","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":81,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"5bdc6e40-2f15-4e79-9b84-e6625fa2ce0b","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":81,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"5a5bde51-c518-47dc-8d2e-6a2da01de19b","block_type":"box","text":"was widely permitted before Dodd-Frank. While an FCM may require its customer to post initial margin in excess of","page_number":81,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"a9c0d2f6-a4de-4697-a49d-ec71dc682ce9","block_type":"box","text":"II-14","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8ed4fbb8-4db9-4414-bab4-4ea461532d0a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9a4112a-eef5-49b6-973d-6ab3aa371a0e","block_type":"box","text":"clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on initial margin with","page_number":82,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"30d7f58e-61b9-4943-81ba-5c49fd4d710c","block_type":"box","text":"their clearing members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":82,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"b4b631f2-48b9-4c59-a0f9-4d6b5c24ed76","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared","page_number":82,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"a9d3ca1a-569c-4be3-9aab-bdd9b163437f","block_type":"box","text":"OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher","page_number":82,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"beeb0cdd-2eed-48ba-af56-d170754b102c","block_type":"box","text":"fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will provide for non-cleared OTC","page_number":82,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"58543fd1-e69b-4f15-b2f4-ee9f38ae482b","block_type":"box","text":"derivatives. Furthermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":82,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"ae893f55-456c-4fb6-9968-ef1a31a99e84","block_type":"box","text":"to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared to trading non-cleared OTC","page_number":82,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"42ba5865-cc2d-40ae-8514-65d24f1236f4","block_type":"box","text":"derivatives bilaterally.","page_number":82,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"7f7922c8-4e60-4c93-9c55-805dfcbdbf8b","block_type":"box","text":"With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be","page_number":82,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"ca0e50ab-33ea-41d3-99f5-3200072abd26","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":82,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"93cfedab-ee82-48a1-94d7-70b090c6f63d","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":82,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"4387fd78-380e-46d9-b96c-f4e5d688d47d","block_type":"box","text":"(other than certain money market funds) may not be posted as collateral under applicable regulations.","page_number":82,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"6364fa8d-1cae-4c83-ba92-267f9909a47c","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net short speculative","page_number":82,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"fd4f2568-1b57-4ca8-8a10-8a81b5ffdac7","block_type":"box","text":"positions that any person may hold or control in any particular futures or options contracts traded on U.S.","page_number":82,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"41aa9185-ce96-4d87-92e5-fbbd6eec833d","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":82,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"5c4f1d14-f2f4-4590-88d3-fcb5eac0eaa9","block_type":"box","text":"agricultural commodities (","page_number":82,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"6c5305f9-c694-4db9-8f61-bb73dee3b34f","block_type":"box","text":"e.g.","page_number":82,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"93641a98-3ebd-4126-a3cc-34aa77839ca1","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":82,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"145a7b02-c645-4b33-a20a-b03bca131fe7","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":82,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"84fce16a-443a-4dc9-9df4-592add4a28fc","block_type":"box","text":"positions it holds in order to comply with position limits or may not be able to fully implement trading instructions","page_number":82,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"65a6564a-d904-40f6-9c0b-596a2e341d70","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":82,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"95353b01-fa41-40ce-abcb-47b4cfcfd240","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":82,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"b20142fb-a33f-407f-9782-2bfbca60d456","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":82,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"9a66fcc9-4d3e-4cb3-af64-2b366137e1ab","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":82,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"bd28f00f-de01-478e-8b22-0a39b97a9628","block_type":"box","text":"equivalent swaps. In October 2020, the CFTC adopted a new set of speculative position limit rules with respect to","page_number":82,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"b3b2493b-777e-46d8-99ba-2cf8896f1e16","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":82,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"86db5949-d3fd-421a-b416-7905189de9a0","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":82,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"977bd3fe-209b-499e-88bc-526893bb7f25","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":82,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"b3d5d283-2b60-428c-8087-3a0c662ee1a6","block_type":"box","text":"differences with respect to any of the following: (1) lot size specifications or notional amounts, (2) post-trade risk","page_number":82,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"b31c8fd6-3728-4eb0-8b2a-73b1f5b7ce63","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":82,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"4655b398-3765-4d9c-aa74-31e0af29ed23","block_type":"box","text":"diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural gas, two calendar","page_number":82,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"56b7e673-ef7e-4d19-9737-a4c8d76fe6ec","block_type":"box","text":"days). A cash-settled swap could only be deemed to be economically equivalent to a cash-settled referenced contract,","page_number":82,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"64ca5f06-e52c-4307-b4ae-4fbab545f354","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":82,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"f2226a38-cb14-4a2c-9504-451b0f5e0b67","block_type":"box","text":"contract. However, a cash-settled swap that initially did not qualify as economically equivalent due to the fact that","page_number":82,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"14793f4b-4305-477a-a0bd-e2418806f076","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":82,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"904862a1-81fb-4ffe-9e97-7ff114c1e939","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":82,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"dfe6b71d-9797-4e13-89c6-b6a7ad04bd60","block_type":"box","text":"CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":82,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"713173ee-bbce-474e-896d-ce6e923d693b","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":82,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"6ebdb17d-e232-401d-bc22-9319855c8ffc","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":82,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"06ef22f7-6bfa-4d9c-94b3-99c89fe64cd6","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":82,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"17d16d7a-0026-4519-bcc6-52d1e7be4916","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":82,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"33e3cf3e-261f-4421-9eac-f3fd56be7e89","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":82,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"1c37557c-d7bd-4192-85d8-c0b063c7b1c1","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":82,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"a91ceb7a-c5be-4a2e-b061-17f91d676776","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set forth a list of enumerated bona","page_number":82,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"fe28e1dc-e7df-4eda-8c90-52ad9cff1104","block_type":"box","text":"fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a","page_number":82,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"7574f5a8-72b5-47f1-8697-4f05f3528e65","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated bona","page_number":82,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"c7be3c47-473f-4d20-8b92-b813dedfcdda","block_type":"box","text":"fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For","page_number":82,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"230af01e-5b11-4050-b4d1-b23aeef7c39e","block_type":"box","text":"non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted","page_number":82,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"37c32894-6e64-45d2-b96b-5f884f2a1222","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":82,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"a1bcab69-04a3-4a72-9297-9238e0d573ec","block_type":"box","text":"increase in bona fide hedging needs (in which case the application must be submitted within five business days after","page_number":82,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"78851e2c-fce2-4e57-aefb-f1991118eee0","block_type":"box","text":"the market participant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":82,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"3774bc24-288a-4a91-84ee-363c2da211e2","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":82,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"a609825e-ad31-4541-b251-6969fb36d650","block_type":"box","text":"equivalent swaps. While the ultimate effect of the final position limit rules are not yet known, these limits will likely","page_number":82,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"c74c25a0-4637-4d31-9178-ea5c6e377c65","block_type":"box","text":"restrict the ability of many market participants to trade in the commodities markets to the same extent as they have","page_number":82,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"5a42c3a2-1917-4bc9-be11-ec2613b123b6","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":82,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"0cdd74a0-c55d-413a-925d-715530766560","block_type":"box","text":"duration of positions available to market participants, and increase costs in these markets, which could adversely","page_number":82,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"fb9be6de-7398-4c2a-ba96-56cbbdbc5dd7","block_type":"box","text":"affect a Fund.","page_number":82,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"45d43ad5-effa-4074-aa2d-cf7f40586f98","block_type":"box","text":"II-15","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f0b8f81d-c929-424c-8c55-df669ce8aef2","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"171c0dc9-8675-46ef-953c-d90e9cc1217e","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":83,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"1a2fc97c-87de-4ea0-8da9-d7876d790c27","block_type":"box","text":"market participants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":83,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"13f2e395-b597-4bc8-a590-243e27518925","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market participants are likely to be","page_number":83,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"c8d5bb7e-80e1-404d-9cef-aad1594585e8","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":83,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"dba09a4d-53ef-455a-b71c-375dc81470bd","block_type":"box","text":"affect a Fund’s returns.","page_number":83,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"aa3df09a-56e6-4330-b1a1-be26a10d0538","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":83,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"78bb5d22-0c1c-46aa-8688-73561b6d7511","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":83,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"847f7383-989d-4741-a1fc-cf9428a78de2","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":83,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"2cdf9629-e165-4556-ab1b-fd27502662c0","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":83,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"94f62797-5202-402c-90da-0d9af62eb956","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":83,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"3fea7cd9-949c-49bb-a89a-675562b02946","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":83,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"58d8b235-1cb6-4ac5-a566-b0a1ae6f2131","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":83,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"5bf941e2-600b-4f85-b5c5-e0b27583a22f","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":83,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"7e6eb010-7caa-466e-8de7-2919f3439ec9","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":83,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"e04b5417-250f-4037-8559-bd5b36f78142","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":83,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"c0121978-0862-4365-80d5-b9102533e071","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":83,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"a3648a0f-e76a-4b55-b5e6-0282719d9529","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":83,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"fc800c78-c594-4d57-9b30-1967d2c782d8","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":83,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"ca9edbf6-9168-4ce7-b9a2-fb6e74f10ccc","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":83,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"751b3aec-b917-44db-aa26-f35f09e517f7","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":83,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"56549450-5707-422a-8fc0-363dc31c0fa1","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":83,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"572a8ec5-2535-41aa-8dd6-c1b3174b4ccc","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":83,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"d2f98f20-2f02-405a-8b4c-5f68f0f81344","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":83,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"0b85a798-b562-417c-9753-584b7d7f3546","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":83,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"74459bf6-efff-47e5-bfb9-73a5c0a7cc07","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":83,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"fdea8e6c-0619-4e7e-aa4e-77c1b01baa0a","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":83,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"f3aa8605-472e-45e1-ab52-a0b682a3e5e5","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":83,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"c6569bbf-059d-4415-8242-765250d4b22b","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. It is possible that these new","page_number":83,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"f6512c1d-3d37-4beb-b840-cb9ed333fa51","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":83,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"b4900514-9451-4d5e-a9e3-1f7b67e19cb8","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":83,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"bb6f0886-0c59-4595-9fd4-cbc0fe8ecdcb","block_type":"box","text":"received under such contracts.","page_number":83,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"ca75ea4a-d245-46e9-bb83-afcdbe4f06c5","block_type":"box","text":"Risk Factors in Derivatives.","page_number":83,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"117faaee-b8a7-404c-b154-877e3995d55a","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":83,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"b619c845-4f55-437e-baf0-ca104cb4bdfa","block_type":"box","text":"Correlation Risk","page_number":83,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"0b0dfb3c-1f1a-467b-b0cc-36cb0389bb5e","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":83,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"5661df35-99d4-4865-8ed9-bc9241074c2d","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":83,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"e8d2ab5f-2bb4-4e99-b292-c25877f7f2af","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":83,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"1f4fed36-733c-47c3-8ece-26263c577ea6","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":83,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"cd6440ed-b566-47aa-9e79-59f5d9f21bf3","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":83,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"102b7fbc-c434-46ed-9456-246bbfd6ef97","block_type":"box","text":"Counterpar ty Risk","page_number":83,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"098ec643-47cb-4ff5-bbb4-9102273ecfa6","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":83,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"428ff54a-0196-4e30-b12a-cd062cb869b8","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":83,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"729d5385-b99f-49fd-9d4e-747676e30b4f","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":83,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"8e02b1e9-f5f3-401b-a0ee-e17bf7fceccc","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":83,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"ff85ff27-8a6b-4a10-9e36-1c0351137651","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":83,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"4e52727e-1c81-4e31-bacb-cdaf10eb6591","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":83,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"4a40a187-09c5-4b40-a3b9-fc1bbcdb88a9","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":83,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"75239404-f3ac-49ce-8292-a083da2baf30","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support.","page_number":83,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"410e9d22-7af0-4202-a33f-909ef5142958","block_type":"box","text":"Credit Risk","page_number":83,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"4f99bc70-cb4c-4b73-bcd2-7ad1de0e4fe9","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":83,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"c54270b5-bf86-4e6a-b0e5-e1ec537d72e1","block_type":"box","text":"honor its financial obligations.","page_number":83,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"c6b14038-7812-45c1-a995-c0b5e469cf84","block_type":"box","text":"Currency Risk","page_number":83,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"638ef156-d5ca-42fb-9acb-9b207ea89ad3","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":83,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"f444fb11-a2bb-4ef0-bbb9-b89240eed9be","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":83,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"94dc80cb-c725-44d9-8783-4ce786eb37a4","block_type":"box","text":"Illiquidity Risk","page_number":83,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"c63d1a2f-cc9d-4f66-be8c-ac8f3c545251","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":83,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"23d659aa-4075-4bb9-88d3-754560ea7143","block_type":"box","text":"or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments.","page_number":83,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"61880f98-1a14-4c9e-865c-264a1f4eb966","block_type":"box","text":"There can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a","page_number":83,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"66ec5bf3-227d-499c-8d3e-726895fb1c3c","block_type":"box","text":"secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative","page_number":83,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"2cdae5ed-d77b-4bd6-b680-16b37f9dd697","block_type":"box","text":"II-16","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d700a50e-0641-44d5-929e-a6edfa18efe2","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05e3c66b-f5d1-4270-9d3d-944a84ae63bb","block_type":"box","text":"without incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve","page_number":84,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"d09c13ee-d12d-4365-9fac-7e8825562893","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such","page_number":84,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"398f1858-4f13-49e1-9109-e332aff5a200","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":84,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"aded14a9-425f-4e45-a6d4-b99005c2271c","block_type":"box","text":"instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":84,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"36b309c0-29d0-4ae5-a720-bff8b563cc26","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or offers, unless a","page_number":84,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"2d35c5c1-30c1-4308-962a-42010e636366","block_type":"box","text":"quotation from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the","page_number":84,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"20412926-87c9-4d4a-9b5e-0887d9f6777f","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":84,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"e59ac7ff-4a82-4975-a129-fb3854f99ed0","block_type":"box","text":"supplies, the participation of speculators, government regulation and intervention, and technical and operational or","page_number":84,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"99b737ff-0e58-4654-8416-db5aa1fcf30e","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":84,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"7bb16e83-2d90-41e5-bd4e-96a5c1f380f6","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":84,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"fa19c092-5e30-48dc-9087-38dfb6498510","block_type":"box","text":"fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in","page_number":84,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"2a8cd803-5118-4240-830e-fbb028f7480a","block_type":"box","text":"the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":84,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"6130d382-4589-4f46-af36-88b0df1e9f89","block_type":"box","text":"positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not","page_number":84,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"e1bb8b0a-1eb1-4a6e-a168-6b96bf1f1cea","block_type":"box","text":"possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to","page_number":84,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"5b8da4de-595e-47cc-9ae8-e57c0908614c","block_type":"box","text":"make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the","page_number":84,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"462d8c77-27c2-4254-a82f-ded1e6006b87","block_type":"box","text":"Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a","page_number":84,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"2eb9afdb-4d18-4894-bc76-690765d1a34f","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":84,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"4d4214fc-0f9e-44c8-b231-ff45f6ae649b","block_type":"box","text":"Index Risk","page_number":84,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"11feb3ec-94a2-4208-abc2-a9de0bebe07f","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":84,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"253ebf9a-1492-44f2-902d-80e0d8042479","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":84,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"4a3e40b4-031c-485c-af05-601f0cc989de","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":84,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"cd2b567c-eb92-4a01-8c07-cba08d92e3e0","block_type":"box","text":"Legal Risk","page_number":84,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"9ae98d67-48aa-406c-bdb8-46b7488ba0c5","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":84,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"f1f7c0e2-aa02-40d2-b351-fde4de09814c","block_type":"box","text":"or enforceability of a contract.","page_number":84,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"dec67a4c-a9a1-46c1-af2a-036eb6275ab5","block_type":"box","text":"Leverage Risk","page_number":84,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"1760c44b-16da-46b3-b2c1-0d29309e93d4","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":84,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"ade0e15d-a680-4dbf-b122-cd6eed073728","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":84,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"c04fc848-e152-4667-9c49-f1351f7e09b9","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":84,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"7f8891b0-8938-43a2-b486-628b87ed280e","block_type":"box","text":"Market Risk","page_number":84,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"60ce0e5a-4b87-487e-8d78-4981b222fb05","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":84,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"21c409ac-ad8c-4be8-ae7f-7737a09c2152","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":84,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"e81f7a7a-1622-4ec0-bfa4-dc410e903300","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":84,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"f6b053fc-cd90-4f2e-bf56-f509f38c64f2","block_type":"box","text":"affected.","page_number":84,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"421520ba-f857-426c-ae3a-1f9e1acb6509","block_type":"box","text":"Operational Risk","page_number":84,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"9fca24f7-1cc2-4c75-a4f2-b1d609bbdcb2","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":84,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"4648f42b-4042-4304-aae2-f963cfe22ff4","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":84,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"14b23cf2-a9c3-4f59-90c4-070e73292843","block_type":"box","text":"Valuation Risk","page_number":84,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"e492f2ab-f83f-42b7-885e-002c572f34f4","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":84,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"f1147ec4-b917-4f33-9c39-3fd36ad31269","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":84,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"54a11881-01bd-4ec6-9acc-74cea836d741","block_type":"box","text":"complex instruments or quote prices for them.","page_number":84,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"6530428d-fb27-4a95-b2ab-e69b32fb6496","block_type":"box","text":"Volatility Risk","page_number":84,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"f2829c1b-95d5-4e57-b90b-342a346fa9e2","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":84,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"f326c4dd-d17d-419f-94ef-e43aebe5f566","block_type":"box","text":"Types of Derivatives Transactions.","page_number":84,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"c40ab6d5-1037-4d72-94cf-6ed52de9b410","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":84,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"fbbfacdd-09ed-424b-9f72-94977f93c1f2","block_type":"box","text":"including the following:","page_number":84,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"32779624-a602-4f9c-8483-9639e5e10c0c","block_type":"box","text":"Futures.","page_number":84,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"dc90ff02-77d1-4712-9748-63d54f63a7b1","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":84,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"bbb95ccb-d0fd-4397-b6cb-a5cb200044dc","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":84,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"81d77834-91e3-4d9b-9522-48f5df869abb","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":84,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"756daa70-514f-4fb4-ad55-b5d61ee0d2cf","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":84,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"dac172d6-372b-4503-9e70-dca8ca69d2c6","block_type":"box","text":"contracts are marked to market daily for the duration of the contract, and the Fund will either post additional margin","page_number":84,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"cfbf4c4f-fd15-46b1-8053-ef4ca2a7ec11","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":84,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"aa09a32a-951a-46eb-9243-05184f781a1b","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":84,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"9e89cff8-d743-4525-ad5e-ba4730b744e7","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":84,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"0ba67bdc-1759-41a9-bbdf-ebd80f33bd13","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":84,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"09f236ca-6868-47d2-b2af-909f4a11b1fd","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":84,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"f519162b-3c66-4979-9bb6-f2c93e116d08","block_type":"box","text":"of the futures contract.","page_number":84,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"548ba104-5d30-4edf-ad83-f494f33d1864","block_type":"box","text":"II-17","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b3bf3c4-ff20-4563-8aa4-ff8921e3eb4b","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"056f4966-a7f2-4781-9391-ca722264bdde","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":85,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"1e3817d2-0021-4a57-a7e2-121e0969fe19","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":85,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"cab67174-6a6e-4054-a7db-6dd25b208aab","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":85,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"1a54847e-6200-4645-8295-e3cea83f8f1b","block_type":"box","text":"relating to the futures position.","page_number":85,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"caefa0a9-0aba-4efe-a41c-4298eb65a646","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":85,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"2d0a2d93-9474-4cae-a554-b5989a01090c","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":85,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"1e2af681-c96a-4f3d-8e0b-4d8205e9d0cb","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":85,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"71940a32-fe9e-480a-9d09-64580b086e4b","block_type":"box","text":"Regulations” above.","page_number":85,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"3f6b9e1d-a5c0-4bf2-b803-f35dd04263fd","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":85,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"5548cd62-24d5-4678-8a54-ed816950be11","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":85,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"be5dd456-d944-4395-8243-29e9ee3f6b1f","block_type":"box","text":"(","page_number":85,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"d37e90c3-c8cb-4896-90c5-6bb23a472a00","block_type":"box","text":"i.e.","page_number":85,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"9da80ff4-070c-49f4-9fa6-51f7800c2c12","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":85,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"18511fdb-26dc-4818-9dfe-7ab3271342ce","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":85,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"141114d6-3e2e-4499-8dc1-c4b85d7b8f2f","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":85,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"a407c684-380b-466b-b80a-c9096defbbbc","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":85,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"8f07396c-1b5b-4b08-8767-92f49cce768d","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":85,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"4ab590f7-4caf-4de5-8679-3a500a561a8b","block_type":"box","text":"Fund intends to purchase.","page_number":85,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"c74dfef7-e676-4ec5-9fc3-48b739efabd1","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":85,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"0bffe5e0-f733-49c7-a40c-aed048d18a50","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":85,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"dda87049-0ac0-44e4-a04c-16b0ea40c436","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":85,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"df7f9498-a9b4-40e2-82b2-5b7c538ef8e7","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":85,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"7078feb7-673c-4147-9057-8940ffcc37f3","block_type":"box","text":"illiquidity.","page_number":85,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"97d778fd-eca6-44ae-875a-c2b7089e10fb","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":85,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"0750687b-6b33-49b4-88ac-3a5b50abd15e","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":85,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"1743158e-3ee6-41ef-b5e6-3551bf548ee5","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":85,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"c2276468-58cb-473b-9e97-aeb583d328ff","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":85,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"a190a9b4-3337-47ef-8cd2-ab3c59be81df","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":85,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"1fba05bf-a2ba-4bb4-9e3e-964efcdc3079","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":85,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"4b662b59-b080-4ce2-a2c6-b8d9459abe9b","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":85,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"6b6141de-780d-4443-91b2-8ab14617b203","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":85,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"5f8a7196-c395-4bc7-9287-ce77684757d1","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":85,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"e53aaa43-8ae6-470e-b084-b78c76474791","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":85,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"e62ee5b3-de83-41b7-8148-619852fae3a3","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":85,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"f971904a-5592-4e69-a60e-cd6d811eb548","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":85,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"925e00be-24fb-4886-a0fb-5ffcdbd32cfd","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":85,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"3d92c858-eef8-4452-9125-4ba2f671dd49","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":85,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"a756beea-9de4-45f4-9f0f-27ebef277222","block_type":"box","text":"Swap Agreements.","page_number":85,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"4a578713-2b86-4715-84c0-6f7fe09e64fc","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":85,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"ba301e89-81e9-43c7-9a06-caf004403d47","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":85,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"fc2d72a7-7135-449f-b2eb-a36b566a122a","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":85,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"db3e2610-f715-4c0a-b3c2-9035ec2a136e","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":85,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"771120ec-1948-479c-a6ea-412708cf805d","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":85,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"8ecdcb8b-a32c-4fbc-9db5-bb5efae9ccad","block_type":"box","text":"a “notional amount,”","page_number":85,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"2b758ab2-5cbf-476a-a028-362fb2851d7d","block_type":"box","text":"e.g.","page_number":85,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"356e134f-7042-4b71-b544-374ce289ed0e","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":85,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"03edb5b2-4727-44bf-8453-a8e1d6dd7a92","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":85,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"118633fd-ca03-4ee4-a356-859691e32932","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":85,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"5e89862c-143d-40e7-b7a0-47670e696811","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":85,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"7bb2bf23-8218-4225-ad5e-c3e5b290a0c4","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":85,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"f57529ce-f087-4efc-b8f0-38a6a96d1699","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":85,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"de8e17a6-4faa-445c-aee2-325dc90cb6cd","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":85,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"e6962c68-78dd-4f56-8eb8-3e541573852a","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":85,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"087c4a12-ddc3-4b24-894d-7f7f4922a053","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":85,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"6b907f73-3097-47e9-9eec-7162bc98cace","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":85,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"6ad14a4a-2d5c-4517-b696-73871a853bd6","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":85,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"77524a89-947e-4bf7-a4e0-1b5f9e6796a1","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":85,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"e2fe43a9-9fbc-48f7-8a25-351ef38d6d1d","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":85,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"23aa29f6-c990-44cb-82a1-4a9d459a156e","block_type":"box","text":"II-18","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"03f663d2-4a52-462d-9ad7-9a731178b18f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f1eef73-cc85-43e9-9274-ec938cfe6871","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":86,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"dc84d0ae-1de2-4819-ac76-7bd0409bd20b","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":86,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"9e38235e-0e98-4ed6-b2c9-ed33edea07d3","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":86,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"0487dcd8-0ac8-486d-86ec-f7b0c8a2a7a7","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":86,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"0433dd44-59f8-4981-a28f-538376a83a4e","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":86,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"6f16c42a-67be-4f99-b248-39ee0e635fbf","block_type":"box","text":"index CDS.","page_number":86,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"60badfba-80d8-4742-a538-5057d448a864","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":86,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"5d8ebbca-2026-44f6-be73-1b126dcc4593","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":86,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"ea05a064-9d91-484d-ad1c-5260997b980b","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":86,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"567ab21a-3200-4d32-b66c-43c913b3fb8e","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":86,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"470589c3-aa18-4ae3-81a4-4582a5e1d459","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":86,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"698cef78-eba5-480b-b134-640ae7b9c4e3","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":86,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"3e5f18bf-37e3-4f33-aac9-ce9e963c730f","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":86,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"254c065b-898d-4584-86f7-56f54ccb17c9","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":86,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"3ece55e4-041b-46a1-917c-7a7faec5d45c","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":86,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"e938b143-ffa3-4643-a9d6-5ee9ac172939","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":86,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"e99e1d2f-b9b7-42cc-9565-ac7263b38814","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":86,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"6cec0774-331c-4333-828b-1d24d3d73e2a","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":86,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"83caf7fc-c59a-45b0-b39e-e5c1140751ed","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":86,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"267d0d2a-5281-467a-91ec-3f68a9e91007","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":86,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"d7422c2d-ea52-412a-bfc1-f9cf72a191a0","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":86,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"31c26ffc-df2f-4223-b904-b221280f9e08","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":86,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"407868a0-5d46-4371-87b5-8f0def830b0f","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":86,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"ae13001f-1ee4-4833-8b3e-652eedad72a9","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":86,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"be0c21b3-b4ea-4742-bb2a-00e3f4c2fad2","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":86,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"cc068441-62f5-4cbd-9355-72ef3fd866e8","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":86,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"95bfd488-04bf-4210-a1cb-ef40c74aa53b","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":86,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"568f1ff7-8fda-4145-9798-0bbe06853f34","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":86,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"9fb2b3ed-9088-400b-96bd-5fc3b29ec002","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":86,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"e5300164-29c3-482f-9bdb-7ccf9440d3b5","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":86,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"a09bd9a9-2ba8-45cb-83ba-125c6cb12288","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":86,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"4221d3ce-6082-4470-85fe-aab9ef3dbd1f","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":86,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"a003e109-1c3a-4d44-a8be-0dfdaa7bf3d0","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":86,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"d4e3d703-b42d-4b82-b965-8c0b472cb59a","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":86,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"b61f6840-81cc-49d5-a3db-60b433c6aa15","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":86,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"d963b9e2-e62b-420b-81d8-09b5da574c1b","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":86,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"30c0ead2-8839-418e-b010-a97875e25009","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":86,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"88067dce-3cbe-44d2-959b-5e92e7ab563f","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":86,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"b14b24ac-5f73-4976-b4b3-0d2f81d3c400","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":86,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"047437d5-a69c-41c1-9689-7db3f6c90668","block_type":"box","text":"conditions.","page_number":86,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"8d4d652b-bcd8-443c-910a-90d9525bd62a","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":86,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"7b536209-dd0e-4ef7-a2ff-924801471fd6","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":86,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"f486f74e-a026-4aee-9ed0-1deea1b45c85","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":86,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"18d7aa15-94bf-4897-a955-f0cdfa31dcd1","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":86,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"cf6dc7e8-f497-4f38-8756-e314004e0da7","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":86,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"99d80f64-9108-4a6f-b493-8143628af123","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":86,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"eaf07092-2c8f-425d-9b95-a3195f16bf52","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":86,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"8e9c344f-1e36-4935-a800-50baef9af3ae","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":86,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"1874a9ec-e545-492f-a2c3-902179527a0d","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":86,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"b620bc09-d8ae-4446-9ff4-8096400271a7","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":86,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"6c524a6f-77fb-4164-8c3a-d71ffbad5eec","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":86,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"3bdc33a0-fa88-4fee-860a-f8ccf5aba63f","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":86,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"661441d5-dea1-40ff-8bb1-10bb901fed4b","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":86,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"4a5a920c-8802-455a-ac66-ea3d46febe34","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":86,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"f94b672b-a939-4e85-b842-b97ef77b3ef8","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":86,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"64c3ba05-d1dc-4070-a493-0442d1584dda","block_type":"box","text":"II-19","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2ff07fc9-b6fb-47c3-b4c0-36be1a6e10d9","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17bc5140-8028-47ed-bd15-3fa51bb34a78","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":87,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"97f51c25-29d2-4bbe-92aa-921762c44a40","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":87,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"1bd419ae-fc89-47a7-98e9-876997858ef0","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":87,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"e089cddb-1b67-4d14-bc6d-8244b4759025","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":87,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"7bbccba7-ae30-4b3b-a79a-ffe0f9a90d86","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":87,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"c7b2f7bf-2084-4b15-b3ee-201f3b9138ef","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":87,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"66911d7c-cfed-4fa9-a177-acd1a8fc8c05","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":87,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"2d00ef32-9e04-486c-b775-eea6f370f490","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":87,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"10a4ad6d-6fcb-4d88-bcb4-8872d465136c","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":87,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"358be6d1-831a-4ac0-ab1d-b41358be7f3b","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":87,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"55c58cc6-d74f-4b85-9aa9-5a3426316b72","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":87,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"2ca3686f-1cb2-43a6-bef2-7f7c4d733f6c","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":87,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"642e2478-c005-4a78-b4bf-71e1d9128f9b","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":87,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"97e76b3e-3f10-4847-a6a1-694cbd2fd20f","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":87,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"84374328-b8ee-4be2-a8e4-fbb71e737646","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":87,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"ede1489a-1cfc-43b3-a440-9e38cf504a3b","block_type":"box","text":"cleared interest rate swaps.","page_number":87,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"61492304-2af7-499a-8c47-a120b13f9201","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":87,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"a4c8fc14-9b34-47c4-a98f-f490e1237456","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":87,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"58b37c24-d9dd-41d7-8b1e-68b4af9f90e7","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":87,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"b369f103-3494-4802-9e90-9e8e59dd9190","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":87,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"e0ac78b0-3f07-48a8-8a14-23bf358d2362","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":87,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"673a274d-5156-4224-bb9c-6944cf8eff93","block_type":"box","text":"liquid in comparison with other similar instruments traded in the interbank market. A Fund may be limited in its ability","page_number":87,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"60e1a4da-c913-476e-91db-98db7a0bffe5","block_type":"box","text":"to enter into certain interest rate derivatives due to applicable income tax requirements.","page_number":87,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"bc3227dd-6c19-4708-9cde-e135cdfdfe98","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":87,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"e2e10ab8-ead7-4812-a860-0da2b74f09fa","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":87,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"483d4f90-f18b-494d-858f-4fc3bdd1394f","block_type":"box","text":"or variable interest rate, index or asset.","page_number":87,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"6f166d3c-e2ca-4503-9ea6-76ebb797c7d3","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":87,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"d252054d-9dde-495a-8019-952832af0646","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":87,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"380c490a-1def-4f33-8545-e6af7f13ec00","block_type":"box","text":"such interest rate floor.","page_number":87,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"2ec078c7-db85-4f9b-94e0-be335c6282c8","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":87,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"99c9d0c2-0fda-4342-b272-4416c2f9e1da","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":87,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"9749533a-25df-440b-b661-59d4bc3cb10d","block_type":"box","text":"such interest rate cap.","page_number":87,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"52767b2b-cf54-4b81-81f7-9a1f7b81dda0","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":87,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"6f135834-e43f-430f-b559-76ee7fa86895","block_type":"box","text":"commitments to pay or receive interest,","page_number":87,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"d4000a9b-5d2e-4d5f-b54a-84d068129746","block_type":"box","text":"e.g.","page_number":87,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"36947e37-a559-4f6b-b351-3913fcc235c1","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":87,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"b5eb83be-df01-4281-b438-4e302dd66c4c","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":87,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"4a05028c-4304-4ea8-a19f-b0ef2ce48a0b","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":87,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"bfdc78ee-2ac4-4f64-b6a1-d3c732c27cd2","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":87,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"46fea39f-8eac-4ed4-88d7-499e4a838d0c","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":87,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"83f30534-9c40-4b0f-81f2-b2a51242e5aa","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":87,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"e1416a3e-b8e5-4ae5-b8a0-715010c96ede","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":87,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"3f21c68a-2862-4b60-afd3-7371db58b5ef","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":87,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"b869c3c2-ffad-43cd-8ca6-f3a7187b36f7","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":87,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"46698618-f450-4df4-b1e3-b56a404b4efa","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":87,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"e61a034b-0f57-4cf9-98ab-70ae4fa59580","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":87,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"02e8dd97-6575-4bab-9865-de138961ad7a","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":87,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"4f2f9a39-d080-4a22-b987-865eab4ee6fd","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":87,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"d0e0c932-ea10-405c-adb6-457f5ec30106","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":87,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"627d9d0a-cd5e-4edc-a1d3-a1cd7504b69a","block_type":"box","text":"Total Return Swaps.","page_number":87,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"f9e77809-ad4d-4ada-a520-3d0ab746bb14","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":87,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"e0202897-dad5-455f-ba14-9c0e8cabf7cf","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":87,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"86440688-b722-4ae5-8eb1-dedd619e7b85","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":87,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"7b7045b5-6e55-413e-83a7-b40a4fe3724c","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":87,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"26bb0f03-c279-474c-ab63-7250f30dedd0","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":87,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"7e4e0673-319a-48e3-a35a-67ced229ac7b","block_type":"box","text":"II-20","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"904bd5c2-6989-496f-83f3-db1339f11e01","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e33d174-888a-4337-a371-caf8e458a7cc","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":88,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"b013e6bb-4f06-473d-8aa1-4b7a3746e7f2","block_type":"box","text":"“contracts for difference.”","page_number":88,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"4f6b92ad-7237-4011-9f9c-45d26bf2344c","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":88,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"a2499879-8aaa-4c0a-aae7-afe2f3a8206c","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":88,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"68dae254-3b7b-49df-82d8-61f92c9de87a","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":88,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"aef1d17a-e358-4f91-8448-1a25888a72cd","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":88,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"701989cc-2869-4403-85cb-db2c60463c0d","block_type":"box","text":"the notional amount of the swap.","page_number":88,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"2bf5fd23-986c-439d-9858-e6342c0fc752","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":88,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"e3d2c50f-77e7-4ed2-aec0-0bdb7ca39646","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":88,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"04557a0d-2d4b-4fd6-9a26-67576c0aa043","block_type":"box","text":"Options.","page_number":88,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"25825e25-df68-4d70-8059-d3ed48f82aa4","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":88,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"edb0053d-8fb6-4ac9-8d4f-fd0081d9dd5b","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":88,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"e99736dd-883f-4cf7-b78d-f6714c4dffc4","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":88,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"d90f5436-761a-40e8-a1a5-76071048a6b8","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":88,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"255880ac-4123-433b-9f96-2e4a182a9c7c","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":88,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"84584cad-174e-41c0-810e-6f856211e5e6","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":88,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"fa0ebc84-6478-4f53-a8f0-d38abff6e996","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":88,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"32d76d9e-a8a8-4364-816d-228c25af4187","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":88,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"64e827c4-5c31-4631-b372-00418464e2a0","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":88,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"c8cfa562-7c6f-4ad2-844b-0c8e48ef9654","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":88,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"63d4f498-dda3-49f3-ac08-02a35a17628a","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":88,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"f37ea182-2945-4916-af57-eab05b9611ab","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":88,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"40559dc3-9d95-454a-b77e-4ec00ce82c9e","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":88,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"a2bc928a-f513-491c-82c1-c06d18d8fb60","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":88,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"cde7e77a-1f70-473f-b45c-35781b1f1330","block_type":"box","text":"OTC markets.","page_number":88,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"3ecdd063-aae2-42df-ba1d-f6bb5293f373","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":88,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"91da0fe7-1b4a-4d28-8b0b-6fedd80b0514","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":88,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"b43a32d8-ba16-4af5-8b03-02f30cee0502","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":88,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"69779ffe-35d5-4fb3-b2a9-9ec2664f745f","block_type":"box","text":"market for particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":88,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"9befada8-eb24-4981-a01e-953fcca1c7c0","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may","page_number":88,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"f0d87077-e1c6-4f57-8916-157fe528aded","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":88,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"3344d75b-7029-4896-b1a4-b16bfd1ef1ca","block_type":"box","text":"other restrictions may be imposed with respect to particular classes or series of options or underlying securities;","page_number":88,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"5de1f2a8-63dc-4374-9f70-dcd9baff6afd","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":88,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"2106ced1-bf3a-459a-aebe-63463f365a75","block_type":"box","text":"or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or","page_number":88,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"c92a73e0-e477-4653-ae93-fe75cc026241","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":88,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"1d654d89-f34b-44c4-8369-3621658cafe4","block_type":"box","text":"the trading of options (or a particular class or series of options), in which event the secondary market on that","page_number":88,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"c3766bc8-0fb7-41f4-8135-795d7242348a","block_type":"box","text":"Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been","page_number":88,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"da3f4774-05d1-457b-8caa-ffbe461cfb00","block_type":"box","text":"issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in","page_number":88,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"648bb77c-6925-4c1f-a6b9-dea8b40f6a1f","block_type":"box","text":"accordance with their terms.","page_number":88,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"2a7e9486-6627-4f71-8cbd-df6a6c48bf4f","block_type":"box","text":"Call Options.","page_number":88,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"9c854fa3-60a8-4adb-8a93-971479a93a75","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":88,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"d4f6fad1-aac7-46ec-88fe-e609c90797e0","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":88,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"657ae5d0-d0e4-4cd0-8102-7e3e86c66bf7","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":88,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"89220c58-d759-4779-a021-9f092eb56160","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":88,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"709a39c7-fba1-4026-a941-833b8ab34573","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":88,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"d95db8ee-efb7-4beb-ad66-71ecf7118856","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":88,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"b4043564-f401-4ccc-af24-378d689be1b2","block_type":"box","text":"of the option.","page_number":88,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"094d4b93-5dd0-41bb-8a50-2d20a4afc0cf","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":88,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"fb821dfa-cf85-4a04-bb90-3c0be9d0721d","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":88,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"bd530639-9eab-440c-a5db-e1b176600f1f","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":88,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"2d982fd2-9396-48aa-8880-a49c9576e625","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":88,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"03a59788-8199-4464-b32b-d01e64d64fe6","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":88,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"52751f09-88a6-4a91-b31f-cd8c461e8f80","block_type":"box","text":"A Fund may write (","page_number":88,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"3198c4f1-59a6-45be-9d1b-cea08622e999","block_type":"box","text":"i.e.","page_number":88,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"401bd433-3e72-4b46-8971-6fac330c8cd2","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":88,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"6fae03ba-190a-4c3a-800f-f740bf0c643c","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":88,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"64e047e2-6904-4149-b7af-cb26064c46ef","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":88,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"eb5bf689-cc43-474d-80ef-beb3e710c681","block_type":"box","text":"II-21","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"032a9c74-7bd6-4b92-848d-b3535a72eb8c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"466637ea-7cf8-4294-9723-6461e72d3d63","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":89,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"7e0652ed-f059-4d17-ac9f-bf3a8097903d","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":89,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"7bbab65d-c420-49f5-8ff1-96e0a8730dc1","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":89,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"3318fb86-a9cc-4192-ad2b-6775e81df938","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":89,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"bd916fa0-263c-4d83-a471-a20b118a1121","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":89,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"47c643fc-0743-4d8c-a2b6-dfd74da9e95c","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":89,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"ec0c3544-3117-4c6c-9e27-d27d41911471","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":89,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"3956803b-38bc-416b-bb47-c985106b60eb","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":89,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"3b2e26c4-8974-4bb9-9a17-bf0db4e22980","block_type":"box","text":"A Fund may write","page_number":89,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"e9250369-3567-4a4d-a835-881af6663d09","block_type":"box","text":"(i.e.","page_number":89,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"09c7b57f-bb51-4659-a55f-7d4b32e45dae","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":89,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"c1d47401-a3aa-4724-8dad-46c458ccd39e","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":89,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"6e7fa02b-8444-4998-bad9-50840aeabf8c","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":89,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"785a951f-4012-4668-b9da-b2139b2e2cf4","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":89,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"5120ec6e-5379-4779-9ed0-7bd1a7106010","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":89,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"0c9145ef-8ed4-40d0-b240-08c0b3e1efdb","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":89,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"34285f08-279a-43bd-9083-057cca6a3809","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":89,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"f2e65f43-b8c4-4b0f-9464-1310667e59b0","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":89,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"d107f439-f2b7-4914-82d7-21a6b484f278","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":89,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"0b332cf7-25f4-4f1a-ad7b-82b088fe093b","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":89,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"37dfef4d-ff8d-4c7e-9a9d-46852ffbc307","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":89,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"1a7fbe1b-be51-4326-8b53-097f9a30b368","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":89,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"6de4890a-78f3-4920-8817-ccbd01b8fd8b","block_type":"box","text":"Put Options.","page_number":89,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"39f54995-d722-4626-9e28-11cd37fe0e19","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":89,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"b248f3b9-5f6a-4e0b-bf1c-265bd8868717","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":89,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"4d1c29b3-895a-403f-b953-bf349f8b9c4c","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":89,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"1552b0df-6de1-45e5-8848-d7c74280fc52","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":89,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"5b5b0018-8d5f-4a99-b01c-38c25d0e7c98","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":89,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"3173b126-7013-4954-9732-67c60591e16a","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":89,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"c2a33cc3-cc7e-44bc-bae5-7c89dad028af","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":89,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"241035f2-b393-4202-a290-b59d40a5e9c7","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":89,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"0fad7a97-adf8-41e1-8abe-61a7dee77b86","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":89,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"08775171-356a-40aa-84c5-c7cf4ebba330","block_type":"box","text":"purchase uncovered put options.","page_number":89,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"3ccbe6fa-a185-4f53-ad69-cd16d38e4d7a","block_type":"box","text":"A Fund also may write (","page_number":89,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"6e9ca1fd-7e18-4051-aa75-d24eef470328","block_type":"box","text":"i.e.","page_number":89,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"07a7e313-c2da-4adf-bdd2-c1e92b03eb5c","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":89,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"797e4bb6-8c3d-4c24-8b8f-f1ba40f57701","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":89,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"2da4034c-935b-456e-8ca8-d88608cd1631","block_type":"box","text":"A Fund also may write (","page_number":89,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"41779097-0f98-4450-bd56-5734f2d36c3d","block_type":"box","text":"i.e.","page_number":89,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"c869cafc-34d2-4149-8d80-1076b767a212","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":89,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"06827778-2a52-4cdd-8d49-8289c3c7594a","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":89,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"4b972cf5-36ea-44a6-8ea1-75c4ab18b445","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":89,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"433b6671-1806-48b6-b78a-8cd37249d549","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":89,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"1566bfe8-5a76-4eea-b839-3f80723c8bc6","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":89,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"65c85222-b2c8-40e3-98c0-52f3cc771756","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":89,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"2593f91f-b22c-47da-8061-d9a03bf8a39d","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":89,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"5b53d6d9-8337-4381-9da6-99a1084d5c98","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":89,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"1d0a3bb9-c38d-4658-97c8-4974bc6a420b","block_type":"box","text":"the exercise price.","page_number":89,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"b057f855-badd-4c37-8da9-232703fb69ed","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":89,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"bd673333-70ca-4e75-b5bd-99a9bd253377","block_type":"box","text":"The following information relates","page_number":89,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"2f7bf111-eafa-4d65-86b9-a5e1c67d82c7","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":89,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"87f39d13-1ae5-4ed7-895a-9aaef4e868ac","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":89,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"e1c32dd7-3509-4505-b6f1-3aa22b00c944","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":89,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"49991980-487d-4b2b-80e8-4da2f527fe33","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":89,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"7a54ddf1-5796-465b-8c46-a309aeffb654","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":89,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"e7cad050-aeb2-4967-af2f-d9d86e03ddad","block_type":"box","text":"market in order to maintain its “cover.”","page_number":89,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"65ef2076-d26b-4de8-9703-168ee0804208","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":89,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"a2574cfc-786a-405b-ae4c-8655c67e7177","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":89,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"94c1fdf6-75fe-4a24-806b-3b6e4b9b7f36","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":89,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"95312287-a575-42ad-a879-da5b2da30453","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":89,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"91a391bd-029e-4b62-83b4-ab7e8b331fa6","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":89,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"9d50a463-82e6-42c1-96dc-84a5dbb642bf","block_type":"box","text":"and incur transaction costs.","page_number":89,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"b7d43642-c436-4c43-890a-c6933fe8126e","block_type":"box","text":"II-22","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16d4e1d3-8e9e-4fe4-87c0-8e91415bf721","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46be983b-a587-4e0f-be4f-491bac84bcf4","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":90,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"4df810e0-79ef-4c5e-8068-d611e3c42806","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":90,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"7e06592b-fea4-4d2e-8531-cf389b10b0dc","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":90,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"5fc484bd-9230-45fc-b3d4-4e91bccaae97","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":90,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"c5cadde0-f0dc-4ec8-9680-3771e51dd86a","block_type":"box","text":"i.e.","page_number":90,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"2bb2c1c7-409f-4b55-8390-5d6992ff5850","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":90,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"4c3cda5f-9ab5-423c-bcc9-050bcf3b89fc","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":90,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"6f74d811-5df6-4925-8688-cfb4d9c32871","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":90,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"9e2d96a7-abef-4608-88c5-ea4d464d33ef","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":90,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"e1bc9f00-cedb-49fc-a775-72c02f51a028","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":90,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"6266c94f-0423-40af-b164-ccde693742c8","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":90,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"da23346e-447d-4211-b3c1-d34578c87ae8","block_type":"box","text":"required, to be cleared.","page_number":90,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"a0c71298-3edb-4e26-a630-97d8e09ff43a","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":90,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"345de3ac-f935-4c5a-aba2-c135bd986bb0","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":90,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"8a5316eb-de54-4e86-a2ba-6648349aa3d1","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":90,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"eb2ed033-474c-4872-8b05-45ee03b674f4","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":90,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"9c4b5318-b2a2-4e84-a336-e4327becae1a","block_type":"box","text":"Derivatives” above.","page_number":90,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"c1c66481-5382-4754-a295-4bd214b34f89","block_type":"box","text":"FLEX Options.","page_number":90,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"38c569eb-15bd-4118-abe9-bd3aa2ca9faa","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":90,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"05fa9dda-af2e-40bf-82cc-18632ec56f8e","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":90,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"091e8e94-c8aa-471f-bb15-b64ef0c15ad6","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":90,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"3008dfc8-be0e-43da-b918-09c14d767eac","block_type":"box","text":"exercise prices, exercise styles (","page_number":90,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"ed038f93-bda8-4f02-856b-0558dacabfe1","block_type":"box","text":"i.e.","page_number":90,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"fd73146e-ce17-4b7a-b646-ffdda248b9e7","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":90,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"7381051b-3701-4115-bd77-b41c631ea736","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":90,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"1aa3b23c-e6e3-45b1-ad4b-1a2501c8eda9","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":90,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"34423960-ea06-4610-ab19-9dc5a2bf8469","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":90,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"4d8e551b-55e2-4d5b-811e-1aa1e8278531","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":90,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"645c9961-6d71-44be-ab16-3e6fcfe80bc3","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":90,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"9981aa7d-1254-4d49-ba15-75b776ab95a8","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":90,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"114b2e38-5fe9-4ae6-a709-dcd0284d8129","block_type":"box","text":"FLEX Option’s expiration date.","page_number":90,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"788a83ba-855d-462a-867a-786423a1561c","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":90,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"c6834d0a-4c96-4b24-b2c5-ae4d0cda346f","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":90,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"4fb6b4a0-17dc-47f0-9a95-a43f02b84162","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":90,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"b0701d95-95a6-47fa-8551-bf965d4d7d56","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":90,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"13462872-8ec4-425e-adea-c3200b4370c9","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":90,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"75e33646-5c58-4882-b734-15e983e058f9","block_type":"box","text":"FLEX Options contracts.","page_number":90,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"b8374e06-4269-416a-8565-7ffb49a6bcf3","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":90,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"7317adac-d134-44ae-a2bb-4135ab34100d","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":90,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"3acf74e6-d896-4d94-9be5-6b4c59603caa","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":90,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"29e473b0-cdaa-40a7-a699-2ff8887552c4","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":90,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"3781189d-adc5-490c-9b93-387adedbedea","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":90,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"aea5f61c-486f-4dd7-b93c-4230d09a3502","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":90,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"e613fb1d-8555-4949-a438-b19a4f601f5d","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":90,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"9431c42d-cf9d-4dd3-b4ea-8f2e7de50748","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":90,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"aee29621-a03b-4f29-a9bc-bfcb3b09b08a","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":90,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"ec654d36-9492-4a4a-8915-89f8069c83d5","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":90,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"ce5b912b-5aec-423f-8661-8fe10898580a","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":90,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"29fdacc3-8f48-46b1-b8e5-045bd49f81ba","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":90,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"23b912dd-2564-41ad-9f2e-f8bb143169ab","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":90,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"e10b7898-d4fd-4a59-8d33-538e2fe0d996","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":90,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"77ee76f7-806e-40ab-aef8-827f8eec5e57","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":90,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"60380623-e159-4c89-9d92-7b16f40f990f","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":90,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"fd240ad2-69d5-4c90-a3b3-f6f10b604114","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":90,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"9f23f06f-5445-4889-806f-e7b32e8eb88c","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":90,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"e200f4d9-bd66-41b9-b7ae-9d8dfce310e9","block_type":"box","text":"expire unexercised have no value.","page_number":90,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"4a2b9dc3-6814-4efe-8997-307816bcd41c","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":90,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"a15784e0-bd5a-4a33-80c7-33217f79704b","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concert","page_number":90,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"1981e4a6-8876-4048-a167-7e92d6d4651e","block_type":"box","text":"with others (regardless of whether such options are written on the same or different exchanges or are held or","page_number":90,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"053ed373-194f-4c60-96f4-bb9fd0d82675","block_type":"box","text":"written on one or more accounts or through one or more brokers). Under these limitations, option positions of all","page_number":90,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"f8853fe5-ea33-41e8-9239-3c443fd455a1","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":90,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"f4041f4b-03d8-4e44-ae6e-86f4a7023e92","block_type":"box","text":"II-23","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"08430b78-e098-4921-a00e-3ca2f6bf3e08","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"41e413ad-f83c-48c0-9fe9-a1b0ac4b07db","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":91,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"ded4bb58-d535-4cd9-801f-dc18448515c0","block_type":"box","text":"These position limits may restrict the number of listed options that a Fund may buy or sell. Currently, the relevant","page_number":91,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"495bc439-c137-47ee-9e93-f073be19a524","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":91,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"2453f6bc-1cde-4833-9f07-978c00005dad","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":91,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"2c97073d-53e2-4011-a2d4-c66b24c1f902","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":91,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"739ad032-fd83-4379-8aea-cd0316dbdb59","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":91,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"edc86087-73e5-4ea0-9286-1a342f4e7ed4","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":91,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"aafea480-6f4d-48bd-ba5e-5ab3eb4c385b","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":91,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"3fcaa508-f0fd-40d6-8227-6ee2d7b9f62f","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":91,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"885516d2-2ca6-479c-9a8f-3165519a4eda","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":91,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"163ab89e-2557-4168-a51a-b4b84fddf1c9","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":91,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"75fe0057-622d-4cce-a887-c165a3210452","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":91,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"2239f6d1-075a-46b7-ac9b-c7f0b1cd0830","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":91,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"f1725336-fdf6-4fbe-bf2c-50fd16a15170","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":91,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"dc5b8b1f-89ef-4178-a42b-28225cc4a7a2","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":91,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"e354bbd8-b882-40c0-b0e3-b9b4f46bd92e","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":91,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"8c9117a5-85e7-4d68-b6bf-6efd25506091","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":91,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"efaf20b8-1e4a-4709-8ca3-045d79c9489e","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":91,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"9abc55a3-cdbd-455e-972a-62b0973be669","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":91,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"d44b1b8e-fd0c-4b7c-a1fc-57b12d348859","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":91,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"ca786c24-05f4-49c5-aa20-02b64a0632ad","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":91,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"a49dabf0-a57d-4803-84ed-f0233b19d264","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":91,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"b4606d51-b145-46d8-9419-392e1cf99223","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":91,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"4b870086-3fad-41c6-b7a9-80cc13c75d8d","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":91,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"c96647b0-72f8-42d8-8ab0-3056b1b15cc7","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":91,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"fc5338ab-60b1-44dc-89ca-fbff5f922074","block_type":"box","text":"Foreign Exchange Transactions.","page_number":91,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"658b78d2-cb8c-4180-80ad-77d81fbc4b5a","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":91,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"66fa0f1c-f563-4be4-9835-0743f8fcb64c","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":91,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"7e327dfc-d59b-4338-913c-1c925f95a3e9","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":91,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"3658a87f-5470-4653-b87a-a2718e6a68e3","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":91,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"32d9ddaa-d999-4b80-bc42-9cf7d6d62929","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":91,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"9c88d665-d600-490b-8282-e13b00c8fbf8","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":91,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"b3938274-c45f-45ed-992f-1cea1e4a6679","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":91,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"208afcdd-0dc3-414a-aacf-5e23d3fa780c","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":91,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"4e533507-e37c-4609-8bdc-e439cae2fa0c","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":91,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"20f7c41e-a0c3-4fba-9dc5-405422aaee9c","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":91,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"cda287de-2ce3-49c1-a32a-ade9078b8346","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":91,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"079bbe69-7128-4caa-8766-8a440f6290e0","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":91,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"c9159b28-e9d6-467e-aa41-62842ee6af8c","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":91,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"748abd3a-3bb8-4331-bb2d-ee81b0a8f868","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":91,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"8836f59f-cb92-4ecf-a1d1-23a99ae55230","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":91,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"2c32cdff-3aae-4c05-912c-569bcbbe090b","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":91,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"cf63c27e-5333-48a7-9c85-a15bc8513c7e","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":91,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"59b01a40-3525-4465-b8fe-fbebc91a2269","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":91,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"2aaef327-d467-4f06-8129-613c110652e4","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":91,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"f6f49a82-69e8-4677-b7c1-66073a97d3b1","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":91,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"cbd99004-15a5-425d-92fb-2ac48195bb48","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":91,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"4a807199-6955-45d4-aac2-c127518db67b","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":91,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"5d0dae66-7ed8-4c19-a5f1-7b9baacb23a4","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":91,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"d47e40b3-741c-4cf9-9183-b8e8d72d2a8d","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":91,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"39043c3b-1b8e-490a-ae65-ed9d4ebfe1f8","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":91,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"b1efeea8-ec28-4213-96a5-feab96ffce1a","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":91,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"ed0f42dc-9882-4d09-9df1-2ffd2fc3504e","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":91,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"f2b3c231-e7de-475b-afa4-4b33c262d7ed","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":91,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"9465136c-a99f-4f04-a1c3-8e29f1707b6d","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":91,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"d441eb0a-7cdd-47d2-9960-03d0fc97c769","block_type":"box","text":"II-24","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94c458f0-9924-44e7-aead-1f51d0d5abb5","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebdf63c6-6995-429c-bdc5-59f7036f6c5a","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":92,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"d801e9b7-d2ba-4144-8a80-d70bee2bb4dd","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":92,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"566ffe05-915b-4032-9a5c-090b39d6e088","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":92,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"9dc4a932-6b0c-439e-afe5-2194265bf13a","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":92,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"5aebd5aa-90c7-4059-96ea-a9d0e92388f2","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":92,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"8013319c-4ae3-4948-a70a-c370679a2ac7","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":92,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"ba4d9383-2133-4aee-8846-e5de072104b2","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":92,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"5fc20f2f-3b0c-4270-8d96-4cb36bed8b42","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":92,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"5d72709a-b50e-40ad-b8d3-07426c6f81ae","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":92,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"3009864b-613a-4bf1-9e34-8c9a4ba7cfc6","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":92,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"2a65cdad-6c77-443b-b2f6-fcb87cb36e28","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":92,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"46db38f2-216f-42ba-be0b-bb4a720a3e2d","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":92,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"900b7645-2020-44f9-a9db-664fa3a89892","block_type":"box","text":"involved.","page_number":92,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"eac5e3cf-545e-4df9-a43f-8e561eca5181","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":92,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"2e691c5e-8f7a-4c59-8018-fbc0f97d7587","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":92,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"8c8a81fc-4d56-4a11-961c-cbf154e2e114","block_type":"box","text":"denominated in such currency.","page_number":92,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"39ce9a16-dde2-4837-b0b8-d33fff9d4b9d","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":92,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"0105c738-e7f3-42cb-bd80-c06a1542776d","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":92,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"66dc31c9-06a2-4576-a595-f5c88199740a","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":92,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"95c2c9ca-38a3-4f16-96fc-059b4b63653e","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":92,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"4486c5ee-116b-4c83-97e6-9372c8491234","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":92,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"d810a7c9-4d07-4550-a17b-fa5e8a992f6b","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":92,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"98690edb-6370-4979-a955-a75e99cab9a5","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":92,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"9ea93bff-ef71-40a0-9c48-c214811f3488","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":92,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"e5d1ee16-f5ff-4e87-8b5b-a17f63c86d5d","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":92,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"b3b0fe34-0021-4282-8576-95337dff68f4","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":92,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"836e1ab3-f933-4682-8005-d8a7864d483c","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":92,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"41eb4289-f929-4af2-8c50-e6d3057d194b","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":92,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"1cf1d4b3-738d-4113-9cff-68b4f517bd21","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":92,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"633a1a3e-f241-40c3-ae98-5cd22d2fcbce","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":92,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"56f16682-caa5-4b3c-9557-8c3ca401bce8","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":92,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"d34fa448-8c2d-44ee-aa04-94cf750c7ea8","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":92,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"ee10ae07-b7e8-4e87-a059-3eca8b07dc1b","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":92,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"2de0b575-83b2-4794-b191-6616abd88b4e","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":92,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"659fed7d-479b-4b6a-901b-71d2475d0bab","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":92,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"fba33575-d5cb-42fa-ae56-b029b39111ce","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":92,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"093f9c14-ed81-4e14-b913-9647bae4f774","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":92,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"76951479-0533-4955-b0c3-a67311091dff","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":92,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"88b82715-466b-441e-840f-982ab864b349","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":92,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"05adb08e-f8c5-4c79-a8fe-0599ad3a1ff2","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":92,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"9c603719-a30f-4924-bae3-ba4adce5a59d","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":92,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"215e1506-a580-4e44-8cd6-d7bf663d7ad6","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":92,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"a793ae07-00f0-4050-b26b-a25f8441aab3","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":92,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"472d214f-40bd-4bd8-9fe7-948ab44db2f9","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":92,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"2b7cf2dd-520e-486e-a620-977e041223e8","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":92,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"1e8c77f2-8341-4c52-bd91-1f05c4a6566f","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":92,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"de30a992-d4c0-4d87-b690-24e592fadcf0","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":92,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"bab2a7ce-5eae-4b6c-9e1c-a4dc67303a01","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":92,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"589485cc-1aa5-44ec-b4c6-5173d802c673","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":92,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"828206ba-7954-4a7d-abc8-de6466dd329e","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":92,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"08f02ed7-c182-4665-b7ac-e6eee9e4fa12","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":92,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"b50fc57b-0485-4c7a-8611-7811c2ab6fa2","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":92,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"e992dedf-f848-46e5-b998-95ff5abeebf0","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":92,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"2eaa9ffb-3861-4721-8c3e-9264d038d183","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":92,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"6f75f227-8a6e-4828-bd3e-ebf57acb0604","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":92,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"a1e10bee-632e-466a-9df5-4b86833f0bd2","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":92,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"55536500-fdc5-484e-b599-1b7c5d5c1dba","block_type":"box","text":"II-25","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"70fedb1b-8523-47c0-84dc-7d9718cdf69b","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85dbd7f9-815d-4435-983d-f0c89ab0dc1c","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":93,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"fba4e654-e10d-436e-b469-c58c30115c56","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":93,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"76f7de49-5e97-4cb2-b988-8a561b7bb4b8","block_type":"box","text":"traded.","page_number":93,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"484148bd-4dc4-4b26-8bb6-050e11c24aec","block_type":"box","text":"Currency Futures.","page_number":93,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"7586151c-e9e6-42d4-af4a-24876149197f","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":93,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"56758882-3342-4ddc-8b2c-86cf1767917e","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":93,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"1dc57449-7828-4964-b611-c63999f75bf5","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":93,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"0af6c635-ac8a-468d-a13b-003ea1f2fb59","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":93,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"af4fa0ff-c5d9-4636-bb5a-0244d9d6a525","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":93,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"6ee9c45e-1082-4e37-8833-048e2f413053","block_type":"box","text":"Currency Options.","page_number":93,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"540c0d3b-c114-4dff-8a0a-edb5b15448eb","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":93,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"b1852382-0445-4771-be05-7def2f63ad86","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":93,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"16acff31-3d10-4dab-88b2-5d2c6ee0490c","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":93,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"e6f19d7f-08b0-43ab-99ef-4c995552cb3c","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":93,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"30268817-d664-4047-8177-bb07a71f053c","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":93,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"6894631b-3e3b-4d07-9bbd-3aa866376e76","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":93,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"436e3e94-8ebf-4ef9-9ac3-e3ce4a50f172","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":93,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"0a5ca955-1823-4144-ae7e-23b4fe04ec3d","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":93,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"8baa34a4-cc8d-4e4f-9ac4-45c8db0ba8c3","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":93,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"247e5143-7459-4061-87fe-c5f0ad69c786","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":93,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"3136bd53-e1ce-4ced-8cac-efa66460a805","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":93,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"4fa02609-cda8-4235-a7f5-8b1640fe2483","block_type":"box","text":"Currency Swaps.","page_number":93,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"c8e84d78-65cd-4505-9d1d-57e41b590b6c","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":93,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"488deb80-6a85-44a9-9617-85d1a6247432","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":93,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"71b4ab22-3b16-4d52-864a-dd853380a2a6","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":93,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"6e8373ce-b93d-4f32-b7cc-d644ddb51fc2","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":93,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"69571679-ce64-499e-89b2-4685c9086657","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":93,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"bf99031a-d933-4653-8b97-eaa05cb05b1f","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":93,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"c89fab0a-b553-4be7-802a-2fb83cd3e5a3","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":93,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"3b3ceaae-3aed-49c8-8da5-791c3110428e","block_type":"box","text":"Distressed Securities.","page_number":93,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"7eef33b9-9c44-4d21-a37d-d0c9775d43a0","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":93,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"ce078b65-8ec0-415d-90ef-a6abacb3871e","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":93,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"364152e8-f433-434c-87a1-9da2eda52dbc","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":93,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"5faa3f9f-0d65-4c34-9336-720a9a8e0927","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":93,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"81618ff9-9c2e-4ede-b31f-430be7a5a169","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":93,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"ab5b4d31-a2d4-42da-9caf-219dd5b78efa","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":93,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"3d016d30-2e57-4c2e-a0e9-7616c21ec5fb","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":93,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"4c64b7a9-f8f0-47cc-a0ac-2284c0e66323","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":93,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"0a6a8811-0aea-436e-ba44-a7a991fecf78","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":93,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"4c80f9e3-9bd6-407d-8155-30bbc47eb723","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":93,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"29232e22-2f15-40c0-8cfd-a9843fe64e77","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":93,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"502e1001-b3a0-414b-90ab-8f6c4a47f18c","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":93,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"244eea6d-f160-42a2-9bbe-f59663725ad7","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":93,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"8c485295-3ab8-40bd-a331-e771d824fa60","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":93,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"3e66a038-152e-4028-a726-122cf8c1a26b","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":93,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"69a07ac8-656c-4514-8310-ac8d4a9e73b4","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":93,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"901fb552-7f17-44e2-8a18-8619b078b551","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":93,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"8c8a7225-5f75-48f6-bb0b-7b3f3ac9cc83","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":93,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"44c3f222-7eb7-4a3d-8777-66f7984fdc7c","block_type":"box","text":"satisfied (","page_number":93,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"1b2b040f-a41e-47e0-af00-cf4f6e6d2082","block_type":"box","text":"e.g.","page_number":93,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"640b10fb-29ef-4b04-b278-464a43f5b372","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":93,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"a05eeb0b-af97-4d8e-8e73-2da35e94ba74","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":93,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"7db123df-8e0f-4300-abbc-acb85cbaacc3","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":93,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"0ed2a7a1-b167-4fcc-a42d-ad03d0ad6c3f","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":93,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"7531738c-7a2c-48ec-91e9-3c09e6d5d888","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":93,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"939a2734-30a3-45e8-ab7c-6c5f70c9f0ff","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":93,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"260aaf08-4829-465a-ab73-a493e2969b99","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":93,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"4a553bc9-ab17-4a53-90f2-5bb68234188a","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":93,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"b6df30be-056d-4a4e-a6e9-7f159c38fe6d","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":93,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"9f21740d-bd39-4a19-93cd-addfc068495b","block_type":"box","text":"II-26","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ac823a3-ab93-4d70-8ab8-2070747def5c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"234722b2-c5d9-405b-8744-fb05787f7f87","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":94,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"c6a5286d-815e-481a-91fb-b97a3e287664","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":94,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"1dfa7c28-384e-47ba-98a5-1b74bb8ee778","block_type":"box","text":"affairs.","page_number":94,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"2eee298c-8995-4895-af89-cfb56a1fbb55","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":94,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"8600b54b-18d6-45eb-a85f-68009e790385","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":94,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"c7355514-370d-4769-915a-702de9121692","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":94,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"046bdf85-631c-4f72-9f2e-28f6727414d6","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":94,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"6937fefa-340f-431d-aced-33144954a3f3","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":94,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"effaed37-901b-4ac6-801a-d373ad0d8f68","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":94,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"e6d58d93-b0c3-4fbf-b2dd-4d3735cb086d","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":94,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"a56564a4-65da-482f-9535-05193900da1c","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":94,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"219c647e-521c-474a-944d-8d227c74a196","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":94,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"f4e6aa6c-2b6b-4d0f-88d3-6f41d1ab4b50","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":94,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"f935ef11-db8a-4893-8b1e-0994c0f27cd7","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":94,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"aca6f8b2-69fa-4eec-82ee-f01f099745c1","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":94,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"8c6bbfe6-137f-4926-a582-0b05e12e11fc","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":94,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"56693cfe-6696-4f2c-88cc-4105493abb22","block_type":"box","text":"Equity Securities.","page_number":94,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"f63863f6-7757-4ec9-b075-ce067c4e0f3b","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":94,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"8e22827e-15a7-48d3-a14e-feea902e8f93","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":94,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"1b661c5a-5b2e-4a18-a5a9-34a797a8053a","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":94,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"2dce1037-e311-49fa-a1eb-ce639a382e81","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":94,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"5c95bf18-c25c-4ea9-a04f-b2e7eb2821ec","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":94,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"43934aff-a2b0-4538-974e-14261775b57e","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":94,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"3e4e9dfe-0300-42ef-8fff-d4f2b12009bb","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":94,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"b6c6ae36-9c81-4f56-8d36-3fe6c01e5230","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":94,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"6c67d6f1-68ef-478f-bd85-8d078ad89c94","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":94,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"0e5d7988-f785-4bf1-8201-e3bc3f6b873b","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":94,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"5a02aca1-45b1-4e3b-8da0-b930a08ee701","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":94,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"cc42bca8-5f2c-4575-8916-ad3e76eebc7a","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":94,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"1f73e167-b365-4f31-91c1-0189b4ed1a29","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":94,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"9b81eaf4-fb52-4adb-8aa0-236f43abf897","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":94,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"d6af0cba-bf5c-4058-be31-e6541412318b","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":94,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"bab466aa-4b3a-4041-b10f-62d92f03fe9d","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":94,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"1e86ba3c-702b-40bc-9b09-bddc0fdbcaa8","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":94,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"74e1611f-2328-4fab-8173-d447236f48d1","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":94,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"61552d15-435f-41a1-87a9-eddbfca0fb5f","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":94,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"ab1ec8a6-e344-410f-b139-10a7421f11bd","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":94,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"e02895c7-38a1-44c5-8c15-0ba054ee1117","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":94,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"69fb0ec1-7ea8-4991-8b22-53e7021b6936","block_type":"box","text":"initial public offering.","page_number":94,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"a1a58cea-078c-4be4-8a69-573d644ad489","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":94,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"4bb2b588-136f-4219-898e-7cf80d673430","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":94,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"3a2888ff-719b-44c0-86ad-552e674557ef","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":94,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"6e1328c7-fc94-46a7-a617-88f65bf344a6","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":94,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"d2ef4a43-a594-4ef8-bf06-9c7acdb1c30d","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":94,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"5388aa10-d009-4e49-b0e1-cbcdde1d73cb","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":94,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"0255c0a1-e48e-4f04-9ad0-9cfa163b6338","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":94,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"05168810-f0b5-4509-978e-3d45fbb28d3d","block_type":"box","text":"more established companies.","page_number":94,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"efd80f2e-d503-4b56-8c83-bf4e14bc3cdf","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":94,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"9343abab-1de1-4fdf-ac00-666ca4d93ea1","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":94,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"85fc8361-a136-42ea-8691-5d3b9344d1ea","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":94,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"eebc0478-32f8-4f0f-8f1c-1b3749012ab1","block_type":"box","text":"below.","page_number":94,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"f665ecc3-9d7e-4e7c-9a37-485a81d19bc9","block_type":"box","text":"Real Estate-Related Securities.","page_number":94,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"77c6fb69-fe81-4598-8020-2774c8c4f426","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":94,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"e3a244d2-9fa6-499a-b880-d743e7029a3d","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":94,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c67c088a-2134-46a5-a7f6-3e26bed1a56a","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":94,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"cc1b90d4-df7c-4891-8e77-996b4ab68655","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":94,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"1ed4f0f3-0edc-4bee-8fe6-b48aa740f194","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":94,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"a67ee58c-ac85-4eb0-a7f0-7f245ddc4bff","block_type":"box","text":"II-27","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"820280ba-2e2e-4b51-b79f-e9ec080bb57d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ec59052-f86b-4f4b-9172-ceaebd4a6b13","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":95,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"851d3768-1145-4f5c-b3d6-9bf37f3f00e9","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":95,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"736c3b73-825b-4847-a7e5-33cfa0365aaf","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":95,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"fa1069cc-5a3b-46fe-ad7b-dd708af4eb51","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":95,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"2a3c0ea4-4055-4c8a-ade2-ef6a92cc1be3","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":95,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"23f23264-32ed-42e6-8a6a-d028d2889924","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":95,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"73ebd094-e99c-4560-93d7-35b070bf8bea","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":95,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"ab8867fe-9b48-4f4f-8140-a9b68fc387a9","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":95,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"a2850dcc-fec8-435f-a7f4-8f43b5b03b40","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":95,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"ce7b213c-f926-404b-9612-411fec74ab32","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":95,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"8d41f6ab-d7dc-4b2d-9c03-f532584d43c0","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":95,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"b1d882b3-69dc-49ef-862c-a55e651c3b64","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":95,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"0ce1fb32-d7af-4e44-a1b6-4022994c7646","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":95,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"ee5db203-87e2-4d77-b202-6b2894591cc3","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":95,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"e8cfc730-b966-427e-adf5-2e0519902879","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":95,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"afbe57e5-783d-4b1a-b423-871fa5fa5eca","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":95,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"5cc59fcc-11db-46fa-b183-dcc08eb18d35","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":95,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"306079e0-1f0b-4c52-8b9e-ebc9f904efca","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":95,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"3ba3c7bf-d0bf-4150-804e-721588c64aab","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":95,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"3da96088-f3e6-4660-82c5-14afab85f177","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":95,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"e4506f05-a86b-4dfa-ac90-7809243cf201","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than","page_number":95,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"ce7e260f-7471-4025-af8f-c18f8bcf797b","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":95,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"a17fdc2e-c2a8-4d31-91cb-9d39e979c817","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":95,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"4cc4cf0c-3ac5-494e-ab77-d1a3b3462d23","block_type":"box","text":"to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy.","page_number":95,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"846d8b6e-d954-4b92-b3e4-5c7a9734166b","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":95,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"d5979683-ab3c-4b71-bb06-78bef8ab9626","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":95,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"cceca88d-b89e-4af0-89a6-7e24a7f88b63","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":95,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"085c3e58-c22a-44bb-8868-c772f790be3f","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":95,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"9b2be2db-b1b8-4ee1-816d-1e36bbde3817","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":95,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"f343a776-79b8-4017-98b0-532e277cfa72","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":95,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"5fff567a-de70-4b09-b163-d02a1ea39805","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":95,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"aec37a87-fd91-41db-9105-a4feed1c958c","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":95,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"15bc87db-23ef-4de1-9fc1-1c6b636213b2","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is particularly important in this area as many","page_number":95,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"435cd7e3-7a52-44ef-8b18-40b96da96868","block_type":"box","text":"new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small","page_number":95,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"e2c754fd-cca9-412a-a8aa-ac86b395aab3","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":95,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"38fed744-65bc-4e9b-9f6c-7df19e88f795","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":95,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"0fc76ec9-9839-489a-8795-829ffd9c22db","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":95,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"93306b38-7896-4cb6-9ce9-ff2585ab4eba","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":95,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"5ae927a4-85c8-4343-aaad-c370ab2564a7","block_type":"box","text":"opportunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":95,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"84336ee8-fef1-4c3d-b79a-30c5bc349714","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":95,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"593b44c1-8fd6-4de6-8166-3aaa072cc974","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":95,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"dcbdca57-b6c1-46f1-ac7b-e0e3c63c818f","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":95,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"2c1035cb-51f9-41f9-8f10-83b9b0a82850","block_type":"box","text":"investment community can provide above-average long-term growth to the portfolio.","page_number":95,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"ff699970-f39d-4835-8670-3bc5fe9044e5","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":95,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"557372b1-3f4e-4531-813d-0f1449176328","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":95,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"13df460c-0972-4c80-9bd5-54cc6fc7a86b","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":95,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"2a587566-80f6-47f5-ae99-d0407fb44d5f","block_type":"box","text":"cycles, presenting attractive investment opportunities at various points during these cycles.","page_number":95,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"248c9630-5389-4bca-8f0a-be3e13e13324","block_type":"box","text":"Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large","page_number":95,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"f39eb4a9-f6b2-4745-8239-46440dda16ac","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":95,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"3e062898-c43f-4b6c-91e7-9b50be54b3ce","block_type":"box","text":"Tracking Stocks","page_number":95,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"75227793-fbdf-467b-882a-9f866ffe5b23","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":95,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"86cf9af8-cebb-4f7b-9a38-772c37e1a1d6","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":95,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"ab190d3b-6002-473e-8c10-ccde910f8098","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":95,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"523aae43-1f12-477e-b991-f0ac91a93071","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":95,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"7c73a3a1-77e5-4971-a838-1854be9816de","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":95,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"2f61be81-59bd-4e8f-ac74-a511c7495e13","block_type":"box","text":"II-28","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"143765fc-68cb-427e-81cb-ad86ad9b7b35","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9056ada-c0f3-44a8-b772-34691862bea4","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":96,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"6f2995f9-b409-4cb6-ac50-204cdc3d6076","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":96,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"1aa03c98-70cc-438a-9f17-4faa10623278","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN’s returns","page_number":96,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"30ad8149-d4f2-4819-9f18-1d071f5aa1bb","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":96,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"1d027e03-f1b4-4bc6-ae34-5adf36b299d5","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":96,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"0a490f86-0703-4686-8aee-6a575c5a07a5","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":96,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"f635b0c7-e042-4b17-b9b1-d5e61568d58f","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":96,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"3cc6fc89-0a1b-4eb1-bb88-b53b822cb884","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":96,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"7f09e9cb-85d3-4a98-b7fe-a12eb4b89d3c","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":96,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"6fcd72c8-b7a4-4834-8147-5a79e9e61251","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":96,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"779dbb4f-1e5a-44c0-bd29-5a039e39266b","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":96,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"cf98c76f-caa8-45e1-8e57-9ec8db38b0aa","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":96,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"5045b6ce-822a-425f-b9bd-8a6eb3e02775","block_type":"box","text":"replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their","page_number":96,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"976a06af-df9b-4545-84ed-f09831f15692","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":96,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"42de959b-b00b-47fb-acf7-00f3ba47dc31","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":96,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"32e72feb-1bc0-44c4-931b-ef55a4422dec","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":96,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"b8ae14b1-8ec6-4cb4-9272-b02fe5bb94d9","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":96,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"f8b2a8ff-e46f-4318-bb83-5e7dc702eaca","block_type":"box","text":"loan still needs to be repaid.","page_number":96,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"5ec41d6d-bf5b-4751-be02-496ae69b97fc","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":96,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"b3dac6e1-c1f6-4bcb-8454-2fa5e7749321","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":96,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"9829c86d-4b0c-4e8b-a531-e32de70a2412","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":96,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"105ce448-cef8-4146-9cda-8e758d368c1f","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":96,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"202b7e5c-b34f-4b59-969f-a1744f0e68e1","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":96,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"cab3215e-ef27-4db7-832f-719bf8ae3f3a","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":96,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"6aa3d3ea-8127-4ce6-b0c4-b0ee3cf8231b","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":96,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"46aac44e-b922-4c19-a71a-e9fe5bfb38e8","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":96,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"f57424f9-56c7-498a-90fd-4dfcab1c28af","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":96,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"53336974-bad4-4280-9de8-a8b33d47b522","block_type":"box","text":"Foreign Investments.","page_number":96,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"1efab145-e028-4022-9190-3b85a936e831","block_type":"box","text":"Foreign Investment Risks.","page_number":96,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"f9306236-296c-4f44-92a7-ddd984f9be8b","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":96,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"d6aa2134-0c67-418e-8be3-903b45be7ea9","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":96,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"9476c30b-f556-45cf-bacf-cc37ef01d701","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":96,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"518540b7-386d-4f03-919e-4808169de5f7","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":96,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"1c3a8277-a411-4ef1-ad91-eeca598339ac","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":96,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"6828e336-f73d-4d85-9c70-5e7a274714fe","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":96,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"22d2f2b8-2bc3-4cfc-8399-a18e8852ac28","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":96,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"f9586853-9cca-4072-87c9-54de3bea40e8","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":96,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"48e124d8-ee9a-4fd5-bb37-b94b616c858a","block_type":"box","text":"benchmark index.","page_number":96,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"0f4fa278-7075-4fe4-92f7-6b53c7ca0167","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":96,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"9e910592-2494-4015-8794-f51827640968","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":96,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"d8ef9ec6-dadc-4538-99ed-e11aa4a23f60","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":96,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"c420677c-fd99-4212-b623-89c2c222733c","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":96,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"0e11b774-b2b0-4fd2-b0bb-69b6714d6694","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":96,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"72cabf32-9441-4fee-ac06-9023f6309bf9","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":96,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"e04efc65-678e-47ac-92e8-64a6db6fa840","block_type":"box","text":"securities and zero-coupon securities.","page_number":96,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"75218ae2-1f90-49a5-997d-19623026ec84","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":96,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"3529f2d1-d79f-4319-bd29-2cbeaeb73a69","block_type":"box","text":"taxes.","page_number":96,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"6d4380ff-6ec3-4a8c-b7f4-d899133026c8","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":96,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"a4591717-cdfc-4dcc-af07-1bce5ef2ac68","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":96,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"1d3f00a7-0ced-4b0f-8a4c-30263032ba0d","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":96,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"7f684738-6e62-4c9c-8acb-fcd90ffd8439","block_type":"box","text":"underlying security (","page_number":96,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"6e196bbd-ce87-46eb-bfdc-05ef643b908a","block_type":"box","text":"i.e.","page_number":96,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"502685d4-5c80-4832-accb-cb014893c4d0","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":96,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"30881adf-d36b-4286-beb2-cff68d82d224","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":96,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"c6e600a8-1290-461b-8eb6-15c051d1d8c3","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":96,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"0cf25670-8490-4111-b29f-4bc7ab27eb25","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":96,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"97f1678a-41bb-4d92-92ce-c4edc3ebf61a","block_type":"box","text":"II-29","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"19cfb454-aee2-47c6-b9ea-f3ee53eb9834","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48436bfd-1401-451d-afaa-724c51da33a1","block_type":"box","text":"Foreign Market Risk.","page_number":97,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"9ff9ead6-0626-4918-ad97-2eace0168ec1","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":97,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"fd32a072-3560-4d95-98d1-1c62d388a993","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":97,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"aeea8687-1c9f-4b9c-ac8b-5b4a51bf695c","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":97,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"d4c081bb-a66b-4794-b461-059d0cda676c","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":97,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"90260669-9417-47db-8f55-c7fb643bf57a","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":97,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"6b06063b-76eb-402d-874c-4cf4e80bcb12","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":97,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"53f75b5f-e3d9-4fb8-b3a9-278648f7ad80","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":97,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"ed1f838d-e50a-4794-bdb5-32169046c694","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":97,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"13c5d935-24b2-4ec1-9dae-9ab9801a760b","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":97,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"5907df01-2813-4abb-898f-9d0947c6d007","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S.","page_number":97,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"81b4c258-6f45-4b62-aa18-f4f6c466ce05","block_type":"box","text":"Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":97,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"77468142-aed1-46a4-be72-5742d3f3a96a","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital controls","page_number":97,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"bfb631f1-78a3-44d5-9ad2-d88fb5c49a24","block_type":"box","text":"and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities,","page_number":97,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"9bc5dcaa-2a16-4072-b96e-8e89e47f5670","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":97,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"a54c9668-8160-4d2c-9372-995e1da63af3","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer,","page_number":97,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"a87c5e48-4dea-4abc-9a7f-892e67eb2e47","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":97,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"7e3f531f-390d-42e3-914c-0fb36f611f7b","block_type":"box","text":"Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such","page_number":97,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"dc1904e9-853a-4b53-ada3-8c90ded4c645","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":97,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"6cf6bcde-c5c9-47a0-8b92-28ea9ff923b6","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":97,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"15038e5e-cb3f-4291-a2fd-cbbe955534a7","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social conditions,","page_number":97,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"6ad78d84-403e-44ae-9636-f2bd08856a67","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":97,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"3d3723dd-a584-4993-a374-e0c48aa2307a","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":97,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"8a094196-9e19-4e6f-a75f-6b3ac2da537e","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign countries. In","page_number":97,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"4731335e-e5b3-41ea-ad5f-6b8f8cbe164c","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":97,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"76afca13-bba9-4232-8f72-7eaa888d180b","block_type":"box","text":"could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a Fund’s","page_number":97,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"3e225802-edab-4e46-bc0c-e83db737ff80","block_type":"box","text":"operations.","page_number":97,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"2285ad2a-4616-4ab8-83a4-b1efc48f9f96","block_type":"box","text":"Foreign Economy Risk.","page_number":97,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"de332a18-c671-4b24-9a37-8149eaab7e10","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":97,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"c7f14160-5eff-401f-8750-6dfd00a02c4c","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":97,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"f0d1d0cc-ade8-45cb-9fe9-575e0b8d9e53","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":97,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"6be289eb-e40d-45c6-9ca4-a37684fc7d46","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":97,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"adf2cbda-1529-4d12-808a-935837b8b8ce","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":97,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"23c4acde-5ca4-4c01-b673-ad8f9cd25665","block_type":"box","text":"measures.","page_number":97,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"2d6a0ab3-d19e-452b-a741-b6a7ae0ee8ca","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":97,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"8a3692de-0142-4b9d-a6ee-5be03bc657db","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":97,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"f660f0d4-10a6-4a96-a6e5-20657bc5d594","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":97,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"9a9be5ba-a0ac-4b5d-bce6-c916638f18a7","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":97,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"cc676072-d8c3-489f-86ae-c344eec9b3ac","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":97,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"bda87f24-e983-423a-b9e9-026adac9a6e9","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":97,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"e1327c66-ff0a-4975-9b99-37e76c0e66d3","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":97,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"4363b582-6465-4e23-a78f-9333b8397670","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":97,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"8596cd5c-55f7-474c-8df7-16675c287f6d","block_type":"box","text":"those returns.","page_number":97,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"cb4cdc23-8a16-47dd-ab82-1e1d07e8edca","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":97,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"63d7b562-8c20-45f6-9254-63975c9ce391","block_type":"box","text":"Many foreign governments supervise and","page_number":97,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"a1260f63-dd5c-492b-ae70-3045a0be8a39","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":97,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"c1cc6704-fac8-4a55-825a-af6fec0f1074","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":97,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"3498a808-fb53-485d-acc3-5b21b071883a","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":97,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"5cdb513e-d59a-4718-b1b0-a9c967a5f158","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":97,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"898a0a3f-f31f-42e4-b4ba-5073e983a6a3","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":97,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"7f43c433-727d-4fac-a76a-6b42c5db9598","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":97,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"6c51ea33-0b6d-42b7-a656-ad2421e4c9b2","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":97,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"ef10e909-a810-4be1-aaf4-a7fc2eccb0c1","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":97,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"7b5e9c00-914d-4ddf-bdb3-6f3a1d3441d6","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":97,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"387d343d-329a-4c6b-9627-efc84cee7b71","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":97,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"28cb547c-f15d-42fd-8d49-23202a1b5055","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":97,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"8baa9797-31dc-48fe-9b04-9047a26e5e39","block_type":"box","text":"investments.","page_number":97,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"c590308b-167d-47ad-a0c0-1af7321057d0","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":97,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"4bb51407-c501-402f-8e20-e41eb52d56fb","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":97,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"86a5b2b9-9482-4484-9d70-3d6ccfa7fb42","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":97,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"d44ba0d2-107d-4c1c-9e37-fcce0c38eb3a","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":97,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"28269d6a-0b81-42a5-9aa1-72fe03358d9a","block_type":"box","text":"II-30","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d4b9d51-8ab4-47af-b1d1-dabe6b5f92ae","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"209084c6-aa9a-4c41-80f8-3b5b797c9bac","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":98,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"6549c770-974e-46da-96cd-0c33c6d14af6","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":98,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"31056ece-7d68-428d-8b81-d08c04e4007c","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":98,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"27214d32-4ac0-42dd-b761-d9c39e72bf34","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":98,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"9ea7e363-6930-4c6d-9463-1c175bc5f236","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":98,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"6988e272-7e9d-4fd3-97d2-81115c56de51","block_type":"box","text":"States.","page_number":98,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"7049029c-9248-4281-af7e-53b6f3807bd9","block_type":"box","text":"Publicly Available Information.","page_number":98,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"ae5b9987-c8ca-4525-8b7f-fd0d5bb84ed8","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":98,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"9f5a783c-aa87-4ccd-a729-b3ce387f33ed","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":98,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"7f5d0823-03f7-45c6-ace7-b6052e6c2d42","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":98,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"bdd7983b-a184-4eed-a911-f7d6ec53a0bc","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":98,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"8b381cd8-da3c-4b56-9677-48bc2d73731e","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":98,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"8b52f722-a9b4-4b94-b4c8-51e65d869d45","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":98,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"7725ca65-2c44-4910-9ae4-d48f7a94ce4d","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":98,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"dfa8e9e0-0596-49ce-9919-aeeaff6b3a6b","block_type":"box","text":"United States.","page_number":98,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"39af72aa-c25a-43e0-8aa8-57b6b0ea0042","block_type":"box","text":"Settlement Risk.","page_number":98,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"246efb43-69ce-430c-86d4-99f97c7319ab","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":98,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"98c09004-8dac-4c37-8db2-ba3bf8807bc1","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":98,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"46015c5f-1b62-42e6-8a15-e5c0547ff8e3","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":98,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"5463a2bc-5d34-473b-8b8c-858950d10b4e","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":98,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"543e8701-6956-49f2-bb9a-b88fc7dee376","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":98,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"06f265c3-96fd-4ebe-9f21-a277e8bd0df8","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":98,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"4321c7d6-c150-44ce-b89a-d2cf9257fbea","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":98,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"8edc6a0e-0abf-49b0-b02f-6dc670104401","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":98,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"6229241b-aef3-496b-b686-872c0c44fb90","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":98,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"6b28e621-a849-4361-864b-1be86e078cc1","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":98,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"35d63585-c761-4e7c-abbc-ef2d80542f58","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":98,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"541c3ca0-e157-4e32-a41d-818c8332f5b7","block_type":"box","text":"Sovereign Debt.","page_number":98,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"c7a6733d-fc95-4b60-a845-3df41a38218c","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":98,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"da14a3b1-7713-4d98-a16e-b074a81a0c70","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":98,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"6d06700b-8903-4b1c-83be-29218ea1e482","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":98,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"6ddb4ab9-3969-4a77-8bc2-d76cbccd6590","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":98,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"5d253dfa-de36-42e6-a759-503bc6a9402e","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":98,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"efe121eb-bd09-4a35-9e1c-4bbc534c2e55","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":98,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"12497d99-eae8-4d54-8b71-b7e2715fc1bf","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":98,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"0163cf04-6861-4dde-bebc-7328ab79a50a","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":98,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"3083b31f-2a98-4c8e-b8c1-da55401d00cd","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":98,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"e2020772-deaf-4d44-b816-c3a4fc7e70db","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":98,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"f9203d87-ee29-4f2b-b445-b0e2f0deeae0","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":98,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"f058ffd3-918f-4694-927a-0c3bce786dda","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":98,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"7630d378-185a-4a73-aa44-c16775c29f4d","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":98,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"7f4a4ce7-29b0-4d73-9eae-04187b12d087","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":98,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"e8d84f4e-e02c-4bbb-9ae6-bbea5fa31bb1","block_type":"box","text":"debt.","page_number":98,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"1bbdbf78-f0d9-447d-855f-4e5f264b300a","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":98,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"6286e0ce-98e4-46dd-a1f4-bf854d71c8eb","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":98,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"42399d28-331c-4167-b343-94277418de11","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":98,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"b6edb075-0ec9-4379-ba8b-df98ada644e3","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":98,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"b72401de-85c7-458a-8ee1-e1df2d4b2620","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":98,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"0039bf4d-96b9-4d96-87f0-84439fed44df","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":98,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"38463505-4cc6-437e-af52-dc6f0fc7fc04","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":98,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"79db0115-6fc3-4c21-9a80-76db5cfbcdb6","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":98,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"9f4318fc-7f40-4daf-b44a-36aa9e02ba77","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":98,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"94875726-3beb-4a2a-8a4b-75697340acfb","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":98,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"1ea4b411-18b3-4cb0-a110-1206c82e51af","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":98,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"7c2e022f-05ef-4099-a896-e8c5dd468a77","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":98,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"bf1aa30f-283c-44bd-a3d9-01ea4a3def86","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":98,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"c4d2f43f-c9e6-4aea-a7d1-85e1afc53fd2","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":98,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"3d27e030-0b5c-405a-9953-5f353ca7b8f1","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":98,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"3b3d6404-c92c-4d32-88d3-279deec58efe","block_type":"box","text":"II-31","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"499dae7b-0cc8-492b-91a0-450c5437313c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d34f61e7-85b9-434f-87a4-9f7b241c3476","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":99,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"e171ddff-1028-48dd-9cd3-f2c3b6f48549","block_type":"box","text":"in the Fund’s net asset value.","page_number":99,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"2742cd9d-02d8-41f8-a4b6-7d681a7268fd","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":99,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"02d4424a-7f55-431b-8f6b-c99f566fe863","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":99,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"7b285c8d-90a7-482a-a207-47cdde23b3d1","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":99,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"2a06d52a-a113-44c7-92f7-6db967ba45a6","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":99,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"d14f8028-dc04-4b91-82ec-a1ffccfac569","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":99,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"ead562b9-3122-43ac-bb5c-6691bbe0eeb2","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":99,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"8544f799-be0b-466a-918d-806f9e6a76c7","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":99,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"37ad2f6c-7c38-4a03-9664-fd862ae266b7","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":99,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"3130a36c-c480-4bcf-b10d-6bc8156cd180","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":99,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"fb0cef67-e1d3-4ed2-b2e5-a60089269795","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":99,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"9daf1047-58c2-49c2-9c90-aaa31d12c78c","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":99,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"82f37cd4-a978-44b9-935a-d5c740ef7fbe","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":99,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"5c5d7488-a2ae-4ebc-a6cb-c8fb3ebcd46d","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":99,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"4be50cc7-3866-4278-a8cb-64ef718f7125","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":99,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"c4df5932-8a89-481a-963b-942ec5f687f7","block_type":"box","text":"Fund may invest.","page_number":99,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"6083a183-c9c7-47b1-8f34-0222c6e7a867","block_type":"box","text":"Funding Agreements.","page_number":99,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"7eed872c-0aba-499d-a6b4-d4194f872881","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":99,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"4a805a58-a74c-4076-9dba-3783c880246e","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":99,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"dd105cd8-4de6-4d28-8e67-c544b9e03041","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":99,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"540693c9-a79c-4b61-9284-7d252fecd133","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":99,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"8182a1cc-6098-455c-96fe-e26ab3b0e6e1","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":99,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"9471777f-7ce4-4c93-a545-7ff1924b23ce","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the contract is paid","page_number":99,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"9d2b6c74-8ce1-4792-aea1-b8cd5266ec08","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":99,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"90f0cc3f-e0d1-44b1-836f-b9de1427b76f","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":99,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"56ac07c0-e104-496a-86ca-c3965b92ca32","block_type":"box","text":"agreements does not currently exist.","page_number":99,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"b20cfb3d-04e7-4716-85e3-025915e2255d","block_type":"box","text":"Guarantees.","page_number":99,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"d22a2571-7acf-4b1d-9025-d3022f5d89c5","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":99,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"9631fad1-15d7-4839-a4ce-a3378c5bf525","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":99,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"9150830d-95db-4c03-9ba3-e4c3e9336e95","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":99,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"49d987e9-15d5-4356-a935-df63bf432cac","block_type":"box","text":"Illiquid Investments.","page_number":99,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"61dd2179-b9b2-47f0-b8de-f835ca9c4894","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":99,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"890dae74-7239-4961-9b24-9f808802a860","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":99,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"91b4bd8d-d9f0-4994-bdef-0ff40b33959e","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":99,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"486ff7b4-3a93-441c-a999-d259016762fd","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":99,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"dde90aff-a2cf-467c-ad67-a889eb19de0e","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be","page_number":99,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"63a770a5-bdc5-42f5-bb69-4a2b58c7de50","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":99,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"6d9d0d51-50a9-4bcd-bffc-f5037ffa6af8","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":99,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"68889da2-90e1-4433-8ecd-46d1ab7a65b1","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":99,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"ad5cd957-1d66-4ae7-978f-2f52796f1b7c","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":99,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"ee361538-0da2-4ce1-b230-7471e8dfb560","block_type":"box","text":"Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares,","page_number":99,"box":{"x":70,"y":642,"width":829,"height":11}},{"id":"e9fa0949-825f-4158-aa0d-bd7b0a92862e","block_type":"box","text":"the Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger","page_number":99,"box":{"x":68,"y":657,"width":814,"height":11}},{"id":"c26f86aa-85a3-47a6-982a-5326d17f60a2","block_type":"box","text":"portion of the Fund’s holdings. If illiquid investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as","page_number":99,"box":{"x":70,"y":672,"width":790,"height":11}},{"id":"471b8dcf-2010-4f7f-9059-8a14f0dc4854","block_type":"box","text":"defined below) and the Liquidity Program (as defined below) will require that certain remedial actions be taken.","page_number":99,"box":{"x":69,"y":687,"width":789,"height":11}},{"id":"957ae8c7-031e-41e3-ac0e-5ffb721873c6","block_type":"box","text":"Illiquid investments may trade at a discount from comparable liquid investments. Investment of a Fund’s assets in","page_number":99,"box":{"x":70,"y":702,"width":814,"height":11}},{"id":"8db86f98-91ef-4303-84e3-57f853401ef1","block_type":"box","text":"illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair","page_number":99,"box":{"x":70,"y":717,"width":830,"height":12}},{"id":"445083cf-3d57-4efc-9b41-1e16d7b02973","block_type":"box","text":"price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be","page_number":99,"box":{"x":70,"y":732,"width":791,"height":12}},{"id":"186a2399-4770-464b-b256-0ad906550ad9","block_type":"box","text":"particularly acute where a Fund’s operations require cash, such as when the Fund redeems shares or pays dividends,","page_number":99,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"7444652f-f799-4170-b0ee-5fcfe8911828","block_type":"box","text":"and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses on the sale","page_number":99,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"1d4254d1-82fd-4318-bd32-44ded734a4d2","block_type":"box","text":"of illiquid investments.","page_number":99,"box":{"x":69,"y":778,"width":159,"height":11}},{"id":"a9e80cec-5823-407f-b577-b88dd82e76d2","block_type":"box","text":"Index Funds.","page_number":99,"box":{"x":102,"y":801,"width":91,"height":9}},{"id":"7d2e971a-eb37-4d53-95a8-b8ebe267db55","block_type":"box","text":"Cash Flows; Expenses.","page_number":99,"box":{"x":102,"y":823,"width":162,"height":11}},{"id":"2c1c68c3-c664-4b80-8f97-89888a065258","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":99,"box":{"x":270,"y":823,"width":613,"height":11}},{"id":"4fef9847-af28-491b-9edc-d2a813c40b30","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":99,"box":{"x":68,"y":838,"width":803,"height":12}},{"id":"60f091f7-67fc-4755-855a-f7e4dfd8cdc9","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":99,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"272dcb9e-62d9-4c9f-a01e-cc4a276fea6e","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":99,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"f3f36b35-65fd-4702-b12a-f7a15a5a8131","block_type":"box","text":"the investment performance of each index is a hypothetical number which does not take into account brokerage","page_number":99,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"1a59a26c-fa6a-4067-a704-9f6831d557fe","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":99,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"0694dfa8-153b-4c3c-b94f-71e1ec721745","block_type":"box","text":"II-32","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9cecd391-eaa5-46a1-8d73-a877bebab165","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ef2aa3b-48c8-4e69-aa69-39bbd9d3c670","block_type":"box","text":"(","page_number":100,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"808ad7d8-c91e-4365-813d-2983d87535e8","block_type":"box","text":"e.g.","page_number":100,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"3d6ae288-ef0e-42ec-9067-5e0e6c482929","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":100,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"c03e44d9-76d8-4d50-b9c2-63beccba985d","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":100,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"0bbd0271-6874-497e-908c-7cdda4629ab8","block_type":"box","text":"particular security as an investment.","page_number":100,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"b0ec4670-6bdf-4896-86f5-6b237f61cba7","block_type":"box","text":"Tracking Error Risk","page_number":100,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"928f30b8-d7b4-477a-b352-38f24cedd4c6","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":100,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"0d659190-d02f-467b-a5b1-012bbc3dbe3f","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":100,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"8553bb9e-9100-407e-a8e9-50b1f3d2e27e","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":100,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"9bbe1fb6-4eeb-49ff-b82c-035d0a91c9eb","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":100,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"582a70a8-cf8a-4e67-b535-c1aa6056c3ae","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":100,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"adb8c707-472a-4a3d-a6a3-0a5a1b1f0e57","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":100,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"6d0da354-bae6-40a4-9f1e-5435c210382a","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":100,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"efa2a752-933e-499a-a410-6cce3e5af99d","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":100,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"8c2d502b-1ab3-4f8c-81a9-21134b7da14b","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":100,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"fbb8490a-bbc1-43a4-a03b-09c1e80e7797","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":100,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"118cdb33-296a-4e89-8bab-b63c09dc3e1e","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":100,"box":{"x":70,"y":249,"width":487,"height":11}},{"id":"349e3e45-7be2-4f2a-a016-02a5a0322fac","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":100,"box":{"x":101,"y":272,"width":799,"height":11}},{"id":"7bf36352-c128-42d0-972f-df0efa22d847","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":100,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"2dc3de8f-9647-4f1d-9cc3-aac5f8c32c00","block_type":"box","text":"price growth that does not appear to be supported by publicly available information on the business and assets of","page_number":100,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"eb07cc0a-e41d-4f99-90bf-5600eae64497","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":100,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"0ef6843c-64ad-4332-9145-d26e28827e60","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":100,"box":{"x":68,"y":332,"width":778,"height":11}},{"id":"c7cae0ae-656c-470c-a7e9-d9dac53216cb","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, alert the index provider as to the alleged issue. The","page_number":100,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"cb06cbfa-99b4-4172-98e4-f3799325f144","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":100,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"8bd830b8-57b2-4651-b9bb-6e1b76b1d325","block_type":"box","text":"the rebalancing of its index. 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BofA is","page_number":101,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"7caf7a54-7cc1-4479-83fb-62cf4a4f22f2","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":101,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"25103f0b-fef8-485b-95f1-ef35434a0e03","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":101,"box":{"x":69,"y":899,"width":793,"height":11}},{"id":"135e8ea6-b4c8-4687-b477-0007296137c9","block_type":"box","text":"II-34","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7dd0d15-0673-4f14-8629-6067272737a6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e35080f0-4871-4aef-a271-9a0ba62ca0ba","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":102,"box":{"x":70,"y":45,"width":785,"height":11}},{"id":"fba27dec-2ed7-4ffa-880e-31b9700dda4d","block_type":"box","text":"completeness, or otherwise.","page_number":102,"box":{"x":69,"y":60,"width":202,"height":11}},{"id":"a6f364c8-88f3-4429-b774-d4cdbf1da0d6","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":102,"box":{"x":102,"y":83,"width":779,"height":11}},{"id":"2e952c8b-3ede-4cbc-8f48-6921ed7ba1d4","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":102,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"aa4098d2-2697-4919-9465-67e748e430d3","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":102,"box":{"x":70,"y":113,"width":608,"height":11}},{"id":"b7553a0a-6106-4d01-b4a1-ba3fd4182d80","block_type":"box","text":"Indexed and Inverse Securities.","page_number":102,"box":{"x":102,"y":135,"width":228,"height":9}},{"id":"42a4b219-fd0d-4d1c-9b7c-8b1ecfd1f1a2","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":102,"box":{"x":336,"y":136,"width":523,"height":10}},{"id":"59cc4472-ac3e-44d9-bb39-f3b8b006c7a6","block_type":"box","text":"particular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":102,"box":{"x":70,"y":150,"width":831,"height":12}},{"id":"2cbb38d2-7da4-4cc4-b86c-46b6d75a8b52","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of certain securities also may be based on the","page_number":102,"box":{"x":70,"y":166,"width":814,"height":11}},{"id":"5559fe1f-5652-4b4e-819a-efb06c7e79b7","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":102,"box":{"x":68,"y":181,"width":830,"height":11}},{"id":"129cb545-44a6-455e-89b8-e7774ec27103","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":102,"box":{"x":69,"y":196,"width":827,"height":11}},{"id":"efeceebf-17b3-408f-a31e-f4020038f3b0","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":102,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"136eb777-1ee2-4e67-b428-bcc687053aa6","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":102,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"e5e90bbf-1ad5-4cdf-a7b0-76ec65444bc6","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":102,"box":{"x":69,"y":241,"width":781,"height":11}},{"id":"1db8d97c-0319-4c1c-a225-cd75088c41e0","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":102,"box":{"x":70,"y":256,"width":838,"height":12}},{"id":"2a501327-2d5e-43a5-a2b8-bbe0d0d8d971","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":102,"box":{"x":70,"y":271,"width":771,"height":12}},{"id":"27ef2bf3-88a0-45bd-bda8-7adeee2d36dc","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":102,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"61f43087-cc2e-4a08-ad2f-cd82d43c435d","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":102,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"71aa4df1-0dd0-430b-8a66-e275c0c24fa8","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":102,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"a38e4cd1-a386-4255-bf74-57ca46629dae","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":102,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"707eedee-055a-4147-81bc-082200caf2e8","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":102,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"70bb01c1-55f4-4d23-b6fc-d1fb3914897e","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":102,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"4517f84a-a0d3-45e8-97ec-729d7f439506","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":102,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"06432667-0423-4a8b-96b9-3be261144e4a","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":102,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"88d7f51a-3224-404d-831a-f0d505794bd6","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":102,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"11026543-68ed-46b6-acac-bb0cccee7c4f","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":102,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"c138f110-58ad-4cd7-8bf6-e232108d01de","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":102,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"722c43e7-e43f-4060-81e6-35669f31a6d1","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":102,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"4547bba4-2cc8-437e-8d44-35374df4450d","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":102,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"66accf44-16fe-4414-884c-8b5c50d22111","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":102,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"636da8af-186d-46f3-85d9-9fde91320063","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":102,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"b51215dd-4a14-49de-8467-843cdb9ffebe","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":102,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"53cdb9ba-46dd-4ed7-a186-de295bb91001","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":102,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"fb435af3-0f83-4f8e-a318-350124a4f933","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":102,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"001475d7-6e19-477e-b900-93637c890c28","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":102,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"4515c56c-9a9e-4c8c-9969-5c5975d71e77","block_type":"box","text":"Inflation Risk.","page_number":102,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"9ed3e0bb-609f-45ed-a306-2bd47e1de13f","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":102,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"2a2ab1ec-4f6b-423d-8263-a8670794f8d4","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":102,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"4b833f7f-74e7-4915-8203-b11950c45ed2","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":102,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"556e8ef6-8cd0-4681-ad63-49570135e0e4","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":102,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"3ec068b4-a5aa-4178-b143-1a622e72f0b9","block_type":"box","text":"The volume of initial public offerings and the levels at which the newly","page_number":102,"box":{"x":361,"y":642,"width":499,"height":11}},{"id":"2e7bb1c5-e446-430b-9db8-777ede67b77c","block_type":"box","text":"issued stocks trade in the secondary market are affected by the performance of the stock market overall. If initial","page_number":102,"box":{"x":70,"y":657,"width":811,"height":11}},{"id":"0c1092c7-e0c3-47f0-9cb9-1012237a4369","block_type":"box","text":"public offerings are brought to the market, availability may be limited and a Fund may not be able to buy any shares","page_number":102,"box":{"x":70,"y":672,"width":823,"height":11}},{"id":"41325e11-2fdc-4d54-858a-709b1d4c5dd0","block_type":"box","text":"at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it","page_number":102,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"2b77b100-2ac4-45fa-af27-2fb5ce4f11b5","block_type":"box","text":"would like. In addition, the prices of securities involved in initial public offerings are often subject to greater and more","page_number":102,"box":{"x":68,"y":702,"width":839,"height":12}},{"id":"60e3ef08-9f5f-4fdf-86bf-9816f8b8b5e9","block_type":"box","text":"unpredictable price changes than more established stocks. IPOs have the potential to produce substantial gains.","page_number":102,"box":{"x":69,"y":718,"width":805,"height":11}},{"id":"f997becc-c796-4366-9fc6-f4e9487751be","block_type":"box","text":"There is no assurance that any Fund will have access to profitable IPOs and therefore investors should not rely on","page_number":102,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"c847dafe-7d21-4ce1-896c-975a47dffe90","block_type":"box","text":"any past gains from IPOs as an indication of future performance. The investment performance of a Fund during","page_number":102,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"4ad22658-e2f0-42f6-a4e8-4c4325e00fb7","block_type":"box","text":"periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do","page_number":102,"box":{"x":70,"y":763,"width":837,"height":11}},{"id":"f1e22807-5ff4-4b8a-ba9a-12e74b040254","block_type":"box","text":"so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":102,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"05bae637-5419-4d0a-99ca-a4d1fb285d6e","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":102,"box":{"x":70,"y":793,"width":823,"height":11}},{"id":"a1bb7d77-95fb-4cdb-a151-8333302b6e97","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":102,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"8fe8c8ce-79b5-4e9d-9844-f309bde9d5a3","block_type":"box","text":"limited periods.","page_number":102,"box":{"x":70,"y":823,"width":107,"height":11}},{"id":"7499dc8b-7e53-428d-8ec8-091e6f85a2b4","block_type":"box","text":"Investment in Emerging Markets.","page_number":102,"box":{"x":102,"y":846,"width":242,"height":11}},{"id":"550b8749-9202-497f-a757-a3ceb91a4e4b","block_type":"box","text":"General.","page_number":102,"box":{"x":102,"y":869,"width":58,"height":9}},{"id":"e7743baa-6ef2-4c9a-ba6b-109ca482f9c5","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":102,"box":{"x":102,"y":891,"width":748,"height":12}},{"id":"ccca3c1e-3080-41ad-8db0-21046d62fe7e","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":102,"box":{"x":69,"y":907,"width":840,"height":11}},{"id":"4fe0f9a3-fa61-4fdd-958d-6d884d2b67e3","block_type":"box","text":"II-35","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b04c49e-b1f1-4600-8825-e08a20338eec","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdcca456-4999-43ff-9483-65efdc20075f","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":103,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"1b7e25e5-0885-44e0-acc6-c5fc9b9d84ca","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":103,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"6edc7757-4649-4624-af62-cdde221a0532","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":103,"box":{"x":69,"y":75,"width":839,"height":11}},{"id":"b2cdb890-a71c-488a-af6b-0af736927b9b","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":103,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"a9e6d3e4-3389-43e8-b83c-08b80e0260d0","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":103,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"f8cd1def-3c93-4fcf-8f06-898ccb6742bd","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":103,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"26d68b87-7c04-429a-91df-a557c3228b1a","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":103,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"68f46e5b-e841-4817-a129-1f23843d9930","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":103,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"846a9dfe-98d4-4230-8340-04a6729344e9","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":103,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"83cd4448-5efc-43f6-935e-335bd3b66ca8","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":103,"box":{"x":69,"y":188,"width":809,"height":12}},{"id":"b5696ad6-6d92-4d82-9ee7-5fe890ecdf27","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":103,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"bca8da3a-6173-4c6b-9b25-c3783d23c50e","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":103,"box":{"x":69,"y":218,"width":800,"height":12}},{"id":"1ce44701-41b8-4650-b274-3e7331cc1c61","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":103,"box":{"x":69,"y":234,"width":811,"height":11}},{"id":"15eef996-a77f-442f-b97b-c6551f1799bb","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":103,"box":{"x":70,"y":249,"width":824,"height":11}},{"id":"5a6e8a78-ff29-4de5-b937-fbad3dd0cfed","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":103,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"22a64711-3c8c-457e-9856-3c27a655b3cf","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":103,"box":{"x":70,"y":279,"width":813,"height":11}},{"id":"e189df10-a62a-4804-a10f-49b84685bfa1","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":103,"box":{"x":69,"y":294,"width":694,"height":11}},{"id":"df9e0940-0d8b-41f8-a976-ddff984d7904","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":103,"box":{"x":102,"y":317,"width":767,"height":11}},{"id":"7839a807-5248-47f0-af87-ca092cf89823","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":103,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"b38088ce-a6a4-4bd7-91d5-1258c1407107","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":103,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"0081bc1f-ae4b-4382-8812-8269525776b9","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":103,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"029a02cf-4b1d-44b7-b44d-d90e2ba1fb82","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":103,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"6e68da5a-8fc4-4a28-b6e1-06c5bf51e5d6","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":103,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"6e0a8ee1-25f2-405e-a9ed-3b1850c6ed76","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":103,"box":{"x":70,"y":407,"width":802,"height":11}},{"id":"5353b5e3-8bde-4564-8f8b-b80490d1d4ec","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":103,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"b2cf5aca-ce9f-4e9d-8814-301671e31572","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":103,"box":{"x":69,"y":438,"width":788,"height":11}},{"id":"5b0f7e9b-1171-4100-ab24-501c8c098b20","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":103,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"4ffcb844-bf78-4663-bec0-c37089884dd2","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":103,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"77ab6c50-d976-441d-ab91-220ab05b1156","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":103,"box":{"x":68,"y":483,"width":513,"height":11}},{"id":"cb1bd005-8954-4062-8f69-003401b07dcc","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":103,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"46f468e6-6b8c-4c11-8f5b-ff82a3d6374f","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":103,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"df4395bc-9af2-478c-a114-c1a677e1fcba","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":103,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"46ec9fba-4a90-4e6e-bced-895e0da4a38f","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":103,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"c1c68c48-ae05-45e9-8fa3-f5e15d56b3c1","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":103,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"dd4377b2-d32a-4793-a35c-0ec0dc1a4d89","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":103,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"2f058592-5f27-4107-b684-21ae05e0e913","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":103,"box":{"x":69,"y":596,"width":814,"height":12}},{"id":"b6b4a738-2911-4ef9-b6a1-c8e93e24bf51","block_type":"box","text":"acquisition or disposal of securities.","page_number":103,"box":{"x":69,"y":612,"width":257,"height":11}},{"id":"73119431-5759-4ee9-87aa-6d6ffbc75ba1","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":103,"box":{"x":102,"y":634,"width":800,"height":12}},{"id":"359bc039-7364-4711-985c-41366c9cd4b9","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":103,"box":{"x":70,"y":650,"width":769,"height":10}},{"id":"a765bec7-0a45-4786-864b-3a1098f003a8","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":103,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"b3a94dae-99dd-4d8c-8f5b-d65eda85c748","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":103,"box":{"x":69,"y":680,"width":819,"height":11}},{"id":"e6eb5add-dc13-4e8f-aed9-e8e894704711","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":103,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"dacac975-2cd5-408a-b1a6-3890b83128cf","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":103,"box":{"x":69,"y":710,"width":794,"height":11}},{"id":"68524a89-f0e7-415e-bb23-1ba58fb34107","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those","page_number":103,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"4e70910e-653a-4113-8cd8-cf58ffb9f5b5","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":103,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"8d3d8d4e-ecb0-490d-b977-26d977418735","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":103,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"eebc2a02-7bac-4dc8-9ae8-1e96cbf4f89d","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":103,"box":{"x":68,"y":778,"width":777,"height":11}},{"id":"41947d93-4380-44e6-b9ae-1b8c327b019b","block_type":"box","text":"generally less available or transparent in these markets.","page_number":103,"box":{"x":68,"y":793,"width":401,"height":11}},{"id":"8b2f009c-9d99-4208-9efb-8ff76ccbc45d","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":103,"box":{"x":102,"y":816,"width":778,"height":11}},{"id":"9e417579-14a3-4a61-92e8-6565930963c6","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":103,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"130ba976-5c05-48a9-b426-06422466efea","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":103,"box":{"x":68,"y":846,"width":797,"height":11}},{"id":"b2cbc7d6-e9e0-48f4-a70e-ca4dd2041654","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":103,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"93c81778-7146-4d60-9c88-97f0b040a1df","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":103,"box":{"x":68,"y":876,"width":799,"height":11}},{"id":"66c0f8dc-583d-46a9-9bb6-5f4d3ec1dc84","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":103,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"3913babc-e9ca-4ab0-ae1e-f4adb69784e9","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":103,"box":{"x":68,"y":906,"width":740,"height":12}},{"id":"ee7a5bb7-b323-46ab-90a9-2e843b28168c","block_type":"box","text":"II-36","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2f4f13d4-a8f7-4566-b1ec-534d9ca8f9c4","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32654b10-3fd8-44a3-b5d2-0ff4505c8aa1","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":104,"box":{"x":102,"y":45,"width":305,"height":11}},{"id":"3123e714-5d4c-4ae3-a9a7-d441ae81ee92","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":104,"box":{"x":414,"y":45,"width":485,"height":11}},{"id":"0cd28bc3-912d-48f9-ac92-901722417d54","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":104,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"e1b84ec5-e786-4256-beee-e82c45ccfd88","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":104,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"6231e493-9ec4-4fb5-bd96-d31c43d064ad","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":104,"box":{"x":68,"y":90,"width":838,"height":11}},{"id":"9141eaa9-0f2e-43e5-a24c-c9bfab0d7a65","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":104,"box":{"x":69,"y":105,"width":834,"height":11}},{"id":"0cb6e41f-142f-4bb9-834f-20ae531cd4d2","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":104,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"9106cd30-056d-4901-a4eb-5ff8ab8c8416","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":104,"box":{"x":69,"y":135,"width":804,"height":12}},{"id":"aa0a6a23-175a-44e0-953c-8e159ad200de","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":104,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"55ccc678-f561-4700-b063-2ab0f512e4e7","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":104,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"00e7fea2-48d5-4c7a-8fd0-72915c5c6b92","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":104,"box":{"x":70,"y":181,"width":766,"height":11}},{"id":"1c61d24b-9a1f-4aba-9c50-0cf9ac996e3a","block_type":"box","text":"performance of the Fund.","page_number":104,"box":{"x":70,"y":196,"width":179,"height":11}},{"id":"72db0a12-ac37-43a0-9997-32aad2637a61","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":104,"box":{"x":102,"y":218,"width":784,"height":12}},{"id":"a3d80718-cc57-4cc6-b7e8-f463604a5a84","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":104,"box":{"x":69,"y":234,"width":803,"height":11}},{"id":"cfb097b5-858e-4825-b4ae-7f2e4d12e910","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":104,"box":{"x":69,"y":249,"width":788,"height":11}},{"id":"3559c358-4952-470a-9394-1ad52f300ed6","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":104,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"4858de47-0f26-422e-887a-d8b480d6db05","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":104,"box":{"x":68,"y":279,"width":823,"height":11}},{"id":"10268390-428d-4238-a71d-73f4c8c2489c","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":104,"box":{"x":68,"y":294,"width":822,"height":11}},{"id":"3246ec11-419b-4759-aa18-013d5911df32","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":104,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"ce8f4e0a-d7bb-432b-8d64-eb70816509a6","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":104,"box":{"x":69,"y":325,"width":821,"height":11}},{"id":"f394f836-76e3-4787-887e-4c4db4eae97f","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":104,"box":{"x":70,"y":339,"width":827,"height":12}},{"id":"3099f1e7-25e5-419e-908a-25f54d2777d8","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":104,"box":{"x":70,"y":355,"width":803,"height":11}},{"id":"ed8fbee4-1a33-4f7d-b69d-6440d22a332b","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":104,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"9756c9d3-c100-4724-b82d-03880a162302","block_type":"box","text":"affected by a variety of factors.","page_number":104,"box":{"x":69,"y":385,"width":220,"height":11}},{"id":"9a3f214b-77ab-44e5-89f9-0c3d6f857eff","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":104,"box":{"x":101,"y":407,"width":785,"height":12}},{"id":"3275b9f7-5284-4e7c-82ff-d40e60ab47b9","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":104,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"1378ccdc-e880-41e9-8003-a5eef4ae4a36","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":104,"box":{"x":69,"y":438,"width":814,"height":11}},{"id":"1b8238cc-3458-4bd3-887b-50e3da884900","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":104,"box":{"x":69,"y":453,"width":813,"height":11}},{"id":"5cdaad92-5e1b-482c-91a7-c7ea31397e44","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":104,"box":{"x":69,"y":468,"width":777,"height":11}},{"id":"c5b0f732-de8f-425f-878f-bb9417c9d1d3","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":104,"box":{"x":70,"y":483,"width":652,"height":11}},{"id":"d5963255-a760-4573-833a-3fa10f2a075f","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":104,"box":{"x":102,"y":506,"width":737,"height":11}},{"id":"6faa116c-08df-420b-a7b3-901932d3490a","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":104,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"c9603970-a467-4241-9b7c-c4aca0e2b782","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":104,"box":{"x":69,"y":536,"width":801,"height":11}},{"id":"393a853c-d657-4815-9400-ef7bdc503c53","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":104,"box":{"x":69,"y":551,"width":793,"height":11}},{"id":"e9251761-71a0-4fd6-87a0-8755c9a6ab0c","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":104,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"5cff9932-9ed0-4d71-98dd-3217027102c6","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":104,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"c88c939d-ebc4-4adf-82a1-e3cbe3486313","block_type":"box","text":"nations.","page_number":104,"box":{"x":69,"y":597,"width":56,"height":8}},{"id":"a59b42d1-ef39-4bf7-968c-a4cfd2b08e84","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":104,"box":{"x":102,"y":619,"width":794,"height":11}},{"id":"212449be-0dea-4d8c-ae4d-681af6b21208","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":104,"box":{"x":68,"y":634,"width":773,"height":12}},{"id":"5d5028e6-55e7-4dba-a63c-f8c6b57df9ae","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":104,"box":{"x":69,"y":649,"width":808,"height":12}},{"id":"87b15b1e-22fc-4fd8-8a41-8869418f00a7","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":104,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"d3de5c7d-6d22-43f6-9cba-3c9e97227076","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":104,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"01eaa2e4-a4ab-4b3b-ace3-438d4b5595fd","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":104,"box":{"x":69,"y":695,"width":790,"height":11}},{"id":"67c343a0-3efa-40b5-bfcf-9ffd51b84303","block_type":"box","text":"market Asia-Pacific companies.","page_number":104,"box":{"x":69,"y":710,"width":220,"height":11}},{"id":"12ca44bd-b4b7-4738-a409-2018a03b75b7","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":104,"box":{"x":102,"y":732,"width":780,"height":12}},{"id":"70c4de07-47fd-414e-92ea-146737682349","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":104,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"5eff5ceb-37d6-4506-a9f6-715f00bf5490","block_type":"box","text":"services for such securities outside such countries.","page_number":104,"box":{"x":69,"y":763,"width":367,"height":9}},{"id":"b562ae7f-c312-406a-821e-a728ae540b34","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":104,"box":{"x":102,"y":785,"width":795,"height":12}},{"id":"14a0359c-9943-4e07-8e20-866f14d03948","block_type":"box","text":"to commercial banks and foreign governments.","page_number":104,"box":{"x":68,"y":801,"width":335,"height":11}},{"id":"7a61f75c-f1dc-4f76-bd57-e3207ae192d4","block_type":"box","text":"On March 11, 2011, a powerful earthquake and resulting tsunami struck northeastern Japan causing major","page_number":104,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"624e2a2a-4617-47ed-8bf9-c3e907998001","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":104,"box":{"x":69,"y":839,"width":813,"height":11}},{"id":"4853a271-9bf9-40f0-bacb-efa7ad43fe09","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment portfolio and, in the longer term,","page_number":104,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"82520b67-ad71-4d08-8d87-c800b0c70108","block_type":"box","text":"could impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally","page_number":104,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"cf1e52ed-fc8b-452d-bf45-7e97e1324fc2","block_type":"box","text":"conducted.","page_number":104,"box":{"x":69,"y":884,"width":76,"height":9}},{"id":"bbf3537d-5940-471a-9696-6dc35aee02b9","block_type":"box","text":"II-37","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9822036f-401b-460b-a495-be77b323ce96","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4ab4b35-b056-4608-9d81-2b6c396a6014","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":105,"box":{"x":102,"y":45,"width":782,"height":11}},{"id":"a893ec26-2607-4356-b1f3-52e256854eda","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":105,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"46281fd3-69a9-41b7-885b-906ed0b410a0","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":105,"box":{"x":68,"y":75,"width":711,"height":11}},{"id":"32525cd4-8867-4d50-9064-291973714e69","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":105,"box":{"x":102,"y":98,"width":435,"height":11}},{"id":"dd1a9370-df63-4383-b5c6-f57708203b44","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":105,"box":{"x":543,"y":98,"width":355,"height":11}},{"id":"450aaa0f-d05b-4ae1-8915-eb4ef12b9ff7","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":105,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"5a92623b-4a38-4387-a826-1a5ca76ad804","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":105,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"13972aa7-148a-4f4a-bfb6-ba07479abed6","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":105,"box":{"x":68,"y":143,"width":828,"height":11}},{"id":"a28d726f-0144-429a-b179-abaa30dc7e39","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":105,"box":{"x":69,"y":158,"width":794,"height":11}},{"id":"d42e4413-1948-4609-89c9-6e075106dca8","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":105,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"ab80daf4-ce60-4aa0-b94e-162fce42ed76","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":105,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"725f6381-3203-452e-81f0-c385de36e90c","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":105,"box":{"x":69,"y":203,"width":820,"height":12}},{"id":"79f49c69-6d07-4a58-b1d8-9a4ce3f81144","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":105,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"1d7cf86b-a8d0-4afd-ae66-12d9ca938db3","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":105,"box":{"x":70,"y":234,"width":434,"height":11}},{"id":"5a5a6dae-f7da-4619-80ef-c2620db2dddb","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":105,"box":{"x":101,"y":256,"width":787,"height":12}},{"id":"3bbffca4-045b-434f-a626-f11dd8cae5fb","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":105,"box":{"x":68,"y":271,"width":833,"height":12}},{"id":"7babd9d6-5a3a-482e-8767-228f3ce99f97","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":105,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"f2b2d2be-30fc-4fce-8187-6146f0d7248e","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":105,"box":{"x":69,"y":302,"width":831,"height":11}},{"id":"ad2b6c52-de2a-4a6e-b0d3-fcacb38717c2","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":105,"box":{"x":68,"y":317,"width":834,"height":11}},{"id":"8845a36f-5739-4429-9472-d57da95cab6c","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":105,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"d10729d0-a63c-41bd-93f0-11fe315b62f9","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":105,"box":{"x":69,"y":347,"width":800,"height":11}},{"id":"a9733c01-3f41-41e2-ba4c-7bae296facff","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":105,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"14f333be-51c9-4dd8-b9b2-fde49d9e64d7","block_type":"box","text":"investment at that time.","page_number":105,"box":{"x":70,"y":377,"width":168,"height":9}},{"id":"45b3ad96-025f-49f2-8531-678095c8b025","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":105,"box":{"x":102,"y":400,"width":774,"height":11}},{"id":"d7e801bc-73e2-476a-9518-639be1f6ed9c","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":105,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"2828a025-b531-4cae-9be1-4929102def0f","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":105,"box":{"x":69,"y":430,"width":789,"height":11}},{"id":"11aec7f0-dee5-4a1d-a695-9a33b7099c00","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":105,"box":{"x":69,"y":445,"width":826,"height":11}},{"id":"52b4bc69-d1a2-4bcd-9a2d-d6ae4a98d4de","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":105,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"5ca70b1a-946f-4f71-b9c4-d40235afbe33","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":105,"box":{"x":68,"y":475,"width":826,"height":12}},{"id":"ca2dcf00-ae04-44aa-8745-b8497d96f9cd","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":105,"box":{"x":68,"y":491,"width":800,"height":11}},{"id":"c9000334-7f64-450e-b2fd-65418b0cd1f7","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":105,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"154ecbf6-3b45-45ee-85be-6c724fc3c12b","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":105,"box":{"x":68,"y":521,"width":798,"height":11}},{"id":"5870c229-6e92-47e8-bb00-088edabb7611","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":105,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"05718584-28c7-40c1-974b-87e0fa2ed40d","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":105,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"e7bc3138-ca2f-40f3-8de2-f5f59f89b983","block_type":"box","text":"government).","page_number":105,"box":{"x":68,"y":566,"width":92,"height":11}},{"id":"e6998faa-0734-4070-849e-ad2179ac8f20","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":105,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"c7bd83d6-765c-48b3-b864-b2452ad0b993","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":105,"box":{"x":68,"y":604,"width":828,"height":11}},{"id":"bddf086b-8e2d-4f28-af0f-9bb7dd49b351","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":105,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"6b54f669-0275-47ab-986e-405936657c56","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":105,"box":{"x":69,"y":634,"width":829,"height":11}},{"id":"f3555220-0629-47b0-86cb-1253edd7c801","block_type":"box","text":"foreign banks and other financial institutions.","page_number":105,"box":{"x":68,"y":649,"width":322,"height":12}},{"id":"5c366b2d-8715-4d1b-90d1-10ed9a0f0939","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":105,"box":{"x":102,"y":672,"width":767,"height":11}},{"id":"d5127f5e-8f14-48de-9a21-c736883744ce","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":105,"box":{"x":69,"y":687,"width":814,"height":11}},{"id":"cdec25f3-96b5-4b70-8f55-9ba571b375d2","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":105,"box":{"x":69,"y":702,"width":809,"height":12}},{"id":"a7e3f8c1-1174-4397-8874-c595742b710b","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":105,"box":{"x":69,"y":717,"width":812,"height":11}},{"id":"c7e935b6-4df8-423a-93ef-0f5479794059","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":105,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"f9bca8f7-47fa-4890-b9e5-261f532478e2","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":105,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"ffd2466a-cfac-4929-9915-3af3bf5a9004","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":105,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"58550d22-5c09-4b24-9d8f-cb4daa0ebe8c","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":105,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"aed9015c-2d36-4602-9cdc-1ea2d9096fd2","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":105,"box":{"x":68,"y":793,"width":837,"height":11}},{"id":"6aea4fa2-9181-4590-b306-b16ef1aee4b4","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":105,"box":{"x":70,"y":808,"width":771,"height":11}},{"id":"7a9965ea-94ea-49ba-b9ea-f2bb568c535c","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":105,"box":{"x":69,"y":823,"width":711,"height":11}},{"id":"01abe4a0-e388-4330-a5c8-653482d9d4df","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":105,"box":{"x":101,"y":846,"width":779,"height":11}},{"id":"5a386ee7-c771-4db5-a2dc-402d1e20d214","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":105,"box":{"x":68,"y":861,"width":840,"height":11}},{"id":"e8a1f802-56e1-421e-8858-468a1acd92d0","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":105,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"2f24e981-0c59-41ca-94e9-401b54a8ebe5","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":105,"box":{"x":68,"y":891,"width":802,"height":12}},{"id":"6574837c-d41d-4897-ab53-0b88883302b8","block_type":"box","text":"foreign securities.","page_number":105,"box":{"x":68,"y":906,"width":127,"height":12}},{"id":"64d66eda-3915-4b1c-a5bf-66af8fee8d33","block_type":"box","text":"II-38","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e57ac21-e6db-4ff5-a658-66f891791479","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54bd5666-9c2c-4aa2-be2d-b5fbdd512dd2","block_type":"box","text":"Risks of Investments in Russia.","page_number":106,"box":{"x":102,"y":45,"width":224,"height":9}},{"id":"67c19647-fe9d-4959-836e-d50c4b3cc968","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":106,"box":{"x":332,"y":45,"width":539,"height":11}},{"id":"cc9c91e7-92a9-4d70-9f0b-01f2b924e5e9","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":106,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"f0ea809c-558f-4487-b54a-808126d6febd","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":106,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"a2563811-b97e-4dbf-9334-c6934e4d6eb3","block_type":"box","text":"and a substantial portion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":106,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"f83ee77b-bfc8-48c0-85d7-d26339b3d615","block_type":"box","text":"inexperience of the Russian securities market and the limited volume of trading in securities in the market may make","page_number":106,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"f5e70f42-891b-4c04-a2cb-a54e58238d1f","block_type":"box","text":"obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed","page_number":106,"box":{"x":69,"y":120,"width":804,"height":12}},{"id":"9f86b719-50e3-4610-95ee-6039a4dca554","block_type":"box","text":"markets.","page_number":106,"box":{"x":69,"y":136,"width":61,"height":8}},{"id":"8f0f8a8a-35e2-4398-a695-9f227e3d1dc5","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":106,"box":{"x":102,"y":158,"width":753,"height":11}},{"id":"cf6b7edd-6c2a-4b12-9230-c6497c8c678a","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":106,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"ea1ca74b-cd77-422e-887e-be74f5d4c71b","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":106,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"4d63c79e-9e91-456a-8a91-e9f88eb344c3","block_type":"box","text":"system for equity share registration in Russia and registration was carried out either by the issuers themselves or by","page_number":106,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"b7104f65-8858-4982-860f-05209e426eb3","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":106,"box":{"x":69,"y":218,"width":815,"height":12}},{"id":"743b82a1-fd6d-45a5-b874-f08d5b1052d4","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":106,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"19749fbc-689e-414e-b1eb-4705ddaa0f46","block_type":"box","text":"recognized central securities depository, and title to Russian equities is now based on the records of the NSD and","page_number":106,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"9300a2ad-45bb-4437-b057-cb0beb2a487b","block_type":"box","text":"not on the records of the local registrars. The implementation of the NSD is generally expected to decrease the risk","page_number":106,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"b10b8001-1570-40a5-bfb4-09c269635ce4","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":106,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"47d6352d-947f-48d2-b04c-3010685ea945","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":106,"box":{"x":70,"y":294,"width":825,"height":11}},{"id":"1d2da57e-7ce4-4565-9d7e-2738c95064d6","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":106,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"8f878133-f165-4bf5-a366-cd6fa84ee658","block_type":"box","text":"the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title","page_number":106,"box":{"x":68,"y":324,"width":833,"height":12}},{"id":"5d805f38-fe58-4dea-a7ca-2a11d311f0f4","block_type":"box","text":"or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":106,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"e86ca168-4867-4c8f-b1b1-31807290f9f4","block_type":"box","text":"otherwise remedy the loss.","page_number":106,"box":{"x":69,"y":355,"width":192,"height":11}},{"id":"b7979472-7499-4b3e-8573-cc3b8f452e86","block_type":"box","text":"In addition, Russia also may attempt to assert its influence in the region through economic or even military","page_number":106,"box":{"x":102,"y":377,"width":765,"height":12}},{"id":"9b6c5549-9e75-4b08-be7b-b2e410a12ffd","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a","page_number":106,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"1b8ad872-2d8b-481b-8a8c-22816b8ed69d","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":106,"box":{"x":70,"y":407,"width":782,"height":12}},{"id":"1fc6579a-2b43-4566-b2f6-b46e7023df93","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":106,"box":{"x":69,"y":423,"width":824,"height":11}},{"id":"08c67ae2-6691-4c01-8678-61abf371a3d4","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian","page_number":106,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"dd4b1c3f-a09d-4461-9c84-d1ee5449deff","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":106,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"662d3938-9b35-4abe-9c41-59c2a81536ac","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":106,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"b41e905f-5bc3-4374-b7e8-af272652c289","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":106,"box":{"x":70,"y":483,"width":759,"height":11}},{"id":"5cd1490e-fc0f-46aa-bb51-0c2aceb78ebc","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":106,"box":{"x":70,"y":498,"width":822,"height":11}},{"id":"b32e8798-ed93-4efb-8e9b-49699b5e75a8","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":106,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"830f317c-4e7c-4836-95e1-75b30b09325c","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":106,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"5a0815fe-edb0-4489-ba63-829e1a371088","block_type":"box","text":"of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the","page_number":106,"box":{"x":69,"y":543,"width":832,"height":12}},{"id":"4873fd87-95f5-40a2-8d63-2aba592f9680","block_type":"box","text":"markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":106,"box":{"x":69,"y":559,"width":786,"height":11}},{"id":"15d51123-27c3-4065-8831-54de7e509a4a","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":106,"box":{"x":69,"y":574,"width":521,"height":11}},{"id":"7e46a815-2e2e-4de3-9eaf-11f5a56432a0","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":106,"box":{"x":102,"y":597,"width":745,"height":11}},{"id":"cac355b8-9691-4920-8e83-97130ee480c6","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":106,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"9b0cf8d6-a046-4b41-ad78-2bde48761933","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":106,"box":{"x":70,"y":627,"width":799,"height":11}},{"id":"144284e7-c166-44ba-b376-197b7e2b457e","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":106,"box":{"x":70,"y":642,"width":788,"height":11}},{"id":"1be59d88-5c1d-4674-b57c-a39fd9a00356","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":106,"box":{"x":69,"y":657,"width":807,"height":11}},{"id":"6de83efe-f7c3-40c3-b2ca-577b480ee375","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":106,"box":{"x":70,"y":672,"width":782,"height":11}},{"id":"f6ba9efb-ed08-4453-8b4e-9a3f2870c440","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":106,"box":{"x":70,"y":687,"width":802,"height":11}},{"id":"8ca1bc87-3fc2-46b4-80dd-298a83103dda","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":106,"box":{"x":68,"y":702,"width":826,"height":11}},{"id":"04af71bd-7e36-47ea-a9fe-8eb8d36b0ac1","block_type":"box","text":"assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could","page_number":106,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"3fdc3a68-5d5a-4be7-aaf1-e502aad8d0a7","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity","page_number":106,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"c853922d-254a-4e3f-ae38-fc2cd1c1a2c8","block_type":"box","text":"of Russian securities.","page_number":106,"box":{"x":69,"y":748,"width":153,"height":9}},{"id":"3940d6da-e14d-40c9-b7f6-6dca732889ed","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":106,"box":{"x":102,"y":770,"width":241,"height":12}},{"id":"e950150a-33d6-455f-a79d-72ca3e909a72","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":106,"box":{"x":350,"y":770,"width":523,"height":12}},{"id":"611a4745-ee30-4b52-a4e8-6886f39097b2","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":106,"box":{"x":70,"y":786,"width":838,"height":11}},{"id":"a0b1ee20-166e-4aa7-bace-9663bb21a5fe","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":106,"box":{"x":69,"y":801,"width":814,"height":11}},{"id":"fece98ee-3279-4f75-9171-997b0c0fc03e","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":106,"box":{"x":68,"y":816,"width":793,"height":11}},{"id":"6ce54a35-3019-4605-9c6f-a310f69a5daa","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":106,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"98b42d6b-74a6-432c-858f-65ee5ab56699","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":106,"box":{"x":69,"y":846,"width":777,"height":11}},{"id":"cd0e0301-78e4-4293-b7f7-936646cd4673","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":106,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"c239b0be-d30b-4ef0-af23-7c5aa749599a","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":106,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"ca12df2f-9e22-48fa-ae88-02768e482468","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":106,"box":{"x":69,"y":891,"width":765,"height":11}},{"id":"261f72c3-0008-415d-bb80-ba9d2bc13e7b","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":106,"box":{"x":69,"y":906,"width":838,"height":12}},{"id":"711acc30-d9e2-4275-9755-72d84d8767b5","block_type":"box","text":"II-39","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7e7927b-e37f-4b97-8705-c99d5bd7b784","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a550223-1eeb-43f6-b0e3-998fb824e49a","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":107,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"3801ca46-bf4f-4d65-af9c-86e7b02a8f77","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":107,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"0cb0d063-90c6-480c-ab67-898726457039","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":107,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"c25efa40-7321-435f-af39-37cfaf3934a1","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":107,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"70cef1ac-9e07-41eb-821a-be89395645a5","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":107,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"90ee0945-b17e-4b3b-9300-c9f17655b89c","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":107,"box":{"x":69,"y":120,"width":797,"height":12}},{"id":"7b7ec9ba-000f-4758-a72e-a9fcf9f48291","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":107,"box":{"x":68,"y":135,"width":781,"height":12}},{"id":"acd928c9-b77b-4490-a927-222a84712718","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":107,"box":{"x":69,"y":150,"width":811,"height":12}},{"id":"fda2df3e-9de7-47cf-8676-2ba8acac437e","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":107,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"d9825b7b-dec8-4b74-abae-3f13af04f787","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":107,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"51a90d86-b77e-4648-af1e-8eb473a60663","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":107,"box":{"x":69,"y":196,"width":823,"height":11}},{"id":"052a5f5f-cfec-4e3c-bc43-f7df4169379b","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":107,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"ae24eea2-f40d-4a93-8352-c2782b07584a","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":107,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"b35a549a-c5e5-4f7f-ad9c-e8b183163107","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":107,"box":{"x":68,"y":241,"width":799,"height":11}},{"id":"2db77388-050e-439e-a900-0a5b3a16b8b4","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":107,"box":{"x":69,"y":256,"width":815,"height":12}},{"id":"94d1af8b-cf62-4005-ba7f-d22a94d67951","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":107,"box":{"x":68,"y":271,"width":818,"height":12}},{"id":"8cbacfdd-63f1-4159-9b19-6de5212f885a","block_type":"box","text":"impacted.","page_number":107,"box":{"x":70,"y":287,"width":67,"height":10}},{"id":"1976470c-a2e7-479c-a18b-3de2d447fc8b","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":107,"box":{"x":102,"y":309,"width":773,"height":11}},{"id":"4db5227e-8079-4d43-90e6-aa09712299bd","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":107,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"ee2373d5-5fb8-424d-b5fb-0c259ddf3129","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":107,"box":{"x":70,"y":339,"width":818,"height":12}},{"id":"e76e4ef1-3e50-4f4f-9133-8d762f5b5c70","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":107,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"2c40c53a-f270-4fcb-bdef-dc916307c882","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":107,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"6135aea9-8af5-4930-8f60-eee6a2c8d6ea","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":107,"box":{"x":68,"y":385,"width":809,"height":11}},{"id":"5b4f490f-b6bf-445b-84f5-f2eb1a447e26","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":107,"box":{"x":70,"y":400,"width":790,"height":11}},{"id":"84a33872-5082-42b4-915a-4426b163a13e","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":107,"box":{"x":70,"y":415,"width":798,"height":11}},{"id":"a8cd244b-d4ce-47c6-a87d-2d468717c824","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":107,"box":{"x":68,"y":430,"width":781,"height":11}},{"id":"97d86a44-e7ac-455e-ac7a-26582f2bfb6d","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":107,"box":{"x":70,"y":445,"width":836,"height":11}},{"id":"0e00c1c6-4479-4121-b307-3a9d480f9365","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":107,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"1649c447-61a5-4761-bd6e-de913113db1d","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":107,"box":{"x":69,"y":476,"width":838,"height":11}},{"id":"881679e4-8718-492c-9d8b-3ea38f455a20","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":107,"box":{"x":69,"y":491,"width":790,"height":11}},{"id":"4968dc16-fe70-41d4-b3a5-ec1ebed6998f","block_type":"box","text":"economy.","page_number":107,"box":{"x":69,"y":508,"width":65,"height":9}},{"id":"5e8f55ea-8697-4e87-8bfd-5fd286441e1b","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":107,"box":{"x":101,"y":529,"width":747,"height":11}},{"id":"e5fe0e3f-d0bb-4e01-b603-3f72c0dee79e","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":107,"box":{"x":69,"y":544,"width":776,"height":11}},{"id":"037c7645-8725-49df-9fe9-2ad55a405061","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":107,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"0c79b681-9f92-4857-9472-4889f7b1d4e9","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":107,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"ad919532-dc31-44aa-9471-55ff3c875ba6","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":107,"box":{"x":69,"y":589,"width":813,"height":11}},{"id":"ffff8327-4ae4-4429-886d-ac07c2df2fb1","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":107,"box":{"x":70,"y":604,"width":822,"height":11}},{"id":"7be1b6a7-3249-4a94-9151-7a5961c14f14","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":107,"box":{"x":68,"y":619,"width":837,"height":11}},{"id":"9778272f-5ad0-4af8-b9e7-116ddd332271","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":107,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"805dec73-c409-497b-95ff-d6f01303d6e2","block_type":"box","text":"typically the case for investment managers.","page_number":107,"box":{"x":68,"y":649,"width":309,"height":12}},{"id":"44419842-26e2-4f47-87c8-dae89ba879c7","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":107,"box":{"x":101,"y":672,"width":806,"height":11}},{"id":"6b4e3046-a35b-4f34-af13-b08b98cf6c2e","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":107,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"489ca2bb-fc75-4d8c-b7b8-c8ba4c8f7cd4","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":107,"box":{"x":70,"y":702,"width":777,"height":12}},{"id":"ceddc471-9016-4868-8d8b-c8a16c68624e","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":107,"box":{"x":69,"y":718,"width":796,"height":11}},{"id":"2cb241a3-1f3b-49b3-8f29-c4be3793a6cb","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":107,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"02e11689-5a2a-48f5-845e-9a4875f50e31","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":107,"box":{"x":70,"y":748,"width":827,"height":11}},{"id":"beadea71-795c-4e0f-8c8c-33a7387657be","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":107,"box":{"x":68,"y":763,"width":764,"height":11}},{"id":"788e8d97-b2f2-4ca9-934b-3052f7642ef4","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":107,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"dc461bd7-4d6a-4b25-9ceb-302c232369f8","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":107,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"0537c299-6294-4329-a2e7-a393ea15fe50","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":107,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"2f3a7318-6a91-4013-93e6-e961c4b90d04","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":107,"box":{"x":69,"y":823,"width":815,"height":11}},{"id":"514d3250-b6ef-49dd-bfee-e82fdd2ff4bb","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":107,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"b12d0a5c-c69c-4cae-b525-e2782e359b0d","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":107,"box":{"x":70,"y":853,"width":797,"height":12}},{"id":"72c039bd-cd6c-41fe-891d-0c3b3fe382a1","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":107,"box":{"x":69,"y":869,"width":510,"height":11}},{"id":"d172add9-1be9-495f-8c02-bc25bd7086a7","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":107,"box":{"x":102,"y":891,"width":773,"height":12}},{"id":"c611c495-307c-4071-b332-1ba53afaec55","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":107,"box":{"x":69,"y":906,"width":820,"height":12}},{"id":"8f7a97fa-ed75-45c3-a466-ea44654d654c","block_type":"box","text":"II-40","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3dfe637-defe-455b-90fb-d5a0e50ef379","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b51bcb11-8c54-43c1-b593-bef913ac9262","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":108,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"477c3cc4-80c4-4e1c-a08d-e5a1e54b0da1","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":108,"box":{"x":70,"y":60,"width":837,"height":11}},{"id":"ac5762c2-cd07-44fe-b914-fa94e4583846","block_type":"box","text":"will be indirectly subject to those risks.","page_number":108,"box":{"x":68,"y":75,"width":277,"height":11}},{"id":"0b4a0d34-d4cc-4c1d-a551-931c6ed94179","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":108,"box":{"x":102,"y":98,"width":223,"height":11}},{"id":"78c7dace-5288-49f3-8f60-393b07d2fc30","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":108,"box":{"x":332,"y":98,"width":521,"height":11}},{"id":"bdcc0121-7461-478a-9501-9b1e1e5e39db","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":108,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"b078cd12-df5d-4232-aca6-c0c72032fe42","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on export of natural","page_number":108,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"b90f88d2-ec9b-4658-b85a-e31cf957ed99","block_type":"box","text":"resources to key trading partners. According to the Organization of Petroleum Exporting Countries (“OPEC”),","page_number":108,"box":{"x":69,"y":143,"width":769,"height":11}},{"id":"c8e54375-e687-4d43-952a-506db23f963e","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry report, Venezuela also has the","page_number":108,"box":{"x":68,"y":158,"width":757,"height":11}},{"id":"5534b79d-69c7-49e4-a354-ebad32f0d89b","block_type":"box","text":"continent’s largest natural gas reserves at an estimated 152 trillion cubic meters. Any act of terrorism, an armed","page_number":108,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"d20ccb3a-e983-4ea2-873f-25d1fbfa1ca4","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will","page_number":108,"box":{"x":69,"y":188,"width":817,"height":12}},{"id":"5f0f2d4b-d624-48ca-9384-4afcd18f1600","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":108,"box":{"x":70,"y":203,"width":810,"height":12}},{"id":"27206066-f1ba-48b6-806d-9dd6055a809c","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":108,"box":{"x":70,"y":219,"width":726,"height":11}},{"id":"592df9ce-418e-4ec4-92e9-1a9166d4072e","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":108,"box":{"x":68,"y":234,"width":808,"height":11}},{"id":"0c6cf970-8192-496e-9a33-7b9dbcb4c5e5","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncertainty.","page_number":108,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"30ce6dac-54f7-4d80-8b84-a69c30b51f25","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":108,"box":{"x":70,"y":264,"width":821,"height":11}},{"id":"64ad62da-45ad-4403-8162-a913f2e9ca8b","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate","page_number":108,"box":{"x":68,"y":279,"width":820,"height":11}},{"id":"21092b5a-3ec9-415d-8070-9ffb003f09db","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":108,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"b1635db2-0e6e-47fe-946c-edaf27c7b6dc","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":108,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"df2055a0-8a2c-43c0-86a7-7cdff18bff11","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":108,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"9cee7270-9f8a-4662-aa60-2fdf673db4b3","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against","page_number":108,"box":{"x":70,"y":339,"width":838,"height":12}},{"id":"90e8ce23-223b-4773-906b-f8db2db623b6","block_type":"box","text":"Venezuela may in the future be imposed by the U.S. or other countries. These factors, among others, can have a","page_number":108,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"c4f943cf-71e7-4a8a-88e7-b9c6dd629990","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":108,"box":{"x":69,"y":370,"width":296,"height":11}},{"id":"d030ff3b-4d3e-4c95-a319-61d6d8b63a64","block_type":"box","text":"Brady Bonds.","page_number":108,"box":{"x":102,"y":393,"width":92,"height":11}},{"id":"e9f62376-e736-4e1a-9375-671ac966d330","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":108,"box":{"x":201,"y":392,"width":689,"height":12}},{"id":"85ec0330-1d83-4fa1-a363-392f75348f83","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":108,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"411e39bc-caa4-416c-aefa-108336fdfc04","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":108,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"af410803-d595-491d-be3a-2eac839e67fb","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":108,"box":{"x":69,"y":438,"width":784,"height":11}},{"id":"cc425877-a58e-4019-b39f-73b8c572652e","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":108,"box":{"x":68,"y":453,"width":837,"height":11}},{"id":"012c96e8-fdc7-49ab-9604-fb876ebadbc4","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":108,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"94eed669-d971-42a6-aa89-e387889b7040","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":108,"box":{"x":70,"y":483,"width":555,"height":11}},{"id":"24c38de2-3408-49ba-aeb9-5c049c34c660","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":108,"box":{"x":102,"y":506,"width":798,"height":11}},{"id":"d7cb19f1-4789-43d3-87f7-60280fc64629","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":108,"box":{"x":69,"y":521,"width":780,"height":11}},{"id":"9a2c7e87-7ce1-48de-8e5a-2d3e211a5c88","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":108,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"aae7af31-79c5-4dac-8ee6-ba55b1d00c51","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":108,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"2a3a9c0f-6b62-4ac8-9624-d40d5dd02138","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":108,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"bbfd7c98-1ef9-47d2-b156-bc574585a1c4","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":108,"box":{"x":68,"y":581,"width":823,"height":12}},{"id":"facea3ca-7fc1-48f9-91e5-c71d1d79cb2d","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":108,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"769d1bdd-81a8-47fb-9cf3-d01201892743","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":108,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"020d22e6-ea42-4803-924b-9849ef305ca6","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":108,"box":{"x":69,"y":627,"width":818,"height":11}},{"id":"7c3c7cb7-4f4f-41b2-b049-f82e52117fce","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":108,"box":{"x":69,"y":642,"width":804,"height":11}},{"id":"82306761-cde1-441a-9191-a4f32304d466","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":108,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"c00aa48c-4af8-48ab-a46f-d7c583e62283","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":108,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"da1ae22a-e9ae-44c8-9639-f49d480eda92","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":108,"box":{"x":68,"y":687,"width":780,"height":11}},{"id":"8c92fdb2-d752-43e6-ad56-3574a739eb9b","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":108,"box":{"x":69,"y":702,"width":790,"height":11}},{"id":"c6b20de9-5c58-4e3c-9a3a-47bf20158c77","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":108,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"8d9be8f2-e3da-4061-84ac-e94f4d380e50","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":108,"box":{"x":68,"y":740,"width":770,"height":11}},{"id":"ab94338a-599b-40a7-87fe-9fb444028420","block_type":"box","text":"payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the","page_number":108,"box":{"x":70,"y":755,"width":745,"height":11}},{"id":"4da5f393-da89-453c-a457-3289bc28ef07","block_type":"box","text":"bondholders. A significant portion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":108,"box":{"x":69,"y":770,"width":837,"height":12}},{"id":"2daa805e-29f4-49a2-b0ab-356d62252a2d","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":108,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"4e45437e-139e-42be-a902-6b8a9f202874","block_type":"box","text":"in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for","page_number":108,"box":{"x":70,"y":801,"width":820,"height":11}},{"id":"00f3a60a-7a02-441f-a4a2-7d40d3694d69","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":108,"box":{"x":68,"y":816,"width":790,"height":11}},{"id":"e0515656-aedd-4fcc-b309-52322e356c68","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":108,"box":{"x":102,"y":838,"width":807,"height":12}},{"id":"edd4fe5d-8e0a-45df-ba95-abebd7db60ba","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":108,"box":{"x":68,"y":853,"width":838,"height":12}},{"id":"9bfdf455-a04f-46d1-b394-e83e7bc1e28c","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":108,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"4b86a022-b5a1-47f5-8a1e-65d1f648629b","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":108,"box":{"x":70,"y":884,"width":835,"height":11}},{"id":"9ebd1481-7e5c-4f3a-9393-2cde77c56366","block_type":"box","text":"II-41","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fdc0b9c6-7e93-432e-b784-ee51161f1339","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b76db524-a499-4a31-b562-3bc517e6d66b","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":109,"box":{"x":68,"y":45,"width":841,"height":11}},{"id":"1e3a922d-9a5f-4cc9-b24d-9017910debf0","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":109,"box":{"x":70,"y":60,"width":351,"height":11}},{"id":"6a9de464-0d81-4bda-9c06-b8b590842970","block_type":"box","text":"China Investments Risk.","page_number":109,"box":{"x":102,"y":83,"width":171,"height":8}},{"id":"80820905-02b4-47d2-9b0e-062ffb7da573","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":109,"box":{"x":102,"y":105,"width":763,"height":11}},{"id":"f609fa82-6f59-4d5f-8353-c181d2e5e63a","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":109,"box":{"x":70,"y":120,"width":830,"height":12}},{"id":"b70853d3-5872-49e1-9514-e4224e0d7941","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":109,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"cca06738-f3fb-4795-ab4a-9f3820d1563f","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":109,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"02001fbf-278c-4f2a-8586-aa427c2e7cb5","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":109,"box":{"x":69,"y":166,"width":713,"height":11}},{"id":"4f414fae-eed7-4522-b381-331c537ba324","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":109,"box":{"x":102,"y":188,"width":762,"height":11}},{"id":"d28e1782-ed7f-495f-b01e-5cc22b819d77","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":109,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"7da36f84-cd78-4637-a17a-4f846e50a601","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":109,"box":{"x":69,"y":219,"width":820,"height":11}},{"id":"c0cdca05-95d7-4bbc-a5f9-1739e8521305","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":109,"box":{"x":68,"y":234,"width":777,"height":11}},{"id":"56320ab0-b24a-4198-9584-bb3d4173947e","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":109,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"7987894f-54a3-4704-9869-22d4898e9f9a","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":109,"box":{"x":69,"y":264,"width":805,"height":11}},{"id":"ec937297-6d42-433e-ac15-34bbedc1bdf6","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":109,"box":{"x":70,"y":279,"width":770,"height":11}},{"id":"dab3b7ab-afcd-487d-8aa8-3eb4314c76ef","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":109,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"7a71947b-9e1a-43e0-92c0-91ca6d9db3e1","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":109,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"3a7594cb-ec92-4d74-beb2-3f69d061aa91","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":109,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"e001ecd2-f56b-49be-bdfc-d65012280eb7","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":109,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"06a3d9ed-ad46-4b2b-affe-97f79bedb1bb","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":109,"box":{"x":69,"y":355,"width":769,"height":11}},{"id":"7b33910d-9942-4e15-bc34-39268104b6b6","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":109,"box":{"x":70,"y":370,"width":836,"height":11}},{"id":"bb3f3590-4254-47cb-bf3f-6885eff9cdac","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":109,"box":{"x":68,"y":385,"width":810,"height":11}},{"id":"d02bc79f-9420-4bfe-865a-1a031d272a2d","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":109,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"871133a9-1f64-47b7-b2b0-1e315c548700","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":109,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"8720e482-8919-47f8-9877-571d5412ce52","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":109,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"5d889ddb-1fd3-49aa-8ece-2a06ee779b70","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":109,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"9d457469-ce28-4017-b106-35ac5e79fda2","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":109,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"35b49233-f450-4d21-aec5-c90a749a4166","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":109,"box":{"x":69,"y":475,"width":819,"height":12}},{"id":"c93c22a4-17c0-4daf-8ef2-85f883f7c9c1","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":109,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"2d536a1a-0791-4f16-b35e-d8ee051727a5","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":109,"box":{"x":101,"y":513,"width":792,"height":12}},{"id":"31382f1b-1f06-4a01-af50-8fdd2aded65e","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":109,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"1dfb3c6e-0d03-4efa-8f94-516b3ac2907a","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":109,"box":{"x":68,"y":543,"width":835,"height":12}},{"id":"af260369-431a-4c91-bc35-386175fd6ad0","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":109,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"6432edc6-2b4c-452f-9104-2dc09428ddf2","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":109,"box":{"x":70,"y":574,"width":763,"height":11}},{"id":"64e1d8ab-bda5-4f2c-abe4-fe36b652689a","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":109,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"a3a17087-10e8-4721-bf6a-71b112ef9e58","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":109,"box":{"x":70,"y":604,"width":813,"height":11}},{"id":"b5f18463-fa09-4be1-907a-05ed6a2c9419","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":109,"box":{"x":68,"y":619,"width":653,"height":11}},{"id":"0b5ee1c0-5589-4d46-861d-a1d7defb3995","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":109,"box":{"x":101,"y":642,"width":783,"height":11}},{"id":"7d235eac-a7f2-46f3-83ff-db11757d2efd","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":109,"box":{"x":69,"y":657,"width":805,"height":11}},{"id":"4e0dcc0b-8ff2-4e35-866e-36c69c405484","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":109,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"14a92b8a-281f-45b3-9d45-66aae537a8b4","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":109,"box":{"x":70,"y":687,"width":821,"height":11}},{"id":"53ce7387-efe3-41dc-aa09-0a69db70a341","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":109,"box":{"x":69,"y":702,"width":683,"height":11}},{"id":"7b8a17b8-6ece-468b-951f-c2212b80d009","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":109,"box":{"x":102,"y":725,"width":797,"height":11}},{"id":"b076c5b5-5977-47b9-af02-c05c074614e9","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":109,"box":{"x":69,"y":740,"width":779,"height":11}},{"id":"9659cc70-0674-4177-a5bf-20240a6b99b6","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":109,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"5b18d888-e73a-4bf7-9ed6-b584a314a27f","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":109,"box":{"x":70,"y":770,"width":836,"height":12}},{"id":"cc8e6eb2-2334-4769-a4fe-07931c93ec48","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":109,"box":{"x":69,"y":785,"width":778,"height":12}},{"id":"af606e35-7569-40b4-9ac2-8c8fdf08b7b2","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":109,"box":{"x":70,"y":801,"width":803,"height":11}},{"id":"c40ec99c-207f-4d69-81bb-dfa8f51a5ef4","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":109,"box":{"x":68,"y":816,"width":816,"height":11}},{"id":"3c70ed8f-82ba-4907-b007-3ad31597821f","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":109,"box":{"x":68,"y":831,"width":816,"height":11}},{"id":"d12fd01e-9185-4c79-ae30-c3b138f6e10e","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":109,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"8d1ac254-51f9-4965-a396-16881a6e9a86","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":109,"box":{"x":68,"y":861,"width":826,"height":11}},{"id":"3bea9813-769a-4f79-bb53-3ce9bdad936b","block_type":"box","text":"sub-custodian.","page_number":109,"box":{"x":69,"y":876,"width":102,"height":9}},{"id":"dc709403-bf72-43ba-87a9-c5bc89b957f4","block_type":"box","text":"II-42","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d8548cee-0c5a-4446-9d04-8179a435f71e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7f8fd61-157d-4b1c-9568-a7763cb248f3","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":110,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"7d3656d6-c1e7-4604-9118-36c82efdc1e8","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":110,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"851ced77-0aaf-48bc-86e2-29a714bb46f3","block_type":"box","text":"on investor protection considerations.","page_number":110,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"a4d61b86-8681-43af-9b65-f2c42e6b24d1","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":110,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"a872f92b-bd95-4b60-8a90-d18b273a79ee","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":110,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"a5882a91-aeda-4c95-b40c-e6e0b58c768e","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":110,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"1daa5189-11b8-440e-b64f-33e9a14605d3","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":110,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"70ccbe90-0871-488d-bfd5-e0e6c22c4321","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":110,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"a8bcf604-c2b6-4bc7-aced-70384cad491a","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":110,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"214678cd-0dea-45d9-b90f-ae4db0d3860b","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":110,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"0000aec7-82b6-42af-9557-b87aadd0e934","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":110,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"afe965a6-72a2-4a1b-a750-95236510ca59","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":110,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"3e0d2dc6-8dba-4c04-a585-55ea5c1c80dd","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":110,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"b55480c9-b041-4c1f-934f-21e589891189","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":110,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"b78d9442-eeef-41ee-8de8-f5388c6a4acb","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":110,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"8f46575d-3d6d-437b-9d70-3d635dd9b987","block_type":"box","text":"accounting firm.","page_number":110,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"28cec2fd-e3ca-47a4-9263-df56103fc11c","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":110,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"363f054d-dd25-4203-bd88-4687f9b35f59","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":110,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"62a2d7ed-2cc6-48fe-8bb4-556a1f43f94d","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":110,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"f5507db1-2c32-425b-bc56-699f7ec91c67","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":110,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"4c7123ea-8b0a-424a-87a3-ec64653c1d07","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":110,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"bcf79dfe-5b84-4a32-a64a-0cd79609f185","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":110,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"4ec7f808-1b2c-464a-90da-4466fa36d876","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":110,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"167737c4-3982-49ee-a598-6849f86aff0e","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":110,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"6f8fd15b-2675-400c-9562-e65cafad4eca","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":110,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"79cc869d-cfff-438f-8974-1f51a02ef79d","block_type":"box","text":"RMB (“CNH”).","page_number":110,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"714b3bfb-aa29-4370-80ba-047933abe18e","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":110,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"29b582ac-ea7c-4413-a29a-7855097f868d","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":110,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"fb64527f-fa3f-4c5c-bbb8-7b8104d86acf","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":110,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"0b5b5d58-a937-4176-9253-9a03f2a0e73c","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":110,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"b09c5048-5956-4c23-9302-5c6a966f565f","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":110,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"6013dd64-df82-4402-b845-6e475da76fed","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":110,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"340a0fe8-6fbc-4b9e-a29b-719d21f37b9f","block_type":"box","text":"represent equity ownership in the operating company.","page_number":110,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"c015d3da-d381-4e82-8838-d7a10bdee570","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":110,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"720acab6-a981-438c-8359-bef94359c0db","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":110,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"d342508b-3931-4aea-94a7-06d00ba9c874","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":110,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"bbc3e11a-848f-4605-be44-e465e299f2d2","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":110,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"e9fdeeb1-052a-4502-b17d-5f6eb4aa72bd","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":110,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"28593948-8524-4070-a717-03817c63816a","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":110,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"3d06f2c7-6e89-4c6b-8b26-b73d8f4a4f0b","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":110,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"ce17b3b3-bb2e-4bd6-91af-c48c5280af6f","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":110,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"b5c49b41-2028-4640-8320-147bbb5f7819","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":110,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"7ab2010c-9a82-4b32-ab3c-4b21e0b5f782","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":110,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"e0112998-23aa-406c-aa9f-6160382aec23","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":110,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"1e058ea0-7ceb-4e5b-97ec-5757b096593a","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":110,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"1762d704-e3f5-4f20-ab9d-abfa64096e4f","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":110,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"698de814-95a3-4f08-bdb7-833253de601c","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":110,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"fd464170-15d8-43dc-a4c9-fd366c9040a8","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":110,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"42d5528c-574c-4202-8547-2edfec19ce8a","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":110,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"0ed8ee87-f9e8-44be-81c9-8962ec92e715","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":110,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"0949654d-4dae-46c6-a5b2-17af3c1f392d","block_type":"box","text":"losses to a Fund.","page_number":110,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"e05d6ee4-87d0-4c9d-bc7e-90a8e3d3cc95","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":110,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"3fa7d5c4-2192-467c-823e-c6278aebfb92","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":110,"box":{"x":68,"y":869,"width":827,"height":11}},{"id":"0815d6d0-4bfc-487f-a133-79fc6b66ecfc","block_type":"box","text":"aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial","page_number":110,"box":{"x":69,"y":884,"width":836,"height":11}},{"id":"7c0629f5-ff53-46ee-b404-9c149820deba","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on export growth.","page_number":110,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"a0571917-20cb-4bf1-97f8-81acc5d0aa10","block_type":"box","text":"II-43","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e02393c0-0464-4217-995b-d4887c318454","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7029ab69-cb70-4633-9208-6d402273b590","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":111,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"60c030cb-0b31-4231-82a8-7412f0397376","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":111,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"c2f76171-2777-41c1-ab53-07d97690e165","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s","page_number":111,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"49a0d3a5-5a22-446c-96f2-6fd517629ffb","block_type":"box","text":"key trading partners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":111,"box":{"x":69,"y":90,"width":788,"height":11}},{"id":"0dcf66b2-798f-4215-8fe8-ee5e653aaddf","block_type":"box","text":"invests. Certain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":111,"box":{"x":70,"y":105,"width":775,"height":11}},{"id":"3ee1ebb0-1964-4d5b-ae2d-282baa945cbb","block_type":"box","text":"economic or trade restrictions imposed by the U.S. or other governments due to national security, human rights or","page_number":111,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"2af9626d-b531-413e-98e9-4da593dd5017","block_type":"box","text":"other concerns of such government. For example, certain foreign technology companies are subject to U.S. export","page_number":111,"box":{"x":69,"y":135,"width":813,"height":12}},{"id":"9be16f37-aa25-42e4-af71-74a38d76451f","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of goods","page_number":111,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"9f2b323b-3bca-45b6-9466-b07144a9a0bd","block_type":"box","text":"produced in certain regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":111,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"90cd54ab-0e81-4ea1-b643-3572dfd82bd2","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":111,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"13ad8ac8-a44b-4441-9691-2f40d0013b8d","block_type":"box","text":"targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":111,"box":{"x":68,"y":196,"width":812,"height":11}},{"id":"f1b81a2b-64fb-48b8-915e-93a45e32c722","block_type":"box","text":"cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":111,"box":{"x":69,"y":211,"width":820,"height":11}},{"id":"05b4ff8b-eca7-4ee7-bdc6-7aa6d66c1e89","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":111,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"d8131654-77a0-4121-b725-a1211fa16640","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":111,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"6fb4a4fa-d173-451c-bc35-0cc197919ebc","block_type":"box","text":"such companies.","page_number":111,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"2a4b9b30-5a81-42d9-8eb9-9f77328015e3","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":111,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"1df4eb5b-341c-456d-a2fb-0dfebac4a713","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":111,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"f11bd159-5718-40a7-95d1-09b37004e42b","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":111,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"e68108a7-4e28-4796-962c-08dda0709cbe","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":111,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"b0606ae2-eefa-446b-9186-521d03cf1cc9","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":111,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"6dedeaef-a9b8-487c-a58b-65af075815a8","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":111,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"d9293da1-88f5-48de-b543-54c2f3171393","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":111,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"6b61bb92-791c-4ad7-bb8e-44dcfa5af6a3","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":111,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"a27c2b5d-1e60-4a16-afbf-3212fdaa01dd","block_type":"box","text":"standards.","page_number":111,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"1fba49bf-ba64-4983-bc76-7f4adfce8fac","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":111,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"f037a8d7-27b5-422d-b824-9cc90d958a73","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":111,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"79c3c46d-838e-454b-8586-d2cccf6e18df","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":111,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"b5f9a691-8353-4a4a-abbd-509aa9e38428","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":111,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"8128c7b7-0d15-4e41-a6c9-c8e30e6f22ed","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":111,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"9b7254aa-c8f0-4069-ab52-fd8b3da0c4a7","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":111,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"b9900336-b662-4de6-8fa9-1e47c48bc9cd","block_type":"box","text":"General","page_number":111,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"8a925ead-7a33-4077-8dcb-32f0fd827fcb","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":111,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"097e2af2-49d0-49f8-b37c-c933e7391c83","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":111,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"a4ea6e7c-5ef6-4c8b-b5c0-35232053dba1","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":111,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"d7a7eb68-4b34-413e-95f9-66dbff2180b8","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":111,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"8af4da70-39c6-4b12-9deb-e2fd3223b5bf","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":111,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"299ce08f-429b-44f2-b936-cddd6b1ba1d1","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":111,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"5a8fc238-d189-4f98-a5a2-1ebaf0f60b54","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":111,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"833f4e22-a17e-48d1-93f6-b7ce3a182e6c","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":111,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"71106d73-a76f-4d81-989b-88e41e6e3899","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":111,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"662ca122-fcf9-46d7-b5ee-c54631b41d6d","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":111,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"575c1ff8-98ba-469e-bb12-a03f5dd4880c","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":111,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"eb800253-e4a7-4c5d-a1c8-b6fdb37eb045","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":111,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"279a2bf1-a29e-4db9-812e-6787d527ed7f","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":111,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"4bf2c96a-ec34-4581-bdc5-e85fdcd2e45d","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":111,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"755825b0-ddb0-46fd-9fad-115559f7eeaa","block_type":"box","text":"company established by SEHK.","page_number":111,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"1790bc76-d17a-4b15-9691-31e06ec8dd80","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":111,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"86973771-77f0-49ec-8b62-16d89e606779","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":111,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"88e2c8a4-f0b5-410e-8a9f-0a9241e8d2d1","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":111,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"1b4f23f1-1198-4c40-a8b7-3e6ada584829","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":111,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"f2b3bc25-4766-4bce-a484-b086633207e1","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":111,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"471fee01-22ff-48a1-9bb0-5ba53a540791","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":111,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"14d46597-204d-4334-8e62-9f317b5ca37c","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":111,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"23525924-ec32-4492-81ad-fc2f7b648ce1","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":111,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"f893160c-b07f-4e1d-b382-aa3b9a2f23ea","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":111,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"fe6a6231-ff44-43e7-beda-f1323ea70636","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":111,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"dac07d12-3e05-4ffd-84db-10bca7776e9a","block_type":"box","text":"II-44","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f5974856-67f5-45ea-bd60-64c49711698a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f09301b5-1c18-47a6-80fa-616f32a53b96","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":112,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"62eef7b9-4660-4781-a757-d7fb84e037b7","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":112,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"2c901414-cbc4-430d-9042-d888d8af9f83","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":112,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"601258e6-0cda-49ad-899e-5a8889f185fd","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":112,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"b8200526-253e-4c14-890b-870f2e86e0eb","block_type":"box","text":"i.e.","page_number":112,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"b8d0cbaa-80b0-46b2-b3ad-2e5acd2fcd3c","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":112,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"7af068c7-bd33-4a0f-a24c-aa7cea4212fc","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":112,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"e68ba2b2-81ac-46d1-a831-ec23e033f6d0","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":112,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"ed47bcf0-19bf-42ca-a7fb-dd38852a7ee7","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":112,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"f71c6dba-7684-40bf-b6ad-5708153ee94f","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":112,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"643bba3f-23db-4060-a234-8b17a813b17e","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":112,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"c15ecc6f-7804-4e94-a478-7198b3bb467b","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":112,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"187f3625-53bb-47fb-a039-16c66d921bb5","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":112,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"3ffe78d4-eb16-4137-aa13-b67a09cec553","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":112,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"609f13fc-982b-4794-b074-8190587003f3","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":112,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"eded9fc1-0462-46e5-b36f-99f9963cb552","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":112,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"1c0a7079-9a75-4b82-b63c-580f27e2de4f","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":112,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"462ddecc-51f8-4a3f-920b-1b75149958ca","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":112,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"9e0d401c-6ce3-4d1b-a3ed-0ca4aaef2731","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":112,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"5370b27b-a47a-4dc4-8649-43c038eb12c9","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":112,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"f1f05143-2cc0-407d-8512-7c8595c26475","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":112,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"ec641603-a41c-4f02-93ca-1072dd21cd47","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":112,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"90b0dbc7-a0c1-43e7-b7be-3f1d2cdb429f","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":112,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"a2f439dc-7276-4b9b-8052-317a43ecd218","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":112,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"34d2d999-9872-40eb-b6a0-4b0329728936","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":112,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"a3ee93ba-8a2e-4af6-9cff-46a78ee11977","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":112,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"0735d922-be72-41da-835f-f8c125a543a1","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":112,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"8f43a7c9-6316-465a-9293-cfffbe242ca9","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":112,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"b718fb4c-12c5-4914-aa84-8a9cb54b97a4","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":112,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"1a69402b-ec07-44e2-ace9-f5eda3ace1b0","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":112,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"cea971e8-43cc-40d3-a1c4-c942777b263e","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":112,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"6a82447c-8beb-408e-be50-7f0b1e0cde36","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":112,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"48019fed-cf29-4f01-b001-4372973a168c","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":112,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"53ab5452-ce61-4461-bb4f-1e537578735d","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":112,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"25a5a7a6-02f7-41d6-b672-703bbab854d3","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":112,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"a582ac71-6828-4934-a96b-747d10eac3f4","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":112,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"82667cec-244d-475a-bd9c-4ea1d7a0316b","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":112,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"a2ad5103-9a54-469f-9fc1-eea9a8eb3f2d","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":112,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"a3c5de7e-743e-4d70-876b-87a0aee7adc8","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":112,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"fed5e911-f7aa-4a53-83bf-0da941272068","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":112,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"c87df9da-e4fb-4190-bc98-9bf461a41346","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":112,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"0ae2790a-324f-45da-b147-d46628f519f8","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":112,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"5cfb5702-5ef1-45ac-8c2d-6fc0a07fa714","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":112,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"fffae408-51c6-4614-9793-bb53bdb6374d","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":112,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"587a9169-d90b-4f4f-8b94-dd6e6333eb36","block_type":"box","text":"PRC.","page_number":112,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"2d6930f3-4d9d-4904-9e7a-780f179e7f95","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":112,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"011fa0d5-4256-42b6-85b0-d616508a0ee0","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":112,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"cfaddd5d-71f3-4e94-b4a0-a6b1d3978562","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":112,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"1c37a572-a972-4b59-8de5-84c8660715bc","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":112,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"02be6de2-9292-4ff1-a352-e9f47e39b65b","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":112,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"b6434051-3e75-4e18-a8f8-bd6779f51e96","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":112,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"fd2fae1c-f5cf-47fa-a94b-9316e5c5fac1","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":112,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"7dea42f4-e71f-4afd-aabf-86d4c178bbb2","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":112,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"65209d6d-523c-41e5-bdaa-c9a2cb1078a9","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":112,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"648b6626-2d97-4ca9-a6fb-a15c6fb96cf6","block_type":"box","text":"be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with","page_number":112,"box":{"x":69,"y":861,"width":787,"height":11}},{"id":"5caa8591-35c4-436d-8c80-dc2c1f48c044","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":112,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"945afaea-8891-4e20-8932-c99818093c16","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such changes.","page_number":112,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"58874148-0722-4c8a-b82a-2bc93c91164b","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":112,"box":{"x":70,"y":906,"width":815,"height":12}},{"id":"285df71d-0dc1-459d-b847-cce3e3750479","block_type":"box","text":"II-45","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc6dc943-edb1-4e28-bd6c-13b7a46ce25a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03079c3d-6788-47e8-b1fc-72f46a9e425e","block_type":"box","text":"arise from the differences on an on-going basis. In the event that the relevant systems fail to function properly,","page_number":113,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"785394d4-6b2d-44ec-ae0c-895dcc09527c","block_type":"box","text":"trading in both markets through Stock Connects could be disrupted and a Fund’s ability to achieve its investment","page_number":113,"box":{"x":68,"y":60,"width":807,"height":11}},{"id":"f4d2b24f-4aa6-4a42-a18f-c8040df7e63c","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":113,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"00cbc171-4500-4ad7-af46-e64728767e10","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further,","page_number":113,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"37a7d72f-366e-437f-839c-21802012de44","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":113,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"a8582f1e-1d86-44ed-9585-e7d3350d5c9b","block_type":"box","text":"Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners","page_number":113,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"ef9f7b17-6caf-46e9-80c3-fb7d134d45b2","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":113,"box":{"x":69,"y":135,"width":407,"height":12}},{"id":"5b773644-c63f-4bc6-a8e4-7bf99bdbebcf","block_type":"box","text":"Suspension Risk.","page_number":113,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"65ba1398-4c65-41d0-a6c2-b993ed3f48a8","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":113,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"22f33654-5a2a-4810-afce-726247a06097","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":113,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"ea9983d7-18bb-4269-9a3f-d6ea6fbc5fcc","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":113,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"f24b8ea3-6ac4-4bb3-a33d-e9cfe44c7c5d","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":113,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"d6853ac1-4c48-46d1-96ee-ebb12c752362","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":113,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"b291a01f-e77e-4197-9254-e1793caf57ff","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":113,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"bea6a7b8-80dc-4ab5-8384-2f4e5bcdd2c8","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":113,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"9cd20805-c295-4697-9d27-b6acac83ba98","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":113,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"ede03802-cade-42a3-b987-7e528bcb777d","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":113,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"546a71da-8401-43dd-af94-079b4f393892","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":113,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"f1f0b92c-ced5-4919-9bcb-9552672df316","block_type":"box","text":"daily price limit, generally set at 10% or 20%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":113,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"02f7bdac-7fa7-4515-a461-5180e6598543","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":113,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"46754582-6720-4505-aba6-e65c1b094d83","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":113,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"e519263d-2388-48e8-94de-e0d5309db8fe","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":113,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"4b098762-4655-4a7b-a772-d19e78e3a7c4","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":113,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"386347f5-82f9-4670-9ef5-fe2d2fb81ea9","block_type":"box","text":"A Fund may invest directly in the","page_number":113,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"4ab2aa9c-1314-440e-a361-af395036316e","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":113,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"52a7dcc4-bb38-457d-8f2a-69fa401e6322","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":113,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"99366425-4d75-4ccc-8aae-6cfd1a63446b","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":113,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"9b0dc874-8675-4931-be47-d62414d83151","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":113,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"67c7bef3-ed80-454b-8bc6-61df3446d129","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":113,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"c50d650f-0508-4eea-98bf-cf245b8a0ca3","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":113,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"bd607b0a-a929-40d2-adab-4e4c2148a9e4","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":113,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"b4bdf4e1-6a30-4427-a6d2-ba83fd436085","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":113,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"eba5a8b8-51ac-4dd4-bca7-69c91c2e1d40","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":113,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"3db43bcd-a0ab-4739-880f-aff70f709d5b","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":113,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"0035521d-b8d9-4e20-9343-9fc745281a84","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":113,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"f9224226-55f0-4c3b-b899-9d1717acaa6c","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":113,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"b668f9e3-e39f-4461-b784-64d12962edea","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":113,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"13d7cf02-4d55-4259-ac26-1666277eef68","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":113,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"57fda58f-27be-490e-aae4-25be936698a9","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":113,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"4acdfca7-076a-4e33-a8cd-492a1f428c3d","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":113,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"4be34f6f-94bd-4c7a-bd95-73be5e9cc09f","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":113,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"3062aa83-283f-4b13-887e-afe3c2b47b08","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":113,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"4a277e5d-14c1-4c07-9580-4ef0d728db53","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":113,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"4eb92105-a8ed-4a03-8b64-8a59380ed860","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":113,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"1f2a8272-ec1b-47b1-9e07-43ba708e9770","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":113,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"095c1d9d-97cd-4e19-ad6d-724c6a682572","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":113,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"461e263c-67ca-450f-a004-3002fb3064fe","block_type":"box","text":"i.e.","page_number":113,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"3057efa2-8f6f-4c70-8e83-a0c077f29dd1","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":113,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"0d1b76a4-a125-46b4-95ba-9d51771650ef","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":113,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"ac0ad14e-4374-4dce-8d4f-dfdf1fea5358","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":113,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"8a88c59b-0148-4cbc-ac63-d898075bf539","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":113,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"3633ca89-5d28-41c8-ae22-f5f9820bcfe6","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":113,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"abf5b2eb-768c-4c16-a7c0-f8be5a8dd7b2","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":113,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"8a972518-ac80-4d64-a094-332cc5b5c080","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":113,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"074960ef-1768-4992-9072-98fc3320d5a7","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":113,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"435a52d9-dfbd-4c2a-8643-6fe561bac124","block_type":"box","text":"parties.","page_number":113,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"e62647ff-4a6a-456f-9374-0688d5f0ca02","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":113,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"2bc5f7b2-efcf-4a46-a5df-ad3955b94884","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":113,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"2b4a4c69-ebb1-4aeb-85cf-cfc7f09f4b03","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":113,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"37b7dc20-e97c-492c-9432-61a03451f7fb","block_type":"box","text":"II-46","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9c3e46c2-3bd0-41db-aeac-7ea32d79d587","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9bb08f9a-2c19-411a-b666-cd59187f7ca0","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":114,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"6a8a2480-2872-44a6-a1e5-9cad4deca565","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":114,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"112a2e49-88f0-4903-a380-650c6c8e91af","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":114,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"2f86e6b5-545d-435b-87ab-dd9dda117529","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":114,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"c85efede-d2b6-4091-b649-e599c9f8772a","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":114,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"b04a51cf-378e-405f-b37b-741bc98373ff","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":114,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"43b2e5c5-4088-4809-bbab-44fc02860b51","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":114,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"c5aaabe8-c0f4-4581-b91b-ec9713ca888b","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":114,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"5dfb7e54-2b8d-4f9e-9b23-837a3c363aae","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":114,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"c03fe65a-a4e9-476a-a6e2-62166d644546","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":114,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"468cd105-c127-4943-b96f-c1c0e14f16b3","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":114,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"e49b2c40-9b82-4565-9efc-d7f4438afa44","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":114,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"56241ce3-a8c7-4367-b153-833175a21104","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":114,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"d57b07b6-a07b-48e7-8155-b5f07c3b5b5b","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":114,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"4f5ee94f-1a84-405f-95e6-541c3fbe6892","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":114,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"c5ca3cf0-0b99-4d9b-aca2-80d440ed5d36","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":114,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"ae2eafa3-cb29-478a-8d9d-5e16db0a1c03","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":114,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"d9389a91-ee2b-4e15-ba86-8adda21fa1d0","block_type":"box","text":"performance.","page_number":114,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"106201c2-bf46-48a0-b1c0-4d3f08712a7f","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":114,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"a7f7c786-be31-4d1b-aac4-c62875b0527b","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":114,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"b26a9478-0886-4031-9625-5343a6b75138","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":114,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"d62ac459-1e9d-424c-9931-ff3f9bb53cf5","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":114,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"e13f0c29-258c-4741-96ee-2c74165a9e8a","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":114,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"c09e5e3a-d056-4e33-8c94-8ca8040963ae","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":114,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"a8611fa0-3582-43f7-888a-9507618e8dd7","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":114,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"d5cade23-bf53-468c-b7f0-72dbdc1ada65","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":114,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"7717250f-92cd-4aa2-b683-c48bb06ab1d8","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":114,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"8f984447-276b-49ac-89a2-6dc2e215a6e1","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":114,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"fbcb6164-284f-46ae-be18-f566e0978aed","block_type":"box","text":".","page_number":114,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"6eb3c626-cad7-4f69-8963-0f1e298f6c38","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":114,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"c5b15b27-ba0a-401d-84e6-0722242d1179","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":114,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"a453cab5-2676-42fd-a90e-7cb8b5605b26","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":114,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"9f02becb-f7e5-4952-93b1-f1885c67f219","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":114,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"d8c9d524-644b-40c2-8fbf-f13e267b18ae","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":114,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"85e10a8e-87ff-4535-b122-e2da1670efec","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":114,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"31c04fbe-d9c5-4521-960a-91c42d6b05cf","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":114,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"b2b99a09-a6a1-4560-881d-570b9715af18","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":114,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"b80a747a-c4fd-4f4e-88a2-51a8d22ce4a6","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":114,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"0ee30591-4776-4cb2-bfeb-0622ceb5baa2","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":114,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"34a4bd8b-34d4-4075-8697-058b1a69504e","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":114,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"d7107460-6b96-40bb-88c9-9c0eda7fff6a","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":114,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"12a16ef2-501d-444c-bfe6-6dfbbfe08d3c","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":114,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"49de4725-c850-4057-9c9b-7d356ee60efa","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":114,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"408eb15c-893c-491a-99c1-acadb5735747","block_type":"box","text":"without notice.","page_number":114,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"7228c2e6-9f56-494e-8686-b309a66cc1d0","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":114,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"aca25e5f-5916-421b-afbe-1244594e08e1","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":114,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"55127ee6-5c14-4c1c-98d3-11dd791d4cbe","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":114,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"03b771f8-a719-43f2-bc2f-e538c561d56d","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":114,"box":{"x":70,"y":808,"width":806,"height":11}},{"id":"4850cb68-862f-4e5e-ab68-28c26958532c","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":114,"box":{"x":69,"y":823,"width":473,"height":11}},{"id":"bafbb653-3b54-4ce8-9804-432a634f65f7","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":114,"box":{"x":103,"y":846,"width":225,"height":11}},{"id":"44999206-63e6-42e8-917f-44f101b73ae2","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":114,"box":{"x":333,"y":846,"width":569,"height":11}},{"id":"68f4acc0-b830-4d93-8b78-4591038d0063","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":114,"box":{"x":69,"y":861,"width":528,"height":11}},{"id":"8ebb9e0d-e487-4055-9768-af7f62f3d0e2","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":114,"box":{"x":101,"y":884,"width":697,"height":11}},{"id":"c27c1ef0-b99f-4c22-984d-b0cff5d49790","block_type":"box","text":"II-47","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11b31715-9b1a-42d4-8498-846052313190","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aac3ffc1-e72a-422c-9ee5-a98bf2807ef1","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":115,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"fac39bd0-b8e9-4b86-b3f9-b5aecdcf8043","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":115,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"8ffef068-fb8a-45d1-9598-fabd2afb2af8","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":115,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"d4182686-66c3-4789-9f0f-e0ca4f7c85e8","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":115,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"4e53c8c8-fc84-40eb-9dd8-820e8ae49b12","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":115,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"b4c8b8d8-af09-4c15-a8e7-79365a701778","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":115,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"9e80a43c-01de-42c0-9572-fd309fa33420","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":115,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"b4861b8c-53bb-457f-ac7d-3375b48553cc","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":115,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"f3a746cf-c0ff-4e16-aac6-748f9d8997c7","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":115,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"6012d34d-48d9-41b8-92b1-8e4954af765e","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":115,"box":{"x":68,"y":188,"width":828,"height":12}},{"id":"536eb2bc-0c52-4943-83f2-e94205acbb76","block_type":"box","text":"Notice 34 will be further extended with respect to interest income on bonds derived from the PRC bond market and","page_number":115,"box":{"x":70,"y":203,"width":820,"height":11}},{"id":"38ae662d-f309-4864-b3e6-2e7c098dcc8d","block_type":"box","text":"issued before August 8, 2025.","page_number":115,"box":{"x":70,"y":218,"width":216,"height":12}},{"id":"bfdef7c7-9711-46ae-b4c8-602060c162bf","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":115,"box":{"x":101,"y":241,"width":801,"height":11}},{"id":"5f845348-6e5e-4014-9c5d-28330d29a2ba","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":115,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"0e67e4c3-186b-43d4-9e89-099bd4596401","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":115,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"a86b78ff-da6a-4b93-a2f8-c94aae08e685","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":115,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"1bc8c4d9-c387-4ea0-8e98-f2b3ed0a75b9","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":115,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"46ded27b-88cb-46e0-a691-aebbc15ff672","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":115,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"b2238697-3ac8-4938-841b-0763c4003f5a","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":115,"box":{"x":69,"y":332,"width":833,"height":11}},{"id":"3a1c28c8-7527-4d42-aad3-67786de27712","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":115,"box":{"x":68,"y":347,"width":474,"height":11}},{"id":"eaf11098-3c51-4a1e-89b9-c5e6174b65b4","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":115,"box":{"x":102,"y":370,"width":777,"height":11}},{"id":"0bb841fe-2d2f-4c70-843f-f0dd6c122485","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":115,"box":{"x":68,"y":385,"width":836,"height":11}},{"id":"099cd389-678e-43d6-9945-528e5c920ea4","block_type":"box","text":"the PRC in notifications.","page_number":115,"box":{"x":68,"y":400,"width":171,"height":9}},{"id":"d5b54151-950b-42e8-9046-d917af94b070","block_type":"box","text":"Investment in Other Investment Companies.","page_number":115,"box":{"x":102,"y":423,"width":320,"height":11}},{"id":"cceca384-5096-4804-a825-1867df5608a8","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":115,"box":{"x":429,"y":423,"width":402,"height":11}},{"id":"a0154a3b-01bc-4339-ba2d-4ba2de9177c8","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":115,"box":{"x":70,"y":438,"width":818,"height":11}},{"id":"481c8f53-3aa1-4e44-9c4b-ca0efa39f506","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":115,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"dec6dd9c-dae6-4665-ab52-998ad9c1f6db","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":115,"box":{"x":70,"y":468,"width":822,"height":11}},{"id":"7e2c2d4b-3546-48d9-ad0f-44c88c754aab","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":115,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"ad2fafbe-56eb-479c-bf4d-893a1c7bf65a","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":115,"box":{"x":70,"y":498,"width":793,"height":11}},{"id":"cc7f1f64-2dfe-4150-85ca-f5e855060a37","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":115,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"69818309-f511-4f61-8795-9b7c33033e88","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":115,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"b189c95c-e87c-4cfb-a696-5e698939d58f","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":115,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"5db9b2e0-3f67-44ee-bacd-de32d69f1804","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":115,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"405ff335-8026-4b25-9345-3a07c8fc33f2","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":115,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"5b52b35d-a51a-4338-81c2-04b5b965d213","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":115,"box":{"x":68,"y":589,"width":821,"height":11}},{"id":"21f2535e-3001-4aaa-a44f-b18c7577e456","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":115,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"5cfe3913-2fb6-4208-958b-5f7c38cffd20","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":115,"box":{"x":69,"y":619,"width":776,"height":11}},{"id":"5adf1989-6b9c-42db-9ff3-2c9180070d7a","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":115,"box":{"x":70,"y":634,"width":802,"height":12}},{"id":"7a4b74d9-82b1-42bc-873b-cf1a536bbbee","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":115,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"4747080c-29ea-4d1c-a1fd-5e7f2cddb0ad","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":115,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"e011871c-f92a-4e13-a332-532a7ec5cce1","block_type":"box","text":"subject to certain conditions.","page_number":115,"box":{"x":69,"y":680,"width":206,"height":11}},{"id":"34d622eb-b926-46fd-8536-ada9b724a5d6","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":115,"box":{"x":101,"y":703,"width":799,"height":10}},{"id":"f1968f06-2c8b-4260-be54-26a0eec5acf9","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":115,"box":{"x":102,"y":725,"width":779,"height":11}},{"id":"a7c76913-99d2-4335-97ba-f7042ac0b248","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":115,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"391690b6-a51c-4719-86f7-c8b8f47ff64b","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":115,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"73876dd3-03ad-4810-8756-9c4b94eec340","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":115,"box":{"x":68,"y":770,"width":839,"height":12}},{"id":"4b5dd6bb-5eb5-434a-9145-816787bedd6f","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":115,"box":{"x":68,"y":785,"width":806,"height":12}},{"id":"188cc5e7-01d4-4e0d-a8fb-e5f6142d6696","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":115,"box":{"x":68,"y":801,"width":810,"height":11}},{"id":"010b2d3a-5a9d-4853-9c50-b0c5035457d2","block_type":"box","text":"loss.","page_number":115,"box":{"x":70,"y":816,"width":31,"height":9}},{"id":"5d478a94-bf19-4afd-af8d-74a47822847e","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":115,"box":{"x":102,"y":838,"width":758,"height":12}},{"id":"bb4e11b2-abb1-49f3-baea-49255de8d4d9","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":115,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"d23eae24-aa09-4010-a51e-9ebaae8bf652","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":115,"box":{"x":70,"y":869,"width":835,"height":11}},{"id":"e8e93c92-ecc2-4d30-bd91-d8ad0593e37b","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":115,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"61530f51-699d-4d0e-b762-e8ec716818e4","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":115,"box":{"x":69,"y":899,"width":768,"height":11}},{"id":"a3254176-4fe2-450f-8177-ead801d5887d","block_type":"box","text":"II-48","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a805581d-fa2c-4bb5-870b-f6483386c60e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ae9f830-ac65-4727-85db-402fdbfe039c","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":116,"box":{"x":70,"y":45,"width":807,"height":11}},{"id":"c469b20e-f6df-4665-91c0-2ae785197b1a","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":116,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"ebfcb3c9-16fd-4286-970b-774fdfa387ad","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":116,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"c88277ed-fae0-4259-a226-306e91075413","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":116,"box":{"x":70,"y":90,"width":778,"height":11}},{"id":"bf697ec4-627c-4833-8a1a-61ff732db1ef","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":116,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"5dd0b16c-df9e-4769-ade1-3a8580c177d9","block_type":"box","text":"assets.","page_number":116,"box":{"x":69,"y":121,"width":51,"height":8}},{"id":"d449ed2e-2f06-42cd-8bff-2d51aec96473","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":116,"box":{"x":101,"y":143,"width":776,"height":11}},{"id":"4253b16a-5305-4d4f-a1e8-b7e9d1b7b7d1","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":116,"box":{"x":69,"y":158,"width":313,"height":11}},{"id":"9fb31ad8-e13f-412f-a780-2dbb8a616ebd","block_type":"box","text":"e.g.","page_number":116,"box":{"x":384,"y":160,"width":24,"height":9}},{"id":"22bd1d0d-cd4f-417d-b216-9411dc543730","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":116,"box":{"x":411,"y":158,"width":491,"height":11}},{"id":"365c95cc-ef72-4d84-b8b9-18b8e64a9aca","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":116,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"b734fcce-6399-4033-bff0-104d25434791","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":116,"box":{"x":69,"y":188,"width":472,"height":12}},{"id":"7f20faf7-bada-467a-8dd8-c8b05582ee9e","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":116,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"8aeeaff3-064a-4360-8935-c5a87c8f85ce","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":116,"box":{"x":70,"y":226,"width":818,"height":11}},{"id":"ff4e87fd-690f-4f3a-a200-6c596c6cde08","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":116,"box":{"x":69,"y":241,"width":791,"height":11}},{"id":"a8594738-dcbc-4112-9446-59c4a8a04ce0","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":116,"box":{"x":70,"y":256,"width":795,"height":11}},{"id":"0d28d4e0-2c36-42c5-b961-9db17e4fa22f","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":116,"box":{"x":70,"y":271,"width":807,"height":12}},{"id":"9b77912b-2e05-4437-b588-f401d3946b40","block_type":"box","text":"countries.","page_number":116,"box":{"x":69,"y":287,"width":69,"height":9}},{"id":"193759fb-371a-47e9-942c-04496aa7405d","block_type":"box","text":"Issuer Insolvency Risk.","page_number":116,"box":{"x":102,"y":309,"width":166,"height":11}},{"id":"9aa39bbe-b672-47d6-9c10-e7ef98f920ad","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":116,"box":{"x":275,"y":309,"width":631,"height":11}},{"id":"f3bf7c2a-f775-45fc-92eb-9589410cceaa","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":116,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"af8b0928-5679-4497-9bc6-0df8e4926c1d","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":116,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"a08bad4e-3d4e-45a9-ad61-6608cf370757","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":116,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"049c360a-ce54-477a-bc5b-6e540676977d","block_type":"box","text":"issuer uncertain.","page_number":116,"box":{"x":70,"y":370,"width":118,"height":9}},{"id":"bd841b43-dd73-4ecb-a55d-ffed4295bb6f","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":116,"box":{"x":102,"y":392,"width":788,"height":12}},{"id":"23f3f0b9-90f6-4371-a898-d0361767f307","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":116,"box":{"x":68,"y":407,"width":827,"height":12}},{"id":"a1de7b5d-60ed-4694-b97e-ea4d7cc017c1","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":116,"box":{"x":68,"y":423,"width":779,"height":11}},{"id":"3cd9d321-e1b4-45b8-a1de-8d382cdbf630","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":116,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"544b86a8-cebd-43df-9e0d-72f3403b080b","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":116,"box":{"x":70,"y":453,"width":797,"height":11}},{"id":"4b3ad062-1e40-4f56-a6ca-05bd2e8e52a5","block_type":"box","text":"eventually be satisfied.","page_number":116,"box":{"x":69,"y":468,"width":162,"height":11}},{"id":"413bc968-708a-4006-a94f-535cac037cf4","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":116,"box":{"x":102,"y":491,"width":805,"height":11}},{"id":"7c57dd03-0dc0-4a19-9f4d-73ce472bd7e9","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":116,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"85787569-2714-461c-9bf6-66c50e394384","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":116,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"f2fd0a39-1e9d-4740-84d9-e8a6b92c8214","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":116,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"938946ee-e7a3-4495-aa4d-d8ddf408a6a6","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":116,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"17561f44-7fd6-428f-8776-999c46d67768","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":116,"box":{"x":70,"y":566,"width":805,"height":11}},{"id":"b2455ed8-6265-465c-a829-23d7725e865a","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":116,"box":{"x":70,"y":581,"width":820,"height":12}},{"id":"836ccd6d-b6ff-48b2-86fa-4726c8290919","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":116,"box":{"x":70,"y":596,"width":828,"height":12}},{"id":"23944eaa-ef51-46a2-b61e-d0d87892ef06","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":116,"box":{"x":69,"y":612,"width":820,"height":11}},{"id":"315e59e8-29d6-4681-990f-fc502b4c1ed8","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":116,"box":{"x":70,"y":627,"width":820,"height":11}},{"id":"574a91f0-f655-4f97-9d7d-8846da69766e","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":116,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"f7e29230-7ea9-4cda-a897-c3021c9985bd","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":116,"box":{"x":68,"y":657,"width":788,"height":11}},{"id":"c673a452-9446-49db-9972-492441b97e68","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":116,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"9d82b8da-4944-4a83-a6ab-b4897e6b3d47","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":116,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"a495ad62-5e58-4d2f-80a7-5b5a6edcb4d9","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":116,"box":{"x":68,"y":702,"width":809,"height":11}},{"id":"f5d88ea3-7cfe-4dde-a06b-1efab4e7c506","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":116,"box":{"x":69,"y":718,"width":741,"height":11}},{"id":"e1283da4-d2aa-4650-bf8e-ea319aed4670","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":116,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"5c9d7501-3cf8-4c3c-92ad-2415957560ce","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":116,"box":{"x":68,"y":755,"width":807,"height":11}},{"id":"05b2924c-24ed-4b1c-8d68-4b7d31499531","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":116,"box":{"x":69,"y":770,"width":795,"height":11}},{"id":"b45ed587-3689-444e-8a19-612edbd8804c","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":116,"box":{"x":68,"y":785,"width":814,"height":12}},{"id":"db577fc9-1aa6-4f10-acc5-e3213abe7a48","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":116,"box":{"x":70,"y":801,"width":329,"height":11}},{"id":"2107d8a3-caee-44ae-a0d6-a08c796680f7","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":116,"box":{"x":102,"y":823,"width":806,"height":12}},{"id":"68518aaa-7e9b-4cd2-80e5-ccd144929f0e","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":116,"box":{"x":70,"y":838,"width":829,"height":12}},{"id":"35946659-c214-419a-a32e-2f1129c4b251","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":116,"box":{"x":69,"y":853,"width":767,"height":12}},{"id":"8f38d58a-5807-4bd2-b0aa-e18a6ba25783","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":116,"box":{"x":69,"y":869,"width":771,"height":11}},{"id":"bcbef201-e810-4063-b668-288010dd1070","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":116,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"ce3b69c1-ed1b-4d9f-8c4a-6171580add74","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":116,"box":{"x":70,"y":899,"width":822,"height":11}},{"id":"b6df3af7-2268-4a7c-9ae6-ae25854457fd","block_type":"box","text":"II-49","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8563b36a-15c8-45bf-ae34-c9c27a4027a1","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3562016d-4389-4c4c-ad35-679c105617f9","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":117,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"4ed82e92-47d9-4fa3-a05b-90b7b4f4448a","block_type":"box","text":"that assumed generally by an investor.","page_number":117,"box":{"x":68,"y":60,"width":274,"height":11}},{"id":"5dd8e9d0-1ae9-455c-a513-eb2aa67b91a7","block_type":"box","text":"Lease Obligations.","page_number":117,"box":{"x":102,"y":83,"width":133,"height":11}},{"id":"7ca4bcc1-1aa1-4872-8560-3415707e8fbc","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":117,"box":{"x":241,"y":82,"width":653,"height":12}},{"id":"0e86b4e5-aa20-481d-b4aa-d21e55ab0394","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":117,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"78c31ad7-33c5-489c-973a-1cbdbb2ed823","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":117,"box":{"x":69,"y":113,"width":602,"height":11}},{"id":"eae405a4-d02f-4f1c-9a19-578facf6e034","block_type":"box","text":"Life Settlement Investments.","page_number":117,"box":{"x":102,"y":135,"width":210,"height":9}},{"id":"e28fd36b-178f-4842-97ac-9b7819893fd7","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":117,"box":{"x":318,"y":135,"width":589,"height":11}},{"id":"f22a4ed6-0141-48cb-a276-d0db43bdc5e8","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":117,"box":{"x":70,"y":150,"width":838,"height":12}},{"id":"0499f815-2cc4-4467-9206-f6e9969f7667","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":117,"box":{"x":70,"y":166,"width":834,"height":11}},{"id":"d298fa6b-ebf4-4105-82a6-75c75e9620e4","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":117,"box":{"x":69,"y":181,"width":808,"height":11}},{"id":"bd1f30ad-cfb3-40da-83c7-8fa9ac09052d","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":117,"box":{"x":70,"y":196,"width":797,"height":11}},{"id":"b1f4c579-233f-4828-9cec-f81f34d8bc4a","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":117,"box":{"x":70,"y":211,"width":775,"height":11}},{"id":"755dd209-5e23-4ec3-8b7d-592552150f10","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":117,"box":{"x":69,"y":226,"width":805,"height":11}},{"id":"f5126e95-af5d-4eed-8e9d-36eeeca26c31","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":117,"box":{"x":70,"y":241,"width":789,"height":11}},{"id":"37a608f4-1fd9-4a68-843e-f690ad268df6","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":117,"box":{"x":70,"y":256,"width":829,"height":12}},{"id":"72da6c15-d633-4e02-98e1-a7589f188212","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":117,"box":{"x":70,"y":271,"width":813,"height":11}},{"id":"9695fae9-7c16-405e-b31c-f9e46d2a4670","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":117,"box":{"x":69,"y":286,"width":758,"height":12}},{"id":"a553ea44-9e46-466f-8447-490bbd68f913","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":117,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"9bb213ff-e78b-4d2f-8d7c-81096a4a873f","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":117,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"63cb9817-a34c-4633-8b45-e12ba271e06d","block_type":"box","text":"Revenue Service (the “IRS”) 90% gross income test a Fund must satisfy each year to qualify as a regulated","page_number":117,"box":{"x":70,"y":332,"width":764,"height":11}},{"id":"14f3a509-cf14-4395-a843-a063449a5127","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":117,"box":{"x":70,"y":347,"width":788,"height":11}},{"id":"b2a5997d-8b34-4f1d-b018-8e881c502006","block_type":"box","text":"regulated investment company.","page_number":117,"box":{"x":69,"y":362,"width":220,"height":11}},{"id":"77a5e670-6524-4c24-a767-5207e81af5c8","block_type":"box","text":"Liquidity Risk Management.","page_number":117,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"20f8c5fa-927b-4c60-abb4-5243e369cf3a","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":117,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"48d3146b-1022-4084-bb87-302f05c1c97f","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":117,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"bed1a852-444a-466d-b75b-6b6b9bde03bf","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":117,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"ab744ae8-1e6e-4bac-a9b0-0e2a2e03a889","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":117,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"a0473e75-318b-4f13-9cfc-01302a4fe484","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":117,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"9026a8eb-a94a-4348-a587-1dcb44726dae","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":117,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"197edeeb-b4b7-400e-9cad-f76e29c9a763","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":117,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"043facee-76f5-4890-8d4b-1712f6594cfe","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":117,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"4d47904e-6958-4ef8-bf0b-61e7ca79fea3","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":117,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"bd1d161a-ff1d-45be-b465-0e5110664369","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":117,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"121133a4-f9e8-494a-b52c-eacf432fc684","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":117,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"d6a8aaec-6924-4367-bdaa-5e2df3683d4e","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":117,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"c3867906-487d-4485-807e-6efca7eddacb","block_type":"box","text":"Master Limited Partnerships.","page_number":117,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"5e64e3bc-04ee-4ed4-8a71-e63078f2dae5","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":117,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"eac4d848-df7a-4256-b2f3-b4f55deb486d","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":117,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"5fda0ab0-246c-4fb7-b7dd-d2b9b599a1a6","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":117,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"d59080fc-4c32-4802-8e40-01e634758072","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":117,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"012e1c05-0cc2-4512-becf-83204230fdb9","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":117,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"cec12e4e-a562-4bdf-aea0-be52aae4f891","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":117,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"c8da387b-c57d-4476-b7c5-f0c688fa9c7d","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":117,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"fb5d2cd9-1254-4e30-9cbd-a93154c01a7c","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":117,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"89bb0467-ec43-44e7-bd35-e189b8de9607","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":117,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"5a0ad1bb-22c1-48b3-ba4a-5507778aa28f","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":117,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"dc42035a-9a91-4cc8-ab16-4054a5718a13","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":117,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"7bf75fb9-ae48-40f3-a0d3-d9ebcc3cadc4","block_type":"box","text":"in the partnership’s operations and management.","page_number":117,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"57bdd57f-c183-451a-9b5f-8eb53cea77b2","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":117,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"5f7ffa3e-e943-461d-987f-a40bcf636f18","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":117,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"89f61d0f-26cd-411a-9b61-30b48092239c","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":117,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"ad4d4e36-f96a-4759-b094-73271c972d73","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":117,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"7d8156b3-928c-42cf-a3cc-2c2ab310fdb6","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":117,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"23f0b32d-417b-42c3-8e33-1323c7d64db3","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":117,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"b10cb809-b110-4364-8796-3bc7fcc5dd3b","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":117,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"09a9c2f5-3fc5-4378-aa6b-f23e4995ad7c","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":117,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"1931b13b-81a2-4973-81de-29e431e75187","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":117,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"4d469700-4abb-4627-be37-d5546be0df8b","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":117,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"3896d87b-10b6-4192-9086-cfbf5a02d594","block_type":"box","text":"II-50","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8391a323-0f49-4a7f-ab7f-794b12a26f8f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef9e2659-206d-4ee0-aa35-cb327ff24a46","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":118,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"de9129ed-e765-488a-92b5-34f5f137386f","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":118,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"936927f0-8003-4a8d-a351-d390ce0da1c8","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":118,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"961636bb-8781-42a2-8e59-5e9a982a0580","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":118,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"9c40b6c2-c539-48e5-9b9b-f19d6af17fb4","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":118,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"8cdc5922-23e5-4e04-a270-9022491a8394","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":118,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"934b8d0b-b664-4d35-8336-3df13996eb81","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":118,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"886e8f4f-bd65-40d7-a8ff-1985d104f359","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":118,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"f54e1dfe-e8f5-4fbb-8f76-7cb6de9cf1c1","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":118,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"ce023761-05bb-47ec-a5a3-4bd5eb5fd4b6","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":118,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"b3ed3bfe-e84c-4fde-89b0-446151bfbe6c","block_type":"box","text":"Merger Transaction Risk.","page_number":118,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"4fb4a6e2-cf68-4760-9a7b-31879426943c","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":118,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"a8494c9f-a5c4-4def-8957-47ca54d78e50","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":118,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"7a1047e0-127e-42dc-9cc4-1286257f724b","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":118,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"b08a9fa1-7696-44cc-b3aa-65e55b2c504d","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":118,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"e998ab63-5bbc-43b4-883e-83964bcac654","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":118,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"705eda07-3036-4d95-80a9-d85be01b4434","block_type":"box","text":"the Fund and may lose significant value.","page_number":118,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"9fd0489b-8d37-433a-85a3-7e326227b608","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":118,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"f49decb3-eba1-4ed0-80ad-1190b4066b8f","block_type":"box","text":"Certain","page_number":118,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"aa998311-18c5-4e18-9305-997e10088d70","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":118,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"b198a9a3-678e-4594-b8af-c019a3bc7cab","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":118,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"4198aa2a-1e7f-4962-bd42-ace5a709a158","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":118,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"5594ee8f-64b2-4d08-aae4-dff69d3c54eb","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":118,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"1de66c2d-46da-42f9-af26-6ec4ae604d35","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":118,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"b48a48c0-f66a-405d-a9dc-e9fa71809442","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":118,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"7c18f4fc-737f-48bb-bffc-99a72adb6c56","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":118,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"59ea9ce4-6890-4209-9a33-a59d70e825bd","block_type":"box","text":"branches of domestic banks.","page_number":118,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"bc7fed8a-2aa0-4c5d-bad6-feef7e933dcc","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":118,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"15c1dfde-a02b-441a-965e-3cf49822e2a2","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":118,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"de0cad3a-7cc9-43aa-84ab-50ceca32f1bb","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":118,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"1689c529-3fd9-427e-9778-320710e0c941","block_type":"box","text":"paper of a foreign issuer.","page_number":118,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"78433af2-2210-4276-80e3-a33257c298b7","block_type":"box","text":"Money Market Securities.","page_number":118,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"bce60b64-b3db-42d2-8fd2-f360d9fb081d","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":118,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"b041aeba-9a71-493b-9b73-e30f69e05162","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":118,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"d3bf070a-3d53-463d-b6b0-31ecb24071bb","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":118,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"3fd33c99-1b79-414f-8099-ee0be0f1a65c","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":118,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"a67c715d-7976-435a-9644-449b7d7a3f0b","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":118,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"3b543cd7-29d2-4748-a9bc-6deabf9d552c","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":118,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"e44659b9-c4c8-48a8-bcec-693984f2b167","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":118,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"2c99eecf-1c65-493f-835d-e7f5b1fd7187","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":118,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"346a63df-2944-46ff-91de-c54c78d84e62","block_type":"box","text":"agencies;","page_number":118,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"30d0cf0e-53e3-4654-8284-ac4f5b82a86a","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":118,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"b68ebffb-faf0-4b7a-b660-3d5893701641","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":118,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"ad9c7094-35ef-4d40-8d01-ffa3f641ac78","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":118,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"91772866-9aea-4e2a-ad65-c437eb41d594","block_type":"box","text":"obligations and credit card receivables);","page_number":118,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"7b09fca1-617d-4c5a-b171-8b82a2c10948","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":118,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"c31ee17a-9747-4c09-8d66-35e357ad6431","block_type":"box","text":"authorities and related custodial receipts;","page_number":118,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"72d19279-d833-47e9-a6cf-d462e774ed65","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":118,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"a08938d8-b778-4fd8-8e25-adeb6b6e66d7","block_type":"box","text":"agencies or authorities;","page_number":118,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"8356f7d8-0e9c-4286-8922-02c1ba120972","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":118,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"b209d92e-bfb7-4158-b284-186500a76ae7","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":118,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"e9a2f6fd-22ce-45ef-8552-64a3c89665a7","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":118,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"717aab9b-f69e-4568-8800-7bbcf71e40ef","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":118,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"7ccb04c6-d1ef-4f31-9976-09d275d17da3","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":118,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"8f4ba804-eb06-4d51-914c-b24b026bfa36","block_type":"box","text":"States;","page_number":118,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"44f96e0b-e885-4e94-81a4-70b6c7b82ab2","block_type":"box","text":"II-51","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"49ec888a-5c73-4dfb-b7cd-bb02d18ca329","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bad9dbe4-356d-42f4-8afc-e1293b924e37","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":119,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"076880a2-56a8-4b84-a49f-2a457ee7642a","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":119,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"499c42d8-8d52-41b9-9f62-85b1a2ea00c7","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":119,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"536b3492-e5cd-46cb-a8a5-f5d233e1fcc4","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":119,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"dd11928d-abcc-4a3b-9fbe-2e6f04828815","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":119,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"e7a1ccb8-5001-4aec-82b3-8624dc0c1bda","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":119,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"24ceb3e0-cb13-473e-8171-9d8bba132c30","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":119,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"0ad7d96d-8bcb-415e-9908-13b373e4348c","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":119,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"2f04fbdc-4677-44e1-bfe4-42483ad5977a","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":119,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"9fc7c755-6d49-4d41-a5ee-bfa764d4ead2","block_type":"box","text":"States.","page_number":119,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"000eec8f-15fc-4219-84db-f3c6ba9d9031","block_type":"box","text":"Mortgage-Related Securities.","page_number":119,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"eb9b8f20-6094-48da-b95a-a37675bd68b5","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":119,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"01fd0804-444c-4360-8ed5-0ba7c0074dd8","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":119,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"0394311f-b9a0-42f5-a290-059f6070fcb0","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":119,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"68696acb-f934-448d-8487-c8bf5ee1daa8","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":119,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"d8f21366-493c-4b7d-b3cf-c28b0b1b3e67","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":119,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"a96e976d-51a6-41b2-905b-0b318580b166","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":119,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"e7393b5d-acf9-4f4c-aa5d-c15ed8386f16","block_type":"box","text":"maturity or specified call dates.","page_number":119,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"ff27d5e2-db76-4cf2-a098-ebd0c1d84f5b","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":119,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"9fd9c215-1810-475b-bc3a-20c8f3ac1446","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":119,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"668e2c39-3c0f-4a06-8d6e-543c1a091f06","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":119,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"2fd03a0f-ef65-426d-b084-92871368369b","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":119,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"9aae3ef4-4b60-4233-b43a-cbf3d3fdd76f","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":119,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"6dfe6f18-d1b1-4c6b-8020-ef56744ebbef","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":119,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"18d4cd28-0bf4-4929-a441-4658f3702c1e","block_type":"box","text":"The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":119,"box":{"x":68,"y":435,"width":800,"height":11}},{"id":"4fbd6139-03bb-49b6-954f-81aa63f06f2e","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from traditional","page_number":119,"box":{"x":70,"y":450,"width":837,"height":12}},{"id":"52f5212c-4924-496b-9ffa-85b1dced4002","block_type":"box","text":"fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":119,"box":{"x":68,"y":465,"width":804,"height":12}},{"id":"b4f3d968-f10d-4963-b5af-2a15a42ac07a","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":119,"box":{"x":69,"y":481,"width":832,"height":11}},{"id":"39d76163-201c-4c08-98f6-dd1134ed9cf2","block_type":"box","text":"of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying","page_number":119,"box":{"x":69,"y":496,"width":807,"height":11}},{"id":"beef74af-96b9-4baa-b4bb-51b1f41ddd65","block_type":"box","text":"mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than","page_number":119,"box":{"x":69,"y":511,"width":832,"height":11}},{"id":"3bbcc052-f5e0-4487-a249-e19277832cae","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover,","page_number":119,"box":{"x":69,"y":526,"width":825,"height":11}},{"id":"5097cff4-3a23-4d50-85e7-eaaf005a4f7b","block_type":"box","text":"when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest","page_number":119,"box":{"x":68,"y":541,"width":818,"height":11}},{"id":"d074fdf6-a478-480b-a429-4143d2fa9312","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":119,"box":{"x":68,"y":556,"width":423,"height":11}},{"id":"ff5a52a0-185e-4b48-a622-b11471b08453","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":119,"box":{"x":101,"y":579,"width":761,"height":11}},{"id":"7698b799-7fbe-4805-969a-827c732375cd","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":119,"box":{"x":70,"y":594,"width":800,"height":11}},{"id":"1f416901-b465-4263-97b4-0de0fb9784bd","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":119,"box":{"x":69,"y":609,"width":833,"height":11}},{"id":"27d21c1b-8625-4d34-817d-aaa476785b32","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":119,"box":{"x":69,"y":624,"width":809,"height":11}},{"id":"0505922a-049b-4ade-8e3c-1b304d03c5c3","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":119,"box":{"x":70,"y":639,"width":801,"height":12}},{"id":"34e6e54e-7419-4d28-a501-ff3d1e3ee933","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":119,"box":{"x":69,"y":654,"width":778,"height":12}},{"id":"38f07725-5792-4d89-9d62-082e91a43405","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":119,"box":{"x":69,"y":669,"width":831,"height":12}},{"id":"6f522734-8368-4337-8a88-980b18cbcac5","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":119,"box":{"x":69,"y":685,"width":773,"height":11}},{"id":"5bfed986-b882-44d4-8881-cac03e85e3bd","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":119,"box":{"x":69,"y":700,"width":818,"height":11}},{"id":"95877e91-4939-4e7b-8dea-aa6b38a6b186","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":119,"box":{"x":70,"y":715,"width":822,"height":11}},{"id":"5f26033f-5929-428f-91fc-267731cf760e","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":119,"box":{"x":69,"y":730,"width":399,"height":11}},{"id":"4a24ed4f-d148-4127-a2f9-db9659d017e7","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":119,"box":{"x":101,"y":753,"width":802,"height":11}},{"id":"4714c8ef-0daa-468b-8b3f-9ed0ce8eb3c7","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":119,"box":{"x":69,"y":768,"width":830,"height":11}},{"id":"b141f940-dca7-46da-95f8-b1161509ee9f","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":119,"box":{"x":70,"y":783,"width":818,"height":11}},{"id":"945e2b33-9586-4937-a2ab-727310111b2f","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":119,"box":{"x":70,"y":798,"width":766,"height":11}},{"id":"32f65d58-aa64-4e08-8233-6099add4cf4c","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":119,"box":{"x":69,"y":813,"width":808,"height":11}},{"id":"3e289cc8-323d-4b3e-b5c1-31f062d4040b","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":119,"box":{"x":70,"y":828,"width":825,"height":12}},{"id":"ac68431d-19b3-4196-a277-ad482dd3fa06","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":119,"box":{"x":69,"y":843,"width":803,"height":12}},{"id":"c556aa0e-5a93-42be-820c-cc3f4d168080","block_type":"box","text":"these three types of securities are considered “mortgage-related securities” for purposes of BATS: Series A","page_number":119,"box":{"x":68,"y":858,"width":769,"height":12}},{"id":"45911994-51d3-423d-a2f5-a58dab409e9e","block_type":"box","text":"Portfolio’s fundamental investment restriction relating to concentration.","page_number":119,"box":{"x":69,"y":874,"width":509,"height":11}},{"id":"db79e86e-73cf-4d62-8ee9-7cdf1592f2b2","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":119,"box":{"x":102,"y":896,"width":743,"height":12}},{"id":"95d0eb92-9ea7-4d50-9187-58149d54819e","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":119,"box":{"x":70,"y":911,"width":831,"height":12}},{"id":"5985ffda-72ac-4f2e-bc5b-175771c7632b","block_type":"box","text":"II-52","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7da6c991-c899-4c26-97bd-7f1fe0ed5ac6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d92481e6-0e8d-47cb-9f42-a8c70e4d338d","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":120,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"e962046c-7b7a-4eab-b5eb-293aee6fff29","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":120,"box":{"x":69,"y":60,"width":737,"height":11}},{"id":"ff60cac4-c543-4512-af9d-7bd25dd4109a","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":120,"box":{"x":68,"y":75,"width":814,"height":11}},{"id":"a00fb336-4c7f-437b-a80e-6a2a0d8440b3","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":120,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"098d3c4b-a4a3-4fa6-a4c9-6891a052e464","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":120,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"3531ac23-e455-4915-af55-36f54b44674a","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":120,"box":{"x":69,"y":120,"width":798,"height":11}},{"id":"d17b35b0-258e-4b4f-8c2a-275228cab836","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":120,"box":{"x":68,"y":136,"width":798,"height":11}},{"id":"1cc98c39-f053-4c5a-95f0-7d271dcb0739","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":120,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"6e93c927-0408-4799-9967-aa4db2bbfef0","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":120,"box":{"x":68,"y":166,"width":840,"height":11}},{"id":"7e0489b0-c368-40c3-a418-9e0fdc429ae0","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":120,"box":{"x":68,"y":181,"width":825,"height":11}},{"id":"f3cfedab-cf5c-4336-b9b5-10f0f67ad3d9","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":120,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"446d1126-b6aa-4815-80f6-b8501f4d668b","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":120,"box":{"x":70,"y":211,"width":770,"height":11}},{"id":"f7013027-e94d-4c95-a886-b1be53c39382","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":120,"box":{"x":70,"y":226,"width":812,"height":11}},{"id":"ba8a3190-bfee-4672-beea-16ee5b9a3ab7","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":120,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"6ea76f72-2857-45bf-aaa2-87504bdfa3aa","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":120,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"cbc586ea-139e-49e9-b601-9f03c9972408","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":120,"box":{"x":70,"y":271,"width":792,"height":12}},{"id":"aa6e5707-a0b0-4618-9846-ae3be3eaf5d0","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":120,"box":{"x":68,"y":286,"width":819,"height":12}},{"id":"93635f93-f604-4940-ab42-44c36786353b","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":120,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"64edb53e-dd2b-4f82-adee-7573db1aa799","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":120,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"ef766a65-610a-4429-b8dd-79dd9820a0e8","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhart of the","page_number":120,"box":{"x":70,"y":332,"width":803,"height":11}},{"id":"404ae374-b182-45d6-955c-a811eaf11344","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":120,"box":{"x":70,"y":347,"width":808,"height":11}},{"id":"db93d754-4107-483a-be77-107ed14661e8","block_type":"box","text":"addition the U.S. Treasury Department agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":120,"box":{"x":69,"y":361,"width":818,"height":12}},{"id":"d50fa9f6-b5e5-4fec-aa90-b65d3353807a","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mortgage markets.","page_number":120,"box":{"x":69,"y":377,"width":816,"height":12}},{"id":"38674204-e1e3-4486-acd8-57a654270d99","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":120,"box":{"x":102,"y":400,"width":786,"height":11}},{"id":"bd3906f6-4734-477f-be73-843346ed37dd","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":120,"box":{"x":69,"y":415,"width":777,"height":11}},{"id":"f9d647de-af11-47f0-a998-34f7d8ded0d0","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":120,"box":{"x":69,"y":430,"width":782,"height":11}},{"id":"b80f054c-2924-4021-8ee8-33c7465b48be","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":120,"box":{"x":102,"y":453,"width":802,"height":11}},{"id":"da9141b7-6995-4c67-a742-012fa9a8fa40","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":120,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"f3461e0d-4b9d-41c1-adda-24b3447345c7","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":120,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"401e7274-b3d7-412a-a1b1-8ebc769220f4","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":120,"box":{"x":68,"y":498,"width":833,"height":11}},{"id":"dc6c290f-59cf-4bc7-ab11-515f167f10ce","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":120,"box":{"x":70,"y":514,"width":789,"height":11}},{"id":"f858c751-8df7-4f1d-a7b6-c83a3d87c9f2","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":120,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"60bee84c-a562-461e-a0bd-4cc7505993f3","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":120,"box":{"x":69,"y":544,"width":838,"height":11}},{"id":"c957a7ce-bede-40bd-9a1e-ff4376372bde","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":120,"box":{"x":70,"y":559,"width":810,"height":11}},{"id":"3817ea46-15c7-470c-bb2b-70f5a8bab4a3","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":120,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"d65302e6-c76c-4ac2-9c83-f935528c446d","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":120,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"cee7612b-5506-4f4f-b255-ea311fefb067","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":120,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"f2b6714b-850b-4c9e-b9c7-df9d99e6cb1d","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":120,"box":{"x":69,"y":619,"width":604,"height":11}},{"id":"01714e87-403c-417c-bf7e-f21c760d757e","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":120,"box":{"x":102,"y":642,"width":774,"height":11}},{"id":"1b134f21-7b19-4031-ae59-df130944cda1","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":120,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"d360c5d5-e7b3-4c1e-957f-25edbfa4580f","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":120,"box":{"x":68,"y":672,"width":832,"height":11}},{"id":"6fbf5a22-0e24-4a42-b739-911cf7228c3a","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":120,"box":{"x":69,"y":687,"width":742,"height":11}},{"id":"2d41aaaa-1359-4637-a3b5-a9da80c2ccab","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":120,"box":{"x":69,"y":703,"width":831,"height":11}},{"id":"d9394743-92ba-42b5-ba07-dcd2302dc6c9","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":120,"box":{"x":69,"y":717,"width":840,"height":12}},{"id":"52825ac8-e88f-471c-a359-d445c955d463","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":120,"box":{"x":68,"y":732,"width":809,"height":12}},{"id":"470ea031-1a1b-4d6b-957c-25cb27735ae4","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":120,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"254a9577-40f2-492c-9816-1ac216b64201","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":120,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"ea543d25-02ce-4b44-aa5c-e6a4978056e0","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":120,"box":{"x":70,"y":778,"width":810,"height":11}},{"id":"79ddc32c-525e-42d5-a782-553c56ac33aa","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":120,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"163fe87f-95e5-4d30-be3b-1bc968a97da0","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":120,"box":{"x":69,"y":808,"width":669,"height":11}},{"id":"539370fa-2afb-4074-912b-cc752af2743f","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":120,"box":{"x":101,"y":831,"width":754,"height":11}},{"id":"47d982d2-6e04-453d-93a1-f1b3c378498c","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":120,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"5d48c4dc-5bb8-441c-b27d-4440de6eaba9","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":120,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"d918128f-64d2-4430-b049-ee8059b1119c","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":120,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"f5f752f2-6fab-4fde-9871-8c8f15fd3f9c","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":120,"box":{"x":70,"y":891,"width":361,"height":12}},{"id":"039f728f-aa5d-4678-b046-c795c4caaf87","block_type":"box","text":"II-53","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8e43245-0119-413f-8f50-27e53a6e7158","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66a2f14c-9163-4aea-a2f3-3b60f1b85dbb","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":121,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"ba9786b7-2c51-4a87-9a6e-40794ad6e549","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":121,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"80640a8f-82cc-4ad5-81d4-bae7d37672e5","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a fund’s portfolio may be particularly difficult to","page_number":121,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"6d3edaf3-ddcf-4fc0-b331-59e49bc5af60","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":121,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"a3234223-9156-4d54-92ed-3e60a48040fc","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":121,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"546475cb-2ce7-47ab-ab0e-23ce3e914949","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":121,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"3eb48109-7ee4-4075-a9e0-8f5e6443c736","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":121,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"c248fe77-386c-40c2-9c4f-ea16c20acc92","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":121,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"77dbd862-fe01-4da9-bac3-cc55fb2b88c4","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":121,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"4c1922ec-733e-4b84-a498-f3b2cb2d506f","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":121,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"1d0d1d04-a6d1-480a-a1ec-135294baa509","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":121,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"e1727496-f655-4b0c-8832-30cef987f127","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":121,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"7632c670-a86a-40f0-b7f6-2ee7898fd30a","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":121,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"78153d36-7ae7-441c-9d83-7ac57d814862","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":121,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"35c103c6-3953-4232-958a-10c20be22004","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":121,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"1ed788f9-eb24-4ab4-9be3-799d01dd05e2","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":121,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"e83f225d-fa0a-4b13-833e-988e0c355bf6","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":121,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"b748ba96-0ad5-4ed1-94de-c6a2386846c8","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":121,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"1487a3bb-e3f1-456b-84bd-0a2681d16aa8","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":121,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"55cc326f-bdcc-4416-941e-4921a69cc839","block_type":"box","text":"of principal because of the sequential payments.","page_number":121,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"6ab5bf53-d8b8-4a0b-8bea-ce6c47a5fa86","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":121,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"89151787-0304-4433-9049-8d21da921cda","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":121,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"5ae65e99-adec-490c-a12f-055b67932cce","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":121,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"9e53470f-7de0-4668-a388-1aa991c3c47f","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":121,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"a9752057-ab85-4484-a883-d8fdb4b5a9fe","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":121,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"6dd24909-0d16-4de1-8567-2112e8c47651","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":121,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"62fd9449-6986-4a42-bf6a-2cd3aa853c24","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":121,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"44540d11-2163-483a-886d-582d96822669","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":121,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"ff3a4ea6-f3c9-410e-9bab-6ba1314509cf","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":121,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"c0abd95e-86bd-4908-875a-395c9958c83c","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":121,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"afe52e85-e2dc-4511-b9cc-4819ceffb1ed","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":121,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"cba1d2cf-49fd-4591-9857-f8f0c51ea962","block_type":"box","text":"securities of any single such entity.","page_number":121,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"2d219eab-3d39-425e-8eb9-6bb389e78339","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":121,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"2e3c6e1d-65b1-4d2b-abc3-59fda52e530f","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":121,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"18c24bd9-b4d5-470c-8985-1473097fb691","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":121,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"481e7a34-03bd-43c8-b58d-b5ce2af04acf","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":121,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"1bf11fd9-699f-4f03-90b5-c539d7aae77b","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":121,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"ecb8be0a-c521-4bc5-9ac2-73b617bb0c52","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":121,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"92e6efc6-b471-4af9-b169-23c4de817f21","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":121,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"754868c1-d769-4d2b-9695-d2387e34b07e","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":121,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"29f48b8d-53ad-4c99-9f09-24fb3e4999ba","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":121,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"bcd61f47-8416-44e7-b429-6d1db8514de3","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":121,"box":{"x":69,"y":680,"width":761,"height":11}},{"id":"7879de20-7356-4935-b109-218feaadaa28","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":121,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"51c59970-60e7-4c6b-8a09-fa8e62e9e2ca","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":121,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"a36e5bbe-a085-4c4a-b2c2-43339d7774c6","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":121,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"8f58e62f-5ba4-45b5-b971-8500bda06efa","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":121,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"b85bdddd-eca9-472e-8fad-38e32c1526a0","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":121,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"d7111622-f6fc-463e-9d26-d34f44032bde","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":121,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"145d4dcf-e895-4618-8e6b-a21e7b15eb0a","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":121,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"81299ab5-e016-40cb-a06c-bb14698a0848","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":121,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"01cf6395-8e13-4795-be92-48d75d9135fc","block_type":"box","text":"classes.","page_number":121,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"21d8325f-854b-4750-97db-a338c7be6338","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":121,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"16beba35-394c-4727-865f-8f3c0daab9e2","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":121,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"ebfc27bf-5ae5-404c-88d5-0c1eac6d5ecb","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":121,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"4a2254fc-2b3f-42a7-ad53-94359ce3b5ce","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":121,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"3def2e1a-8f7c-4d50-b603-8766f25056fe","block_type":"box","text":"II-54","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d9b640c2-90eb-477c-a85a-31f92c746c68","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67af4cf2-24da-4e9a-8d07-514853d57427","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":122,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"bcd336ae-ee8d-4904-9e53-7fbaab0f1b19","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":122,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"b9562363-0017-429c-97de-3c52548974ac","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":122,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"0227d362-12bc-465d-b876-19e8c54f7f76","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":122,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"b7880297-ba03-47ee-84a3-2dbaff318bed","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":122,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"b18af6d8-0eb6-4af6-b1fe-b211fdb9f1bf","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":122,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"947c8a82-5a9c-40f8-8c17-206d743d18a1","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":122,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"77d100cc-1c56-4060-9512-270c9e613005","block_type":"box","text":"to a designated benchmark index.","page_number":122,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"026ddb3d-4f9a-41f5-95ef-d2201f2b6366","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":122,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"e50acb3a-6026-4f25-a3c6-b492a8ca8801","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":122,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"947f7620-58b1-4afb-84b6-8e3222238967","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":122,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"72a1ef27-1b8e-4d90-a5e7-b75229592f5c","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":122,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"41243ed9-231e-4a86-9178-71480b235bfa","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":122,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"f1e88e16-2395-4045-b268-7609be2eeb91","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":122,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"9f742ec8-72aa-4ac5-8d1e-ee7c25b1bed7","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":122,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"68f62de6-7be9-498a-b7d5-38077fc62212","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":122,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"f584b754-309c-4a43-9cac-d5ce7bb580f2","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":122,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"13c892c5-2461-4474-9a39-c3864bd63550","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":122,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"72cded15-46eb-4f41-b80b-76ceb63ccc16","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":122,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"dcd613e5-e905-4912-a8be-261ea6435a84","block_type":"box","text":"CMO Residuals.","page_number":122,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"9332b3d8-637a-4964-80ed-f8229fe64420","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":122,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"48621608-2ecf-4d13-8164-76e10c2d373f","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":122,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"ce8adca2-554e-4654-9874-2966fc15559f","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":122,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"20293ae2-1397-4729-8d0f-0769dd416003","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":122,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"eb637615-c323-4f92-8e5e-6b6dffe348e5","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":122,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"9bb54fd5-6b2b-466b-879a-8a7bf8d69d30","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":122,"box":{"x":68,"y":423,"width":832,"height":11}},{"id":"46f17a2e-e824-4a45-b3a8-5b0fc46b3066","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":122,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"2e527ee5-f7c0-4a80-9106-a87e2abe90a7","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":122,"box":{"x":69,"y":453,"width":833,"height":11}},{"id":"bed44b70-4731-4f05-a479-c29bcb226e67","block_type":"box","text":"among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing","page_number":122,"box":{"x":69,"y":468,"width":809,"height":11}},{"id":"53b1c4e3-5529-459c-baa0-533299232f2d","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":122,"box":{"x":70,"y":483,"width":810,"height":11}},{"id":"d63222db-522d-4100-9286-d7e81d45d7e1","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":122,"box":{"x":70,"y":498,"width":795,"height":11}},{"id":"9429a918-6aaa-43cc-af3f-39b61bcfeaf3","block_type":"box","text":"mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-related securities. In","page_number":122,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"bec8a9e8-8564-4f97-9716-313a4d82bd13","block_type":"box","text":"addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the","page_number":122,"box":{"x":69,"y":528,"width":820,"height":12}},{"id":"e773160f-1f21-4386-8ae6-e52344e49057","block_type":"box","text":"related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate","page_number":122,"box":{"x":69,"y":543,"width":808,"height":12}},{"id":"620c1d3b-7c4b-4e24-8538-19d2cdf2d183","block_type":"box","text":"adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":122,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"2fe2dd89-4224-42cf-a794-060ed59b3fda","block_type":"box","text":"residual.","page_number":122,"box":{"x":69,"y":574,"width":60,"height":9}},{"id":"8d60bc7d-0b83-46e4-8e5e-07dd09382e85","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":122,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"00b00c33-f869-4cb6-9fd4-ce95aa608bad","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":122,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"cd4a1685-f22c-46f9-97e0-c807ff07c238","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":122,"box":{"x":69,"y":627,"width":806,"height":11}},{"id":"ce41d356-2982-4809-a75b-33261a9f58e5","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":122,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"72c5f7b3-56db-49f7-b009-b71556b2b768","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":122,"box":{"x":69,"y":657,"width":784,"height":11}},{"id":"eaba82da-caf6-420e-8094-3efb6455ad56","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":122,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"5ee8479f-f74c-46d8-ade8-c82e145bc63c","block_type":"box","text":"and REMIC interests.","page_number":122,"box":{"x":69,"y":687,"width":149,"height":9}},{"id":"54221e70-ef37-4ecf-8497-5460331334b2","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":122,"box":{"x":102,"y":710,"width":267,"height":11}},{"id":"115b0eb7-309b-4e86-a829-2d89540de708","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":122,"box":{"x":375,"y":710,"width":493,"height":11}},{"id":"018a456e-f633-42b7-81c2-3da3505ce567","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":122,"box":{"x":70,"y":725,"width":798,"height":11}},{"id":"872ae0db-4c76-4cd2-a51d-d5593811280b","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":122,"box":{"x":69,"y":740,"width":826,"height":11}},{"id":"c1caf98f-d311-44d6-9a1a-aa42710747e0","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":122,"box":{"x":70,"y":755,"width":832,"height":11}},{"id":"bff1ab6f-5e15-4408-b3c1-f0b9222d9c20","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":122,"box":{"x":70,"y":770,"width":821,"height":12}},{"id":"04b822d6-a7de-4373-b9f4-f1b6154aeddf","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":122,"box":{"x":68,"y":785,"width":826,"height":12}},{"id":"c9b9d527-8b11-4fb4-83ad-977bbaad2a4e","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":122,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"6470c9fe-85d0-4570-a10c-ee48549b4625","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":122,"box":{"x":70,"y":816,"width":834,"height":11}},{"id":"e1b465c0-ca22-4e25-ac27-6f25494f09b0","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":122,"box":{"x":68,"y":831,"width":800,"height":11}},{"id":"fdeee537-27ed-4062-9f08-3bd8f618f7de","block_type":"box","text":"related underlying assets, and a rapid rate of principal payments in excess of that considered in pricing the securities","page_number":122,"box":{"x":69,"y":846,"width":837,"height":11}},{"id":"c7d10366-280c-4c87-97e5-9be32fe502a5","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets experience","page_number":122,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"2dd48956-c210-4d9a-93f8-b0e199dc477d","block_type":"box","text":"greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition,","page_number":122,"box":{"x":68,"y":876,"width":836,"height":11}},{"id":"0f2b8908-b84d-45f2-9d5e-9ad045eae274","block_type":"box","text":"there are certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":122,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"a76d3830-97b0-4691-bcb6-57aff79ea631","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":122,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"cd12f81f-c891-477e-8737-8059cb656c5a","block_type":"box","text":"II-55","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b30e90bb-79f5-4141-9d12-41b9afd28b66","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9be7b0d-4b73-41a5-805e-bfc5cd3e9a62","block_type":"box","text":"the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund generally will","page_number":123,"box":{"x":68,"y":45,"width":830,"height":11}},{"id":"d1ff3674-4307-4800-9a78-1847eeb1e1c6","block_type":"box","text":"purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs will be","page_number":123,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"6a874d48-c1a7-4752-8660-e846f3a02193","block_type":"box","text":"matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":123,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"4b6d8285-2be2-478d-9650-7e05bff01a93","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":123,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"ce98abfe-20c2-43ad-b532-35e7c095c946","block_type":"box","text":"Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on the inverse","page_number":123,"box":{"x":70,"y":105,"width":815,"height":11}},{"id":"8dcf68fe-822c-4b8d-b490-8f63e929d82a","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":123,"box":{"x":68,"y":120,"width":599,"height":12}},{"id":"89f92ef5-aeb5-49cf-820b-19ed78420d1a","block_type":"box","text":"Tiered Index Bonds.","page_number":123,"box":{"x":103,"y":143,"width":138,"height":9}},{"id":"bf362326-ccd8-4e19-8ebb-3643f0feb3a9","block_type":"box","text":"Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate","page_number":123,"box":{"x":247,"y":143,"width":657,"height":11}},{"id":"ff26b4b9-536c-4912-b16f-b7c45fbba05f","block_type":"box","text":"on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a","page_number":123,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"44f5b609-10e9-4a20-95f4-e0d315fbb68d","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":123,"box":{"x":70,"y":173,"width":830,"height":11}},{"id":"d90d56b1-ecb8-4430-82bc-64774058f21e","block_type":"box","text":"or market rate rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under","page_number":123,"box":{"x":69,"y":188,"width":800,"height":11}},{"id":"10149dd1-9d00-44b3-ae24-18136c2edab9","block_type":"box","text":"these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite","page_number":123,"box":{"x":68,"y":203,"width":788,"height":11}},{"id":"62aaf9eb-7720-42be-b18b-fe7a8f6de0ce","block_type":"box","text":"direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more","page_number":123,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"f5c5db87-5d46-43c7-b812-eda2501801e9","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":123,"box":{"x":68,"y":234,"width":266,"height":9}},{"id":"b430d780-f7fc-44ac-9f2d-f09f6aeb4301","block_type":"box","text":"TBA Commitments.","page_number":123,"box":{"x":103,"y":256,"width":133,"height":9}},{"id":"ee4a9187-5031-4193-bb56-0f24a71a88f1","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":123,"box":{"x":243,"y":256,"width":653,"height":11}},{"id":"a0065358-6702-46d0-be84-bd4ec79b19f5","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":123,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"7e41ec5b-5043-4f42-a2ed-e42df9d7b744","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":123,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"5456cb90-4c88-4279-bf02-73b2291490fc","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":123,"box":{"x":70,"y":302,"width":793,"height":11}},{"id":"59eeda82-502d-453b-86b6-17148649fd00","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":123,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"f875e883-fc49-44fa-b7cb-0b7936c8f97b","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":123,"box":{"x":70,"y":332,"width":804,"height":11}},{"id":"6f13f878-acbe-49f3-8241-07e174f9fcbf","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":123,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"c16628b4-3eb5-4e0f-8ffd-c1f193f3638b","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":123,"box":{"x":69,"y":362,"width":810,"height":11}},{"id":"e8cab237-83b8-4f54-a070-d5a639be697d","block_type":"box","text":"below.","page_number":123,"box":{"x":69,"y":377,"width":43,"height":9}},{"id":"11d6cb4d-e0ed-4e4e-93e6-89ac141a3c82","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":123,"box":{"x":102,"y":400,"width":157,"height":11}},{"id":"b01b9480-1a9f-41ff-97f1-6947ea98a13d","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":123,"box":{"x":266,"y":400,"width":634,"height":11}},{"id":"83b6014c-17d7-4b38-9469-6731d686a3e4","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":123,"box":{"x":70,"y":415,"width":825,"height":11}},{"id":"179adf5b-6c2a-4d48-993a-deb7fa73f564","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":123,"box":{"x":69,"y":430,"width":805,"height":11}},{"id":"3b7ceafa-053c-402d-8932-d96f417c7d4b","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":123,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"bb9c2660-a85f-4e76-b6cd-663a86ab7181","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":123,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"72481591-9ea7-4f2a-a591-41ccd82e86b8","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":123,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"39ec3b5e-a968-4590-adf5-22b68b2cbf0f","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":123,"box":{"x":69,"y":491,"width":806,"height":11}},{"id":"f4142465-06be-422e-bd68-75f63344f94a","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":123,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"3018b22e-00de-4494-afeb-fbabe6b9a35e","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":123,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"e8fade29-e850-49c3-973f-9f70297dc3af","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":123,"box":{"x":69,"y":536,"width":607,"height":11}},{"id":"baa3eb40-2af1-40a7-b68b-041d46d20e82","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":123,"box":{"x":102,"y":559,"width":744,"height":11}},{"id":"ff1be605-f8af-4b15-ae59-8ff3a8419201","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":123,"box":{"x":69,"y":574,"width":796,"height":11}},{"id":"86b26b09-7918-465c-97b7-58b583c60434","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":123,"box":{"x":69,"y":589,"width":433,"height":11}},{"id":"d674bc93-8077-4f8c-a38c-fe5c3c9ea9a2","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":123,"box":{"x":102,"y":612,"width":795,"height":11}},{"id":"491972fb-2872-4852-b54c-4b7c420d974f","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":123,"box":{"x":70,"y":627,"width":824,"height":11}},{"id":"16feea2d-6123-4b0f-a262-b9eea62d6d22","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":123,"box":{"x":69,"y":642,"width":774,"height":11}},{"id":"6c11e2a0-3481-4bac-bea2-e91422435f6c","block_type":"box","text":"securities in the forward transaction.","page_number":123,"box":{"x":69,"y":657,"width":261,"height":9}},{"id":"7ca98fdb-0dc1-4966-90ad-f93cce1e5df0","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mortgage dollar rolls may","page_number":123,"box":{"x":101,"y":680,"width":777,"height":11}},{"id":"a8320253-d2f9-453f-9a3f-50c360c15e9e","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":123,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"869383ad-4afc-439c-8dfc-daaa1fb50a3d","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":123,"box":{"x":68,"y":710,"width":824,"height":11}},{"id":"b4769804-e834-45de-be79-d801c5fa3ab0","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":123,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"646a8d93-3d6c-461c-a266-3ce6ffdd1c26","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":123,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"a1843aa9-4341-4f51-a831-385754f4f940","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":123,"box":{"x":69,"y":755,"width":430,"height":11}},{"id":"f082f908-c99d-47d6-8891-8aaddd4ee674","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":123,"box":{"x":102,"y":778,"width":759,"height":11}},{"id":"f8aef7cd-1f23-4215-88aa-33af61b35806","block_type":"box","text":"securities (","page_number":123,"box":{"x":69,"y":793,"width":78,"height":11}},{"id":"2fcf47c7-71ac-4e7b-a575-22b4f651c416","block_type":"box","text":"e.g.","page_number":123,"box":{"x":148,"y":794,"width":25,"height":10}},{"id":"f4680d7d-3059-44fc-8e2b-eb6c348addb5","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":123,"box":{"x":176,"y":793,"width":681,"height":11}},{"id":"eadebeb1-0242-420d-9255-5fcc8bceae92","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":123,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"3ad163c1-182c-40d2-87b7-7cae9a8c710a","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":123,"box":{"x":70,"y":823,"width":783,"height":11}},{"id":"e594ac17-6bb6-4b4d-9a26-656f545c586f","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":123,"box":{"x":69,"y":838,"width":832,"height":11}},{"id":"0dbc8ae0-508c-4fd2-a057-4679a5de464a","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":123,"box":{"x":70,"y":853,"width":830,"height":12}},{"id":"631b2b6a-e7f6-4122-ba83-3d9b14265298","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":123,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"648a5196-855e-4720-ad60-559efd7f507c","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":884,"width":489,"height":11}},{"id":"d28488ca-5e75-42bf-a11c-84afd92787ef","block_type":"box","text":"II-56","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b47ffcd-bafd-4576-ba42-5e53725344b3","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78264841-b007-43d8-b175-cdbe6a9f5b47","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":124,"box":{"x":102,"y":45,"width":260,"height":11}},{"id":"693273f4-7c4e-4d29-8024-1ee17d991667","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":124,"box":{"x":368,"y":45,"width":473,"height":11}},{"id":"9cf3f788-dcbe-4f22-8740-2d0b42b3b29e","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":124,"box":{"x":69,"y":60,"width":768,"height":11}},{"id":"637e3ff5-b49b-4a56-badb-35b33a75cd23","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":124,"box":{"x":69,"y":75,"width":836,"height":11}},{"id":"dabc3e2a-da4b-46f4-baae-0cc67eeddf94","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":124,"box":{"x":70,"y":90,"width":760,"height":11}},{"id":"a111331b-1905-4891-a593-64a440d59fa2","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":124,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"2caa26cb-374b-47e0-92fd-910083c67ba3","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":124,"box":{"x":68,"y":120,"width":810,"height":12}},{"id":"fa61381f-e452-4bb8-8543-a2c234d6acd7","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":124,"box":{"x":69,"y":136,"width":764,"height":11}},{"id":"14bd58e0-3704-4202-9303-59b4d3da7bfb","block_type":"box","text":"Municipal Investments.","page_number":124,"box":{"x":102,"y":158,"width":169,"height":11}},{"id":"fd3b0c42-3078-46e4-987d-bf8f3c112ca7","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":124,"box":{"x":102,"y":181,"width":763,"height":11}},{"id":"3116b521-c3f7-4f83-ac21-4b32722cc0f1","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":124,"box":{"x":70,"y":196,"width":783,"height":11}},{"id":"492a58ca-59a0-4da2-8c0c-6634f96718a0","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":124,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"8b1f9e58-7352-4bda-a737-ad6167959c73","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":124,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"c01b7dcd-1b94-4a7b-a69b-44d63e1cc6f1","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":124,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"9ec9ecfe-740c-49f2-8320-f6b0d10f04fd","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":124,"box":{"x":69,"y":256,"width":779,"height":12}},{"id":"5d690177-9b5b-4f9b-8a41-2503c6ef0c7b","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":124,"box":{"x":70,"y":271,"width":838,"height":12}},{"id":"28e98605-79af-4318-b62c-a7e457d2f05f","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":124,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"4ba0a360-17fa-45d3-8bdf-30f9152aa8af","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":124,"box":{"x":68,"y":302,"width":834,"height":11}},{"id":"d88cea83-acbd-42c6-abe0-b89ed718bcae","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":124,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"5ec55741-d3d4-4e91-8d8c-55dc5d3d51a3","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":124,"box":{"x":70,"y":332,"width":807,"height":11}},{"id":"9f5e00b4-95cf-45d5-ab05-137d2ffb73d0","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":124,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"ac1ef21f-35de-493a-82d8-779ee54dfcf7","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":124,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"071d78e5-1a01-4ceb-a7d2-e07730de462a","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":124,"box":{"x":70,"y":377,"width":826,"height":12}},{"id":"c20dae35-b937-493b-b93a-2fd0b5653654","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":124,"box":{"x":70,"y":392,"width":834,"height":11}},{"id":"c10fe37e-f755-4071-a996-5f47f425b2f6","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":124,"box":{"x":70,"y":407,"width":800,"height":12}},{"id":"5458de5f-b6b3-4a75-99da-0b7f4575a420","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":124,"box":{"x":70,"y":423,"width":819,"height":11}},{"id":"68f5ffe6-c8a9-4ddc-8336-bdda30ca1e1b","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":124,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"c5bde2ac-4cc2-4187-b5ed-b0b629f49545","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":124,"box":{"x":70,"y":453,"width":805,"height":11}},{"id":"66ce0b63-5cd2-48e5-8050-832e0331225a","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":124,"box":{"x":70,"y":468,"width":721,"height":11}},{"id":"066c3542-47a2-4ab6-94cb-4ce17de1cbaf","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":124,"box":{"x":102,"y":491,"width":495,"height":11}},{"id":"3ef94c57-37ec-4468-9733-6c094e4894d7","block_type":"box","text":"The risks and special considerations","page_number":124,"box":{"x":603,"y":491,"width":260,"height":11}},{"id":"092b6345-c9f4-4e05-8772-be9dd4ab8d01","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":124,"box":{"x":70,"y":506,"width":806,"height":11}},{"id":"1b2a9091-e4bc-4de2-9dad-3f8c5fc894c9","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain instruments","page_number":124,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"6f5843f8-5ee0-43db-8f51-9385b99e129b","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":124,"box":{"x":70,"y":536,"width":453,"height":11}},{"id":"8a35dfa8-60da-4ca6-b23e-ce811c0a8316","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":124,"box":{"x":101,"y":559,"width":799,"height":11}},{"id":"81b49268-e6c5-4e76-87ce-5cbe8aaa9448","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":124,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"5c84110f-6a8f-4bdc-b477-857add859a79","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":124,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"200cd6bd-6c75-44fb-aaad-5b77a55c2836","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":124,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"4913cb86-175e-47e3-8a2e-8d4bbc595650","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":124,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"2623e5e8-7b61-4fb3-af1b-517bd3d59234","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":124,"box":{"x":69,"y":634,"width":761,"height":12}},{"id":"621e2819-681d-4c53-b2d9-225fb422729c","block_type":"box","text":"II-57","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8de90912-171c-4ddc-bc05-d74eb42cdb2c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b9ead3a-f315-409e-818c-583724c55c48","block_type":"box","text":"Description of Municipal Bonds.","page_number":125,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"95d1a50e-c2f9-4165-8557-cbd333e8a22a","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":125,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"393cd1a4-65ab-4ed1-b711-ad0b7c5dd228","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":125,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"4ef1b1b8-139a-4898-8071-08a49c0a83b4","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":125,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"125c9612-55cd-4d9b-bf92-14086b416bdb","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":125,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"4f5db209-90ab-4c0d-adf3-8e9d8b62e16b","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":125,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"8b8e2282-470d-4a67-8586-faf9ac103181","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":125,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"cdb4d6be-2481-4697-ad93-937bd1a26afa","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":125,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"b70bc83d-1d7c-49a2-97d7-43f8b6838b56","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":125,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"d27c1e16-0836-4d3c-b2d2-92a06cb34016","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":125,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"1927f103-e8de-45da-b972-a4f241520af1","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":125,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"5d3ddfe0-a42a-4792-93bf-4b417c78f8b9","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":125,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"64de822e-f98d-4937-bba8-712e60a62079","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":125,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"f7e031e2-770a-4cbf-ba36-87e8df7bd362","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":125,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"e7289846-4896-4565-82ea-4c83f5d6ca5a","block_type":"box","text":"General Obligation Bonds.","page_number":125,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"4f27f137-42b8-4f1a-8d08-416c7e81d7ec","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":125,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"e382ab4d-7f23-4ece-97a3-384751acf354","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":125,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"ed5f9f08-e1bd-4287-b003-21453e16b208","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":125,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"174c97e5-c385-4332-bc77-001ecaf375c0","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":125,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"26c19d9c-3f33-453e-ab1f-0b59a6dff12c","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":125,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"0e670c91-e9fc-45e7-b832-da7ec020ac17","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":125,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"389dd2bd-d167-4c1a-ae80-7041adcff009","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":125,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"c56dddd6-053b-4f62-a905-6e0543abbaed","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":125,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"0cde50ff-1792-4558-b533-a13294d076ee","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":125,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"db4ddd4a-8fc8-4bf9-852e-aaa1e59b52b0","block_type":"box","text":"Revenue Bonds.","page_number":125,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"de948042-a9da-4bc5-869f-793526bf2d89","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":125,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"93714a01-79a2-4a75-a6d5-c197f4b77468","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":125,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"007955a3-c319-4998-8a8e-b43b0290ea70","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":125,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"29f37b80-1b71-4e2f-b08e-fce6859e18ac","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":125,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"7ee01e57-83dc-49fb-b440-1d08af545077","block_type":"box","text":"viability of such facility or such revenue source.","page_number":125,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"e63aebed-a67b-4841-8f25-5d468b80acac","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":125,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"7c6a0979-befd-4158-a90c-b527448f8825","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":125,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"7bf8ec46-953b-42bf-8065-77abd0c272b2","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":125,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"d2a67ecd-6f4f-47aa-a0d2-a8e68528288b","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":125,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"a6dfbc79-7744-4ffa-aea3-2fd975a684db","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":125,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"a5a18ada-b377-4866-8c71-17306bbccee9","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":125,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"1568a709-a059-406e-bb89-c59dd43a10ad","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":125,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"bdb1c0eb-341e-416a-99ae-97e5929aa995","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":125,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"f9445b34-e74c-40eb-a2c4-fbabde389872","block_type":"box","text":"PABs.","page_number":125,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"b992bf23-1b6b-4cbd-9e61-54116dbe7023","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":125,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"89332dac-5c1a-4154-a06e-4b43a06b0524","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":125,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"cc95b244-d8c0-4c89-8d73-f92833727566","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":125,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"195a16d2-e152-41dc-b9a6-4b817e56dca9","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":125,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"278dfa14-9dcf-4424-9622-205ab7bd65b1","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":125,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"190a5056-18bb-4fef-84d6-fd6522faf8fb","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":125,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"bddc7676-06fb-42bb-be0e-5f1955360151","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":125,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"eb9cc8f1-05e2-4d74-80cd-b485aa0bedbd","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":125,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"2f5cc14e-b5ca-4156-b76c-974b01a5c11b","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":125,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"747dac12-d848-43a7-9fdc-517ee389bdf2","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":125,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"d6dd7d60-6de1-4a0f-ba1b-5c73290dbb59","block_type":"box","text":"the particular facility being financed.","page_number":125,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"24d8725a-d623-43b2-b2aa-c9c6d09b0289","block_type":"box","text":"Moral Obligation Bonds.","page_number":125,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"4bf95c20-9cdd-4894-8570-78006ba4a1e6","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":125,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"0e3774ff-1a2d-4748-b796-4948a3d9b77d","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":125,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"c2806cf1-be07-4f25-85d7-315eceb32106","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":125,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"dc50bb22-f158-4053-8539-369b00ccccad","block_type":"box","text":"that issued the bonds.","page_number":125,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"3e7d5bf0-1b2f-4856-b86a-d88dbc322785","block_type":"box","text":"Municipal Notes.","page_number":125,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"86ce6416-f690-4eb5-a903-5e777df52363","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":125,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"9fc25a85-64da-4205-9b97-642f07e3ab1f","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":125,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"34c0fa12-f3ab-4968-8e5a-6449e8f0ea30","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":125,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"d3d9f616-afce-4100-bce5-78587132014a","block_type":"box","text":"II-58","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d940540e-3922-4670-8432-97d62eceea7e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1b12895-ffb2-43a9-a5cc-20a7000cc2af","block_type":"box","text":"Municipal Commercial Paper.","page_number":126,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"919f0da1-0cfb-4197-b6c1-2fce97dfa675","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":126,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"a7f541b4-d954-4c53-a00a-862387abdd86","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":126,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"4e1ddbdb-4842-4198-9ecc-6edd3c383dac","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":126,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"b585efe8-d314-4f52-b43e-b607ccbef62f","block_type":"box","text":"Municipal Lease Obligations.","page_number":126,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"ecf54bd6-8847-4e2f-bc27-2be2049e39fc","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":126,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"4b679f58-faf3-4f07-a8cc-dd54ec1e91d2","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":126,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"06ae6a31-3f79-495d-814b-c57782e649b1","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":126,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"0df4c7e5-8619-4232-980d-3df6c8b381a9","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":126,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"682cfc9e-fb75-43bc-aa24-d2ecc587fc11","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":126,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"05724841-6238-47e0-87f0-cc978835d3ac","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":126,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"ede5d409-959b-4d5f-94c4-6df6de16603c","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":126,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"e79672b9-2913-40d1-aad8-c990607629eb","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":126,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"45fed76f-3433-4bea-aa71-fe839afe1682","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":126,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"60e21282-e815-4dc7-a941-d08513ffaaf4","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":126,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"ac0f3cff-f295-4555-ab98-dfd189756089","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":126,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"ab319edf-f1aa-470a-a8ac-06185e73f593","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":126,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"1f7b04e8-3359-4dcd-938a-9a17304b1258","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":126,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"0850aae5-76b0-48fe-8409-58ee5a29326c","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":126,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"e58cbd2b-67d7-48fe-a7b7-df9ac6722f8e","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":126,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"a817fc29-1dea-41ce-9228-60b0eb4297e2","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","page_number":126,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"b3fa90dd-631c-45a7-b45b-90e6b4c71747","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":126,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"a70a2637-9ff5-4915-ae9d-ea3964cada09","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":126,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"26ed5837-1167-4b04-ace0-6efd5c4aa76e","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":126,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"30983a1e-872b-4e84-b67f-5214092ffb7b","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":126,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"4c19292f-c578-42f1-9e2b-85e20f16a3e5","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":126,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"3446e851-adbd-4549-8289-3c469954b9ba","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":126,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"397d52e2-0c69-4924-aadf-a1964b17081a","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":126,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"d9cd4536-6e50-4568-9dbc-ac4d50010709","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":126,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"d5a6dde6-df7e-4f85-bdf3-06644e0ae5ef","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":126,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"8634a0c6-8fc1-4a94-84de-1460c1c1d74a","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":126,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"415a2c6b-3949-4cce-b977-7ba3161f9571","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":126,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"884f6c01-781f-493d-bea3-43861173586f","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":126,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"f2f2df29-f3fd-4950-a371-965359867096","block_type":"box","text":"Tender Option Bonds.","page_number":126,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"da812aea-ceb7-4675-9918-db3ab5bc8434","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":126,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"0442fe19-04f6-41b1-90fa-06a0b3fe3b4b","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":126,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"30674d10-65e1-4c66-9e81-581cca153939","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":126,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"728e603b-d67b-4954-b156-1b17e3ba4d6d","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":126,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"7f5f046d-348b-439b-9dbb-868b3d4d8d8c","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":126,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"1a6cf4d8-cc4c-4cf5-bb44-d16da9d8df5a","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":126,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"5b435042-fde2-4cdf-abf4-e7339724a6fc","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":126,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"997af126-402c-4868-9399-eb8495783d8f","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":126,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"695abc30-01b9-4af7-8c5b-805b6a757044","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":126,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"cc99e3ca-e2d9-4eac-82ec-ebc8fa2ad482","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and","page_number":126,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"930a6923-710d-4d3e-9cae-1291fc5dbaab","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":126,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"49f8414f-0a27-46d9-9091-a6920af8e116","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":126,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"d5e5960a-7489-4b5f-830a-815f3c2254f8","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third party","page_number":126,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"e08ccb9a-e501-4615-96a2-9f3d7b0b8703","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":126,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"fcc5de99-ef6c-47fa-993e-e87ad3d6bacf","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":126,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"5220a39f-e47e-41e7-8a7a-bd9dd1bda4bc","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":126,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"f7da37ed-6568-4ecd-8f1b-a09af2f9b010","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":126,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"38df2d86-0b81-42e7-a4b0-af86b663835d","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":126,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"ece235e7-216a-4788-a66a-a289762aa31c","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":126,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"d828ffc2-c948-4592-985a-f8209f0db7ba","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":126,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"1c638828-9691-4e0a-917f-a7ead22bf492","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":126,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"0884c5c9-ef2e-48f6-a666-3a72b314738c","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":126,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"71fb09e9-f8a9-4cdb-8ecf-7f3ab605d7b7","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":126,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"35294261-6dd7-431b-a6e7-26132dab039d","block_type":"box","text":"participation in the TOB Trust.","page_number":126,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"2ce2e884-3214-40bb-9a98-6e1c25caaec0","block_type":"box","text":"II-59","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"71b81948-8b4f-47e1-8d67-77970afdd721","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6efb3fa8-8ff6-4258-9397-2e65323e88ec","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":127,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"fbf29c33-aa74-45dd-88a5-26a2cb0632f1","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":127,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"2db92bb8-f7e8-4c78-a849-3f3e61f5abe8","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":127,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"d1eeb31d-bdbc-4e86-be6e-aa8d34b1d27c","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":127,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"e94ca323-ae59-46b0-9e65-87441528c58c","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":127,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"62f5c167-b7ba-40ad-8bcf-45df4cd508c1","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":127,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"4d41c726-d1da-42bf-9d3c-4006fc5aaa7b","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":127,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"4a66444a-b74a-490a-85b2-956d69ae32d3","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":127,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"b88d580a-d475-4153-8a4f-260aa8f015cc","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":127,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"f97a48c0-afa1-4a35-a4a4-c2b93b9fb2b7","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":127,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"8b345ed8-807d-472b-ad85-19d8864831a8","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":127,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"6a7174cb-5937-4e03-9d38-c61eb537aea3","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":127,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"bb2d0017-ba89-4ab6-b34a-f459cd9ac241","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":127,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"e243692a-1fd5-4ba9-8ac8-ed8ef80a592c","block_type":"box","text":"issues.","page_number":127,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"a8758d65-7ad5-423a-9f05-b4a234383d6d","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":127,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"4a5d0318-edcd-4f3d-a074-2bac0dda2457","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":127,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"568a1cb5-f445-4928-9338-1451704ae100","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":127,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"7ce39d56-68ee-4210-b419-e40ec6e1c25c","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":127,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"d9ee0d18-388c-4bc0-8544-32f35175e969","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":127,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"7de345a3-f3c7-48cb-961b-e43605abdeff","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":127,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"3fa6f877-e225-4769-a5a7-7f0cae88ccab","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":127,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"e12b623a-ae3b-46d8-8669-5c3df3bd9b46","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":127,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"7ad3577c-01b8-4bf1-8bd5-2c0a9eaa7005","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":127,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"1d709105-325d-499c-9878-123e34437f4b","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":127,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"62ffa3d1-a935-4842-950a-b4b9a1bc3d44","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":127,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"2fdb5e81-cbb1-47e3-b785-c88bc3dc6b71","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":127,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"cc82afe1-4611-44f4-a4c9-abdd1fb8a9fd","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":127,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"68c40f74-6c3b-47b8-ac63-afc49d083fcc","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":127,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"896cb872-98b1-402a-bb8e-ef4decde67f3","block_type":"box","text":"i.e.","page_number":127,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"c0fb376d-754f-4271-9b6b-42a249396e81","block_type":"box","text":", the Fund). In contrast, in the","page_number":127,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"0c68f998-a868-44e5-b0b8-73a4be624f03","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":127,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"e2949aa6-e370-4b4e-a062-548b07bd6e60","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":127,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"a84040ab-c4f4-4c92-b12a-dedaf85d2f93","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. TOB Trusts are typically","page_number":127,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"cdcc599b-b7c4-41c8-8b8a-a2d3d9af411d","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”)","page_number":127,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"e94d69c6-e715-4816-9870-0ad3d8156157","block_type":"box","text":"that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued","page_number":127,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"bf55f6d8-a215-4c14-acec-41118eacc17c","block_type":"box","text":"interest on any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure","page_number":127,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"d4f7095d-b836-4b48-adcb-391dc48ec74d","block_type":"box","text":"of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a","page_number":127,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"b4859015-79eb-4f73-b6d8-afcfb61075c2","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":127,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"2e44def3-8fad-4af8-81d3-40d6cf275de6","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":127,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"54bb4551-8ca2-4700-8c81-c9cbd113ddb6","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":127,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"7bf72858-39ba-4813-b9fc-716a3e98939e","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":127,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"a7917a48-b7c5-40dd-9dee-bd7cafef9b43","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":127,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"a094f3b3-d6e2-4ffa-a3dd-80e3a926a52d","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":127,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"a14e94b1-73c4-4cbc-8b88-863c51e86fed","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":127,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"3f7f9cb8-7464-426e-b19d-2cda92a0c5f4","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":127,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"9e7945f7-0f12-4496-b3ec-586b7b39da45","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":127,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"fc916b08-ada1-4dee-aacf-2990f5b8b82b","block_type":"box","text":"Trust.","page_number":127,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"e5a4bf2d-5047-4c0d-bc10-670952b83ac7","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":127,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"be63d399-a18a-48a9-8e13-4c8247195238","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":127,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"0fad2340-8291-4da3-a303-e160c2b3d76c","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":127,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"49702640-cdca-41c3-8680-024efc3c0a30","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":127,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"b0f8d169-f116-4d02-9784-8bf4fe2a8dcb","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":127,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"abf34636-dcb7-4850-b59b-be81a8e4eaf7","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":127,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"98aa4ca7-8cd5-41e2-9bf1-fc9113a9fef0","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":127,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"831d60f0-dd41-4aee-b031-a9f5f4f757fc","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":127,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"480af1d6-f887-4814-982e-24338b8d25ee","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":127,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"99875697-df4c-4d58-b5de-38225e7d8517","block_type":"box","text":"II-60","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ddb5a58b-d38f-4aac-87cb-ad916240871e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1cacead0-1cc9-4e06-a495-9d897ed867af","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":128,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"257d0b7a-abaf-4c95-87fc-4a1c544b990d","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":128,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"39bfc200-3116-4ff4-a69f-e7df1d451e84","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":128,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"e996f707-9673-4a20-91ab-29a5d3ed4fa4","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":128,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"d018575b-1f70-4b72-9127-519150b55e17","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":128,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"27e6881b-9626-4659-9bce-d083541c353a","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":128,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"d694e2e7-fd4e-4bbd-91e1-a6b187d9afb5","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":128,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"63cf71f5-a8f9-4f15-843a-8a6b5fc63744","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":128,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"ccc838a0-bb83-43f0-8138-17c193271704","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":128,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"46e13982-214a-4b15-be98-87500a0ca4e3","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":128,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"035ae9b8-49a7-469f-beb2-2edc6fd47c5c","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":128,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"da555a82-f661-4926-a588-0f7cc86475c4","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":128,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"a2cc1dc2-7da0-4f43-b8e8-e0d20c1794a4","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":128,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"57135b9b-472f-44ae-87fa-803d579cb32c","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":128,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"1310907b-7bce-4901-b75a-bc1eb2ceb8bd","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":128,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"7dcd0145-68b4-4b1c-983a-9d175d09bd43","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a new structure for TOB Trusts designed to","page_number":128,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"9a698f61-fb4f-40f9-b83d-27495d69098d","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":128,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"160ca746-a03c-4f93-84e5-d95f59dd6e49","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":128,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"7ce7ee7c-8e81-44aa-a4e0-a80e8d494604","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":128,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"42d4ed43-0897-4e13-a7e8-6189a95ae29f","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":128,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"444742d9-f5d7-4772-a1f1-3a1bf11219a5","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under the","page_number":128,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"52f9db86-057b-4e56-b0be-41addeeba0c6","block_type":"box","text":"new TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":128,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"f0d71dac-6edb-4a0d-82d3-218e9bc022a3","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":128,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"66e4878a-a92d-4b2f-9f28-c2d4c08b5da3","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":128,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"d74fc621-12ab-4004-babc-8d354ff195db","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, the Fund as the TOB Residual holder. Similar to the","page_number":128,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"ef56ad81-164a-490d-8810-b13fab6622ca","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":128,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"54fd5ebb-9e2b-4bd5-983d-d2ed5adb065d","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third party investors, and the proceeds of the sale of","page_number":128,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"56f8d0f0-ab2b-4774-bd1c-3b5eb8d1b886","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":128,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"0d451521-fb81-49e5-a53a-0e82e0b307fd","block_type":"box","text":"i.e.","page_number":128,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"0daa8df0-417a-45e0-88af-a083322b8aff","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":128,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"a66d1dc6-7771-45b9-ad72-320cde7871fb","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":128,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"35c67689-10ee-4748-8c87-a894ed24117c","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":128,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"1317977e-9584-4596-9738-b647f931ed9f","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":128,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"ce618e13-1490-4863-b755-efdc8bd58eec","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":128,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"61a5dc4f-a8e4-4b91-83ef-107e11fed8d2","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":128,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"6371a3b1-eeaf-4f5d-b4b6-d850eee15c6e","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":128,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"6a60b44e-d719-47cf-b5aa-5806c4e88912","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":128,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"6d89de98-3567-4e5b-b1b5-4567a20cc7d1","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":128,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"d09135fb-c8ce-4285-92f9-17d74e587d9d","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":128,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"db95a183-593f-4193-a38f-6834008d36b3","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":128,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"bbd951b7-20b4-4f5f-9c70-0c7ae2b0e31f","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":128,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"ac32d493-70c5-4584-83ba-f3803518bd4b","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":128,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"25689ffc-5b84-45d9-9610-a7beb3209dad","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":128,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"50618a2a-5093-4313-8ec5-c5c32723905f","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":128,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"728e6aaa-f317-4dfa-ac5a-a747c40b2d53","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":128,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"192fc31e-2d40-4767-82cb-e3b3e23fab3c","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":128,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"8cd5cfa5-dd15-41bb-89d3-79e0ad088298","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":128,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"1de16327-9171-4f2f-abd8-5f1595c0e4c1","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":128,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"3197fe60-4cd8-4b90-adce-b95004f0ce08","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":128,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"e698a238-2118-4800-a78e-c0f821fe652c","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":128,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"ae1bbd88-cabf-4c56-8213-5698a235873d","block_type":"box","text":"market is not yet certain.","page_number":128,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"a5e9a76e-7b0d-44ee-9ea8-7aa3d58c36e2","block_type":"box","text":"Yields.","page_number":128,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"fdd8618a-728c-4275-be4b-f71874b61ddb","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":128,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"bd6ca3e9-7ea3-4402-ad36-77c12df1871a","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":128,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"1ae89762-2124-4bd9-9706-65e8298e3a53","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":128,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"6be3ecdc-4479-4a4f-affc-03f870e4a135","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":128,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"6c4f5a42-e3e9-495f-95ae-939600fd8011","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":128,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"712f71bb-bade-4522-a6f6-ebfc6c6ce204","block_type":"box","text":"II-61","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"221a2dfa-ab06-4ac4-98a6-6385d14780eb","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e014d54-d5f2-4acf-87e2-85c555a78811","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":129,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"64065d74-5bdf-4bd2-a109-db08aa011620","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":129,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"51d1ce4a-038d-491c-a76b-10c3b2ccb644","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":129,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"1af0f676-9594-4041-99bc-c3230b1bbfa6","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":129,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"95f91279-59a6-4dae-9a1c-52045ba311af","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":129,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"274c2ac3-a687-40fb-9a5f-ea1228fc636f","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":129,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"f5115a64-9e58-448f-9259-0d42ec28fe47","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":129,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"bbfa14e3-752a-4e26-9475-59d550342aa1","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":129,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"d4b6de67-adfd-42ad-b3e7-2986eb1aa6c2","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":129,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"40d579a4-6356-4a97-b552-25933ffa3368","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":129,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"0c1c563e-46d2-4b92-8656-d7e779dedd5a","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":129,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"9d16bddc-7b7c-45d9-aab3-5c8ddff0f538","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":129,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"f4cccd60-9f97-4d9b-ad51-b35afbe17fd7","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":129,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"25d5b781-906d-465b-9980-ce6ce29efe8f","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":129,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"68b625a3-1539-4ec9-bf67-aa502bb173ab","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":129,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"d2405496-aeae-4dfd-b7f9-090bb6efb29c","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":129,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"c00977ad-4361-4fab-b2d0-712ef8ea83cf","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":129,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"a6e0c1ac-f3a6-435b-9c2c-2fff1ce18fa5","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":129,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"9b96191c-6448-4e82-94f8-8b983d57b1ae","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":129,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"5163f057-aced-4c89-9128-3ff6659d3e85","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":129,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"2f0f1aaa-a403-46ce-9639-19664e9600f0","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 tax","page_number":129,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"01d2fed7-7455-419d-9f30-7a9b9be9a9cb","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":129,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"673b2386-cb94-4141-90f0-06be169b3ae4","block_type":"box","text":"rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new","page_number":129,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"282b9752-f6fc-4dbe-9145-eba1a17ed624","block_type":"box","text":"issues satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from, the","page_number":129,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"130b108f-6faf-4275-96b6-7dfd4b5d4a54","block_type":"box","text":"Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a formula based on the","page_number":129,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"28cc1636-0188-4275-a7af-fd2a540d3a41","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":129,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"c84edac1-85c6-478d-94c8-eec9247669ce","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":129,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"5018a4f1-a2c0-4d44-baae-e5e603422636","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":129,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"f4125523-642e-4c70-bea7-ebf103539b9b","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":129,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"6a8cfb8d-274f-45aa-9180-b3a3fa8f0be6","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":129,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"1287241b-4388-460b-bd07-cdb0e9ac6873","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":129,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"f2cf4e94-ed28-48b2-bd2a-1a597a673d17","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":129,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"542e9265-325c-4334-b682-01dde43c5e64","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":129,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"819a5878-987a-4653-a0e7-2ac7e1d2e47b","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":129,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"1acc224e-2d8d-47ba-a680-99da2d42f0ea","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":129,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"e71a08e6-82f0-4451-a42d-a5da969de623","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":129,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"96fe8076-48a2-4a9c-addd-00d2d32f94e4","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":129,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"0a4550d6-bb28-42f0-8785-e7f26a14b4f5","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":129,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"58d2cc6d-8b00-4284-b65a-27b8676dcf2a","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":129,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"7ea7d8fd-ba44-4697-97b1-390d0d08c2f2","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":129,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"5f46b0a4-442f-4900-aefd-75d21c8fedfb","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":129,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"c66ea28b-46e0-4cfe-a406-a7b5c1149b79","block_type":"box","text":"contracts were approved for trading in 1986. Trading in such futures contracts may tend to be less liquid than trading","page_number":129,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"cc4fda34-bda8-4b89-ac03-d23824ed216b","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":129,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"3ce69ee6-d292-43a8-8ee8-4f699d714bac","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":129,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"b351738e-7cf1-44f0-bafa-e25ba2907119","block_type":"box","text":"Call Rights.","page_number":129,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"9cfc5d0d-282f-4efe-a995-5190b51e01c3","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":129,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"09909a31-8b51-42ef-beb7-1ec974ea62a8","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":129,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"2ce5cacb-3c9b-4614-8e27-73ff9639f885","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":129,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"10ea19fd-89ba-43cf-a260-678463ac1769","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":129,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"7d8365a9-0dfc-40c2-a856-c6d70d310c60","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":129,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"b0e60a91-e62e-47c2-b7c7-375984c96602","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":129,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"8a493365-665c-4f48-816e-07aaad86e4ea","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":129,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"c34f00ed-1cb8-4d57-82fb-f7820045aa1d","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":129,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"1e969a0e-704e-4e44-b1e0-f280b9ef1680","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":129,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"3df19a27-3d75-48d2-8345-3a3c7d5c5007","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":129,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"a1b3044d-b93e-40f0-b90c-b30404db86bf","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":129,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"6f54f83c-49ae-4b93-825e-88f438d89ade","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":129,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"4d7a9ae2-59d1-4629-a497-413761ca5e7a","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":129,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"17885a4a-1712-4549-9567-48228f2f2df4","block_type":"box","text":"II-62","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"75f3e62d-0740-43ac-a6aa-0fd2fc86e0bd","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7800d5e-6da2-4f59-9b9f-f22d5ab93cde","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":130,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"f6d8ef3f-7b7e-4578-b65a-6c751fa2909c","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":130,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"6745bb44-61d4-4d25-bdc0-ae8334bdc7c1","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":130,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"8d2029b8-7455-4dee-b53e-f625827e49da","block_type":"box","text":"i.e.","page_number":130,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"261a0096-0cbb-4642-b240-924b1a5f31f2","block_type":"box","text":", wide differences between short term and long term interest","page_number":130,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"689e0e6a-64f5-4b41-af10-cdc4874c4f88","block_type":"box","text":"rates).","page_number":130,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"030d2039-2ccf-4aa2-bbc8-845a81cbfe4a","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":130,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"ffcb611b-aaa9-44ca-9dd6-58c660177658","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":130,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"dcabaf31-f472-4168-a271-f0c7dd8a42ea","block_type":"box","text":"e.g.","page_number":130,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"3c3e793f-b630-46e3-8ee7-a02acb86a13c","block_type":"box","text":", an exchange of fixed rate payments for","page_number":130,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"e57466d2-2647-4fd2-b40a-f1ded130f83d","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":130,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"8375a8e7-66c8-48ea-bce2-8855c4e85504","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":130,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"d7726917-bc18-4389-90fb-cccad446fb13","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":130,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"9c90d9fc-c570-435d-858d-ad84be4409be","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":130,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"9add69ce-d0f3-4a4c-93f7-2f553a317992","block_type":"box","text":"with the same attributes as the swap (","page_number":130,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"d64c9586-aab9-42b9-b87f-035619d8c4b0","block_type":"box","text":"e.g.","page_number":130,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"1cc2a9e2-2fb5-4a3c-953c-c27eaa47c4c8","block_type":"box","text":", coupon, maturity, call feature).","page_number":130,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"87f40650-2060-44e8-a908-db676052a066","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":130,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"502114c5-927f-482f-a501-cdebae40270c","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":130,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"8f5a6653-0e7c-45b6-aaec-6f7fb1411c57","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":130,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"2eb5fed1-adfa-4356-9638-a6f225d91253","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":130,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"0952c088-12a8-4d87-a8d8-1b44752ae5dc","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":130,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"9ce33938-2cc8-43a7-a1b8-ca8d6272873b","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":130,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"9cda23cd-d263-4f69-b1ce-bf5046e211d4","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":130,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"dba383c4-5d3c-489a-ba72-4ec475f02bcc","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":130,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"a7ebba5f-e7e9-4be1-bc20-6ea0c796d9ed","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":130,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"43f2e9cd-3ec7-4c3c-9375-8857eff61490","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":130,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"486489bb-5c3d-4d23-945f-4ff210082dc9","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":130,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"ae1d4560-6ae3-49aa-9043-3ce7dd19f43c","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":130,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"def0cda7-21ed-4c25-b8b9-8c4ca7b58040","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":130,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"7078c1b4-601d-4c13-86fc-08f430b6c13b","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":130,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d806471d-7636-4ba5-bf31-549d640fb9ce","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":130,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"861d004d-c255-4674-96ab-e146efd48611","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance. A Fund has no obligation to enter into SIFMA or","page_number":130,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"f898feeb-fae9-4b4c-a335-8ebc1735a15d","block_type":"box","text":"MMD Swaps and may not do so.","page_number":130,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"69cc9288-fe07-48d3-9503-c543df712257","block_type":"box","text":"Insured Municipal Bonds.","page_number":130,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"f1b1e04d-d9cc-4050-87d1-0b776692d9bb","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":130,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"a5d743be-a002-45e6-b616-90936d7675d3","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":130,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"43398954-3b8f-45c7-ad9a-b227d8a2328d","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":130,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"5ea68758-4973-4473-8753-9d9e15be4bcd","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":130,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"cedc1ef4-acb6-494d-85e5-4702b6dedb32","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":130,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"30d98845-9084-429f-87a7-2c45bae6de56","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":130,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"15b961ea-b406-4e9a-8575-cdad786fd189","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":130,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"59fc22a8-56f3-4a5c-b803-ceed409114b7","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":130,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"6542bc7c-fc5e-4a6d-a7de-183fd8b2d992","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":130,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"b0ed1dc0-eb0a-4659-8f84-571e73dcdb15","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":130,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"3db99570-7888-4f7e-b7db-3a3791ba22eb","block_type":"box","text":"bond could drop.","page_number":130,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"a09fdcab-fea4-4c17-8f7b-2dcdb9a69836","block_type":"box","text":"Build America Bonds.","page_number":130,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"85d4a008-b979-458a-b5ea-dc4229bcbbf4","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":130,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"f4b2b3d9-ad1e-4468-9722-d3875fb81a3d","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":130,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"9b1f6f7f-eed6-4776-a431-cbeb230734b1","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":130,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"039bd654-70e1-471b-800d-2df4300e3e36","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":130,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"277eb17c-fcdc-43d4-b9c7-b3a25dfa76a2","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":130,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"84c1a668-301c-4347-81d1-448d5fb53585","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":130,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"b9aa7be6-f989-4bd2-8d7b-b20b9e42cdd5","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":130,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"ec0c8c49-c652-4313-9474-529e495dc7fb","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":130,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"9dedb878-9829-4a9c-9aef-18cc6a7c0f0d","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":130,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"d16cbc36-90ac-4b4f-9a88-dec02f3a0c6b","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":130,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"d350ceb7-9623-45c1-b464-d4af6fb5e103","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":130,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"cfddb304-f84f-42c7-a1c7-18431d2aad6c","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":130,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"9a0ede6c-9d43-41bd-b06f-b92fae38efb7","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":130,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"c6302f84-f803-411e-b5e0-72a83ace0bb5","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":130,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"439848d0-6ce6-4f9e-a536-46089f521c50","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":130,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"25f8d808-a7fb-4173-94a7-5886b3d3b579","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":130,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"8193c4eb-2bcf-4702-ba68-102de0a0e85c","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":130,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"a801d22f-8891-4961-95bb-f6e88a673cc8","block_type":"box","text":"II-63","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c85414e1-3a0c-4596-9b95-af48a0d617a6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4bacd02-2a4d-4e3e-9030-3831bb443c77","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":131,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"a4e01c8a-7b87-42b9-8f54-6219922dc93b","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":131,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"3659538a-cb3f-4ec6-b57f-ab81f08a0e48","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":131,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"52fcf170-dd99-4f21-8d7c-09b83c00883e","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":131,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"6b8bd7b9-b9b3-499f-b4c7-93a097896632","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":131,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"fbb05b06-071f-47f7-82e5-c37274bbdece","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":131,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"8e738fb4-547b-4945-ba3e-157c9bb5e0b9","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":131,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"5c98f440-c001-4b17-a0a1-29ba4e2e927b","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":131,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"023165da-e951-48fa-9b24-52c974ca7480","block_type":"box","text":"their face value to the sponsor (","page_number":131,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"01ec2237-c3d0-4e9d-9689-6b517da620bf","block_type":"box","text":"e.g.","page_number":131,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"b7fb37cb-60ab-43ff-bc51-a2598d7fec02","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":131,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"488dc59f-fcb3-4690-921a-30a3fb8b7c6a","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":131,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"1e0f073c-222b-4238-ad3d-d16e58141bbb","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":131,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"c3b5f33f-1e68-4933-86bd-f03a67f49bb6","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":131,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"f9da70c0-a14d-4681-b3d5-7ec156283de8","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":131,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"9bab7b66-1012-4872-a61c-17539a548df2","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":131,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"21fed2fd-1e8d-4d1f-8e1c-1d7f1af046ac","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":131,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"d168490f-d9df-4846-85d2-4f05bed8ae00","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":131,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"5babd86a-7758-4def-aa92-7dd05b1e79e4","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":131,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"b208e964-f553-45d9-bb40-60eba146d0bf","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":131,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"0a5a61e4-02fe-4337-9591-a63b4cc0602e","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":131,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"5d9ae81a-0bb7-4df3-aac1-e514aaefb23c","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":131,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"9ca93bee-6de0-46e3-9da6-19cf548589c6","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":131,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"dbe1e4f1-6f1c-49f5-b426-583210340621","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":131,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"215228f2-c13a-4bc2-96a4-c992fbc4826f","block_type":"box","text":"such opinions.","page_number":131,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"a8c9c44e-5387-4fe1-82c9-4574cb6cf7be","block_type":"box","text":"Participation Notes.","page_number":131,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"9fd2af9c-6530-4f3f-8ad6-71d23ef30d16","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":131,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"dd46d4a6-6224-419b-b3d4-6a2544b4e7a8","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":131,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"fa438191-3d93-4290-a3b3-3fbf96f5450e","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":131,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"66fd2b60-1421-4f15-8c00-d0dca28efe71","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":131,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"2a7005e5-12ee-46ca-9514-ee958180118a","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":131,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"e40124a8-e9de-44d5-8e8f-874bd9746eba","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":131,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"a3f5f560-7cb5-4411-ab6b-55cd0523723d","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":131,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"bf2d55e2-e417-4ccc-bacc-80e5f440ff77","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":131,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"9c4dcd43-5ad6-45f0-a776-0f5273f02261","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":131,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"acda3093-753c-4d41-929c-44d49dcda632","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":131,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"6a7805ab-687a-42c1-9606-7d9d4f71d00d","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":131,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"1b049f32-2269-403b-a4a0-051c1311f3f4","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":131,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"0eb6c885-9e34-4e33-bb92-09dcfee4f5bf","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":131,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"43effdd2-dbb8-4b92-88fc-aa7b08047e04","block_type":"box","text":"creditworthy.","page_number":131,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"bc661f51-6530-448f-ab74-aa3aea1ce890","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":131,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"4938ae6f-0538-4655-968a-70f23c4f690a","block_type":"box","text":"obligation. The fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":131,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"36463b07-6072-4366-9069-3b1aeadf28c5","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, that Fund receives a","page_number":131,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"354e8c14-5ab0-4571-8bc7-88809151cf48","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":131,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"1530ba71-c174-40ab-b494-b8a126c225ea","block_type":"box","text":"transaction costs). The price, performance and liquidity of the participation note are all linked directly to the","page_number":131,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"45146090-005d-4f09-b604-f4962f9ef885","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity","page_number":131,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"47c67216-4699-49e8-8c0c-3e9feab35e11","block_type":"box","text":"in the local trading market for the security underlying the participation note.","page_number":131,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"ac22d58e-6c2d-47f0-be18-e03f9750d12f","block_type":"box","text":"Portfolio Turnover Rates.","page_number":131,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"35f02b4b-29bd-4051-9943-a3a10353eba0","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":131,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"dcc96fd4-6303-4e31-babd-8ae72291b70e","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":131,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"7c225bc1-5a7a-45f5-b832-5b2dc003dadc","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":131,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"ad827bba-b968-49a8-80fa-3bea09c19d6d","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":131,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"8c3be3bc-ad99-464b-9b17-0156eaba0893","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":131,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"fce9f736-56d4-4948-8768-8a30c8c98744","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":131,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"fe529316-c5d6-4439-ab5e-2b8db3c851a3","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":131,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"69f518ff-4e83-4dc1-9041-80437b7e45da","block_type":"box","text":"i.e.","page_number":131,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"75ee84b3-3ef6-443a-8e6f-bede3f478ab6","block_type":"box","text":", 100% or more) may result in","page_number":131,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"a4ae1f5d-09c7-4516-82f4-e4daddb3d348","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":131,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"1d2bc8f6-cb11-40e1-98e1-3dea8b623ff8","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":131,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"a0f1d8da-0ec4-4528-89f4-bca91f62516e","block_type":"box","text":"II-64","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0540bf09-b9bb-441c-bc0b-e1c0c622ca4e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55d43ff2-941a-40b0-b877-a11a887f970b","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":132,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"233d4d83-f3f4-43af-bcba-124f04e1cb6e","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":132,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"b1ffebc8-8993-4f63-92ad-e9f2bdd3d864","block_type":"box","text":"Preferred Stock.","page_number":132,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"3d9815d9-1bab-406c-80b4-715ff37e2c9d","block_type":"box","text":"Certain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":132,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"cd7c6ec2-04fc-4d69-a88d-5b39ecbfe141","block_type":"box","text":"common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all","page_number":132,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"31be92bf-2a5c-4168-9727-fc7e35352b11","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":132,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"a26c8782-3d48-44ad-bb4d-a68369fa1dd4","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":132,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"df0beead-927d-4fdc-a119-ad6632d88d45","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":132,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"6e1199da-b344-471c-ad0d-db75d9aedcae","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":132,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"d99e600a-c3f9-4ad6-8e11-a7a7504d34d3","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":132,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"8c13be7f-1147-438e-ac0e-3cf3e612d475","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":132,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"d0290b82-aa55-4efa-bbd3-5ed71c68f42e","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":132,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"86cedd51-9599-4dac-a6a3-796ccd4e59c7","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":132,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"e95d36e2-1e16-4219-aed3-366c05a4050e","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":132,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"019f7c8c-607b-40f2-9f81-97c45a86bbe4","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":132,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"49d25273-3515-4270-8edc-76269559986d","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":132,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"f1af6f68-c967-4a8b-8b2d-3906f7ac977e","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":132,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"9acbef30-6a5f-4015-8562-c5c86a58e04c","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":132,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"6c2a06c8-0900-43fc-9c93-45ededbd9e4b","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":132,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"00f1069a-a355-4319-89cc-fff341dbaa2a","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":132,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"8d8d50ff-9755-4552-b3d5-497b873049af","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":132,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"f459a496-4534-4dc2-bd0d-5625797364c2","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":132,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"792d7000-1253-4217-a1f6-d8c62efc66f9","block_type":"box","text":"Trust Preferred Securities.","page_number":132,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"b5e489ad-b948-4385-a7e3-2ab42c99de71","block_type":"box","text":"Certain of the Funds may invest in trust preferred securities. Trust preferred","page_number":132,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"5fa2b60c-51ed-4924-81d5-6f7b03fcbd78","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":132,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"1e737526-96db-4852-bc32-96dc16a4a0b7","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":132,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"7f5f2bb4-cc27-4729-a548-026337cf2e0f","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":132,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"51cf8b57-a31c-4802-981a-26178beb3069","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":132,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"31b2b239-e00f-45f7-99d3-179d58d16948","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":132,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"2f89bc0c-558e-4ce6-8647-2d851bcb2827","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":132,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"38607695-37ec-4b04-a9e2-00ef5fa907b8","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":132,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"bbff966b-a1e3-41b6-9918-4dfc8096b2e9","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":132,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"2fc98a1f-32ac-4b30-929a-49a07429c3ac","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":132,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"d3648221-7bdf-4596-878e-07184183ac55","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":132,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"8c0ca72d-7675-4b1c-b4ec-3d8fbd048cd5","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":132,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"50c6056e-2ecf-4016-bd44-5bc709c32dd4","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":132,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"fcc65fab-b92d-4dff-81ec-73074bd19fbc","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":132,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"50e243d3-4c6e-43e7-b0b8-ee855ff0853a","block_type":"box","text":"®","page_number":132,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"d3219fc3-d81e-4b60-85ab-ab4ef0e61dbc","block_type":"box","text":"”); monthly","page_number":132,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"6e487dac-658b-4bf6-8127-077407ae1908","block_type":"box","text":"income preferred securities (“MIPS","page_number":132,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"3e7b113a-7332-4145-a3c8-38a3f5c9d75b","block_type":"box","text":"®","page_number":132,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"dd530d07-bf8b-4ba0-859f-d39cb361ee77","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":132,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"dbfa2b3c-1946-4d4d-b08b-9ac8f8456200","block_type":"box","text":"®","page_number":132,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"9e5f180a-8cee-469e-a7db-696c1b778786","block_type":"box","text":"” ); quarterly income debt securities","page_number":132,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"f1f625a2-a173-4b28-9fe7-4f491e5bafbf","block_type":"box","text":"(“QUIDS","page_number":132,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"66bcc8b0-e665-4bb5-8e5c-59ba995c403d","block_type":"box","text":"®","page_number":132,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"929a327d-51b6-453f-a37f-6025924871ef","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":132,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"33c81fac-3b85-4248-bbdf-c5b6b49ba7ce","block_type":"box","text":"SM","page_number":132,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"5d0f90e0-f3d0-4243-8f9d-26c4f6a2c9bf","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":132,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"4a8252c7-7bfa-47d8-a46c-7c02ed1aa297","block_type":"box","text":"®","page_number":132,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"120cd1c7-9328-4bcb-a27b-c05e56e998f4","block_type":"box","text":"”); public income","page_number":132,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"64ca7133-1615-45c2-a31d-581d2def16a7","block_type":"box","text":"notes (“PINES","page_number":132,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"85f9df2c-b1b0-4c71-ac23-34b1c275fcd7","block_type":"box","text":"®","page_number":132,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"6d5e751f-eb31-4d96-abaa-276b149ef8d6","block_type":"box","text":"”); and other trust preferred securities.","page_number":132,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"dccd9657-5af5-430c-b0e3-57cf5f179964","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":132,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"1057abe3-5a62-4de2-a3f9-68a7c1242c88","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":132,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"684485ad-21c7-4ad9-bb37-c5f8d7dd2752","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":132,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"79dfccfc-fea8-4a8d-ba4d-6c5cebdd32b3","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":132,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"0e55b3e4-8f42-451a-b8df-83a1b194e98b","block_type":"box","text":"regard to whether all payments have been paid.","page_number":132,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"cfce2a9e-17b4-4fd0-8374-7a3a2c81b5e3","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":132,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"cdb6d4db-7a8e-45a0-88f9-b486ed5c69c7","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":132,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"b5c03995-8eba-485a-b8c3-f88d0cedabe5","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":132,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"ff06dd8e-0c48-4048-b486-6822f910a865","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":132,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"50b54592-344a-4c22-b08e-306272be5102","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":132,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"1b101e7c-544e-4827-b486-ec6fab2aab44","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":132,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"37eaef3f-9b20-41ec-bfee-75c4b2c6d06a","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":132,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"56726233-1edd-484d-aff1-f1a1e6e25afb","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":132,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"4821e228-45de-4ed8-9c06-6a82ed1b7038","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":132,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"ba36ace6-dbd6-41c3-9cf8-ece05e4f8c04","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":132,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"21a44773-5b05-467a-8ca6-ccb975c6b194","block_type":"box","text":"II-65","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94650d26-9a38-4cee-9cc6-21945e5ea56d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f192a989-7ddd-46a3-a5cc-534f58ff12c5","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":133,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"c5ac43de-89c2-4a6e-86cb-773224bdf24a","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":133,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"1a11e16a-1ac4-4bbd-b77f-dcd5accce608","block_type":"box","text":"debt securities.","page_number":133,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"7eae9dd3-b448-4426-a8c6-9683f035ad40","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":133,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"9c77ad34-3ceb-4e19-a90c-16800991caab","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":133,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"850b5233-d25c-438a-b363-e8513f82ea0f","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":133,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"f31fa00b-ae26-4ac1-b0bb-431201749784","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":133,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"9d06a501-659b-495f-8e0c-6fdcfc86aa9d","block_type":"box","text":"geographic areas or in specific property types,","page_number":133,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"a7cfbfe1-f5f3-4681-b67f-f05d98b6f498","block_type":"box","text":"i.e.","page_number":133,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"f08f87d5-75f8-4410-a86f-e98591231622","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":133,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"4ecf5b52-8ebe-4f21-b9d4-8574ac88e8cf","block_type":"box","text":"buildings.","page_number":133,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"5248b065-ed9e-4eee-876f-6d655666325d","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":133,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"a4a96739-222f-4229-9a75-e9d987636292","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":133,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"52acabea-44f1-4429-b131-2c67ead25dc6","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":133,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"ed069a60-4624-4dbc-882b-58e192ccaa81","block_type":"box","text":"property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":133,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"63c2e9d7-1000-4ee8-a3b6-88116203579a","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":133,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"22e8cdbe-3ca8-465d-9592-7f22519b059f","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":133,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"b501f424-7dec-4f09-a31f-7a1a577ef246","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":133,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"328be220-9398-4197-ad3b-91ca3f777e37","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":133,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"1f1f26ca-f6c0-4c48-a7a6-d2bed9562430","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":133,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"6e81f8eb-5fa1-4bbf-aa3b-3e63ef8efe5e","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":133,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"38d4e852-1d53-4612-8fef-3a7438b75181","block_type":"box","text":"attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and","page_number":133,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"a67ad1d1-b2d5-42d3-90be-9b242d84b954","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":133,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"934998ec-6d44-4271-b93b-951d2287dd25","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":133,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"e6f3bfb9-20ee-47db-9dd6-50fbc5e3f665","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":133,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"822d3916-c5c1-4897-a682-5507b6afc952","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":133,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"0adfaefc-db16-4544-b05d-b1ea9a298442","block_type":"box","text":"other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs","page_number":133,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"294f2f3b-7069-4281-ac4c-4ccc0e7989f2","block_type":"box","text":"may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on","page_number":133,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"e8783ae6-6906-4365-bd2c-b9d9a61a498a","block_type":"box","text":"a pre-tax basis) than operating companies, to the extent application of the Fund’s investment strategy results in the","page_number":133,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"f4e1fb72-7aa2-47b3-9881-ae22b444efb1","block_type":"box","text":"Fund investing in REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":133,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"e5473c0c-b0d7-47f6-9c74-f9f61b9bab2d","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":133,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"f6af1937-bca9-471d-8981-0170a8d4a318","block_type":"box","text":"the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":133,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"08bddab9-3117-4344-bfe3-019cb5361667","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":133,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"02222413-535e-41a6-a947-647ea028fc36","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":133,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"6c59ebd2-019e-4bcd-bea7-675d73b4b4e7","block_type":"box","text":"report dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":133,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"d1fad890-6484-4bb8-a9ad-96bee7c93d54","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":133,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"09d4eacc-2da0-4d8f-9dda-68184d9f0ea4","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":133,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"fada4ea1-50fe-431d-bea4-ab3212cd276c","block_type":"box","text":"holding period requirements.","page_number":133,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"e5fabd7e-5710-4f8a-8045-326cf1201e6f","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":133,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"d8982c54-0acb-49e1-91fe-0c30f0a3e743","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":133,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"df6fbb0e-265a-4261-a379-3c56d4b3a67c","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":133,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"9929a576-9d24-46e3-aebc-d778c89820a8","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":133,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"f0a13508-75b2-41d2-824d-906bed6d3db6","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":133,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"b0f4c5d2-b5ef-4038-b0b6-20d92d841d99","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":133,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"b82db420-0b6e-4466-a6f3-11dfa341495a","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":133,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"ea59ecab-f4b7-45ef-a684-6a70d507521e","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":133,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"ad295401-179a-4f87-a9be-c1ef9d923efc","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":133,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"64b73b97-3aed-47ae-b8a2-00a77b6d7b80","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":133,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"a0751bb7-abe6-4235-bef2-706eab630187","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":133,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"f6d76764-fbe2-4672-baf2-df6a04f09973","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":133,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"382e7f0c-cb4a-471d-969a-d164bb2561ea","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":133,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"05a2599b-e9a7-41a6-9f33-7ff4f898d22e","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":133,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"d1a4b487-1661-499c-b910-ec876097da4f","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":133,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"2dda702d-0266-43d1-b955-3dad3ecf6c0c","block_type":"box","text":"Recent Market Events.","page_number":133,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"b9c7196c-7598-4b5b-bd98-fc925045427d","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":133,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"8f604853-3e8b-495f-ae7c-b88b93be45ae","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":133,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"d886a0f4-d139-48da-8a11-263a8bef87f7","block_type":"box","text":"sometimes limited to a particular sector or a geography, continue to recur. Some countries, including the United","page_number":133,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"15c6aa24-0f6b-4737-b2a0-a6524d5ddea8","block_type":"box","text":"States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the","page_number":133,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"cb75cd09-f0a0-4cb0-9379-46e1c2ae2b64","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":133,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"13199b25-620a-4457-8c25-c1cf47c15440","block_type":"box","text":"II-66","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cc4cb65-3322-4381-9283-b35a4bfe7626","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c1bb40b-9ee1-4850-b795-31532df183ef","block_type":"box","text":"The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":134,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"d08083a6-bbca-4f10-b575-a20c90c81fb7","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":134,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"acd59113-91cd-440e-9a1d-a6fd22460559","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":134,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"68fd375f-8104-42e3-a955-d8090c0997d6","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":134,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"5e35c43b-c916-454d-95f0-11fa269a56cc","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":134,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"4f5c684b-d4dc-44ef-8f59-e9933a8116d7","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":134,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"497daf99-9de1-4e97-b409-3e3d1dd6149c","block_type":"box","text":"As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":134,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"8da77758-548c-4648-a62a-e9e04e102f31","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":134,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"1ba23b29-d62c-4fed-9324-9d7793b89110","block_type":"box","text":"negatively affected by such events.","page_number":134,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"b071dceb-bc9e-4628-b439-f9c67ea41009","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":134,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"d017ec12-b849-4242-8b74-6fa667b28faf","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":134,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"879744cd-3f8e-40c0-a798-2b8dd9844db5","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":134,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"16e5a433-ae8b-4873-80c2-dfe32d062e7f","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":134,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"b05254fa-717b-452b-be20-ba233beaf05c","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":134,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"66dd4bbc-99ac-4fc5-9e45-2ce5f11036e6","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets, and could adversely affect the","page_number":134,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"797e1412-0a07-4f64-91c3-e90bca098e21","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":134,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"83f835b2-b293-4e68-9c08-eb200437d409","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":134,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"d3c531d8-6a21-4a73-9ed9-d2f89e99575a","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":134,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"b647416e-030f-486b-9e75-a4d6695b1822","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":134,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"b7694889-6f4b-4191-88a0-00b1c4f010a6","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":134,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"ee8031d4-0a19-4ce5-a443-9e8857773022","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":134,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"44a1fcec-c8d7-4652-8051-248a2bf90ba4","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":134,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"906068e7-cf3d-48b8-8692-780ddfa5507c","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":134,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"b15e8b0f-76eb-4b82-b10c-a8c3722f8ce9","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":134,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"98d9ce67-9c45-42e0-bf37-e2e3df297716","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":134,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"9349ef31-77d6-43ce-919b-dd93356929f2","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":134,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"52775234-89c6-47c4-bc73-d2c72e5900fb","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":134,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"3fbde7c4-eabb-4633-b1b3-8921b2f9eeb9","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":134,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"21b62d71-9ea9-41ae-a4ee-c5ab406a1ea2","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":134,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"ddc88c5f-8581-434f-9990-eb81b058c9f0","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":134,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"861fd002-6a5c-499b-a5fe-6a4d847cc472","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":134,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"04ac3a5b-9022-4aeb-971e-82828c60ab7a","block_type":"box","text":"investments.","page_number":134,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"0ec2814f-a853-4ca3-b6a8-af3d9602c536","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":134,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"e089f993-c9f6-43a2-bad9-ce92b6719928","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":134,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"4bb5929c-b6ea-40fb-95aa-1ae31900cd34","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":134,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"c5c6f59a-a085-4aa0-a449-afc36710b45b","block_type":"box","text":"customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak has","page_number":134,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"9a2464e0-43fa-4ba1-9e62-05ca856ca751","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":134,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"03056fad-3a1e-4d15-90de-f0ffe73cd539","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":134,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"7a65ecda-d7e5-467e-a167-808c192eb99a","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with certainty.","page_number":134,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"56c1e70f-8a4a-4595-b9a5-57106c0ca1cd","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":134,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"ca734bee-55c4-4e80-b148-c10a624c2995","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":134,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"dbf05dc8-ab46-499c-a5e4-c3045658a4a8","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":134,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"41a23bb6-5a15-45f8-8703-84efcbf654b4","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":134,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"d6871b08-a713-4afa-ba96-9ec01a0b3757","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":134,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"824e1cac-03be-4b8f-8874-a991e6265826","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":134,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"2f933bac-8b42-448d-b874-550dbbaa88ef","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":134,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"4e0c263d-5400-446e-a3b7-bd4c5d986a56","block_type":"box","text":"Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":134,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"3e04f0e2-0185-4711-bd05-86c921269147","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":134,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"920bd67e-d2d4-4eb2-98f8-b38465ccdcf8","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":134,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"6c34289f-3182-4c6b-a680-d04c301a9eb3","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts.","page_number":134,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"32d9dc81-13d8-41ae-9992-f54c159de8b7","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":134,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"4cbc2488-fc16-4948-b992-38cf8bcf7ac3","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":134,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"ca27b93b-6dc6-4495-acfe-d6b945011cb2","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":134,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"36ac88fa-27e6-4de5-a053-d2f748f069ec","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":134,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"f6aed469-8a40-4e23-a940-024d9b3d5089","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":134,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"da0f58b5-b109-4427-bbe1-195f4171b660","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":134,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"73799efa-bad5-405f-95c9-ba256122508e","block_type":"box","text":"II-67","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f462e6c-54c8-495b-93f1-b770b0e5c9a6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5025fee-0085-483a-98b2-9518714ac446","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":135,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"d3bb5afb-79bd-4f67-a47d-a9855682d4d5","block_type":"box","text":"of performance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":135,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"c4f5bebf-284f-4ad5-a868-6c8837a2fa12","block_type":"box","text":"that may also cease to be published in the future.","page_number":135,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"ed1bb6f9-ee38-42c2-80c3-38ccf017b35f","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":135,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"227d6974-c856-4198-8e86-1f9176e02fbd","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":135,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"c2fe0c78-e3bd-47de-a37a-dd6e0fad33d1","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":135,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"a55862ad-2f5c-4738-bb61-f4d25342fa44","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":135,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"daaad3e8-7278-4d3c-8a6a-5c8e78b0187d","block_type":"box","text":"term of the agreement.","page_number":135,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"f1ca6605-f76f-4c1b-9a38-3741d810f828","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":135,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"5332acd8-c7c8-4c12-a5b8-8befc3da431e","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":135,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"7e288efb-bdac-4c50-826d-3ce12a9676ba","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":135,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"32fa35f9-a412-45b8-a390-a32ab67a3469","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":135,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"cabe2c70-4816-4cf7-9b56-d012bb778392","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":135,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"d57639a3-78ae-4ee1-af06-8d5d4d891119","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":135,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"8bb3fbcc-1e0a-4ce9-ab49-73e221193312","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":135,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"a28acde5-614c-4a1c-bf4d-94266ca9be48","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":135,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"da730576-9237-4225-bab1-03ad06a394aa","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":135,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"e79ce120-7889-4d2e-adb4-d623b6fd7e0c","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":135,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"9267cc32-676f-4974-95d9-90cb9789ba84","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":135,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"074fd81c-7d45-4d26-b9bf-284aa9233701","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":135,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"c3dce278-8ee3-4638-8de7-5bc3305362f4","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":135,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"3da8cfba-5651-49a9-bacc-9c31317c0f14","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":135,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"b06b05fc-f8dd-49ad-8895-3984f2f47dbe","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":135,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"9e3740ee-cacc-475b-9543-687a3cd9ba33","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":135,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"3e0b39f9-fd7d-4748-b912-53068285cf1e","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":135,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"73b011ba-a35f-43b0-884b-b12c79f9d25a","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":135,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"8f21b822-86e1-4284-9c21-1546e9ba6a54","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":135,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"b816a22c-8807-4408-b73f-fb3dad9e247c","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":135,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"b50813c7-e6fc-4893-b1b7-4689828d5599","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":135,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"e1ba5cbd-9cad-4fa4-962b-b7bd97ce7f14","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":135,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"d65a6274-6854-478c-90af-8795b4242f3a","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":135,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"9d25d568-9a5b-4a40-98a4-c992b073ea39","block_type":"box","text":"or by another authorized securities depository.","page_number":135,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"1e41d509-45b8-4db0-a75b-a4bff05fd5c5","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":135,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"578b8a94-4ea0-4061-a99e-aa6ef3929063","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":135,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"06e70096-60c4-481a-bf8e-dc807782e2db","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":135,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"331f83e7-a8b1-45bd-830f-8dc2763465d1","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":135,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"cec7967e-7b0b-4d3e-859a-fe30556bf688","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":135,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"2e47c4f9-d6fa-45c2-aa61-d9db5e35d6f3","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":135,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"7d82ce7f-b31d-4d8b-b05d-959f8bc9e6f4","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":135,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"3b500a6c-c4dd-4719-9045-0c0a5a09f8d7","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":135,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"6803ee24-01d7-4e92-bec9-e607f0eaf7d3","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":135,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"abdbd153-81af-4b2c-8b53-cecf08f7ce99","block_type":"box","text":"the repurchase price.","page_number":135,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"0a79727a-1116-4561-8731-06749200a684","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":135,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"0b58658f-8fe6-4c92-ac6b-b3dbfebc4132","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":135,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"005448b4-9b65-4263-9e50-b8c33c96250e","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":135,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"74c5aebc-37ab-4663-b0f8-2a714b971893","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":135,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"be7dbfb9-49e6-4427-ae25-f11ec8cee22f","block_type":"box","text":"strategies without the repurchase obligation.","page_number":135,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"0d25cca7-71c1-4e0e-8c20-9adbbbc6d7a0","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":135,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"82f552fc-b0da-459e-ad65-1606323943b1","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":135,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"18ff7bf8-af09-4929-8bc2-e0ff5b33fb4e","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":135,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"95289ddd-0dbd-4cfb-b652-959f9f264dfb","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":135,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"7fcef26d-c6d9-4cbb-b2f9-95393be9ad01","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":135,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"9cfc964f-3acc-49c6-9b8b-d11b65bec08e","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":135,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"964f60cb-c19c-4692-9aa8-bfa3fa42e908","block_type":"box","text":"i.e.","page_number":135,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"e48401bd-23a3-4343-b79c-591598b2b3de","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":135,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"d6643f8c-97a9-4263-810f-79a4ee91946e","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":135,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"e8bcdabd-781f-4a17-bad8-e25db573583c","block_type":"box","text":"II-68","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82ca027e-49e8-4db6-9a1d-cfbc6c26639b","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73783de2-0238-4f01-a113-102ae5b859ca","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":136,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"75585c47-0d6f-4c10-be80-cdac846b55e6","block_type":"box","text":"and income involved in the transaction.","page_number":136,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"92348a7a-0353-4d18-a66f-3cab1bdd14f6","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":136,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"727ccad2-45c2-4b69-bddf-d9af110ca45b","block_type":"box","text":"that have capital of at least $50 million or whose obligations are guaranteed by an entity that has capital of at least","page_number":136,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"e90ddd5f-e9e6-4379-9218-34a1384360ae","block_type":"box","text":"$50 million.","page_number":136,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"44b2f299-29ff-4e3a-bdf2-10671b52a67b","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":136,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"03a02c16-69da-4aee-b3dd-90c5a37fc6e6","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many repurchase","page_number":136,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"f0eff510-cba3-4df2-bcaa-e54294bf71bb","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":136,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"0204dd07-227b-44d1-8e86-072bd049ebb4","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":136,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"88abb9ff-f748-46c4-a3a2-52a5e70c32dc","block_type":"box","text":"credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":136,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"83fc79bc-dfa0-472a-b874-46d3687f4329","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":136,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"6cefda18-c5e8-486d-9ed2-daf354b8398b","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":136,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"a663fd5c-06ce-4643-a3a3-c977ce141c3d","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":136,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"521353b2-b6b6-4d64-8360-413fff08af6f","block_type":"box","text":"agreements.","page_number":136,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"b75504de-74df-425d-995f-b29a58b44532","block_type":"box","text":"Restricted Securities.","page_number":136,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"25616718-8f41-4d65-9d0c-318fd93bb282","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":136,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"51a73a84-8edc-4c8b-b2e9-dbc6ba9a1cb5","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":136,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"1b450f6b-e184-4a5c-9d99-e88091f4f827","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":136,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"6e4bfda9-42ed-4ff6-b58c-2c683aec7ac1","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":136,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"7f50a12c-6358-49f1-ae32-7cc42d3040ef","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":136,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"09fc7f19-98d0-4255-b2d9-2b591417d31c","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":136,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"b6ccf7c1-73c4-46b6-8c56-2bc13363046b","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":136,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"a22cb854-051c-49f0-8f80-c0abfce976e3","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":136,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"0dcf7b57-c8c6-4b68-ac2b-26cd6fd8a128","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":136,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"446024d5-5ea6-42c6-b109-8cb0ef454f1a","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":136,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"3477712d-08aa-4948-8fa3-9282d81279e7","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner. As a result","page_number":136,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"301e224f-7afc-4d77-99df-223042dc536d","block_type":"box","text":"of the absence of a public trading market and the potential bespoke nature on certain transactions, restricted","page_number":136,"box":{"x":69,"y":445,"width":783,"height":12}},{"id":"1d7828b4-6c81-44ef-a8bf-4f0c17ebfdb8","block_type":"box","text":"securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to value","page_number":136,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"7e5f3b48-22e0-44c0-909b-986e91eb0d98","block_type":"box","text":"than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":136,"box":{"x":68,"y":476,"width":762,"height":11}},{"id":"f4acc2d2-19db-4494-8c9e-1c2018e7c5b0","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":136,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"3e7a62f3-e504-49eb-81ce-21b6aa745d3a","block_type":"box","text":"Fund or less than their fair market value. In addition, issuers whose securities are not publicly traded or who are not","page_number":136,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"150516ec-43df-475a-826a-4a163b2838bd","block_type":"box","text":"otherwise publicly listed may not be subject to the disclosure and other investor protection requirements that may be","page_number":136,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"2404f9a8-1deb-4320-8ab9-5efa0d2dc15a","block_type":"box","text":"applicable if their securities were publicly traded. If any privately placed securities held by a Fund are required to be","page_number":136,"box":{"x":69,"y":536,"width":822,"height":11}},{"id":"c756ba37-e181-490c-81e8-91619f91681e","block_type":"box","text":"registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to","page_number":136,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"615ca3d2-1115-48c3-9027-74badf3da754","block_type":"box","text":"bear the expenses of registration. Where registration is required for restricted securities, a considerable time period","page_number":136,"box":{"x":69,"y":566,"width":827,"height":11}},{"id":"f97f964b-700b-49ca-8ec3-658136fca260","block_type":"box","text":"may elapse between the time the Fund decides to sell the security and the time it is actually permitted to sell the","page_number":136,"box":{"x":69,"y":582,"width":808,"height":10}},{"id":"06b5bf78-c396-4ddc-938f-07e569ba0696","block_type":"box","text":"security under an effective registration statement. If during such period, adverse market conditions were to develop,","page_number":136,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"67f74781-7de4-4e5b-889f-589f17bdb170","block_type":"box","text":"the Fund might obtain less favorable pricing terms than when it decided to sell the security. Transactions in restricted","page_number":136,"box":{"x":68,"y":612,"width":837,"height":11}},{"id":"a55e8845-0065-4028-97a4-02b3768d4eab","block_type":"box","text":"securities may entail other transaction costs that are higher than those for transactions in unrestricted securities.","page_number":136,"box":{"x":69,"y":627,"width":811,"height":11}},{"id":"3b8e14bf-c4a6-4d9f-b962-6355f858dde9","block_type":"box","text":"Certain of the Fund’s investments in private placements may consist of direct investments and may include","page_number":136,"box":{"x":69,"y":642,"width":766,"height":11}},{"id":"e3508db7-adf8-4756-9d6b-ebc173dbbe88","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted securities may","page_number":136,"box":{"x":70,"y":657,"width":824,"height":11}},{"id":"d076e6ee-485e-418b-aa6d-af6b52461ede","block_type":"box","text":"not be subject to SEC reporting requirements, may not be required to maintain their accounting records in","page_number":136,"box":{"x":69,"y":672,"width":755,"height":11}},{"id":"b09cf0c2-9e27-4e07-bcc0-4bcf0441ae7c","block_type":"box","text":"accordance with generally accepted accounting principles, and may not be required to maintain effective internal","page_number":136,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"8b97c51a-d7ad-413c-a284-7f9e3a732a13","block_type":"box","text":"controls over financial reporting. As a result, BlackRock may not have timely or accurate information about the","page_number":136,"box":{"x":69,"y":702,"width":786,"height":12}},{"id":"87d5e33d-6cf5-4781-9e78-70dad3de7c2a","block_type":"box","text":"business, financial condition and results of operations of such issuers, and investments in securities of such issuers","page_number":136,"box":{"x":69,"y":717,"width":836,"height":11}},{"id":"93688637-63a1-42a9-bf44-c887d63adcf5","block_type":"box","text":"may involve a high degree of business and financial risk and may result in substantial losses to the Fund. Such","page_number":136,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"bb89efb9-b32e-4afb-8c93-309bb86915ec","block_type":"box","text":"issuers may also have limited product lines, markets or financial resources, or they may be dependent on a limited","page_number":136,"box":{"x":70,"y":748,"width":818,"height":11}},{"id":"b2aeff4c-3b63-4021-b6e4-0692b80aa53f","block_type":"box","text":"management group. In making investments in such securities, a Fund may obtain access to material nonpublic","page_number":136,"box":{"x":69,"y":763,"width":789,"height":11}},{"id":"e3511d99-603c-4adb-8530-1bfe826ed37c","block_type":"box","text":"information, which may restrict the Fund’s ability to conduct portfolio transactions in such securities.","page_number":136,"box":{"x":70,"y":778,"width":717,"height":11}},{"id":"a4b2bf4c-9a84-4937-b8be-5fa95410fe4a","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":136,"box":{"x":101,"y":801,"width":762,"height":11}},{"id":"c2179fc9-c680-4640-811a-c82f5690f1fb","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":136,"box":{"x":69,"y":816,"width":792,"height":11}},{"id":"6a1cafdb-f280-4d91-967e-34393a1c5d3e","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":136,"box":{"x":68,"y":831,"width":801,"height":11}},{"id":"5bf6c10e-d456-4ebb-a7fb-b4d0fcbbd69c","block_type":"box","text":"value. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":136,"box":{"x":68,"y":846,"width":836,"height":11}},{"id":"f0c505a5-cd23-4a8d-8aa3-09d07793a3ae","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly from the values","page_number":136,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"a2db0cee-1524-4d0f-8368-335c8e0019bb","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":136,"box":{"x":68,"y":876,"width":772,"height":11}},{"id":"72cc6816-f27e-492b-b9f8-967eb4c7bcc8","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. In addition, the impact of","page_number":136,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"13f3c389-9b89-4dbc-be26-d8fa9d0b0166","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":136,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"35ca81c8-fb1b-4d6a-ba52-16420f7a9965","block_type":"box","text":"II-69","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6cd4038b-73d8-4b3e-ae4d-df6f24cca462","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a64f9280-80d6-42e4-84a6-7fd8464ff6d4","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":137,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"71ff9ddc-9d75-4585-aa63-232647287bc5","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":137,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"d918d474-821a-4969-90a9-157c99c39785","block_type":"box","text":"value of the Fund’s investments were materially higher than the values that the Fund ultimately realizes upon the","page_number":137,"box":{"x":68,"y":75,"width":805,"height":11}},{"id":"5385656b-8a04-4a06-a10c-227dc69158f6","block_type":"box","text":"disposal of such investments.","page_number":137,"box":{"x":69,"y":90,"width":212,"height":11}},{"id":"48ebcf1b-3231-42af-bdb2-b83192feac4e","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":137,"box":{"x":102,"y":113,"width":385,"height":11}},{"id":"a0fabddc-40a3-4882-a08f-5bdcac910b7a","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":137,"box":{"x":102,"y":136,"width":246,"height":10}},{"id":"4dc56caf-7f32-4da3-b511-fde54ce0d465","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":137,"box":{"x":354,"y":136,"width":548,"height":11}},{"id":"d94d0863-b85a-48be-8bbf-1578edd57683","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":137,"box":{"x":68,"y":151,"width":830,"height":11}},{"id":"eadccaa1-ee8a-4fd2-9dd3-3a445a833f41","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":137,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"5e33992a-615f-47c8-9a08-a2bbd07a2484","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":137,"box":{"x":69,"y":181,"width":784,"height":11}},{"id":"8f425e6c-702c-4220-9f65-646a814c7f51","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":137,"box":{"x":70,"y":196,"width":591,"height":11}},{"id":"d1a31802-fb92-4471-933a-e9f717ba3041","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":137,"box":{"x":101,"y":218,"width":730,"height":12}},{"id":"e9f36166-e5f0-4c3a-aba6-4dbc81a5525e","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":137,"box":{"x":70,"y":234,"width":822,"height":11}},{"id":"0c026200-f307-4d26-9b81-87f1bcb9caeb","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":137,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"b97011cd-ef06-4f51-acee-25ed43fd057a","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":137,"box":{"x":69,"y":264,"width":801,"height":11}},{"id":"ef9e5927-58d2-4335-b9da-d025c2b032f4","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":137,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"48fc5881-aa31-4cfa-8ebd-3f225f9f81ab","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":137,"box":{"x":69,"y":294,"width":354,"height":11}},{"id":"1dd627f4-d2e6-4168-86ff-6475aa3615a6","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":137,"box":{"x":102,"y":317,"width":769,"height":11}},{"id":"6533b43a-9525-466b-b4b9-1174c7b69121","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":137,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"de0970c6-fedd-423f-afc7-876dde994625","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":137,"box":{"x":70,"y":347,"width":782,"height":11}},{"id":"41751e81-4fe5-41c9-be3c-0ecb2f7c34f9","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":137,"box":{"x":69,"y":362,"width":449,"height":11}},{"id":"cf56177e-f228-4333-9683-831b215c440e","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":137,"box":{"x":102,"y":385,"width":794,"height":11}},{"id":"82af5b35-da20-4630-b59f-1e766c8e2d68","block_type":"box","text":"similar financing transactions (","page_number":137,"box":{"x":69,"y":400,"width":218,"height":11}},{"id":"b08d7ace-cf62-49bb-a6d1-b60c56aab251","block_type":"box","text":"e.g.","page_number":137,"box":{"x":289,"y":401,"width":24,"height":10}},{"id":"d229e41d-87db-414e-8262-db21f9977480","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":137,"box":{"x":316,"y":400,"width":594,"height":11}},{"id":"70ab3c3d-ca91-491d-b660-9cc52ed4ff78","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":137,"box":{"x":68,"y":415,"width":813,"height":11}},{"id":"654e83aa-ee47-4f0d-bdf8-4b3f0e4bf894","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":137,"box":{"x":70,"y":430,"width":768,"height":11}},{"id":"340be7eb-9c79-47aa-87d3-62e5c37da5b0","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":137,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"67c3df48-3361-43a7-a70b-ebdaaed60c52","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":137,"box":{"x":70,"y":460,"width":693,"height":12}},{"id":"c2e061cc-5ab9-42fa-a652-b04134c7ece6","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require certain bank","page_number":137,"box":{"x":101,"y":483,"width":763,"height":11}},{"id":"53de29f4-3a88-4d54-a1eb-872b08c9a003","block_type":"box","text":"regulated counterparties and certain of their affiliates to include in certain financial contracts, including many reverse","page_number":137,"box":{"x":69,"y":498,"width":840,"height":11}},{"id":"aba59944-44e0-4df1-8045-df30d7329b82","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":137,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"be9db24b-d960-41e9-912f-fb2725000097","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the event","page_number":137,"box":{"x":69,"y":528,"width":823,"height":12}},{"id":"caf5503e-2a62-4ce2-9914-51e06706b35c","block_type":"box","text":"that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is","page_number":137,"box":{"x":68,"y":543,"width":815,"height":12}},{"id":"914eccc8-1d84-44e7-89f9-24a46e762585","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":137,"box":{"x":70,"y":559,"width":833,"height":11}},{"id":"080c41c5-6953-44ab-bed3-5a4ba1d9e957","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":137,"box":{"x":70,"y":574,"width":793,"height":11}},{"id":"cd55d072-08c8-44b5-97f0-24d3646a15b4","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":137,"box":{"x":69,"y":589,"width":396,"height":11}},{"id":"d1a9bdba-31a5-415e-9725-95f2c6c65497","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":137,"box":{"x":102,"y":612,"width":316,"height":11}},{"id":"058a2f4a-9b71-4b5e-900d-9f1111cc275d","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":137,"box":{"x":424,"y":612,"width":481,"height":11}},{"id":"1304956e-6cad-4a82-864b-e672d69f307b","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":137,"box":{"x":68,"y":627,"width":822,"height":11}},{"id":"d4a53188-94b2-4283-9025-19f4282bd888","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":137,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"bd5fe471-619b-462c-b347-ce333546db11","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":137,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"7549bed9-648a-41ee-89a6-733efd82560e","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":137,"box":{"x":70,"y":672,"width":833,"height":11}},{"id":"d46173ce-1257-4c4d-a743-a4df78dbb091","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":137,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"ff5a132b-972b-4e11-b6a3-13292cce4579","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":137,"box":{"x":70,"y":702,"width":821,"height":12}},{"id":"511192b2-9134-4c13-892d-628be74aae4c","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":137,"box":{"x":69,"y":717,"width":830,"height":12}},{"id":"5918478c-7c63-4ca0-97ed-09bc95baafde","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":137,"box":{"x":69,"y":732,"width":777,"height":12}},{"id":"e4790789-0f10-4750-ac60-95a5de97eb75","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":137,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"a2fc76ad-6ae9-4eef-aea0-a8f79f6e8c68","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":137,"box":{"x":68,"y":763,"width":708,"height":11}},{"id":"cfa767e9-937e-483c-8f55-25c6ca9ebdd2","block_type":"box","text":"Rule 144A Securities.","page_number":137,"box":{"x":102,"y":786,"width":159,"height":8}},{"id":"978686c0-1a64-4529-90ad-4f84c3ad60a3","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":137,"box":{"x":266,"y":785,"width":560,"height":12}},{"id":"baafd337-2038-4156-904f-5a837d79f042","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":137,"box":{"x":70,"y":801,"width":741,"height":11}},{"id":"d8c07259-5045-48fd-a42d-4673dd693007","block_type":"box","text":"Securities Lending.","page_number":137,"box":{"x":101,"y":823,"width":139,"height":11}},{"id":"935ff720-d9a4-4e67-93ab-e60d6b55a33e","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":137,"box":{"x":247,"y":823,"width":645,"height":11}},{"id":"319042de-b392-4f1e-be16-33bc27e78ab2","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":137,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"1cbe2b60-80a3-4d84-8a4f-c96db733001b","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":137,"box":{"x":69,"y":853,"width":817,"height":11}},{"id":"5f6189e2-42a4-491b-97c6-3e378ee835ef","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":137,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"50c04dd7-096b-43eb-b27d-72190485a869","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":137,"box":{"x":68,"y":884,"width":827,"height":11}},{"id":"5cf5f353-d7fc-497a-b768-17fdbfaf9613","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":137,"box":{"x":69,"y":899,"width":829,"height":11}},{"id":"564a56b7-99dd-42ba-a9f1-75f9b0eec648","block_type":"box","text":"II-70","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"40ecf6d6-7e79-41cd-884e-1be12a0c5adc","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ec2b4a9-e6e7-4a14-8dc0-301604683978","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":138,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"36298fe3-acbc-4e6a-88b3-558a6733b766","block_type":"box","text":"the securities were not on loan.","page_number":138,"box":{"x":68,"y":60,"width":225,"height":9}},{"id":"5012be1e-7586-4800-a01e-597630dedeca","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":138,"box":{"x":101,"y":82,"width":799,"height":12}},{"id":"63f4ed57-7df5-41fb-a99f-1156a240d70a","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":138,"box":{"x":69,"y":98,"width":835,"height":11}},{"id":"87308a3d-5fd2-410d-840d-13a734aba1c7","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":138,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"204310c8-ef7a-41ca-a53a-1ce89c5ed967","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":138,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"05c36950-eeb6-498c-a4c2-9ea610a1e670","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":138,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"1f66623f-19f2-467e-8667-aae6a5c09401","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":138,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"938648b1-e2c0-43f4-8963-abe70ab4f253","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":138,"box":{"x":70,"y":173,"width":643,"height":11}},{"id":"78ca4072-93fd-4020-9e4a-608a8815f5a1","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":138,"box":{"x":102,"y":196,"width":568,"height":11}},{"id":"26392a0e-7629-4725-b848-daba015e2109","block_type":"box","text":"i.e.","page_number":138,"box":{"x":672,"y":196,"width":20,"height":9}},{"id":"0f8b8ed7-8725-4693-ad69-95eacf43c044","block_type":"box","text":", the risk of losses resulting","page_number":138,"box":{"x":695,"y":196,"width":198,"height":11}},{"id":"c2cae518-be58-4ccb-bd58-a77b245210aa","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":138,"box":{"x":68,"y":211,"width":501,"height":11}},{"id":"b796ab6b-873e-48e4-8726-8e9d47855699","block_type":"box","text":"i.e.","page_number":138,"box":{"x":571,"y":211,"width":20,"height":9}},{"id":"e9a44f33-1d51-4378-9cb8-19fdb29828b5","block_type":"box","text":", the risk of a mismatch between the return","page_number":138,"box":{"x":594,"y":211,"width":307,"height":10}},{"id":"9a6a153a-2b33-446a-a27d-dc36fc08879b","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":138,"box":{"x":69,"y":226,"width":794,"height":11}},{"id":"bd0b3156-3ce8-484a-b548-6e5455de7962","block_type":"box","text":"i.e.","page_number":138,"box":{"x":865,"y":226,"width":20,"height":9}},{"id":"8d3a2538-c2cd-4e45-83c3-3f667fa7e007","block_type":"box","text":",","page_number":138,"box":{"x":888,"y":233,"width":2,"height":4}},{"id":"8006e13c-9c97-40b5-a7a7-ac0de97ddc81","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":138,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"133ed5b0-5e6e-4aeb-b713-f1724b54368e","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":138,"box":{"x":69,"y":256,"width":837,"height":12}},{"id":"3f47c0cb-64e4-4129-b609-6fc035ede087","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":138,"box":{"x":69,"y":272,"width":822,"height":11}},{"id":"4b9218e8-43df-4910-ba94-106c5c397964","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":138,"box":{"x":68,"y":287,"width":811,"height":11}},{"id":"f0b25c50-2b96-4f35-93f0-f3ddcebaac83","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":138,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"bd1530be-05b1-403c-bab0-be207871cfb3","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":138,"box":{"x":69,"y":317,"width":790,"height":11}},{"id":"be030926-3785-4062-8629-fe442e636098","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":138,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"615e90c6-15af-4a6b-a640-c5ad7c630036","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":138,"box":{"x":70,"y":347,"width":805,"height":11}},{"id":"5b61cd11-dae5-4c8a-ba9b-74b14bfbb6c8","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":138,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"8d654640-7d67-4224-91e6-8fe7147824e4","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":138,"box":{"x":69,"y":377,"width":775,"height":12}},{"id":"ddc1cec4-97d9-48a0-8c09-b3b031188155","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":138,"box":{"x":69,"y":393,"width":821,"height":11}},{"id":"6d9f7fd8-4b11-4399-bfa0-fc41c02ea31f","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":138,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"637cc37c-5ae2-4104-b47b-2bb5d168b510","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":138,"box":{"x":70,"y":423,"width":837,"height":11}},{"id":"2702adc8-2b78-4b0d-898c-1f1d3003158c","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":138,"box":{"x":70,"y":438,"width":808,"height":11}},{"id":"89b1f88d-375f-46cd-8260-f53f65b4b048","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":138,"box":{"x":69,"y":453,"width":839,"height":11}},{"id":"8d36c5f5-ea1c-4963-bd74-13dad616264e","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":138,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"bbbc9909-9880-45e4-9cf5-4181fb80cfdc","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":138,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"d50cbd42-7010-4d23-9798-9ebde137db13","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":138,"box":{"x":69,"y":498,"width":823,"height":11}},{"id":"3a4a854d-9583-401b-8c21-f03547ebed13","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":138,"box":{"x":70,"y":513,"width":823,"height":11}},{"id":"fcb0bb54-f77b-43ab-b653-0d6725d13f2a","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":138,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"a2d43304-604b-498b-8b9d-8b27bef16cae","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":138,"box":{"x":70,"y":543,"width":814,"height":12}},{"id":"e2f608e0-c793-4832-aacf-e9a250265574","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":138,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"cfd40b73-ebe6-4f8c-be4d-2314d17eedfe","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":138,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"973d6cd0-c5fb-4e03-b5ff-12cd3e7f5d35","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":138,"box":{"x":70,"y":589,"width":809,"height":11}},{"id":"d7f28535-8d68-4f74-9ed9-a1f27ba4ce20","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":138,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"e9bb6c8a-d3a7-41fe-952a-d730d7dc8118","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":138,"box":{"x":69,"y":619,"width":731,"height":11}},{"id":"d4eb71ed-3f9b-4da9-800d-ea1180831ed3","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":138,"box":{"x":102,"y":642,"width":800,"height":11}},{"id":"b5ff6c10-85a1-49dc-901a-139fae1d7095","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":138,"box":{"x":68,"y":657,"width":802,"height":11}},{"id":"22e88e04-f578-421c-878b-1d618f2c7d8a","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":138,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"a0b5e8bd-bacc-4c77-8f2b-0b43ba87a883","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":138,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"392dd32a-2409-4943-b2a0-dc717aa0d9bb","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":138,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"4b4cc63b-3eab-42e3-968d-80f4c5572ef3","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":138,"box":{"x":69,"y":718,"width":806,"height":11}},{"id":"ed93dfb9-2281-4573-8b62-454710d9ddaa","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":138,"box":{"x":69,"y":732,"width":808,"height":12}},{"id":"626e1e73-82b6-475f-b347-d9ce8a2f6cae","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":138,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"97d35da7-9433-4313-b535-3912ac40eedf","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":138,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"fb7211dd-5a42-47b6-83a0-7530a69b7492","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":138,"box":{"x":69,"y":778,"width":794,"height":11}},{"id":"edb47f2b-b203-47ee-8268-ae8531bf4c1d","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":138,"box":{"x":69,"y":793,"width":371,"height":11}},{"id":"af7f8187-c663-4304-8eae-8e2f9481587d","block_type":"box","text":"Short Sales.","page_number":138,"box":{"x":101,"y":816,"width":89,"height":9}},{"id":"7935dff3-fd7e-42f9-9525-006ac835d87e","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":138,"box":{"x":196,"y":816,"width":696,"height":11}},{"id":"1653a5f6-36d6-44fc-8ea7-ed1335b067cd","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":138,"box":{"x":68,"y":831,"width":821,"height":11}},{"id":"e6204acd-aa88-4798-a58b-3e5bc9e3c15b","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":138,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"7ed6a985-c722-4f1a-ac3d-731307850f28","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":138,"box":{"x":70,"y":861,"width":831,"height":11}},{"id":"bd251a64-2d32-4da2-8329-b628552e304a","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":138,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"b44e5a72-bf82-408c-bb47-81e7b0beab99","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":138,"box":{"x":68,"y":891,"width":828,"height":12}},{"id":"206e2d76-4da9-40e9-8392-d65582a4c857","block_type":"box","text":"II-71","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d7d5590-b25a-40c1-a0f1-9095970f2949","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ec9091d-821c-48ae-bd9d-de9d2873e3cd","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":139,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"7679378d-c984-4473-86ff-66d00f0be8bc","block_type":"box","text":"securities to the lender of the securities.","page_number":139,"box":{"x":69,"y":60,"width":289,"height":9}},{"id":"8daeb69d-bb74-4404-ae5f-0c6f8f575508","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":139,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"92c5f784-939e-493b-bde5-73f0b410efb6","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":139,"box":{"x":69,"y":98,"width":795,"height":11}},{"id":"f7c0ec17-e81d-42a7-8e29-792c58efa784","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":139,"box":{"x":69,"y":113,"width":801,"height":11}},{"id":"c1ffc897-d934-45aa-9b73-b396ed8ab083","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":139,"box":{"x":69,"y":128,"width":830,"height":11}},{"id":"b94bb9e6-c43b-449a-983b-b709c5204a5f","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":139,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"36287e74-4e26-4339-97b3-925a8b5fbb84","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":139,"box":{"x":69,"y":158,"width":770,"height":11}},{"id":"986eb56e-e031-4899-8f02-7f0ac0ad7f7d","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":139,"box":{"x":70,"y":173,"width":568,"height":11}},{"id":"2bce017b-a917-49fd-9527-71939c00e0aa","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":139,"box":{"x":102,"y":196,"width":806,"height":11}},{"id":"70a89090-2672-42d2-ab34-e944e7b36012","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":139,"box":{"x":69,"y":211,"width":817,"height":11}},{"id":"851ef012-4e54-48b6-9cf2-bd7e6c7736e7","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":139,"box":{"x":68,"y":226,"width":819,"height":11}},{"id":"730628e2-95b3-4fce-8730-43079d9c3c4f","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":139,"box":{"x":69,"y":241,"width":758,"height":11}},{"id":"6c0f16fd-c87c-4dc0-8f74-f4302d96350d","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":139,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"0d8ae921-37eb-41cf-bc49-caba906c9644","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":139,"box":{"x":69,"y":271,"width":800,"height":12}},{"id":"b3c5b00a-08ae-43ad-be5b-8ce2735b0ffa","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":139,"box":{"x":69,"y":287,"width":818,"height":11}},{"id":"df729432-9d35-464b-a406-f622b75ba44b","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":139,"box":{"x":68,"y":302,"width":821,"height":11}},{"id":"bc51e0b0-3b12-4c13-8eb5-b80830c6fda3","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":139,"box":{"x":69,"y":317,"width":640,"height":11}},{"id":"e585b018-3a18-4af7-87e0-df9552994b82","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":139,"box":{"x":101,"y":340,"width":673,"height":11}},{"id":"c86eace7-7cef-47f2-b0f3-9e947035b9a9","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":139,"box":{"x":101,"y":362,"width":721,"height":11}},{"id":"48e370db-373f-4598-b572-ec72023a67d9","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":139,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"b31b930d-24b6-4613-9668-291ef7ee21b7","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":139,"box":{"x":70,"y":392,"width":489,"height":12}},{"id":"feebe254-e50d-4355-95fe-231580e5a8fd","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":139,"box":{"x":101,"y":415,"width":293,"height":11}},{"id":"c4565502-03e0-4fd6-87ee-95081d349a40","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":139,"box":{"x":400,"y":415,"width":504,"height":11}},{"id":"60a72d5e-5edf-4f48-a0ab-748bc47f7c74","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":139,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"cb8dc5c0-0321-4545-862a-27243c963a8c","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":139,"box":{"x":70,"y":445,"width":793,"height":12}},{"id":"379f65bd-8037-46ed-b0c7-ed3d8c4aadf9","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":139,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"b82bb042-da7b-46c8-852f-87f58b445596","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":139,"box":{"x":69,"y":475,"width":821,"height":12}},{"id":"5496f88d-a023-44f3-adab-a838329b5ff1","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":139,"box":{"x":69,"y":491,"width":768,"height":11}},{"id":"a70e3a29-2b72-4f34-baeb-5e2aee3c9cde","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":139,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"18e406b3-b0c5-4961-8d89-8a5a208f38c7","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":139,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"9bc4bd8e-3dc4-4877-834e-3ad516a366d8","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":139,"box":{"x":70,"y":536,"width":797,"height":11}},{"id":"fcaf079f-79d4-4fa1-93c9-2a01f3b1c02b","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":139,"box":{"x":69,"y":551,"width":795,"height":11}},{"id":"99902e36-37ab-4a0c-8eca-eddef7cee2a2","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":139,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"ee4526b6-a3fe-4aa6-8dd3-4784fa2cf737","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":139,"box":{"x":68,"y":581,"width":794,"height":11}},{"id":"fa49d307-122e-4e4f-92eb-aba5df15ccbb","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":139,"box":{"x":69,"y":597,"width":820,"height":11}},{"id":"c3687c43-d8c6-4bd7-b2a6-5df6d3bbbe20","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":139,"box":{"x":68,"y":612,"width":817,"height":11}},{"id":"1b54e74b-9e06-44d7-b457-bed0826aa6f0","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":139,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"2b6b2bba-1b27-4717-b0fa-3bc660f2a930","block_type":"box","text":"There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions","page_number":139,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"2516fb4a-3bde-4434-8884-e06c1546ae27","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":139,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"ff5cae9d-2ff3-4b31-b6a8-ef28205064fa","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":139,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"4261e426-33e9-4ff1-8e71-cc69eec356bc","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":139,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"ffa19374-64bd-4e54-b6fc-ca3066c864f4","block_type":"box","text":"Standby Commitment Agreements.","page_number":139,"box":{"x":101,"y":710,"width":255,"height":11}},{"id":"081bf3f7-5fd9-4b15-aa21-409c22bbd9f8","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":139,"box":{"x":362,"y":710,"width":511,"height":11}},{"id":"f16f9575-5e49-43a9-b553-6175e51a04a3","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":139,"box":{"x":68,"y":725,"width":834,"height":11}},{"id":"6f9c4619-711b-47b6-90e3-8b18cace60bf","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, the Fund","page_number":139,"box":{"x":68,"y":740,"width":831,"height":11}},{"id":"60c7de68-a1d6-4047-8773-c24c7f6b96dd","block_type":"box","text":"is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":139,"box":{"x":70,"y":755,"width":819,"height":11}},{"id":"274b2e6e-f063-4284-90e3-23f56dcaa315","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":139,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"1976d5c0-08f8-4d7c-8eca-2fed7fc2a1c8","block_type":"box","text":"advantageous to the Fund.","page_number":139,"box":{"x":69,"y":786,"width":188,"height":11}},{"id":"ca650b20-6ad6-49dc-b7e5-4de3cd1b0cd6","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":139,"box":{"x":101,"y":808,"width":800,"height":11}},{"id":"79e06f7f-ebd2-4523-ac53-d23dfdd3e3ff","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":139,"box":{"x":68,"y":823,"width":816,"height":11}},{"id":"b6160f61-d824-4521-84b7-f59b56c9c247","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":139,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"e1d5d7f0-caf6-4abc-b975-f6061671da37","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":139,"box":{"x":69,"y":853,"width":828,"height":12}},{"id":"c5fd62b3-d9c7-441e-99a7-227e36c6d574","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":139,"box":{"x":101,"y":876,"width":785,"height":11}},{"id":"4e37dfbd-c74f-42a0-abaf-2ca1cb44eaed","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":139,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"900675bf-2b4a-4bef-8ce7-766be98b8f70","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":139,"box":{"x":68,"y":906,"width":815,"height":12}},{"id":"052ff1f0-c317-4850-a715-b22e5594f86d","block_type":"box","text":"II-72","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f3350ae-917e-4433-98f1-9b8f06dfc96f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc9829eb-8891-4e83-beec-2cdceed80811","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":140,"box":{"x":69,"y":45,"width":792,"height":11}},{"id":"422a8f24-0f53-4977-8c9c-93f7455d45ca","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":140,"box":{"x":70,"y":60,"width":415,"height":11}},{"id":"473be945-e4ca-49b5-ba40-a0e67c2264dc","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":140,"box":{"x":102,"y":83,"width":789,"height":11}},{"id":"0e394e2f-0c58-42aa-97ed-e7262bccafc8","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":140,"box":{"x":69,"y":98,"width":814,"height":11}},{"id":"b50ebb00-bfb9-4d08-b2bf-d9327c3a14ac","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":140,"box":{"x":70,"y":113,"width":827,"height":11}},{"id":"9be3fb29-57fb-42d3-ac2d-010fd0246938","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":140,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"ed1af6ad-1ad3-47a2-91c1-4483fa665264","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":140,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"e67ddb9f-4739-4c89-9989-7632f485b57e","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":140,"box":{"x":69,"y":158,"width":578,"height":11}},{"id":"f807e609-19bb-4bc0-a97b-d628da6c9d9f","block_type":"box","text":"Stripped Securities.","page_number":140,"box":{"x":101,"y":181,"width":143,"height":11}},{"id":"ec0c3146-0690-41a1-a64a-b8b8a8a502b7","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":140,"box":{"x":251,"y":181,"width":596,"height":11}},{"id":"d2411545-0165-4ed2-86a7-4e8ff0343491","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":140,"box":{"x":69,"y":196,"width":839,"height":11}},{"id":"9ad9ea9e-3776-4f4f-b4ce-3c18a8cbcd84","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":140,"box":{"x":70,"y":211,"width":818,"height":11}},{"id":"cc6680f7-c747-42fb-8e96-e66427ca1d5d","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":140,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"d368d078-e0c6-43fb-be20-904ce3e1214b","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":140,"box":{"x":70,"y":241,"width":777,"height":11}},{"id":"4410f2c7-fe02-4d65-b7d7-05abb16cc5a0","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":140,"box":{"x":70,"y":257,"width":802,"height":11}},{"id":"821b8108-1a28-4416-81ec-f6ade3a2af28","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":140,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"05249387-69c4-46d7-9f04-3feb6bea2df2","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":140,"box":{"x":70,"y":286,"width":837,"height":12}},{"id":"7628fd4b-ffe8-41bb-afc0-f1ec13f9c7cc","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":140,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"50cff025-44f2-448f-ab0f-3847d4a0a82a","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":140,"box":{"x":69,"y":317,"width":494,"height":11}},{"id":"e5daae38-2635-470d-88d0-2e18435dce0c","block_type":"box","text":"Structured Notes.","page_number":140,"box":{"x":101,"y":340,"width":130,"height":8}},{"id":"c30b916d-1c70-42ff-a8a3-e088b6e800a9","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":140,"box":{"x":237,"y":340,"width":650,"height":11}},{"id":"3a432724-a953-4556-9d54-ec4c1b41955c","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":140,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"25d579e3-f8d2-483b-9e11-f9a9c27f937c","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":140,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"85ae0838-f628-4176-9f9c-2fd756a19b3b","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":140,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"e5217a8d-4cef-41d3-99ee-ff5d5c208a67","block_type":"box","text":"or decrease, depending upon changes in the value of the reference measure. The terms of a structured note may","page_number":140,"box":{"x":69,"y":400,"width":809,"height":11}},{"id":"290e97ce-9075-4c8e-9ece-bf9cea6e4a1e","block_type":"box","text":"provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":140,"box":{"x":70,"y":415,"width":830,"height":11}},{"id":"08c4ed19-87d0-4c9d-891a-5fb1a096098b","block_type":"box","text":"capital by a Fund. The interest and/or principal payments that may be made on a structured product may vary widely,","page_number":140,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"584a5531-5f5c-485d-88a5-8e0cacd517c5","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":140,"box":{"x":69,"y":445,"width":585,"height":12}},{"id":"e0f86f85-c2b4-44cc-95cd-41f7740710f4","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":140,"box":{"x":102,"y":468,"width":768,"height":11}},{"id":"6627bffb-08ae-45cd-91b3-2051ab6b1cb0","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":140,"box":{"x":70,"y":483,"width":821,"height":11}},{"id":"f97e152a-227a-4507-b4fd-72d562c4fb90","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":140,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"7d587bd6-6ede-48d5-b767-ee1033d0db95","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":140,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"b74fed80-8034-4535-89aa-5c998f912f94","block_type":"box","text":"the risk of loss.","page_number":140,"box":{"x":68,"y":528,"width":110,"height":9}},{"id":"8859ac88-7c66-4e72-92e8-3c6ef112ea6a","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":140,"box":{"x":101,"y":551,"width":759,"height":11}},{"id":"55a1b5c7-2f83-43e3-9aa5-8086d4466984","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":140,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"79373a88-42ed-49da-b10c-a486dd77acf2","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":140,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"5e848705-e71d-44b6-8394-79e5092cfc45","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":140,"box":{"x":70,"y":596,"width":821,"height":12}},{"id":"9db4269d-b45b-4b3a-888b-291e10ee2fe8","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":140,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"43f2ead4-cb10-4815-a7f2-a2022fcb46e9","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":140,"box":{"x":70,"y":627,"width":618,"height":11}},{"id":"65e941c2-87dc-4439-b4ff-34a1005e3b76","block_type":"box","text":"Taxability Risk.","page_number":140,"box":{"x":103,"y":649,"width":109,"height":11}},{"id":"530283d8-76ac-40c3-83c7-e11a3303c116","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":140,"box":{"x":218,"y":649,"width":644,"height":12}},{"id":"0396cb44-c14a-4de1-800d-fbfdfce3c05a","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":140,"box":{"x":70,"y":664,"width":817,"height":12}},{"id":"d657661d-b31f-4bdd-8a23-b4f0531dc190","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":140,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"8af44796-9bb8-45bd-a2ce-cd186eaaa734","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":140,"box":{"x":69,"y":695,"width":835,"height":11}},{"id":"9301c51b-8ee6-43e4-bead-581544580e3a","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":140,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"40650206-ce89-4d22-8b8e-be40344d80cd","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":140,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"f46454c0-04fb-4876-b931-8ca0f563571b","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":140,"box":{"x":69,"y":740,"width":816,"height":11}},{"id":"89300923-10df-442e-89e5-4f774a058415","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":140,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"134b6ffb-786f-47c4-b697-3857eafa5c7d","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":140,"box":{"x":70,"y":770,"width":818,"height":11}},{"id":"e5fadaa4-024e-4120-aa70-57fd97cf49bb","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":140,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"76b81be8-9272-473a-95b6-434e79b1a581","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":140,"box":{"x":70,"y":801,"width":765,"height":11}},{"id":"e6e5d0ee-c362-417f-9655-a412feb7a11b","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":140,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"b1a19528-6d66-4065-97b2-e16586eb52fb","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":140,"box":{"x":68,"y":831,"width":807,"height":11}},{"id":"a4fcf9b6-db8f-4394-9a03-060e1c9e03a1","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":140,"box":{"x":70,"y":846,"width":830,"height":11}},{"id":"ec038420-c760-45d2-9002-89fa5d384d2a","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":140,"box":{"x":68,"y":861,"width":838,"height":11}},{"id":"4002dc48-5c31-4ec3-8f91-dcd3ac4f891a","block_type":"box","text":"the value of an investment in the Fund.","page_number":140,"box":{"x":68,"y":876,"width":278,"height":9}},{"id":"d66f814d-5dac-46ab-82ac-2fff2be8dd05","block_type":"box","text":"II-73","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2c9c04b-c8d0-4068-9c8a-72b013e34907","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a379e68-3610-41cd-b780-2955a3954cd4","block_type":"box","text":"Temporary Defensive Measures.","page_number":141,"box":{"x":103,"y":45,"width":230,"height":11}},{"id":"c4d04dc9-4e04-44d0-9041-35a71e5cf63e","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":141,"box":{"x":339,"y":45,"width":567,"height":11}},{"id":"08a815f2-577a-4a38-a67a-d164d1755a99","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depart","page_number":141,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"e0f1f4cc-0ac0-4683-9e0b-b00d33b4e57a","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":141,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"40a69145-db02-4e84-bf9a-f2dfbc32b204","block_type":"box","text":"Certain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":141,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"f6d7d2af-2bfa-4210-b88d-19995e31346d","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":141,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"3c25321e-1f40-41c8-9c56-78ca0899bc6c","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":141,"box":{"x":69,"y":120,"width":815,"height":12}},{"id":"49385b46-972a-4c84-9b40-bfa8671729c4","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":141,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"0eb64e1f-512c-464d-bbf9-275d6c38c41e","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":141,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"7d29d65d-e46b-47d3-9295-d053002ad31d","block_type":"box","text":"may mature within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":141,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"842576bf-ce9e-4406-9813-3c52e99d3b88","block_type":"box","text":"to achieve its investment objective.","page_number":141,"box":{"x":68,"y":181,"width":251,"height":11}},{"id":"c48220cf-4d07-4f05-8f92-f2aa3b260a30","block_type":"box","text":"U.S. Government Obligations.","page_number":141,"box":{"x":102,"y":203,"width":213,"height":11}},{"id":"e165c1ad-58b0-48a8-8c02-27fe7cfd8f62","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":141,"box":{"x":321,"y":203,"width":566,"height":12}},{"id":"8d9ffe34-e60f-4e64-b44a-6792fbc2fd9e","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":141,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"f65b350b-4ca7-458b-af78-e689c56f0544","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":141,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"0cfbdc88-9eab-449c-bfbb-0524ad005166","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":141,"box":{"x":68,"y":249,"width":779,"height":11}},{"id":"2b38bd82-e83e-4ecd-b62e-42f8c568757f","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":141,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"ea3372b8-b0d9-401d-b82a-ac335515b510","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":141,"box":{"x":69,"y":279,"width":822,"height":11}},{"id":"00289fff-4ea5-4e72-8b53-094c7e88cd14","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":141,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"4b841f2f-57dd-4cb9-8138-b655d6d5caf2","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":141,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"c01534ee-92a2-4747-84c9-31552d675e96","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":141,"box":{"x":69,"y":324,"width":807,"height":11}},{"id":"a09d5ede-ae9b-487a-9723-59fd0583a2ce","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":141,"box":{"x":70,"y":339,"width":832,"height":12}},{"id":"65747f93-4eeb-4b5b-abc3-e1638f5f468b","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":141,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"a1eb24f0-f778-4996-9462-1cab8dad0223","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":141,"box":{"x":69,"y":370,"width":716,"height":11}},{"id":"eff45f4f-1de5-48dc-b781-688f0d7f5fbd","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":141,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"eaaac085-664b-4749-8f44-b6cf07e1ce55","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":141,"box":{"x":68,"y":407,"width":785,"height":12}},{"id":"922d11a0-0d98-40eb-ad51-19352350bb1b","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":141,"box":{"x":68,"y":423,"width":813,"height":11}},{"id":"6686e692-96f8-4a15-84ce-48dbba23898a","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":141,"box":{"x":70,"y":438,"width":794,"height":11}},{"id":"febf7035-e1b0-46a8-9a01-a907cceb81fa","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":141,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"69c3cf78-fe3a-4c74-91e3-ce900e1a3d84","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":141,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"c2669cce-20d2-482f-b891-4f8c18da406d","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":141,"box":{"x":70,"y":483,"width":777,"height":11}},{"id":"c5ae4438-95a4-4d04-b0fd-11a8aaea3931","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":141,"box":{"x":70,"y":498,"width":749,"height":11}},{"id":"e51c559f-202d-41e8-a46e-bbe7beae57ab","block_type":"box","text":"U.S. Treasury Obligations.","page_number":141,"box":{"x":103,"y":521,"width":183,"height":11}},{"id":"1016aca2-4ef8-404c-b509-34cebb668380","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":141,"box":{"x":292,"y":521,"width":593,"height":11}},{"id":"9d9ee65b-f4b0-497f-bb00-3d1738d79feb","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":141,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"780c8ffb-4bff-42c5-a74b-a560563a8c36","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":141,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"e324e77a-89cc-46b9-a974-1ae956ec583f","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":141,"box":{"x":68,"y":566,"width":823,"height":11}},{"id":"aa0bc87f-7c7a-410d-88e8-50143cab3211","block_type":"box","text":"do so.","page_number":141,"box":{"x":69,"y":582,"width":42,"height":8}},{"id":"8df08ecc-ebc1-485d-8f21-597c0bb65a64","block_type":"box","text":"U.S. Treasury Rolls","page_number":141,"box":{"x":102,"y":604,"width":139,"height":11}},{"id":"67b85c0f-bd78-4548-9bc5-49cd527aa923","block_type":"box","text":".","page_number":141,"box":{"x":241,"y":611,"width":3,"height":2}},{"id":"d21e2178-3344-4cd9-83d8-fe248a9d81ed","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":141,"box":{"x":250,"y":604,"width":656,"height":11}},{"id":"0669da08-d8f4-46d2-a6cd-1bcf83cdde48","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":141,"box":{"x":69,"y":619,"width":804,"height":11}},{"id":"e91c44db-bcbf-4ebf-8912-024bf7e28427","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":141,"box":{"x":69,"y":634,"width":820,"height":12}},{"id":"9bb7d033-f810-43d0-a2ee-9540969fd64b","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":141,"box":{"x":69,"y":649,"width":840,"height":12}},{"id":"bb66dee8-9520-4f38-bd35-c4450acf05be","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":141,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"aa451acb-b491-4689-a442-b0739e09993d","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":141,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"2771ed28-f673-45b1-82cb-463f2306b618","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":141,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"932123da-4849-4b6b-a3a1-30742b984ae8","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":141,"box":{"x":68,"y":710,"width":657,"height":11}},{"id":"4124b100-ca60-4f90-a3a3-67d613e5f1b9","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":141,"box":{"x":101,"y":732,"width":756,"height":12}},{"id":"d8add342-a4be-42a4-a51c-554feda4c302","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":141,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"9251501d-8a05-40c2-a66b-2c78f927491b","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":141,"box":{"x":70,"y":763,"width":617,"height":11}},{"id":"d3860bd8-a750-429a-b93f-eb5e30b1d4ab","block_type":"box","text":"Utility Industries.","page_number":141,"box":{"x":102,"y":786,"width":124,"height":11}},{"id":"eab2ac25-cac5-414d-b2c0-06c3473afc73","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":141,"box":{"x":233,"y":785,"width":674,"height":12}},{"id":"4ebfa0a0-d887-4321-bfdf-a461da0cb8c8","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":141,"box":{"x":69,"y":801,"width":812,"height":11}},{"id":"1fe90859-11d8-4ff0-a1af-a0ca0e6cff5e","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":141,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"9ac1bf58-92b8-46d7-9ccb-82e371105742","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":141,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"d79d9e35-c804-4e53-af64-7c569c984ca5","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":141,"box":{"x":68,"y":846,"width":815,"height":11}},{"id":"64506bb5-bbcf-4468-a59f-9eabc2312ebe","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":141,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"9b387b5c-bcdb-4ea3-8b3f-7e326a00ee5c","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":141,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"3edfa602-056d-4890-a183-5eae4dcec72c","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":141,"box":{"x":69,"y":891,"width":774,"height":12}},{"id":"6a264f0c-a177-43d4-aec9-bddc4326ebcf","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":141,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"1fcd7a91-fb3b-4951-b494-84b9ccb32035","block_type":"box","text":"II-74","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ef25546-939b-4b10-a4e7-3451f07c66ba","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8cd5aa0-738c-4222-867e-14cd2ae4cf19","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":142,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"ff04ec66-c735-47b5-8ed9-61b868108a8c","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":142,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"65a00df6-eeef-4146-b0d6-bdb107ee7196","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":142,"box":{"x":69,"y":75,"width":761,"height":11}},{"id":"8a3c9562-de91-4abb-a0f2-68c6e195a854","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":142,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"ba21cbf2-6137-452a-8114-8ffbd555aa5f","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":142,"box":{"x":69,"y":105,"width":777,"height":11}},{"id":"a9d23aa8-7569-48e4-9e6c-d290c49481b4","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":142,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"b50a9725-1b08-4e90-af77-23d8cd05e7c8","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":142,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"5c2756eb-b6c6-4387-ac16-af55d2591998","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":142,"box":{"x":68,"y":151,"width":778,"height":11}},{"id":"1fe211e0-6661-4f02-bee0-2f9bd31cb547","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":142,"box":{"x":69,"y":166,"width":808,"height":11}},{"id":"c03f3da5-1883-41ef-aa7d-be9775b5cb88","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":142,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"267e7615-f54e-495b-8912-f5c441e2fc4f","block_type":"box","text":"utility.","page_number":142,"box":{"x":69,"y":196,"width":39,"height":11}},{"id":"8e34fef8-6e11-4ded-9b6e-59f00f4ebcda","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":142,"box":{"x":102,"y":218,"width":789,"height":12}},{"id":"0d6a4374-cbdf-4ad8-ba19-322f5bb8b4c5","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":142,"box":{"x":69,"y":234,"width":790,"height":11}},{"id":"d6648564-f233-43c1-bcf0-77eb05124db8","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":142,"box":{"x":69,"y":249,"width":811,"height":11}},{"id":"b8375666-bd0d-417b-b23c-56417f9abd0c","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":142,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"5ea2083e-5f08-441f-9efa-0ec9a21c7eed","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":142,"box":{"x":68,"y":279,"width":781,"height":11}},{"id":"00968303-f553-49a0-96bf-a46e7c95f6aa","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":142,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"83d9e3cc-0442-421c-abfa-8b4f58373fb3","block_type":"box","text":"continue in the future.","page_number":142,"box":{"x":69,"y":309,"width":156,"height":9}},{"id":"07f5255a-10c4-4d47-9d4d-24855cfd2eda","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":142,"box":{"x":101,"y":332,"width":763,"height":11}},{"id":"04feeab8-873b-459b-8c33-9321c614497b","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":142,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"1c308c58-b2fa-4db3-80d5-a707770f18be","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":142,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"53c114ad-6620-4bc0-8c94-4dc2a773e8db","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":142,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"4122cd67-6b82-4725-87ad-0efe1ba52663","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":142,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"24f7dfb6-b847-43a1-8245-83ddf6cef19f","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":142,"box":{"x":68,"y":407,"width":809,"height":12}},{"id":"3b65b3af-e050-4e93-8b5d-d5e6ab564014","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":142,"box":{"x":69,"y":423,"width":834,"height":11}},{"id":"cdaaca81-4ef3-42b4-8cb7-262b9311a7c9","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":142,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"2f767d37-2d48-439d-a429-37c6acb7ed41","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":142,"box":{"x":68,"y":453,"width":840,"height":11}},{"id":"41af4cf2-1d1d-4c88-a541-5ccdbdcc678e","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":142,"box":{"x":69,"y":468,"width":796,"height":11}},{"id":"20b45645-e0e8-4f45-8552-3691b448b1b9","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment opportunities that may arise from these","page_number":142,"box":{"x":69,"y":483,"width":780,"height":11}},{"id":"b47b83ec-c0ea-40b6-952f-eee4b25ea8fa","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":142,"box":{"x":69,"y":498,"width":785,"height":11}},{"id":"2d6a39b1-98ff-4e7d-a4d0-4223035b6773","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":142,"box":{"x":102,"y":521,"width":720,"height":11}},{"id":"0749e5e0-582a-4cba-a18f-916bdbdee1de","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":142,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"33fa39b1-36f0-4373-8240-538ba722fb3a","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":142,"box":{"x":68,"y":551,"width":762,"height":11}},{"id":"abeab5c3-26d3-44d9-af29-0af9c22b2e52","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":142,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"28a22206-5f6e-4f63-bc67-0bf994bb0324","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":142,"box":{"x":68,"y":581,"width":801,"height":11}},{"id":"e346f857-43de-4efb-9c96-ae9de2370a7f","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":142,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"e0facfc6-e944-4fee-9b73-5e876f359818","block_type":"box","text":"ways different from regulation in the United States.","page_number":142,"box":{"x":68,"y":612,"width":365,"height":11}},{"id":"cf095c58-445e-484f-b78a-6fad7edf2df9","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":142,"box":{"x":101,"y":634,"width":745,"height":12}},{"id":"eefa4f81-ac53-4989-b4c9-40275b6a879e","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":142,"box":{"x":68,"y":649,"width":790,"height":12}},{"id":"cace3364-72eb-42f1-bf3f-a18c76a2f768","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":142,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"8eeaca9c-2665-4437-aa93-77422f9c535b","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":142,"box":{"x":69,"y":680,"width":810,"height":11}},{"id":"2a07a180-e189-480b-a8ed-96498e9bdb15","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":142,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"94bcfef2-b9c7-4aa8-98dc-797b370747ec","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":142,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"bb1ff0ea-b01b-4979-8302-07c3566853f4","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":142,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"38efcfc4-f661-4b32-ba4a-220a66165889","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":142,"box":{"x":69,"y":740,"width":786,"height":11}},{"id":"73c0ee1e-116c-4dc5-9bcc-34490d2abebb","block_type":"box","text":"increase.","page_number":142,"box":{"x":70,"y":755,"width":63,"height":9}},{"id":"fcd4178b-85b0-4b78-85ac-6b81c5466a82","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":142,"box":{"x":101,"y":778,"width":793,"height":11}},{"id":"8b1400ce-0b9c-4163-8988-fbc7413c1cd3","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":142,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"0c9023e0-cfd0-4c54-a581-a7e0c7d1dff4","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":142,"box":{"x":69,"y":808,"width":619,"height":11}},{"id":"e4285142-9aee-4ac8-9892-740d2a3276b9","block_type":"box","text":"Electric.","page_number":142,"box":{"x":102,"y":831,"width":54,"height":9}},{"id":"69bb30ca-00ee-4dd0-85b0-42f6c359e172","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":142,"box":{"x":163,"y":831,"width":684,"height":11}},{"id":"d3d3ed7d-cd0c-4c0a-b3ca-839a1c476fb8","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":142,"box":{"x":68,"y":846,"width":793,"height":11}},{"id":"743f5aee-a668-42e4-8f5e-92198b6a3f75","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":142,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"ec1cafc3-b0e5-4a12-955e-e5835e67dc4e","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":142,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"9531126f-60d3-43af-957d-a46919f572f2","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":142,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"06ba5c64-53a1-42db-9c74-e8eed70bbfc0","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":142,"box":{"x":69,"y":906,"width":823,"height":12}},{"id":"2522212a-88db-4a4c-b224-dbdfd140f536","block_type":"box","text":"II-75","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"961dfa2c-dd2b-4374-9b6b-9a7a92b5bcc7","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93f212ea-2352-40c6-9a29-23b684da64e7","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":143,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"7453d6b4-5e67-40c0-baa7-4a734165eca1","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":143,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"eafccddc-7d62-43e7-ae87-2bbc48d8285d","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":143,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"fb8c9408-1288-4786-a32a-495f59356d49","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":143,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"dee1dc27-a500-4905-b526-aebfaf869dff","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":143,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"b7fa83b0-7f01-4bb3-a01b-4e7f5d70f78b","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":143,"box":{"x":69,"y":120,"width":819,"height":12}},{"id":"90bba226-cc94-495c-9ac1-ee1d251b5b55","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":143,"box":{"x":69,"y":135,"width":775,"height":11}},{"id":"bdaf7850-8317-4376-8bd7-ec0142995607","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":143,"box":{"x":69,"y":150,"width":770,"height":12}},{"id":"e3cf5218-a1cd-46e4-a3c7-26815f412219","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":143,"box":{"x":70,"y":166,"width":826,"height":11}},{"id":"204f61c2-fd39-4e48-befb-c91352787d74","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":143,"box":{"x":69,"y":181,"width":800,"height":11}},{"id":"d1f99fc5-ddac-4757-b064-7ec4bb1d1820","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":143,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"96f074ef-1fde-4a2d-8b5f-a3b2f1253936","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":143,"box":{"x":68,"y":211,"width":826,"height":11}},{"id":"0838552c-a4dc-4a89-af77-cab1636ec069","block_type":"box","text":"and for decommissioning such plants.","page_number":143,"box":{"x":69,"y":226,"width":270,"height":11}},{"id":"96afd860-b280-46f3-bac0-f8201899561c","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":143,"box":{"x":101,"y":249,"width":776,"height":11}},{"id":"759b14f6-dd8f-492e-becb-9da72664dcf1","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":143,"box":{"x":70,"y":264,"width":802,"height":11}},{"id":"f65319b7-9275-4ce4-b3c5-026e4ace5557","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":143,"box":{"x":69,"y":279,"width":791,"height":11}},{"id":"77c403fa-522f-498d-ab47-bf6b3f20f37a","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":143,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"f525dede-e79e-4b6a-a95b-4eb6c874bfc1","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":143,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"65201de9-cf3c-4202-83bd-c77b7f5803ca","block_type":"box","text":"greater predictability of cash flow.","page_number":143,"box":{"x":68,"y":324,"width":239,"height":12}},{"id":"c62f9e33-6ed7-4285-b11b-9a8fa2c54a1a","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":143,"box":{"x":101,"y":347,"width":801,"height":11}},{"id":"2044b188-d5a3-4495-8e72-d84b688d9907","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":143,"box":{"x":68,"y":362,"width":821,"height":11}},{"id":"5937acf4-c42a-4665-947b-3b3c33da0bf9","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":143,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"0850c02c-67fa-482f-a79d-20fb3ceb1d18","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":143,"box":{"x":68,"y":393,"width":815,"height":11}},{"id":"86ee8e68-6ac0-436f-885d-0e685e8d6f7c","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":143,"box":{"x":68,"y":408,"width":803,"height":11}},{"id":"4687eb97-2e89-4b2b-bd1f-2a0bd92e3d6b","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":143,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"7d082237-1cf8-4298-bf29-fc73977c2b81","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":143,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"04799ad0-477d-48e0-9259-2cd6c54019f7","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":143,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"5201a688-3e63-4547-8f65-4d33249dcdd0","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":143,"box":{"x":69,"y":468,"width":700,"height":11}},{"id":"f10f8328-23e6-408c-9608-706e7f8dd152","block_type":"box","text":"Telecommunications.","page_number":143,"box":{"x":103,"y":491,"width":147,"height":9}},{"id":"21bcf8ba-acda-4ee3-b954-1f01312c17b0","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":143,"box":{"x":256,"y":491,"width":652,"height":11}},{"id":"c449a2c7-114e-4dc8-b89a-235ee83c9044","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":143,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"df288d54-17c6-46d7-9c79-961bf7766430","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":143,"box":{"x":70,"y":521,"width":782,"height":11}},{"id":"d37d3d0d-c4cb-486e-a7da-36e5cf3778d1","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":143,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"f7acd4fd-ee9c-45b6-b669-5d4f17d9f7e7","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":143,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"412ee3ac-636a-48ef-ae32-79df489502c2","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":143,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"72265fed-b869-488d-a070-9fb4367fc5e7","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":143,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"2cf8bba9-a878-4933-afac-1fb3a8a470d3","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":143,"box":{"x":70,"y":596,"width":788,"height":12}},{"id":"e739565e-5a1a-415d-b344-f0d77af9a88f","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":143,"box":{"x":68,"y":612,"width":825,"height":11}},{"id":"25ab4701-d69c-464f-bd1b-e3d4d3a597bc","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":143,"box":{"x":69,"y":627,"width":823,"height":11}},{"id":"f48d954e-beab-46d3-a88c-f52948402d35","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":143,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"326903fe-e171-4d74-8ebb-3079267d2fbf","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":143,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"b8f2d6c6-1ba9-44cd-b52f-7b2bec72543a","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":143,"box":{"x":70,"y":672,"width":821,"height":11}},{"id":"8293fe27-87fa-4fd8-a9c0-b87e8ebebc00","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":143,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"faa50a61-8a9d-4ba4-b659-4bb8bdb04476","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":143,"box":{"x":68,"y":702,"width":804,"height":12}},{"id":"917a5f41-3e68-4cb5-81fb-a0927c0d01e6","block_type":"box","text":"residential, corporate and governmental customers.","page_number":143,"box":{"x":69,"y":718,"width":367,"height":11}},{"id":"e6bb7226-4109-4dc5-ad65-db97b1241d44","block_type":"box","text":"Gas.","page_number":143,"box":{"x":102,"y":740,"width":31,"height":9}},{"id":"b1527308-46eb-4932-a40d-37742aa14b4f","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":143,"box":{"x":139,"y":740,"width":740,"height":11}},{"id":"a26f409e-0e19-464c-a37c-f46ebf947912","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":143,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"23909da0-b0b4-4276-870e-415e502bf7a9","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":143,"box":{"x":70,"y":770,"width":756,"height":12}},{"id":"125359e7-57ab-406a-a3fa-cc3e6cbce6d9","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":143,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"1edfe24d-6251-4b82-a383-b4576c04c650","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":143,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"46a2f230-0527-4b51-96a3-26498f0d804d","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":143,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"63766f8c-376c-41ea-b412-ccfde9c30064","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":143,"box":{"x":69,"y":831,"width":782,"height":11}},{"id":"80665ad6-caa0-4e3a-b6c1-6eaf9d323b33","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":143,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"656619a9-10ec-4daa-80c8-776411d5f390","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":143,"box":{"x":70,"y":861,"width":691,"height":11}},{"id":"f6bcb47d-cf41-4a45-9521-cde21cfb5f9b","block_type":"box","text":"Water.","page_number":143,"box":{"x":103,"y":884,"width":42,"height":9}},{"id":"55a1782a-ab0d-4089-a3cb-d9635cc1877d","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":143,"box":{"x":151,"y":884,"width":754,"height":11}},{"id":"1dcb0d97-1497-4796-98d1-b8b9f7fe97bb","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":143,"box":{"x":69,"y":899,"width":796,"height":11}},{"id":"ee9f2b5a-dd91-4528-8325-60e420944a14","block_type":"box","text":"II-76","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4436af36-602e-44d5-a778-0bedae6503ca","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08407cec-89bf-45c4-9f86-39a0c7886228","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":144,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"59393471-5ceb-433a-ab72-26108fbab0b0","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":144,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"61c8f23d-722f-4257-9691-98703a4e2a13","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":144,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"6d3f1f5e-668b-440c-8224-67006d274792","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":144,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"774a892a-197c-4ed1-ad6c-837d9f9acf51","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":144,"box":{"x":69,"y":105,"width":662,"height":11}},{"id":"dde4b03d-cdf9-48c3-9f1c-b2731915617f","block_type":"box","text":"Utility Industries Generally.","page_number":144,"box":{"x":103,"y":128,"width":186,"height":11}},{"id":"b9fff645-337f-4ff5-9f48-647c53858213","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":144,"box":{"x":296,"y":128,"width":584,"height":11}},{"id":"075823e1-b4d5-4e41-9438-46771066e4d2","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":144,"box":{"x":68,"y":143,"width":837,"height":11}},{"id":"d121ab6a-4ae5-44c3-90bd-0035595fba9e","block_type":"box","text":"not develop in the future.","page_number":144,"box":{"x":69,"y":158,"width":178,"height":11}},{"id":"a0e9be4a-14f9-4b24-bf7b-8ba586fd6617","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":144,"box":{"x":103,"y":181,"width":585,"height":11}},{"id":"d5e972c2-2272-4bd0-b993-655b05ffd914","block_type":"box","text":"A Fund may purchase or sell","page_number":144,"box":{"x":694,"y":181,"width":200,"height":11}},{"id":"9279b6f7-d30c-4970-8f2f-eec2cb04e607","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":144,"box":{"x":69,"y":196,"width":795,"height":11}},{"id":"b65b6094-3bb7-465c-9eb6-2c670600aaaf","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":144,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"21b4386f-4368-46e8-bdd8-e3b4ff41f655","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":144,"box":{"x":68,"y":226,"width":820,"height":11}},{"id":"46c4a978-0629-4d38-82db-6b8a2e0d2638","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":144,"box":{"x":68,"y":241,"width":807,"height":11}},{"id":"d7295a05-264a-4fc4-8e6f-8609df3e4a60","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":144,"box":{"x":70,"y":256,"width":430,"height":12}},{"id":"3f54a980-1fe6-4c15-8505-5a6c6b5bb942","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":144,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"6df19437-8cdd-4a00-84be-0985d6460010","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":144,"box":{"x":70,"y":294,"width":823,"height":11}},{"id":"b6ab20ba-61ed-4482-a22d-1415cc770cf8","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions.","page_number":144,"box":{"x":69,"y":309,"width":587,"height":11}},{"id":"96dbeb67-592e-465e-9fb0-4459e0886c9b","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":144,"box":{"x":101,"y":332,"width":780,"height":11}},{"id":"9daa40c7-961f-42ec-8717-ef4e263c15c6","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":144,"box":{"x":70,"y":347,"width":823,"height":11}},{"id":"53d845c4-a696-4dc1-bf68-2c98155b7992","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":144,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"81bb439c-9f7f-4cec-a293-279a8a6fabd6","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":144,"box":{"x":68,"y":377,"width":839,"height":11}},{"id":"064039b1-2d66-422e-b278-28de90f075d1","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":144,"box":{"x":70,"y":392,"width":824,"height":12}},{"id":"fc69fb18-9b6d-4197-9b8b-f8c6a2a34234","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":144,"box":{"x":102,"y":415,"width":776,"height":11}},{"id":"9f841bb9-e370-40ca-a088-341bf8acea85","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":144,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"b15b961d-f63c-460b-acac-e56da1aabf6c","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":144,"box":{"x":69,"y":446,"width":799,"height":11}},{"id":"581c4f2e-972c-4444-bcc7-d9f61241c5af","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":144,"box":{"x":101,"y":468,"width":784,"height":11}},{"id":"e48a5f49-941e-4829-9c17-f0bebcc967a9","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":144,"box":{"x":69,"y":483,"width":772,"height":11}},{"id":"2000ac22-cf21-4a60-b79e-2be282ebdc0b","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":144,"box":{"x":69,"y":498,"width":434,"height":11}},{"id":"2be8c8b2-ba6e-4e8e-9e79-37a7ea4d04b7","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":144,"box":{"x":101,"y":521,"width":745,"height":11}},{"id":"31944a7d-0fee-47db-8145-c073c9252435","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":144,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"dbf4fb5b-9d35-4589-8464-61dd4f6a5e6a","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":144,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"f72dc527-0882-4c1d-b9ff-828c95bd5017","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":144,"box":{"x":68,"y":566,"width":514,"height":11}},{"id":"f809a257-6501-4dcf-9b6e-d8dabfb4505a","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":144,"box":{"x":102,"y":589,"width":759,"height":11}},{"id":"a220f7d3-1078-4f12-878d-f31f0d76ec95","block_type":"box","text":"securities (","page_number":144,"box":{"x":69,"y":604,"width":78,"height":11}},{"id":"344ea48e-049d-49ab-b2cd-2201e23ea9ec","block_type":"box","text":"e.g.","page_number":144,"box":{"x":148,"y":605,"width":25,"height":10}},{"id":"b0606e8f-83dd-4441-addd-18f759d27140","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":144,"box":{"x":176,"y":604,"width":686,"height":11}},{"id":"a6f29cc4-b613-4ac3-9672-652fb50a8c94","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":144,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"b5ca8054-82f5-401e-9c5f-9a5d04c8688b","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":144,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"2c9c9a52-8d3e-4c87-ad2d-d49025215c81","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":144,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"cca95fb5-a748-48d6-86e4-92909dc93e57","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":144,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"4105b886-f94a-4cdc-8a59-a9f176a928ea","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":144,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"270596ea-d9d9-4653-a839-1304bf674a97","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":144,"box":{"x":70,"y":695,"width":349,"height":11}},{"id":"20268d01-7c89-4938-a6ba-fdde2bd9ac55","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":144,"box":{"x":102,"y":717,"width":743,"height":12}},{"id":"8555439d-e5e0-4fe1-8cb3-162e5fa13865","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":144,"box":{"x":69,"y":732,"width":833,"height":12}},{"id":"ebcebb0b-e5a4-4eb0-b629-68a67f16a616","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":144,"box":{"x":69,"y":748,"width":771,"height":11}},{"id":"615a8ced-20b1-4505-8049-a65caee02669","block_type":"box","text":"counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":144,"box":{"x":69,"y":763,"width":798,"height":11}},{"id":"0a62e550-4c8f-476f-b7b3-cf4f41937fe5","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":144,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"94519e7f-18ad-4f94-ae65-374be5bb7228","block_type":"box","text":"certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":144,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"fb82b0f6-613d-4cde-964f-5e70e5d92af1","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":144,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"44fefd98-1dd1-4e89-a86b-0a6a4424ea8b","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":144,"box":{"x":68,"y":823,"width":812,"height":12}},{"id":"cea4b770-b98a-4ac8-85c2-1262d9d774b1","block_type":"box","text":"agreements.","page_number":144,"box":{"x":69,"y":839,"width":87,"height":11}},{"id":"ef7663bc-8047-4688-9d7d-3b5707841ab0","block_type":"box","text":"Yields and Ratings.","page_number":144,"box":{"x":103,"y":861,"width":139,"height":11}},{"id":"b4ed8323-a357-43c2-a075-b6afa5a4a238","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":144,"box":{"x":247,"y":861,"width":628,"height":11}},{"id":"5e9c5d9a-96ae-47d7-bcfb-e679013f1c29","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":144,"box":{"x":69,"y":876,"width":834,"height":11}},{"id":"410ddb63-8d86-4ed7-9a5c-3239e78f6fee","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":144,"box":{"x":69,"y":891,"width":799,"height":12}},{"id":"88262937-304d-45ef-8102-6ed9fa4f4126","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":144,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"2c2e29ef-04fa-4f50-8d89-28bb4d3ae87e","block_type":"box","text":"II-77","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f7afe011-6469-43f9-a7c4-5c2995161eb4","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad227762-74d8-4985-a997-da3c4cee92bb","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":145,"box":{"x":68,"y":45,"width":792,"height":11}},{"id":"5b855713-86fa-4e95-b26b-7d3fff3ce4ee","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":145,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"8bccf6c4-dfb5-4f51-b490-cbc1e6630ba0","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":145,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"0ba0913c-66a0-4e2f-8104-504e7c99ea39","block_type":"box","text":"continue to hold the security.","page_number":145,"box":{"x":69,"y":90,"width":204,"height":11}},{"id":"d9a151b7-db56-4160-bf39-56d41d2f913c","block_type":"box","text":"Zero Coupon Securities.","page_number":145,"box":{"x":102,"y":113,"width":175,"height":11}},{"id":"dbf4b4d5-8928-46d1-9c29-ce1524b4066f","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":145,"box":{"x":283,"y":113,"width":601,"height":11}},{"id":"bc9b51ac-90b7-4beb-9ba4-0052cb661199","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":145,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"4d94ec9e-6dbf-493e-9e5e-fd1f5f5a6a23","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":145,"box":{"x":69,"y":143,"width":822,"height":11}},{"id":"83d2bd9e-99d3-453f-93cc-d9c0694d6c96","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":145,"box":{"x":68,"y":158,"width":814,"height":11}},{"id":"8f907dd0-2824-4939-8f13-5ce9fe731001","block_type":"box","text":"security.","page_number":145,"box":{"x":69,"y":173,"width":57,"height":11}},{"id":"e40a41a8-edba-4da7-990f-e51656ee7cef","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":145,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"d1c74beb-b162-41cc-ad58-972d86cf48c5","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":145,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"f24e8c1c-9a77-4154-9013-b8cf05e46a05","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":145,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"0c1bb87a-e532-4910-ac10-1c6bc309eefa","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":145,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"450fbaf7-f8fa-4e8e-af1b-df755baeb460","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":145,"box":{"x":69,"y":256,"width":804,"height":12}},{"id":"e6a59b9b-1fe1-48e8-8ae1-6355f31f118e","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":145,"box":{"x":68,"y":272,"width":824,"height":11}},{"id":"fbfd8b80-e3a3-4fde-a203-80242e885b86","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":145,"box":{"x":68,"y":286,"width":805,"height":12}},{"id":"6455722f-b042-4f24-bdbf-40a23a89adc1","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":145,"box":{"x":70,"y":302,"width":837,"height":11}},{"id":"13bcb183-c26a-4a7b-b02f-46f1581f8f29","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":145,"box":{"x":69,"y":317,"width":791,"height":11}},{"id":"807f4e09-c9b4-4f01-8ab2-02faee514778","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":145,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"bd46ecc8-6faf-411e-ad38-abb99aff574c","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":145,"box":{"x":69,"y":347,"width":400,"height":11}},{"id":"1e63acac-1bb4-47a3-83c5-b3a3c1a83c6d","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":145,"box":{"x":101,"y":370,"width":775,"height":11}},{"id":"8459556c-1fed-42ee-83ba-2411c3b87ff0","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":145,"box":{"x":70,"y":385,"width":827,"height":11}},{"id":"983e5a4e-039d-43d8-91f8-f8b670de72a4","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":145,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"ff486c52-d09c-4702-a2fd-09de1b841e05","block_type":"box","text":"intervals.","page_number":145,"box":{"x":70,"y":415,"width":64,"height":9}},{"id":"4795dbe0-ec4a-4874-9960-a2ff8066ea03","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":145,"box":{"x":102,"y":438,"width":749,"height":11}},{"id":"e0426643-dd78-4870-9a74-625643ccc26c","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":145,"box":{"x":69,"y":453,"width":784,"height":11}},{"id":"afaecac9-1718-43d7-9c9c-12bc51a10b94","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":145,"box":{"x":70,"y":468,"width":799,"height":11}},{"id":"8768b3c1-bd04-4331-ba80-ae74b208f3b2","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":145,"box":{"x":68,"y":483,"width":799,"height":11}},{"id":"c2a20201-cd07-4f51-a47c-02fcc8dd9fc2","block_type":"box","text":"exposure to zero coupon securities.","page_number":145,"box":{"x":69,"y":498,"width":253,"height":11}},{"id":"49a9e5c9-94e7-44ff-88bc-8577ef6ccd2f","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":145,"box":{"x":102,"y":521,"width":740,"height":11}},{"id":"c83fb82d-5c42-4a00-97a3-fc8e7e1369f5","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":145,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"ad33de63-203f-43ea-9432-882a959bc2fd","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":145,"box":{"x":70,"y":551,"width":829,"height":11}},{"id":"01de2e07-a3be-40bb-90ea-55ae0a3725cc","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":145,"box":{"x":69,"y":566,"width":741,"height":11}},{"id":"ea7ed93e-5e5d-4759-a9fd-1cb530b5f0a1","block_type":"box","text":"Suitability. (All Funds)","page_number":145,"box":{"x":101,"y":589,"width":161,"height":11}},{"id":"07efb7d9-9f49-4dde-94d7-33300d4106f0","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":145,"box":{"x":101,"y":612,"width":793,"height":11}},{"id":"fd81a8eb-1f9b-4b09-a88e-498c02931b33","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":145,"box":{"x":68,"y":627,"width":811,"height":11}},{"id":"b9dbe66b-f8e6-4f09-aab5-283c6de993c7","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":145,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"666b6fd5-36dc-4d9d-9a60-5a8579c9b01e","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":145,"box":{"x":69,"y":657,"width":826,"height":11}},{"id":"4f2f7809-0531-4604-ba7c-327f88ef1a40","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":145,"box":{"x":68,"y":672,"width":460,"height":11}},{"id":"a21647ed-95e1-40ac-a1db-53c921098b4b","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":145,"box":{"x":102,"y":695,"width":264,"height":11}},{"id":"81c50b2f-cbca-41f4-92fe-e17d98b147f2","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":145,"box":{"x":102,"y":717,"width":745,"height":11}},{"id":"8064622c-5c48-4872-96ad-4e170540cf06","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":145,"box":{"x":68,"y":732,"width":807,"height":12}},{"id":"523e99a5-56e1-4012-be77-9249d93977f4","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":145,"box":{"x":69,"y":748,"width":528,"height":11}},{"id":"b87e8f86-28b9-4d10-a71e-fd1aa7ab9d8e","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":145,"box":{"x":102,"y":770,"width":735,"height":12}},{"id":"1f262cfb-8d5c-4053-b628-42e87222b8f5","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":145,"box":{"x":69,"y":785,"width":775,"height":12}},{"id":"fac7bc51-5d17-41e7-90d1-f99d0cfb6e30","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":145,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"bcb25c45-0296-4166-9d19-8d73b2d53443","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":145,"box":{"x":69,"y":816,"width":799,"height":11}},{"id":"1668478a-8d51-40df-b3ef-e2bdbd9eb065","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":145,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"031f3364-22c4-4581-8066-61e70c0f6f66","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":145,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"8d9e5986-8d30-423b-99ba-193abd171711","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":145,"box":{"x":68,"y":861,"width":802,"height":11}},{"id":"21b7e6e9-c828-4242-8752-712783fbe0c5","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":145,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"ae4c173a-240f-4a63-8af1-ed82d9fd6863","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":145,"box":{"x":68,"y":891,"width":819,"height":12}},{"id":"f65ec1d6-9332-4d11-84bd-a0e8648edf5e","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":145,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"417148d8-eb70-4ca0-96c9-4353b00cf09b","block_type":"box","text":"II-78","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f41dd89-4464-469c-9bea-09f96eaa7358","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"121ae9c5-ef39-4043-bc5a-19f937012490","block_type":"box","text":"(","page_number":146,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"146c4e56-a2d5-44c3-a133-f1f9a8c04e90","block_type":"box","text":"i.e.","page_number":146,"box":{"x":74,"y":45,"width":21,"height":9}},{"id":"ee8b2f17-9613-4b93-8233-1d9f593c907e","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":146,"box":{"x":97,"y":45,"width":806,"height":11}},{"id":"b1d6cc74-f34d-4ad4-813c-98333ae6d886","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":146,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"fa5a7f71-3638-4ca7-a32e-1e599fba8a82","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":146,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"4f6db744-81ad-44fc-a37c-d248bd67da3e","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":146,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"0e1aa9d2-43a1-4078-b34f-d40370de8272","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":146,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"7e0a0f49-6c88-4aaf-8d95-3930c1549076","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":146,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"8b8b6393-87ff-45c8-90d2-e58103f06499","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":146,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"2d045432-9b2d-4ad7-9f3e-13eaa92f92ed","block_type":"box","text":"regarded as the sole issuer.","page_number":146,"box":{"x":69,"y":151,"width":198,"height":11}},{"id":"8985ebaa-8273-41a3-b093-631d2f26d2e6","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":146,"box":{"x":102,"y":173,"width":784,"height":11}},{"id":"a033ead5-a22e-441e-9549-30b9fe0438fd","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":146,"box":{"x":69,"y":188,"width":819,"height":12}},{"id":"a89ecb5b-15e0-45d8-b6b5-907e03bd7fe7","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":146,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"4ae7df2d-1eed-4ef2-9273-ac9a00c6a205","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":146,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"a297d158-4fa0-485c-b486-75f8e114d9af","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":146,"box":{"x":70,"y":234,"width":834,"height":11}},{"id":"bdb95bbb-9b51-491f-989d-ca92c9ab4a11","block_type":"box","text":"75% of its total assets.","page_number":146,"box":{"x":69,"y":249,"width":165,"height":9}},{"id":"8470df18-6401-42be-9a90-4ae6c9bef6b0","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":146,"box":{"x":268,"y":278,"width":442,"height":10}},{"id":"808fc20d-a8b3-4405-adff-a09f5ac4780e","block_type":"box","text":"Directors and Officers","page_number":146,"box":{"x":69,"y":309,"width":159,"height":9}},{"id":"bf191881-903f-40fb-bc8a-a782a6db08e6","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":146,"box":{"x":102,"y":331,"width":733,"height":12}},{"id":"3d012767-c487-47a0-add3-c3003a84881e","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":146,"box":{"x":69,"y":346,"width":783,"height":12}},{"id":"fd301286-29c5-43af-a83e-3bef6148c6b2","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":146,"box":{"x":69,"y":361,"width":795,"height":12}},{"id":"458a2059-3bff-429f-851d-cd4efeac1a69","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":146,"box":{"x":69,"y":377,"width":789,"height":11}},{"id":"47ce17d3-c964-4691-982d-f31b4a12f65f","block_type":"box","text":"Management Arrangements","page_number":146,"box":{"x":69,"y":407,"width":202,"height":11}},{"id":"b75c0a05-46f5-4c40-a317-f61f010c3e7e","block_type":"box","text":"Management Services.","page_number":146,"box":{"x":102,"y":430,"width":162,"height":11}},{"id":"3b975317-7b8b-440e-9246-de0f0d73696d","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":146,"box":{"x":270,"y":430,"width":615,"height":11}},{"id":"59c103f0-a1df-4762-b9a1-d8342cb2d052","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":146,"box":{"x":69,"y":445,"width":836,"height":11}},{"id":"8da62789-b003-4c70-aeae-e2c705c9b54d","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":146,"box":{"x":70,"y":460,"width":820,"height":11}},{"id":"18786697-f08e-443c-ba40-d15861116bf8","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":146,"box":{"x":68,"y":475,"width":832,"height":11}},{"id":"3e1678a7-f89b-4eef-8822-2a770cc0cdcf","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":146,"box":{"x":70,"y":490,"width":801,"height":11}},{"id":"8fc6b5d1-6019-4a02-a36e-696de77f8189","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":146,"box":{"x":69,"y":505,"width":370,"height":11}},{"id":"a9ffcc15-b46d-4124-a4dd-5f4134851eb1","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":146,"box":{"x":102,"y":528,"width":778,"height":11}},{"id":"a48fb78c-d321-423b-bcda-d57a5fd38baa","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":146,"box":{"x":70,"y":543,"width":800,"height":11}},{"id":"61fe01e8-c0c2-46e4-bf19-1b2e4b7bd564","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":146,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"1facc61d-c70d-4d8e-ae2b-d7f3577116ae","block_type":"box","text":"Management Fee.","page_number":146,"box":{"x":102,"y":581,"width":126,"height":11}},{"id":"b8988bf5-c3a2-49ee-a68e-aa4bd3a69e11","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":146,"box":{"x":235,"y":581,"width":646,"height":11}},{"id":"ccefa756-8802-4108-a03f-1957d85169db","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":146,"box":{"x":68,"y":596,"width":841,"height":11}},{"id":"d4be9556-f0c8-4293-858e-851cb9e9aefa","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":146,"box":{"x":69,"y":611,"width":833,"height":11}},{"id":"f1efb782-d1b2-4b6c-bf4a-aace6f35600b","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":146,"box":{"x":68,"y":626,"width":746,"height":11}},{"id":"f9c7681d-8e3d-4733-8574-7891bced044e","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":146,"box":{"x":70,"y":641,"width":825,"height":11}},{"id":"cbc87ebe-2676-418d-b8f2-927a6c7d9ced","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":146,"box":{"x":102,"y":664,"width":774,"height":11}},{"id":"0c8b8f25-d91a-4ac6-820e-092c0079946d","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":146,"box":{"x":69,"y":679,"width":826,"height":11}},{"id":"da7d483a-6a8a-46e3-9056-9372e50e561c","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":146,"box":{"x":70,"y":694,"width":820,"height":11}},{"id":"f53f752a-4e20-4d97-b678-d636ef5c5432","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":146,"box":{"x":68,"y":709,"width":797,"height":11}},{"id":"d887598c-09e8-4805-854c-6a0afb918fb1","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":146,"box":{"x":70,"y":724,"width":830,"height":12}},{"id":"2ebaded5-160d-46b9-ad34-53bca34681fb","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":146,"box":{"x":69,"y":739,"width":802,"height":12}},{"id":"517c672d-8d6a-4f16-9f48-762b3e802cee","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":146,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"b8800566-28d7-43e4-94a4-16a446443ac1","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":146,"box":{"x":69,"y":770,"width":838,"height":11}},{"id":"5fe68017-6934-4698-9495-7d04192c64d2","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":146,"box":{"x":69,"y":785,"width":830,"height":11}},{"id":"0fdae8d7-4348-4a0b-a108-b64acfbee95e","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":146,"box":{"x":70,"y":800,"width":784,"height":11}},{"id":"40fc29c8-6f7a-466a-bdb2-8329e4f53ff6","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":146,"box":{"x":69,"y":815,"width":767,"height":11}},{"id":"591502ea-97d9-4e09-83df-f23993448745","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":146,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"d3fc7213-ffd6-4d06-8cc2-63d01ec77ff7","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":146,"box":{"x":69,"y":845,"width":830,"height":12}},{"id":"8d95b624-3e83-4fba-974f-57a13668344b","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":146,"box":{"x":69,"y":860,"width":794,"height":12}},{"id":"be67a0fb-e757-4845-a843-a922f20622d2","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":146,"box":{"x":69,"y":875,"width":786,"height":12}},{"id":"ce98aced-449d-4593-960a-c0711ea2f3f8","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":146,"box":{"x":69,"y":891,"width":790,"height":11}},{"id":"d148c52a-c068-471b-8cd0-a5d53927b06c","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":146,"box":{"x":69,"y":906,"width":817,"height":11}},{"id":"94399af6-f23b-4957-9fa0-2d77d5d34cec","block_type":"box","text":"II-79","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34c3754a-a6cf-4226-98a9-9c17f03bc23a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dcac6a36-0b45-4705-9c30-ccf18e89bf1e","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":147,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"42f7b50e-6a03-48e4-a741-5dc812ab1a37","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":147,"box":{"x":70,"y":60,"width":743,"height":11}},{"id":"f0e4ba91-04ad-435b-b3ce-b0ab4357ed58","block_type":"box","text":"Sub-Advisory Fee.","page_number":147,"box":{"x":102,"y":83,"width":124,"height":11}},{"id":"ccd36c1e-04b3-4bea-810a-35aabd978668","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":147,"box":{"x":232,"y":82,"width":643,"height":12}},{"id":"0ff7b7b3-e9aa-4c01-b733-9c98a472da91","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":147,"box":{"x":70,"y":98,"width":839,"height":11}},{"id":"8436d638-f968-4325-a1cd-68eed4d6da21","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":147,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"a06e9a76-67af-4c65-b15d-ec8119350c82","block_type":"box","text":"Organization of the Manager.","page_number":147,"box":{"x":102,"y":135,"width":204,"height":12}},{"id":"2f710a63-43c2-4e8e-8875-39dc26a8d4cc","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":147,"box":{"x":313,"y":135,"width":560,"height":11}},{"id":"228c626b-fa2d-446b-8c18-b13e7c0aedad","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":147,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"6ac58025-ccb9-42ba-9de3-b5087067c90e","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":147,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"04fea5fb-417f-4de9-801e-fabfc5cc3bee","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":147,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"875a0aad-b5e5-47ba-b11c-7a1a6d313a3d","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":147,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"111049cc-b227-4666-8fcc-bd66c58c93cf","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":147,"box":{"x":69,"y":211,"width":517,"height":11}},{"id":"1acd0e63-5931-4cd7-9ac8-15ff925ffc7f","block_type":"box","text":"Duration and Termination.","page_number":147,"box":{"x":102,"y":234,"width":182,"height":9}},{"id":"1dd69385-8257-423d-9ec8-6c0e71aaa7ec","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":147,"box":{"x":292,"y":234,"width":613,"height":11}},{"id":"f83f5cc8-1d66-45e1-9330-8a8931a312b5","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":147,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"2087fe6a-b7f9-4096-ac7d-a92937f99ee4","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":147,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"9490d37c-c28a-4eb0-9f92-2a42b56dc887","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":147,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"7d857db6-9724-4597-9576-9e4b9441116c","block_type":"box","text":"in the Investment Company Act) of any such party. 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For its services to a Fund, the Administrator receives monthly compensation at the","page_number":147,"box":{"x":69,"y":408,"width":808,"height":11}},{"id":"21f2cf40-08e9-4924-8712-138c520c0bc7","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":147,"box":{"x":69,"y":423,"width":833,"height":11}},{"id":"c96508f9-e9a3-4e49-8cbd-fd2633551068","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":147,"box":{"x":68,"y":438,"width":738,"height":11}},{"id":"7f063760-d231-47ef-aa46-c94a575c3d94","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":147,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"db2f45fa-862f-405d-ade8-60002a66bfac","block_type":"box","text":"that Fund’s SAI.","page_number":147,"box":{"x":68,"y":468,"width":113,"height":9}},{"id":"59a1cc87-d866-45b2-a0ee-3d5703200055","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":147,"box":{"x":102,"y":491,"width":755,"height":11}},{"id":"d9457ce4-72cf-4826-8391-70fa2d9f78e6","block_type":"box","text":"certain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":147,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"b70142cd-32cd-48fc-83b0-1ca7faf565ae","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":147,"box":{"x":70,"y":521,"width":809,"height":11}},{"id":"7bd26cbc-d28b-460a-a37d-db5b9926943c","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":147,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"2c008802-bbca-423f-9d1a-810e34dd2a96","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":147,"box":{"x":70,"y":551,"width":362,"height":11}},{"id":"46651031-3c3b-4793-8eaf-90707ab51081","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":147,"box":{"x":102,"y":574,"width":390,"height":11}},{"id":"1df17664-7968-40e1-bef1-0c9e4180297d","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":147,"box":{"x":499,"y":574,"width":364,"height":10}},{"id":"d6c18fc9-a250-4b43-89a6-37a4a4d1dc77","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":147,"box":{"x":68,"y":589,"width":832,"height":11}},{"id":"031ad1a5-9246-499c-83f9-ab4243a7161f","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":147,"box":{"x":69,"y":604,"width":802,"height":11}},{"id":"55b9fdaf-9124-4fda-bff9-47e50995fe72","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not parties to such contract or","page_number":147,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"778cf81d-1378-4a7f-b555-759abefddc06","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":147,"box":{"x":70,"y":634,"width":810,"height":12}},{"id":"791ea4c4-64a9-4b66-828e-ccf816018998","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":147,"box":{"x":69,"y":649,"width":805,"height":12}},{"id":"7af1681b-50da-4f88-acab-39cf677fb479","block_type":"box","text":"shareholders of the Fund.","page_number":147,"box":{"x":69,"y":664,"width":181,"height":9}},{"id":"159341a1-7132-443b-9b3a-bfd29a1192a3","block_type":"box","text":"Transfer Agency Services.","page_number":147,"box":{"x":103,"y":687,"width":180,"height":11}},{"id":"c71107ce-8606-4c95-95b8-16e606cdf8a7","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":147,"box":{"x":291,"y":687,"width":595,"height":11}},{"id":"0308d99b-8cf1-4ada-b6d1-6a5c19c2f177","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":147,"box":{"x":69,"y":702,"width":816,"height":12}},{"id":"18cd8e4f-bfd2-4329-b682-7e1bd3b87b19","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":147,"box":{"x":68,"y":717,"width":833,"height":12}},{"id":"394650a5-dbaa-4ab6-815f-0975168b5a03","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":147,"box":{"x":68,"y":732,"width":792,"height":12}},{"id":"7789a05b-8848-4fed-8eb3-d00e33775485","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":147,"box":{"x":68,"y":748,"width":819,"height":11}},{"id":"de17b12e-1814-404a-93f0-8a9358443579","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":147,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"0e4e0bca-9fa1-42e8-a2e5-11feaba4f3c4","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":147,"box":{"x":70,"y":778,"width":831,"height":11}},{"id":"2ab38df3-0add-4c65-a0e4-cd7819487ebb","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":147,"box":{"x":68,"y":793,"width":813,"height":11}},{"id":"8686c8f9-bbe8-4ccc-af18-6a30d5d2019d","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":147,"box":{"x":70,"y":808,"width":836,"height":11}},{"id":"804ae5f0-acb4-4b72-a3ed-bf7a0e26d789","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":147,"box":{"x":69,"y":823,"width":806,"height":12}},{"id":"a9ff7974-84da-4b85-897f-ba3695cf14ac","block_type":"box","text":"class on a recordkeeping system.","page_number":147,"box":{"x":69,"y":839,"width":238,"height":11}},{"id":"51bfeb8c-76a1-4321-8768-610fdf8ecfaa","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":147,"box":{"x":102,"y":861,"width":338,"height":11}},{"id":"e978e1e7-32cd-4c70-ba41-344537529b4a","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":147,"box":{"x":446,"y":861,"width":441,"height":11}},{"id":"535f661b-bcd7-4695-90bf-1c1edc332298","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":147,"box":{"x":69,"y":876,"width":840,"height":11}},{"id":"abd353fb-9af7-4f5f-80bd-ed4d0dd68b78","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":147,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"66a8ba87-c26a-4b41-b929-4f55f19cef2d","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":147,"box":{"x":69,"y":906,"width":627,"height":12}},{"id":"5645fe37-c873-415a-ae62-bbff1f06e09b","block_type":"box","text":"II-80","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"110d1af3-d46d-432f-b050-6cb039695747","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e63a7da3-69bb-48c2-b163-bf47e285192d","block_type":"box","text":"Custodian Services.","page_number":148,"box":{"x":102,"y":45,"width":141,"height":9}},{"id":"b196eb7c-2a32-4f4b-b192-49065826c77d","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":148,"box":{"x":249,"y":45,"width":654,"height":11}},{"id":"de989462-1f1e-40a5-822f-0157ded69d3b","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":148,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"0e181748-0e9b-4ce6-83cb-40e8e6747797","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":148,"box":{"x":70,"y":75,"width":814,"height":11}},{"id":"a6a00011-f29e-4402-8ff2-3d478515fe2e","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":148,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"ec7dc9ea-df9f-4ea9-9a13-75c097359666","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":148,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"6141d569-4517-441f-8c93-cf6f9352c1bb","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":148,"box":{"x":69,"y":120,"width":792,"height":11}},{"id":"e9125242-341b-4319-8d2e-a311341c7e47","block_type":"box","text":"certain assets.","page_number":148,"box":{"x":69,"y":136,"width":106,"height":8}},{"id":"333cfdff-d472-413f-9eb2-0a9dc651fa34","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":148,"box":{"x":102,"y":158,"width":716,"height":11}},{"id":"821302bb-2692-48eb-8a3d-6e4e4f240a65","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":148,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"9d7eef76-2737-473a-bbca-7c37012b20cd","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":148,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"22659539-fb18-4347-b5fc-4600a16a3b6a","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":148,"box":{"x":69,"y":211,"width":834,"height":11}},{"id":"388d806d-9d10-49db-91ba-eec0b526991b","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":148,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"4a9c8aa5-7cc9-4963-9e50-f2e7fd627ecc","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":148,"box":{"x":69,"y":241,"width":807,"height":11}},{"id":"51878f88-80aa-45b7-b200-0095d51f3889","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":148,"box":{"x":68,"y":256,"width":836,"height":12}},{"id":"300fbde5-8d78-485d-a887-ebb16d29d808","block_type":"box","text":"Fund.","page_number":148,"box":{"x":70,"y":272,"width":36,"height":8}},{"id":"d8b01219-84ce-46c5-a616-7ed5cd03bb3a","block_type":"box","text":"Accounting Services.","page_number":148,"box":{"x":101,"y":294,"width":148,"height":11}},{"id":"3a4a77d8-692f-4e7e-9999-8f4f00096aa3","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":148,"box":{"x":256,"y":294,"width":641,"height":11}},{"id":"e1f9d603-a9b5-4a64-8d56-d0c6b7b214df","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. Each","page_number":148,"box":{"x":68,"y":309,"width":829,"height":11}},{"id":"cc862719-ad9c-4e4e-a412-b0e7e6c845f0","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":148,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"4f0165d7-deb9-463e-8fe9-dfa64d1a13af","block_type":"box","text":"Master LLCs.","page_number":148,"box":{"x":70,"y":340,"width":91,"height":8}},{"id":"65bfa2f7-6ffe-4ab5-8a24-ca4ea5d6f346","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":148,"box":{"x":102,"y":362,"width":771,"height":11}},{"id":"941a0ebe-9376-49c2-93f9-3bed65ab70e7","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":148,"box":{"x":68,"y":377,"width":810,"height":12}},{"id":"62ddee1f-83e7-47da-ad84-72b5fa297e24","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":148,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"3c489739-f58d-4660-9894-99f3198ef4bf","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":148,"box":{"x":69,"y":407,"width":386,"height":11}},{"id":"da3388ea-8644-41b1-a8b3-f742c50013a5","block_type":"box","text":"Distribution Expenses.","page_number":148,"box":{"x":102,"y":430,"width":158,"height":11}},{"id":"ae3a0bff-e684-405c-afdd-e3d7af68a3d5","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":148,"box":{"x":267,"y":430,"width":614,"height":11}},{"id":"075ec065-d748-46d6-9fbe-343c6b25f536","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":148,"box":{"x":68,"y":445,"width":807,"height":12}},{"id":"c53d53ea-4a0e-499f-a779-8d7d6df40483","block_type":"box","text":"Agreements obligate the Distributor to pay certain expenses in connection with the offering of each class of shares of","page_number":148,"box":{"x":68,"y":460,"width":842,"height":12}},{"id":"f1744936-b79f-4ecc-b484-fab7db162b4d","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic reports have been prepared,","page_number":148,"box":{"x":68,"y":475,"width":813,"height":11}},{"id":"4d072f3b-49e7-4d86-b39d-83bf2773dcb1","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":148,"box":{"x":69,"y":491,"width":836,"height":11}},{"id":"20423ae0-0094-4c8a-9095-6a5325655fed","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":148,"box":{"x":70,"y":506,"width":799,"height":11}},{"id":"4ac39fc1-2cba-4878-98d5-9d0477fbabb1","block_type":"box","text":"literature and advertising costs. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":153,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"2ba747a5-baf4-4807-813f-34f7214b8a0b","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":153,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"3958df52-2f79-46a9-ba77-04a0ea043cb7","block_type":"box","text":"13. 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The Funds, BlackRock and their affiliates do not","page_number":153,"box":{"x":69,"y":465,"width":811,"height":12}},{"id":"9cba21de-4e23-4965-97f2-a5d61ea5887d","block_type":"box","text":"receive any compensation or other consideration in connection with such arrangements.","page_number":153,"box":{"x":69,"y":481,"width":626,"height":11}},{"id":"829a04dc-783e-4f43-91ee-529165036a49","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":153,"box":{"x":101,"y":503,"width":728,"height":12}},{"id":"d3810dd9-75a7-4880-a1a2-da3014e03b04","block_type":"box","text":"individuals or firms to which it has been disclosed. 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Such other funds or accounts may offer exposure to strategies that are identical or","page_number":154,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"bbb80bf4-3eae-4252-aed5-3da6263e3ea6","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":154,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"e80c8dd9-9dac-4a21-bf80-6ee9ab406619","block_type":"box","text":"services provided by BlackRock","page_number":154,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"a1fb895c-253f-4e61-b6c4-efb55dcd8d22","block_type":"box","text":".","page_number":154,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"22918edc-c966-4ee7-8c2e-db351bc24870","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed","page_number":154,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"bdc4bbee-8418-44f7-97f0-12f9b6b2deef","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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In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":154,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"2165a32f-c2f5-4aa4-935c-ce1921bfb74c","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":154,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"88192a24-4654-4bbe-962a-57e519814e70","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, particularly, but","page_number":154,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"4d7303b8-74bb-4054-a841-b116e62de908","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":154,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"104100ec-b653-42fd-b448-a1e13573898b","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":154,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"3bb3c234-0939-4d8a-a041-baa387c5a6d8","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":154,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"2cdb6ee3-971b-47d4-a3a2-c3a47b5edd72","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":154,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"5d9875d2-fc83-418f-b9d4-0c070c266c74","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a short position by a Fund may impair the","page_number":154,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"4b89c06b-21a2-4b95-8006-56a9e8bff6af","block_type":"box","text":"price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":154,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"ad9f63eb-8cb1-4ea2-a75e-b7e3267c074c","block_type":"box","text":"purchase of a security or covering of a short position in a security by a Fund may increase the price of the same","page_number":154,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"9c47e69d-b63d-4af9-a067-26c3366a88f3","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":154,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"7695cd27-3273-4ebf-b6d8-ef2325f73850","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":154,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"59423616-0996-4117-aad7-8327854ce469","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":154,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"462baeda-6d4b-4277-9002-607175719bec","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":154,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"9e92caff-71a2-447f-a010-975c7054ff83","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":154,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"847fab4d-f946-4e48-8b63-51be36f65f5b","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":154,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"059f9d6a-df0b-4f40-aacc-40d444e9565c","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":154,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"4e7fe4d8-bb40-4d7e-95ea-057dabba16e8","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":154,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"56d75c80-8360-4e1b-ba47-18724d31d0db","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":154,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"3c24304a-fbeb-4347-885e-ced5d01891a9","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":154,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"a3483cc1-01b7-4728-a63b-8c2b0c5cebe0","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":154,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"33a0da8d-4764-42d0-bd8a-8e79b27dc0d3","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":154,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"ed3b9b12-7fc9-439c-a15b-f6b30ff062b7","block_type":"box","text":"Funds.","page_number":154,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"9e3c6841-a11b-4f2c-b2f4-a49d11d0c481","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":154,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"21141364-a835-4754-af3e-57ecb07e334e","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":154,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"adb39380-a900-4651-a473-3e1011f928af","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":154,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"64de7165-2d18-48ca-b5db-141f52ffed47","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":154,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"e4609a14-2f77-4058-b7cf-cc60dca800c7","block_type":"box","text":"II-87","page_number":154,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d25bcb0e-e824-43dd-9ebc-f00953ec7977","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48068558-74a8-4335-a139-1f70edce99de","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":155,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"e8f7d674-aedb-4a3c-9e9a-16e9ae61955b","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":155,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"877c3359-25e2-46b4-a89b-f3e72ab1f6ed","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":155,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"0a190eb7-16cb-4ab5-b90d-f1a82797d5ea","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":155,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"97129e45-a2a0-426c-844a-0e1560874288","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":155,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"13a51cfc-9870-4b37-b312-1b1b504a067d","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":155,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"39881d3e-c2e8-4ddf-993f-273643ace548","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":155,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"9bc3e2e1-10af-40b9-8878-cc97a7d01c08","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":155,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"a9e34073-afae-4da7-8990-7d95f5d96dbd","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":155,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"555e6688-1371-4f75-adb8-938bd9671a14","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":155,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"30cb7834-d785-4063-b235-767e3732b9c2","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":155,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"fa228813-9927-4f05-b84a-266bd6872daf","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":155,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"a273f20f-0486-4744-b403-9cf65ee9ad0a","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":155,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"71f6a9a5-bcee-481f-aff6-0a60a9350262","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":155,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"9312f939-a570-42e2-a19e-8fb729789214","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":155,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"ad6d7178-5539-4dc5-8dea-73d311d4f6e3","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":155,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"6c595244-66e9-498c-b802-55fbb22fe1e3","block_type":"box","text":"case.","page_number":155,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"e8f8b3c5-c32d-41a3-9f3a-2b204ad75986","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":155,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"556f0d70-c47a-416c-8628-7aa90c255853","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":155,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"33486e77-0337-4ca6-b47d-c47335cf1530","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":155,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"e08b245a-7fdf-4eeb-b8fb-84474ebd28ce","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":155,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"df40ff20-3c52-4b0b-ac8c-16df5c99f544","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":155,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"3421fd3b-1145-4e85-b827-4dd0207569d5","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":155,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"b3da676c-4c3a-4aed-810e-251a51702bc3","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":155,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"e83bccee-a0a0-48a8-b61b-5498003507f4","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":155,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"547a8172-fc4c-47ef-b300-9f27623ee9d6","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":155,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"ce1dd83f-669e-4e51-af39-38b41fdd7d08","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":155,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"4fd3b8f1-ac30-4128-84c7-491d3a2f07a4","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":155,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"6c824d05-f140-41ab-9daf-a9b8d6c7c057","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":155,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"6f5cd608-7992-4b4a-8804-e9c417c9809f","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":155,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"5827991a-0104-48e8-9f09-5ac26248a3fb","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":155,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"d0b6b83b-76dd-4c93-9dce-a838b4cf007f","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":155,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"b19765d2-8ae4-4223-9fb4-8549f40156b8","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":155,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"4d2efb2f-9dee-4818-bb83-f458a606d029","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":155,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"d8d08add-2e92-4ecd-95ac-5fa2d4a4f42f","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":155,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"8f3bfbff-85b5-4841-aaa5-17fcc256b408","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":155,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"0d84a54b-19b8-4e2c-8c19-2556130e1c2d","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":155,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"5f717b23-2c60-4483-b8e5-d4f9ee2146a2","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":155,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"df4df584-8f81-4fe2-9a55-568bf709fd76","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":155,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"13e91f16-bb67-4c20-b78a-dd3a8abc57be","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":155,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"e9a34ccc-d583-4d10-97e5-b7db24c4b7d7","block_type":"box","text":"managing a Fund.","page_number":155,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"ba975450-b2d5-48e9-bbcd-3b578f6bf334","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":155,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"2df62d02-403f-4217-9cf8-b9a7f3d8bbc2","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":155,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"fd4fb3e4-5134-47e0-9567-8ead0e494043","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":155,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"ca012003-4a31-4795-a556-b570b03d36e5","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":155,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"45e35771-966f-4772-8aca-21180230ba7d","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":155,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"34065261-d049-471c-bc22-bfb1c491a609","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":155,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"49fe43f2-da35-4b2f-a86a-35719f2d8c75","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":155,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"5ad77377-d344-4d66-9594-0ecb85e77f83","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":155,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"82764d11-1c87-4164-ad6b-8bf4e0c8249f","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":155,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"f22b0a33-f384-4a05-917b-e63e1a6cd727","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":155,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"3d017c43-6fc9-4e71-a634-2253d04a7642","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":155,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"0c2e879a-ab0b-41c2-a831-7675e627daf8","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":155,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"02e9dfc1-ee27-482c-a5f3-e900d239d56a","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":155,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"5fceab06-6851-41a1-bf2e-529c35edcd02","block_type":"box","text":"II-88","page_number":155,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5a23436-618e-456f-8cb4-8d5c75ce318f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a607d1b-3c40-4e7e-897d-5a3f3e936482","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":156,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"5507669e-972d-4b8c-92aa-2c0b586e6415","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":156,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"1a0322a9-764d-4c31-b1a7-162d10ebcfcb","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":156,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"92baf713-e154-421f-acd3-d223c1d70864","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":156,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"349fe8c9-87cb-4ea6-8029-88e1df83a85b","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":156,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"db9fef97-155b-433b-a68d-8b20018b4887","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":156,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"7c7eddb6-339a-4c64-bf82-5c2415cec6d3","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":156,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8857bdfc-124d-4012-a70f-a9b6604d8ca8","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":156,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"05985a53-c3be-43bb-b1ab-26192ef931c0","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":156,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"82430101-6eda-4260-8b10-abac9ab4219b","block_type":"box","text":"under management for BlackRock.","page_number":156,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"78447e4e-936d-45a4-aca5-12a30a6cee9b","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":156,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"7c62684f-3f91-4ae3-94fd-b6271588fe46","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":156,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"9d4ecd01-48ec-4c77-8c6f-9adb935a4659","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":156,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"2f482f9c-a29c-48c7-b2e3-73a5eb54a333","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":156,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"1d1ddbde-b0b5-471a-95e7-793d17bde4c2","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":156,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"ebc730cb-08a6-4322-956d-3cec3fe7b1e7","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":156,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"14e8857d-fb6c-4f87-80df-a37194681a23","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":156,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"de2b5882-a84e-452f-9cd1-49203fd7bb60","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":156,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"7bf24ccb-a1cc-445c-b469-ff67423487f2","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":156,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"e7a5cfb5-9712-4be4-8ea6-05bcf7939a92","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":156,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"9b5d14f2-83f1-4519-b682-c2bc44ca3ca3","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":156,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"fffee9a6-d53c-4fb4-996c-b1e948506cbf","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":156,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"f0d8e5b5-5b3b-47bf-bbdd-5798c0080111","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":156,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"8e70833b-a08e-4e8d-aef9-c6a478608a72","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":156,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"ee4ea415-0676-4e15-a926-7e6e8f1c63bc","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":156,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"b7e0bd21-f3b6-4636-9c84-7ce0145002e7","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":156,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"4cb45070-ec29-4bdd-aa09-a0f02b1b3422","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":156,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"13ed5f61-029c-487d-97e8-99165278aee4","block_type":"box","text":"any such fees or other amounts.","page_number":156,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"be8e9d02-3d77-464e-bbef-209f6ebb04ba","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":156,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"d7c1bb8c-67d7-4119-b0d4-24d020d45b59","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":156,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"ad8a0519-7855-4fce-bdb1-02993d1e0e9a","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":156,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"b62f350f-ae85-40e1-95e5-1211c9574525","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":156,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"ee63b184-ba21-48de-9b34-82ebb1808eef","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":156,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"7042097a-e403-4d09-bf2c-ee914177f6bf","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":156,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"d85c40b8-7d1f-4331-8da6-0e404241be41","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":156,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"bbc57063-2102-4183-9f13-617722519876","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":156,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"4be0bb2a-8e62-43f8-b164-5c586eba568d","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":156,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"1fdc18c5-1e3e-4d57-b16b-47a1b6e80cce","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":156,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"93c65a2d-f3bc-42ce-8d54-c2cca5d45353","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":156,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"aadf156c-0bc1-4092-86df-bb0b4edbba47","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":156,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"0793072d-895b-4b93-8f3b-6ae9cbc58d78","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":156,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"a9bb736b-f2ad-4a45-9071-19b3bc082c14","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":156,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"562875c5-9c37-4614-825d-2499fa32d7bd","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":156,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"93e134fa-a47f-4c8b-9125-0e5d7feff6e4","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":156,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"2216f705-a714-4862-bbb2-bd82bc5ee320","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":156,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"8457ac95-445e-4ebc-8090-0e839121d1ea","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":156,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"225424d6-85a6-4b92-b424-1ea630a7eef7","block_type":"box","text":"potential dollar exposure of collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities","page_number":156,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"b354430d-0cf8-49e6-a82f-45bde8b3582b","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":156,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"480f71e0-92b5-4ded-8443-fb901501164b","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":156,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"b103ca38-a5d4-4609-8941-51809007168f","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":156,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"cf57cdfc-4b2e-49b4-a9b4-a5956773cefb","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":156,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"15c051e2-edcb-44e2-ae6b-93960a3f36d0","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":156,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"02fdbef3-9692-4dac-94b5-983e1f8aa93e","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":156,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"9f50fe7d-3173-4a9d-bb15-9ceb3ca11891","block_type":"box","text":"II-89","page_number":156,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dacfd5f4-bfcd-48c7-a815-efcb3505e0aa","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35f17ddf-8df6-4f16-9d6d-bf5a08a51653","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":157,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"221e080e-8771-4eb9-9a93-315b2e45ed5b","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":157,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"90882a65-f206-426c-afac-118df7001ed4","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":157,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"6fdac2af-8f7d-40d0-bbad-fb11e3a5cca9","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":157,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"7f3143ff-b749-4e4c-9374-4b7bfd1fb5c3","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":157,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"1bb45e85-1e9f-411e-b16f-5ac92ea04df4","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":157,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"d8e1076e-491f-42bb-bbb5-9da01eb18710","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":157,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"188fa619-923d-4ae3-91cd-dd0628680c50","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":157,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"ef30240a-c780-4465-856d-6a3a8cbeabc5","block_type":"box","text":"regulation.","page_number":157,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"6693a1cb-d186-4b7d-8735-613f4f1774cc","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":157,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"4bb053d9-a181-45b6-8c2a-3f0e0b55b704","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":157,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"0138df09-b3e1-44ae-9a69-7a87d9c39b47","block_type":"box","text":"various program limits (","page_number":157,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"79d432f2-bfa2-4c61-a5fb-656a8c3cedbf","block_type":"box","text":"i.e.","page_number":157,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"27522a7b-74a3-4e63-9c90-9d4c934bce3d","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":157,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"115d152b-f286-4ed4-b20b-d3747ec58f9c","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":157,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"c24b81b9-ece6-445d-b2da-b87e06b72c3b","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":157,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"757749dc-cc31-473c-aee5-6ccdd0a8fbd3","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":157,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"9ddb4f54-808c-446b-bbbc-2adef5fb76b3","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":157,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"00a963d1-1ce3-48e1-9916-386066b19b18","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":157,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"c169a7e1-88ba-47c5-8e11-2b4c4c8d45f0","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":157,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"efc9e2dc-4abe-494a-a316-0267bd9726eb","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":157,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"d04ffd08-3f21-46c0-aa13-d6fd2193162c","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":157,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"82ead433-ece2-4924-ae14-4fb343e31ccc","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":157,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"57871e33-f0c3-4fad-9232-cadc089165bd","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":157,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"7777f074-e511-4b66-94b1-015693aa4da5","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":157,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"58c401a5-41b4-4417-9ebe-767d884def9b","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":157,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"ef8bc7d6-d5ae-44e4-905e-7b243b455f32","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":157,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"084c35bd-6cd1-4d97-ac05-289e02ed7e4e","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":157,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"76d11197-fce1-499e-b2ae-25af8454a9a7","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":157,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"d4bda737-7e6f-4831-a6f4-7655867f712b","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":157,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"9961c1ef-3d76-4645-a605-694c9324fdf0","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":157,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"724ceb5d-c8cd-4b22-9b7f-524c53bd6357","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":157,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"a067492e-5709-448a-b4c1-02ef6203e448","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":157,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"5a2a066b-d94b-41bb-96c5-d8fdecb99fcb","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":157,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"ae2ccb5a-0902-48ff-8ffa-5850714b73d3","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":157,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"90499964-6f22-4a88-80bb-cdcba1f9221c","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":157,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"96b13aec-570d-4ef3-b615-c7e952a34f6c","block_type":"box","text":"than through client commissions.","page_number":157,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"1284fa56-0ae1-4d27-a4f5-97ee522adffd","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":157,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"883efb71-35fd-42a1-9803-31705bfaddae","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":157,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"a84cb108-a169-4823-8462-c70f7c3430c5","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":157,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"2a480166-9954-46eb-8a05-7a5241e31f29","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":157,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"cea6726c-8384-4b25-8f03-c88452521703","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":157,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"ba43586f-d529-4389-bb00-659d244132cd","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":157,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"d6f590c9-0870-4c0a-9711-e0a511da6045","block_type":"box","text":"research-oriented software and other services and products.","page_number":157,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"64372632-be61-4804-98d2-b29d60446fd7","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":157,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"ea52c8d3-1733-4859-9af9-d119f61a5bc1","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":157,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"995d7cb4-ba36-4aeb-ad8b-3bbc3a9877e9","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":157,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"7affce1c-f90c-469f-b15d-570dcec28900","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":157,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"3e9945b3-efd9-4aa6-9d61-428f752c8141","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":157,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"2304cde2-eab0-4caa-b32d-10fe2fe650f2","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":157,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"9f70232b-72ab-4be8-86ed-885b2d34d259","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":157,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"816ab03f-a1f6-4049-b040-51a9d7af7ce1","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":157,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"f9660090-98d9-4731-854b-d33b1046273f","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":157,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"619604f9-e426-4965-9e7d-5c23a77aef58","block_type":"box","text":"and services itself.","page_number":157,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"399588a3-cb43-4d3c-9f55-313cbf32df70","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":157,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"d4314cff-d728-4f6e-b9e0-f04b13630727","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":157,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"5f9ed415-26cd-4d93-a05b-748efc37fccd","block_type":"box","text":"II-90","page_number":157,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a8c96e0-39d5-49f8-9087-7fd1bc9091ae","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f089dea2-aa2f-406e-9f60-2facb50d5a35","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":158,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"76fd9a13-2bd0-4653-97db-738f402a52b2","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":158,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"f6005126-f7c7-47c6-9e27-405e5be8cef2","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":158,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"8e1a59a7-31c5-4f86-9390-ffda2bc1911e","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":158,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"306b77f6-3d4e-4c7c-ae51-8b33e62949e4","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":158,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"3dc16187-e552-4058-a45c-0cf2cb13383a","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":158,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"988989c2-280e-48f1-a68c-ed4f4b026b3a","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":158,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"23dee2a5-0a47-46a6-970b-aaba11c7e759","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":158,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"c87a1c1c-b9c0-4edd-a30f-67f9a0cdbf93","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":158,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"9905c175-4b02-4401-8566-86a110bbecc6","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":158,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"93f66e77-e213-418b-b109-55a343d1428c","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":158,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"96c93c36-8746-4fba-843e-a2e0b280354b","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":158,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"a1095af5-9ad9-471d-8e68-829f7c22e5ee","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":158,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"9779fd19-e46d-45ba-9642-b3cc9498871c","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":158,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"3872d478-62f3-4b8f-8576-f7c52e64c668","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":158,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"15eff463-eb9e-40af-9542-2f56ae1a15e3","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":158,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"eed93d3d-d792-4980-8b7e-7f3121e65ea8","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":158,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"dc67e439-a2ee-4bc4-a2cc-eee1c3ff9362","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":158,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"45bf1a6d-5715-45d5-a3fb-a9d10e582688","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":158,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"73ad1a3d-eb04-444e-addb-cc324cf6a231","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":158,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"5dc39920-7a48-4e18-8cd9-f5666d4db6ff","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":158,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"22c975bd-987c-435e-bd93-07f9ba5608ac","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":158,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"5b29cb52-b82c-4f1d-9e7c-d724ab192d9a","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":158,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"3bc8539b-b643-4fcc-8b94-9483bcd3e81f","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":158,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"f92dba4d-4ac8-45d3-ab84-c9cdd0b7ff78","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":158,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"fe535856-7c64-4a9a-808e-e14c336789ff","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":158,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"c39416c3-fc6b-4e95-abf2-c7d9d91ecee9","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":158,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"db3e9381-c244-493e-a132-a75b28728f87","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":158,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"d616dd4e-9034-444e-9e44-b501191c184c","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":158,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"ec337539-7848-49e5-bdc1-e1842db441b0","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":158,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"a3357e95-9f1d-4479-be71-4f2107212998","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":158,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"415fb7c1-13f5-419e-91d0-fac4b60e8f2c","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":158,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"c2152365-9d7d-4189-91b4-4837dcbf643a","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":158,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"4ff8467b-65fa-4bbe-b5b5-5784d5e386a5","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":158,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"4df5cf30-d1cd-4931-b30d-1515a2c2e215","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":158,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"abee3a94-9b44-4e3d-90fa-e13b135eec33","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":158,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"ede28ef9-8049-4613-8242-f7b650a482be","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":158,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"401bdd31-00e9-445f-adfe-a033747de925","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":158,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"b5b9255b-f839-4bf9-899d-bb82e9ffeb83","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":158,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"dd69056b-e699-4ded-ab27-542b883b0d4f","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":158,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"31592c9e-2284-4e8b-811d-df105bdd3e1e","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":158,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"a80f2708-c4ac-49e4-94ed-eba68059ba7f","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":158,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"0c0344e9-dafe-478d-898c-7b0dd56586fa","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":158,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"89273b69-821d-406c-b8f8-8fd14f9eaa43","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":158,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"a94f0c4e-a61f-4eaf-b91c-e7c54d8f2d5c","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":158,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"04b9d6bd-40ad-40f2-aedb-557914309be2","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":158,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"f33484e8-c21a-4631-b726-35dca9afb0bf","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":158,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"e0745e74-6ea7-40ff-9234-8f0b5be8dace","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":158,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"09db1a8f-2fa7-4896-8a30-894c7eee3c88","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":158,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"34080bc4-b5ee-4470-9959-8901eb286b08","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":158,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"356ddf35-d046-4898-9105-1f4e12e8dc03","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":158,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"b2be7e2f-e63f-4bd2-a09c-8cdc6e719337","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":158,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"a5f6bf06-31b6-48b0-847b-277c15621615","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":158,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"4dcc8339-d070-4cfd-8083-f5159968f083","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":158,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"d076a93c-94bc-4a36-8ea6-99fd29fcc9c6","block_type":"box","text":"II-91","page_number":158,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e68471e7-715e-4137-9960-eac13b35941c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d775258-6330-45dc-9611-260f62de3331","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":159,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"544dccb1-be6b-47f8-9ed2-28f9f6f63931","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":159,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"95b74a81-0673-4153-8a16-ad7df0cb1d7d","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":159,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"53885126-d6d0-4e0c-8b80-ddcbd46d898a","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":159,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"d5a96bff-5aab-447c-b930-0bb1d5546fdb","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":159,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"a3425d8e-4d40-49c5-841e-8ed5e9ee0e9c","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":159,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"52d612ee-7971-4485-a8c6-2e14ea363b53","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":159,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"d79a1ea2-972a-4402-a417-549ed3fcc331","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":159,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"c26ebecc-7c20-460a-ae9c-b236e49eb5af","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":159,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"e28a4553-adf9-4e59-8a52-235e9e6daa04","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":159,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"811d8310-596f-4c73-b512-3da159a91bfe","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":159,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"aa173f85-57a2-40f1-a4aa-ba637dd3a42d","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":159,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"41e6c384-e4a0-4c09-961d-0aa2c302e10b","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":159,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"9e410d42-25aa-493a-8ce7-116a90d7a515","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":159,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"ce51a37e-be1e-4839-abf3-ef6ed86fa20e","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":159,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"59bbde4b-5064-40fe-9ce9-06ac853d1ee7","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":159,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"850f718f-f24e-4eac-ac5e-33b59080fcc7","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":159,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"321c3ed4-a630-4c0c-b587-0954e838e0fe","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":159,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"4210ee25-94f6-4a4d-a9b9-261b74716697","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":159,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"5c4f9cf1-999a-49b7-b7b4-9ac58743778a","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":159,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"636d3378-22bd-4a8c-98fe-08c25b6739bb","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":159,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"31af3141-4bde-47a3-abc1-6766734a0ab4","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":159,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"29963617-6bab-4fa6-b6e1-e7654a646345","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. 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There may be periods when BlackRock may not initiate or","page_number":159,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"2e6b8d19-19cc-4a02-993e-838ec7968b0a","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":159,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"3f8e5bbd-a2de-42d1-a5e9-21ff83005e6d","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":159,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"9f3f55a6-dc13-4ecc-85b2-611ba647deea","block_type":"box","text":"proprietary positions. 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Similar situations could arise if personnel","page_number":159,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"acb116a2-67b1-43d2-badf-3cbc955a38b8","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. 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Certain portfolio management teams within BlackRock may","page_number":160,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"8f8c5626-83c2-4560-965a-24e149761c7e","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":160,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"7c8da52a-81a5-4ce6-83a2-8bf270e3fdc0","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. 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Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":160,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"a124c311-53d3-420a-a5e6-60aab9bce0e9","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":160,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"46cf61b7-eafc-40c0-85ef-339c243dbc37","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":160,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"074aa82d-c4fc-4763-9849-a87e85578fcb","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":160,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"6572ad8a-4efb-4369-92b7-fed783e6c0a2","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":160,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"9f5c5afe-3a7a-4cb8-91af-b8fcb844af3d","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":160,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"dea5c106-20d8-40bf-affc-e03399f2fbde","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":160,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"432d66df-53be-4ed7-af98-7ac89b95cecc","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":160,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"c8049bac-dfb7-438e-9c74-bd78c128c75c","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":160,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"2974177c-baac-4ae9-8891-4722a09c7734","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":160,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"fb25bec6-e845-468e-b9cc-cab549fb4e30","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":160,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"cfbe0c82-1ea6-425c-bd32-dbd647a131d4","block_type":"box","text":"a barrier.","page_number":160,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"0e4522b9-1f3b-485e-bde9-827cb24f196a","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":160,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"2d618625-4e56-4cba-893e-53ceffd9a1ab","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":160,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"52b5457c-9819-4df4-b083-bceb45809412","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":160,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"1d411cbd-ca48-48ee-a6a9-8767e84c6b76","block_type":"box","text":"clients (including the Fund). 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In light of certain restrictions, BlackRock may also","page_number":160,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"a7e781ef-4e22-4015-ac44-b15c834c17b7","block_type":"box","text":"seek to make indirect investments (","page_number":160,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"91603f98-9abc-4ef3-9e69-1628fd1960f1","block_type":"box","text":"e.g.","page_number":160,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"2e7547b3-ac80-4ee8-bacd-251cf4c1d04d","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":160,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"a335aa1d-2ded-4020-a60f-2dfa44f0fd0e","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":160,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"90a15269-bfcc-4ba0-828d-35f217cf88cf","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":160,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"d2e8db26-ed4f-45f2-a95c-d8497022dc04","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":160,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"3b1f6aca-8806-4524-be27-3cff3b87c4d1","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":160,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"ce47cecf-0dba-4023-b721-c559a1414ecb","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. 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For example, to meet the requirements of","page_number":160,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"0772b634-d758-4774-a347-0176d8f558c7","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":160,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"35e7341c-43d4-48f7-85d1-3c24bea84eaa","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":160,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"f7dc083d-5a4e-475e-99ee-1df278f35d8e","block_type":"box","text":"II-93","page_number":160,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5aaa888a-31a9-46b1-9bf2-28585c2c367e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a03ed903-a2aa-4956-b89d-c43a82e1a2c6","block_type":"box","text":"instead of the specific client being restricted. 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These types of","page_number":161,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"abb6c358-5bda-405a-8824-0f1654ea8227","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":161,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"cf605107-3de4-4419-b9ef-85120e4c611e","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":161,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"2850b6be-7d82-4dee-9d4a-32dc6eb89570","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. 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The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":161,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"8d3a3265-5918-4911-ab47-02f2b6f01654","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":161,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"89ec7e92-67bd-4648-b2dc-d61f542db5c0","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":161,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"2b555318-fe3a-4ee3-9cf4-ccb6a2ccb8f1","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":161,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"28e382c2-a063-4a85-94f5-5ae196284445","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":161,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"e0a59d0a-6a45-4b83-9a39-5f8d27383380","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":161,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"01b62372-d4f4-4b34-9b7a-3b2211db88b4","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":161,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"49fa358d-b6e3-4677-b10f-6c379886aa75","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":161,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"79df96e1-af43-453a-abc0-a8bf4bdde094","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":161,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"73258517-0407-4b1b-9cd6-2da9415ede2d","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":161,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"bf2c10d2-37bd-4bb4-8b86-dc960d0bade4","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":161,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"ea74ac91-ce3e-46da-acde-50962b5579d8","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":161,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"1082bcfe-e270-47bb-83f9-17e69ee9e432","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":161,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"d885a921-ae67-4218-a6fe-20d2b4636a78","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":161,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"41f5d03a-ae84-4e09-93c4-d2bea5b1b702","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":161,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"f54b0e76-86c2-41a7-990e-6fd2828a6bce","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":161,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"daad065e-7d24-432f-821a-a2d2b53c5f43","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":161,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"69bd8d21-85b2-4132-b268-4a7c97b4b51f","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":161,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"1dcce9a7-c835-4219-9e8b-5ebdaab9c09b","block_type":"box","text":"strategy with respect to such security or asset.","page_number":161,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"d41533d3-cb0f-41cd-a764-2269ff5f26ce","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":161,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"ab20423b-0384-46d5-af91-370da446f262","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":161,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"59c02216-3e8c-402f-a3e0-473f00dea249","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":161,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"01c997d8-b8b4-4ff2-b295-7cb4c6547413","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":161,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"5542e77d-ee6c-4bfc-91c6-da10b77da374","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":161,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"c6fdbe0f-2aa8-4e12-934b-536471f9adf7","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":161,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"773d5a20-4b7a-4e4b-a26f-c8886d4e92b6","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":161,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"860078b1-cd01-4974-8ceb-55f61c744fd3","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":161,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"fa0a3dce-b22b-40b2-a9ee-1b2a099c0a0b","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":161,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"82d307db-dc60-4602-be12-8532511d19bf","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":161,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"306e0ecf-65d8-4f5c-97dd-2625ab7406e2","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":161,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"cad6d645-00aa-4808-8137-a34be5afa926","block_type":"box","text":"e.g.","page_number":161,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"65e6516f-9dfd-43df-a33b-b239bf460972","block_type":"box","text":", custodians,","page_number":161,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"b38c23cd-05e2-44bb-b696-06e647bdf44a","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":161,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"fe6fa755-ef62-4802-b127-35f8db8f2347","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":161,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"17796d19-3f45-4252-b39f-af4ce30d271b","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":161,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"fdc564d1-5895-466d-bb86-08a1bbf08d9e","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":161,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"2915f5cd-fe44-4acb-857f-a9d1686c8de6","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":161,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"a7894b52-e7e9-4ac0-86d4-423ebefce8ca","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":161,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"3d56aefc-654b-45a6-939e-e7ec5f7fd6bf","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":161,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"a44695e8-9933-4c6d-ac7a-9363307136ba","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":161,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"41a513a6-f244-4dd5-b050-a8b07b92ca08","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":161,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"17f9f70f-fd7f-4fa6-952d-bcb021835de6","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":161,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"9fe443d2-d239-499a-a825-3700b05d01e8","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":161,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"bd21819f-263f-4600-b6ca-412e53c6661e","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":161,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"755465ca-5119-4021-90cb-a9e779c941a2","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":161,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"41465663-3a79-4026-a55c-f4117b0d15eb","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":161,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"0cd1be12-1e7a-4b9f-8ae6-5923df7728d5","block_type":"box","text":"II-94","page_number":161,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b9e8f01-7494-478c-a06a-646aaaf970b5","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d0df60a-8078-4444-945e-ee2362da958c","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":162,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"bc476500-b1c0-4f1f-9a75-9ad66005cee8","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":162,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"472022b6-82f4-491d-949a-3d09b77ebad4","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":162,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"c64a860c-3131-400c-a14e-66774ef10de0","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":162,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"d016f1ac-66ba-40f3-9dff-875bc748609a","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":162,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"7a8e2b84-da09-4bc1-a966-bc4874cac11a","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":162,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"acbed880-1765-4a2f-96cb-ab98d9ba38f5","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":162,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"08dde337-1855-4240-a042-8bee4eff7415","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":162,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"242e74c3-681d-4608-9f63-3c35618560b1","block_type":"box","text":"provider.","page_number":162,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"cefb4fd7-00d9-4cca-95e0-05dcfe3954ae","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":162,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"3fddfa22-3175-49f9-be71-acdc8d7b0d58","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":162,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"90476ba3-b76b-45d0-ac79-57861323a0db","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":162,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"9bfb912e-c465-4604-9724-5f0f91932e64","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":162,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"f2076678-7e64-4ab6-aa14-07bf45ae6fbb","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":162,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"c4b49631-cfe1-4e56-ac9d-ad0f1279f659","block_type":"box","text":"PURCHASE OF SHARES","page_number":162,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"d599dfcc-5875-4dfd-b4b8-b80cf68b3080","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":162,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"de78ee00-9402-48fb-bcfa-0a5761988ee6","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":162,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"79277aa8-b1f7-4687-92a5-d999c3b8bd2a","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":162,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"93d58443-e577-4f93-ab7d-44241466b847","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":162,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"8e5fe0a0-5329-4f4d-b631-0f137d43b880","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":162,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"7e887e98-9013-4bd0-bfa6-2a63a6dfd7d6","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":162,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"ddeda679-62a7-4aa2-9149-7cc5f444c2af","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":162,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"8725afb0-1bd5-42ce-9d82-4ef47d87ca54","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":162,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"01a1ffaa-9e3f-421f-b98e-251ae6684aae","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":162,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"c02efff1-d50f-4dc7-bb13-a27ec7a11170","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":162,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"bbd6cf89-ab59-45c6-ad28-eadf37b21743","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":162,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"c991d5da-bbb2-450a-a812-5692e5f92446","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":162,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"dec49b27-544a-48f0-bdb0-5f56e91abaef","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":162,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"a6b92d3f-7d46-4065-8363-168ffd20a60b","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":162,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"96bd4ef8-16e6-4fa9-a348-68f5d9507265","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":162,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"c2c16725-86c8-4e96-bc2b-ce88e531fb4a","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":162,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"44d443bb-b6ed-4da7-a5ed-2534e51fb1bd","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":162,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"79a1f5f4-f474-4dc8-a44b-a13e6ec2903e","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":162,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"b66355ea-47ee-46f6-bd1e-bb4e0de8a768","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":162,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"50ce211a-abe1-4c36-b574-f1166748ab1c","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":162,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"61780bdd-0cc7-425e-8f66-25673e5083a2","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":162,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"761db610-2d34-435d-9a4d-b7ffa215340a","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":162,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"a1a7dd0f-ee00-4193-b868-2e502a6fb4a1","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":162,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"713a4907-661b-4676-87b1-62e165ef7745","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":162,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"b72aaccb-8bf4-46de-a5b9-6fdcc92e0d26","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":162,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"d0ae85c3-f694-427f-af13-09db91853512","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":162,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"e2d06cc5-1db8-4900-8d7a-20ad8e16d439","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":162,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"bffe1899-3bdd-43cc-add6-42df601259bf","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":162,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"c6c28163-03ec-4cf9-8581-a7563dc225e0","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":162,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"0231d5b7-a4ba-43ec-96be-4064eb8e67e3","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":162,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"de13d07b-3318-4ce5-bd44-3e5c23c90d9f","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":162,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"ffdb3a31-2d48-4bc9-8baf-78e34ff6d314","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":162,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"13ddc0c6-0046-4500-b17c-d47f39c8f100","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":162,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"1fafa309-9e58-4c30-a338-89409039ee59","block_type":"box","text":"investment is $25.","page_number":162,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"b6244e43-7f0e-414f-b41d-9b1d824385bd","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":162,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"73dde241-a4e6-40ef-9962-e9531a46b183","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":162,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"b626b440-1ffd-4c66-95bc-ad0a4e187e76","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":162,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"2f2969a6-273c-4c29-a21f-e9a0d838123a","block_type":"box","text":"II-95","page_number":162,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c68bd4c-57dd-4c85-8346-aff70103b94e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d89da79-9c94-45ae-83c6-08f5bd6b187a","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":163,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"adfba69e-e1e4-4f1e-b9fd-ff9dc0d27ed9","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":163,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9dc00337-389e-4007-b1ab-7bab069a62c8","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":163,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"b8951d1a-5f9b-4ef0-b4c6-27eb9518411c","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":163,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"2baecddb-29de-4395-9fd1-968f24283af5","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":163,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"ec4bb55d-09c6-4ad4-9296-6764693eeed6","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":163,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"42844ead-2e7a-4ae4-bdcb-e8ee326c9f48","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":163,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"b64264db-2eb5-4997-be12-01b7aff633a0","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":163,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"2edd71be-270c-4630-a9dc-ba6be4ba4872","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":163,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"276bccb0-c453-4a66-807c-81c566b0eef3","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":163,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"bcd7d69f-9046-49f2-9b95-4910cffdd552","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":163,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"3b5f490e-6588-49a1-8e5a-c1c352855f6e","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":163,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"111ecc24-632c-4c9f-b4ce-61ea92fc3d56","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":163,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"be8deee2-4f18-41d3-bac9-02c33e1b340b","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":163,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"b8c4e162-18d9-4c57-8379-841422e7d153","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":163,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"257e3c67-2892-4423-8128-fb50ac6c2bc4","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":163,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"71e50be4-f750-4abd-885f-4ba9186e484b","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":163,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"522ca865-7b0e-4c2a-baa2-8d9b797f8e7e","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":163,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"3ea9eed9-3638-42b8-bbe5-9a0246e08300","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":163,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"dfb65b4d-dd29-49de-ae74-07bb8ca738d6","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":163,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"88e8762b-4394-46e3-9802-fb7616ecd2ba","block_type":"box","text":"adviser.","page_number":163,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"bfdb4de0-fe58-480e-b6e8-7374fac8f84e","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":163,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"3fd8390d-1704-4a66-8209-71037643727a","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":163,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"320d36a1-9834-4398-a968-f71612a245d8","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":163,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"40ebbef3-7cb8-4271-9672-ecb5cf5f3a52","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":163,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"6466599c-0d78-4052-82df-ca4ced0505fc","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":163,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"5eddcf72-7e57-4a7b-bc2d-e2deaeb3cfee","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":163,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"7777f221-8251-4e89-b529-aa0a760acb98","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":163,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"25f80769-d8f7-4259-bf32-6b6a53b054ee","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":163,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"6fb99b37-0cfa-4fc1-993c-d502c173e15a","block_type":"box","text":"also be restricted from making additional investments.","page_number":163,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"3354a237-b15a-4e72-a078-10562208e9ac","block_type":"box","text":"In-Kind Purchases","page_number":163,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"cd88b185-0a0a-4f16-a0a7-332cd813216c","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":163,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"cca3a3a2-c5fe-411a-af0f-65e75059ceaf","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":163,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"f5252be5-8daa-4e94-9074-054b18f1b3f6","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":163,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"e0099175-9f21-4164-8a9a-a6a33b04d289","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":163,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"d1d02000-aa3c-45ac-a97d-af1f1d0fa358","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":163,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"a88abefe-fe8a-48a5-ab2c-abb1e428615e","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":163,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"34c34276-dbd4-4a17-8537-a7667ec28866","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":163,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"04b8da47-bd56-4640-aa7f-e4bed697ce89","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":163,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"633938a4-79a1-4b9f-b1b1-8da64d755efe","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":163,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"ccbb159e-14de-4dcd-b628-753c31afc67a","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":163,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"428a28e4-efff-4561-ad6e-40853d275c4a","block_type":"box","text":"has settled.","page_number":163,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"cf35c882-cef4-4da9-b90c-c2297498602a","block_type":"box","text":"Institutional Shares","page_number":163,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"d5ced1cf-9275-45d9-be52-d69cf9491166","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":163,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"b10fa2ca-8e49-438c-819c-8df263ce0b45","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":163,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"1600d643-dc9d-4811-a542-41a424e415f8","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":163,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"310a7dfe-2a75-40e0-a8b6-bf3cf7b73536","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":163,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"faae87f1-b51c-4926-9627-8faf40895e84","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":163,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"7b8590de-f1cb-4a4a-9af1-efb8f57d8ee8","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":163,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"ab9b8d62-de69-4644-b5e8-64825166b360","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":163,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"59178501-0af3-453c-936b-5268ced2d283","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":163,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"43162a02-9344-4c6a-9574-c911b140c596","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":163,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"2f121bd0-a9ee-4657-aca3-2ff1c0badf13","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":163,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"30b086ec-957e-4d32-8bbe-73a40e0511aa","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":163,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"9c4f147f-ef6b-4e4f-9721-cf73eb258c57","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":163,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"700faf6f-49aa-44ba-922f-6c4351f2f41d","block_type":"box","text":"II-96","page_number":163,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"26d4863c-d1d7-4ec0-b250-59535a6a6208","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91b6f203-8101-4586-9f92-8a2deacd65b4","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":164,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"2933a1a5-191b-4e0a-ae02-719d1931837d","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":164,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"9001d1b3-5a4c-41ee-8954-cd8d071300aa","block_type":"box","text":"these fees and conditions.","page_number":164,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"90c52728-eb09-47bf-af2a-ebfdaaa34301","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":164,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"76b705cc-6fdb-4b5f-b581-24dbed3cf22f","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":164,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"35813e1e-6a33-4453-aac9-b6fc0c956bb6","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":164,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"0866fea3-ebf1-4316-b4b7-d565f6aedd26","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":164,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"d09c27b7-c12b-46be-a70c-451ba5216f5e","block_type":"box","text":"incurred by the Fund.","page_number":164,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"62f79f7b-390b-4bc2-8e62-6e2343d66c30","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":164,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"df334e9e-3fa7-4279-8427-474a1ba6ae9b","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":164,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"e025e8ea-2348-4ed0-b76c-be1cfc34ebd9","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":164,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"9b42d38f-3d60-45c0-88aa-ebf5de46b9a6","block_type":"box","text":"immediate family members of such persons, if they open an account directly with BlackRock; individuals and","page_number":164,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"6745992c-e71f-4e7f-b5e0-8cbe12beb8d8","block_type":"box","text":"“Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of a Fund through","page_number":164,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"a77618c9-13f6-4bae-8658-9670b0d9bfbd","block_type":"box","text":"a financial intermediary that has entered into an agreement with the Distributor to purchase such shares","page_number":164,"box":{"x":69,"y":256,"width":748,"height":12}},{"id":"593c5be7-5c4b-4092-b8cc-98a91df07529","block_type":"box","text":"(“Institutional Investors” include, but are not limited to, endowments, foundations, family offices, local, city, and","page_number":164,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"bdaecac7-71b1-4624-b925-0dd9a66e456d","block_type":"box","text":"state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored","page_number":164,"box":{"x":69,"y":287,"width":793,"height":11}},{"id":"c3fd9de7-32ef-4bbe-9cb2-7fe909c7c98f","block_type":"box","text":"retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":164,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"f8859c0b-8297-4a9f-97e2-4c820fffd870","block_type":"box","text":"college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated","page_number":164,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"b8e676ba-708c-49a9-a18c-d64d3fbd3439","block_type":"box","text":"thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a","page_number":164,"box":{"x":68,"y":332,"width":782,"height":11}},{"id":"2e7380ff-5c69-428d-9ccb-5555b9a053de","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":164,"box":{"x":68,"y":347,"width":792,"height":11}},{"id":"5a1c38e6-9311-4398-8c45-035c3ab632f5","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":164,"box":{"x":70,"y":362,"width":788,"height":11}},{"id":"4c74924e-7b7b-4c4c-803a-0dfd5f5f7dd8","block_type":"box","text":"provided that such program offers only mutual fund options and that the program maintains an account with the Fund","page_number":164,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"f43f266c-6460-4a28-ad36-44e777d2cf2a","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":164,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"a5f9c107-850a-4d51-b955-61d460a68de2","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":164,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"a36c364a-6a20-4b93-8c26-73ebee952dd3","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":164,"box":{"x":68,"y":423,"width":838,"height":11}},{"id":"bb3d18c7-a290-44bf-8814-2a1d8e4e921d","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":164,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"f12a7430-2969-48d4-b869-d04240a0fad7","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":164,"box":{"x":70,"y":453,"width":826,"height":11}},{"id":"f390153d-6329-429d-b07c-dccd03909c30","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":164,"box":{"x":69,"y":467,"width":837,"height":12}},{"id":"32653947-4100-445a-91e2-f3981530b1b6","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":164,"box":{"x":69,"y":483,"width":804,"height":11}},{"id":"dd11d1fa-ef75-4cd3-a130-b90125fe8c03","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust department clients of Bank of America,","page_number":164,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"448a9765-8fff-4e80-86ae-ea95e3dc785d","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit","page_number":164,"box":{"x":70,"y":513,"width":807,"height":12}},{"id":"cb0dd134-2b27-40d8-8a31-0cdb9ea07357","block_type":"box","text":"plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders","page_number":164,"box":{"x":70,"y":528,"width":838,"height":11}},{"id":"2b0e034b-b511-4c67-8e3b-3cf3203295ff","block_type":"box","text":"of certain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":164,"box":{"x":69,"y":543,"width":794,"height":12}},{"id":"25504158-8ba0-49df-a48d-461f7d855ea6","block_type":"box","text":"shares of a Fund.","page_number":164,"box":{"x":69,"y":559,"width":123,"height":9}},{"id":"de90038c-1f6c-418d-8a07-c0d63b730abc","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":164,"box":{"x":102,"y":581,"width":280,"height":12}},{"id":"ff156029-8754-476d-948e-815b5857d4d1","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":164,"box":{"x":389,"y":581,"width":496,"height":11}},{"id":"7adb05c7-02d1-4b35-87ec-32e7c9fbff27","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":164,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"22e35046-a2f5-4cdc-8ae9-68508ea94649","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":164,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"4776622e-52af-4d19-8495-1ba6425f4518","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":164,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"5e2eb05a-5113-420c-adf3-2faf3bab7a3b","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":164,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"26a31fa5-169b-490d-99cc-81f0bb092674","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":164,"box":{"x":69,"y":657,"width":279,"height":11}},{"id":"4a2e9a5a-b3d7-4322-ba2e-43544f0387b2","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":164,"box":{"x":69,"y":687,"width":382,"height":11}},{"id":"3ec4bca5-bf0f-4742-930e-c2126f453c64","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":164,"box":{"x":102,"y":710,"width":770,"height":11}},{"id":"87f6bb9d-645f-41e5-a080-177773cd34ea","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":164,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"ae6ece7a-b6ee-4df6-9368-9537fda0e8ac","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":164,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"f1a22021-78f1-49f2-b99f-58a145ec3db2","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":164,"box":{"x":68,"y":755,"width":840,"height":11}},{"id":"46133705-63eb-4b84-9d8e-6eb6a337ce8d","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":164,"box":{"x":69,"y":770,"width":815,"height":11}},{"id":"0e634d12-da3e-4efa-bf1e-b9b25f632f7c","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":164,"box":{"x":69,"y":785,"width":791,"height":11}},{"id":"c2f9edcd-21f1-4a3a-a348-2afcda8b96ec","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":164,"box":{"x":70,"y":801,"width":727,"height":11}},{"id":"d3548155-d342-465a-8a0c-67fb2b744864","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":164,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"14f5b4a8-5827-4d0a-8389-cb6a6944523a","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":164,"box":{"x":70,"y":838,"width":812,"height":12}},{"id":"71ed3c52-c1e2-470f-ae22-ad6c6ad66ed3","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":164,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"6a1e7abd-c941-423a-b175-5b614a1034b3","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":164,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"dba8f6de-03b8-4c28-aae7-27f8d15a0c0e","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":164,"box":{"x":68,"y":884,"width":808,"height":11}},{"id":"1852e8cb-62c9-4702-8f91-42f554bf26ce","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":164,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"007ef594-2359-453e-b318-429bcfddc2e8","block_type":"box","text":"II-97","page_number":164,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f1eae20-b2cb-4dae-8558-e07cf9b7c6fa","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"169518a1-f22b-4dcb-84d0-6c81b634ace8","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":165,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"99abbfc9-0b45-43f5-a666-178886698c61","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":165,"box":{"x":70,"y":60,"width":789,"height":11}},{"id":"6d594421-f76b-478e-ada5-2277066a895a","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":165,"box":{"x":70,"y":75,"width":805,"height":11}},{"id":"a82a1804-fc6e-44c2-949c-dbcfede1f04a","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":165,"box":{"x":70,"y":90,"width":792,"height":11}},{"id":"a1d0a918-fbc7-4dc3-8b8a-aa907141a08e","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":165,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"3bc776a8-916a-467c-8458-e866e148099d","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":165,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"72f83185-c284-4304-aabb-593e2fcd5fd4","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":165,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"0af92714-d48a-4c7e-88d0-f87f6db47f60","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":165,"box":{"x":69,"y":151,"width":358,"height":8}},{"id":"0ccaf97c-9391-4c0c-abef-3b9ea117af55","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":165,"box":{"x":102,"y":173,"width":734,"height":11}},{"id":"51cf1931-379c-4602-b8c3-a0da402ed39e","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":165,"box":{"x":70,"y":188,"width":785,"height":11}},{"id":"683a24fa-6155-4021-abfc-04f9bb59be41","block_type":"box","text":"periods indicated.","page_number":165,"box":{"x":70,"y":204,"width":124,"height":10}},{"id":"1dd0279a-a6ac-457f-972a-0db745a009bd","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":165,"box":{"x":101,"y":226,"width":806,"height":11}},{"id":"18556558-5780-4ffc-926c-ed206dab8977","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":165,"box":{"x":68,"y":241,"width":830,"height":11}},{"id":"a544f5eb-a224-4593-9d2b-270741df93b5","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":165,"box":{"x":69,"y":256,"width":832,"height":12}},{"id":"9e546d3e-43b5-4ea1-b29d-2bbb33f36565","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":165,"box":{"x":69,"y":271,"width":714,"height":12}},{"id":"d1dd0c11-d2f1-405c-8e01-1f854d11e0e8","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":165,"box":{"x":69,"y":302,"width":297,"height":11}},{"id":"22684bed-82a6-4785-ae7d-c9e4f6479993","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":165,"box":{"x":102,"y":324,"width":761,"height":11}},{"id":"66f62ce3-02a5-47a6-baf1-710eb63f60c8","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":165,"box":{"x":69,"y":339,"width":800,"height":12}},{"id":"7db90ea4-9539-4a15-a554-bffae0db9609","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":165,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"ec845ca2-ea0b-4279-a5ef-4e1462069005","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":165,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"9679577b-7c3d-41d5-8b96-e31f00326b37","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":165,"box":{"x":69,"y":385,"width":578,"height":9}},{"id":"31e9050f-686c-4fc3-ab61-d8b0799352ab","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":165,"box":{"x":102,"y":407,"width":734,"height":12}},{"id":"417df9eb-c1d7-47f4-a2a4-e9b083cb328f","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":165,"box":{"x":70,"y":423,"width":800,"height":11}},{"id":"58acbe04-6453-40e8-9aac-80b3f04903a6","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":165,"box":{"x":101,"y":445,"width":806,"height":11}},{"id":"de932946-7044-4c25-8210-8f691a0522c1","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":165,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"dc152ded-9bcf-40ae-ba92-599f71d29713","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":165,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"a86dc38f-e1e2-4830-a95d-813c72e8e004","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":165,"box":{"x":69,"y":491,"width":714,"height":11}},{"id":"3a61b7da-3db1-4aa7-9414-466dcd06461b","block_type":"box","text":"Reduced Initial Sales Charges","page_number":165,"box":{"x":69,"y":521,"width":219,"height":11}},{"id":"7b44ecf3-2beb-4d6d-8284-2cf2a47baa37","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":165,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"888ebe70-b26d-41a5-be64-6664166b9858","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":165,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"889e087c-56df-40e2-92b4-323897a35f1a","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":165,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"692b293e-aaf2-4629-b4b0-196e2c67b02f","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":165,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"3919dd65-9675-40ac-96a0-2f2a906e640f","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":165,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"72871e65-967e-4511-a897-cc06551837c8","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":165,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"723fb9bd-1f3f-4b0b-89d8-e08790bdac5f","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":165,"box":{"x":69,"y":634,"width":793,"height":12}},{"id":"5df41efa-508a-4cc4-b751-cd2ee1bce74e","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":165,"box":{"x":70,"y":649,"width":603,"height":12}},{"id":"331ba98a-da50-4a81-8a66-9faa3751ddde","block_type":"box","text":"Reinvested Dividends.","page_number":165,"box":{"x":102,"y":672,"width":156,"height":9}},{"id":"1b2032fd-4d7a-46a2-ba3d-30f6eb55c947","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":165,"box":{"x":265,"y":672,"width":566,"height":11}},{"id":"63e05c4f-081e-4a40-8558-9c6ae0c14372","block_type":"box","text":"reinvestment of dividends.","page_number":165,"box":{"x":69,"y":687,"width":186,"height":9}},{"id":"d4becea9-b3b1-465b-94e8-3b6d44cd33f4","block_type":"box","text":"Right of Accumulation.","page_number":165,"box":{"x":102,"y":710,"width":158,"height":11}},{"id":"0e2d0bd6-e5bd-485e-becc-4214d9637e35","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":165,"box":{"x":267,"y":710,"width":574,"height":11}},{"id":"dfca8609-c74b-4ade-84f0-471507f4690b","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":165,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"9520ca50-5ac6-40cd-9ed0-1ef1fa7c2171","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":165,"box":{"x":69,"y":740,"width":810,"height":11}},{"id":"310ac413-77c1-4f78-b000-3264bfb5cc3d","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":165,"box":{"x":70,"y":755,"width":825,"height":11}},{"id":"ec32b5d4-8a8c-4297-9268-3672d59dfa8d","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":165,"box":{"x":69,"y":770,"width":780,"height":12}},{"id":"7c194524-be06-4095-a993-63dcd52665a7","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":165,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"d3f4df81-cf1c-40e1-a12e-f1961e6fc730","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":165,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"1cd58ae7-a00f-476f-8424-455670e4dea7","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":165,"box":{"x":70,"y":816,"width":794,"height":11}},{"id":"11f4345c-0fd7-4e79-b977-e5586fdc7fae","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":165,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"634eea43-ce26-442b-b11a-2a8ff918dd65","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":165,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"dbdcd863-da93-4f6d-8f68-e1e8c0c4ce5a","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":165,"box":{"x":69,"y":861,"width":838,"height":11}},{"id":"a637fc4e-898f-4995-986c-59c5dd0123a2","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":165,"box":{"x":70,"y":876,"width":776,"height":11}},{"id":"6776d88b-8e9f-4012-b645-a36637b52b4d","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":165,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"e6b5207b-0554-43a2-b39c-317f4e327e2b","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":165,"box":{"x":69,"y":906,"width":839,"height":12}},{"id":"64fc0e0b-e940-4127-a69b-b260d978a310","block_type":"box","text":"II-98","page_number":165,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7c292fa-0c0b-4c03-847a-0ffdfb598c2e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c63f6d99-b73b-4a5d-af6d-e9c4695cfb4f","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":166,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"58100354-65d4-4d14-8923-8d6e3f5fe4b9","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":166,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"bb55c1cc-d094-4a7a-b545-f629f14eaa16","block_type":"box","text":"Letter of Intent.","page_number":166,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"a28121f0-ae33-4f88-b94a-233a263fdd08","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":166,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"bc5d157b-0e24-44ce-9728-904057ef480a","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":166,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"8cadc5fa-2383-4ec9-af6c-1f1b22aeede0","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":166,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"760100e7-8bf8-412a-b02e-536474513ec9","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":166,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"3257fa7d-ded9-4a0b-ac0b-c1ff7a2c4525","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":166,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"d8103229-96d8-4cdb-9d41-e780e218bbc6","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":166,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"bafe167a-c937-454b-8f18-850699549d4a","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":166,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"ab93a7a1-bb94-4cf3-bd62-d409f2ed157c","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":166,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"ef55d5e7-848c-448f-ac7b-d2b8bf22af1e","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":166,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"fa2d6824-4454-404b-a55e-b92cee866812","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":166,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"7f50f9bf-7987-4ddd-add6-53c54f736a62","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":166,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"f6851eec-93da-4c8a-b7eb-ea6828a3c2a9","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":166,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"226b4f74-d56e-4f14-856b-10255b67649d","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":166,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"dd1d2943-7c74-4dae-ab13-bf5acacf8e06","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":166,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"bf49762f-81c9-477a-8428-08f18958b7b5","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":166,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"b3404538-5726-4ae1-9485-906ea088f0c1","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":166,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"0e678592-265e-419d-9c1a-85693f8912cf","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":166,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"848fa96b-65d4-4fa6-8ca3-dddd682b42d8","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":166,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"3529e681-2389-48a8-8669-732dfc8abe6d","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":166,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"f94d42c7-7ca6-40dd-90e5-8eadc908a075","block_type":"box","text":"Placement Fees.","page_number":166,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"8c57cb1f-81fa-4cca-a956-6c3fdd4c9b24","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":166,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"c68294ce-3481-4393-9498-edf27ce643d6","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":166,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"faffa623-dfd4-474e-97b1-648600bb793f","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":166,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"7cfca015-2d83-4c3e-91e1-3aef950dd753","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"90674b2d-1c99-4b0c-a3ee-c3b313a1a9b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":166,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"179eb19c-3b6f-4afa-8360-44823a124b76","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"09d5934a-0c24-4663-98d3-ef747bc7cebd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":166,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"07ae07f1-6834-4417-b79d-f1a1b0a42e67","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"14a18f3b-119d-42a0-864b-146280989ecf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":166,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"93000015-901b-46eb-9a54-71e600ba7be8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":166,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"0baa9daf-3339-41a0-89cf-bdbcb950ec5b","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":166,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"4c04e517-1795-4b5d-a1aa-3b5c5409cbad","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":166,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"83841ddd-9b17-4810-9263-6b36e3e81e48","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":166,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"092d20ca-e787-4f10-b4db-6c1cea27e1d4","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"eef9c5d3-52e7-4d4a-ba30-7af698f821ff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":166,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"c0179e35-d6b2-4835-93c5-3ad0c3eac255","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"dfe5f8eb-30da-4deb-8e1b-c8c61044a1ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":166,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"ce7ad22d-4cf6-406a-b64d-53d2e008e49d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"5fc52e5a-68d8-4b5d-9893-ffe1fedc4e69","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":166,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"357fb7e8-c09a-497f-8ace-16b6024640fd","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":166,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"390f4670-b8cd-467b-aee6-98288d3e883a","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":166,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"51425f81-0c69-409e-a638-8e9162343582","block_type":"box","text":"SM","page_number":166,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"8940848a-9ac8-46f9-9dbf-6f9b203dd305","block_type":"box","text":",","page_number":166,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"26535d8d-31ef-46c4-b2a5-48122d735e8e","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":166,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"3e2a5187-a540-4720-9cb4-b513dc6d395b","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":166,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"029121ab-0cf0-404e-a754-2fac14323aaf","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":166,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"0e6bd014-c1c1-42b9-8f52-aa81089e1a5b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"28763d69-8846-49cd-a204-0e4c5d53b61b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":166,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"7d75a713-6bc2-41ca-b620-ed24bd473d0a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"05c830dc-4e88-4ed7-b3f4-a04023c645f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":166,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"5a53c41c-cac2-44f9-9ada-44e25bfa9740","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"b7c35004-4d6a-4b77-8f10-b39a5ac04901","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":166,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"dfb1b0d3-e0d5-477d-9562-cc1341278d09","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":166,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"d7cf0fe6-faa4-489e-863d-fa878bb87ebe","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":166,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"c0b0aaad-347d-4103-8433-8f06485915c0","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"769202a1-c161-459c-8062-4c9aa8d80889","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":166,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"a1061dd1-37f8-4fdd-9893-48423cff93c8","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"61a712c1-0cc4-4eba-af33-1790da8637d2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":166,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"ffb142ce-2903-493a-bf85-2f76eb81b151","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":166,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"a17a4ee9-29a4-42a3-8622-202603ed2195","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":166,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"85d399e0-41a0-430c-9783-52aa073802fb","block_type":"box","text":"II-99","page_number":166,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81518c6c-9985-4ce1-8a40-92d09e0907ba","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd6e768b-6c7b-4c15-98d2-db68221ae9ef","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":167,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"07a96a46-cf89-4c65-b80a-57caec2d295d","block_type":"box","text":"may be up to the following amounts:","page_number":167,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"ae262648-4dfb-4f3f-839f-05753fbd5244","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"f65aaace-b057-46c8-9cd6-eb00e0e9e9bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":167,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"17e63695-6208-45be-a981-96f3b59072af","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"32c15b2a-5a5a-4687-bdb5-f4a17f8870d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":167,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"dcf1c16f-94e9-4947-901f-96cf8ac8980f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"bfc88403-afeb-4da8-818f-d39311e41ff7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":167,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"50d82b38-328b-4a8f-99aa-97d5ddf6a474","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":167,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"e3520af3-a8b4-4a49-8c12-01632442f86c","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":167,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"697d2361-4e21-4eab-ba70-23305238829b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"524b762c-dac5-4829-b1c2-98860ed87c77","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":167,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"966bb432-fff9-436e-b036-351943162c82","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"1012e41d-37f5-4686-a798-264d4044389f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":167,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"378ad603-152c-449d-909c-a4983f0505e0","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"52390f82-aff9-429d-82e6-217a4865315a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":167,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"250fdbcb-62a3-4b7b-ae14-54ba85fc1ef4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":167,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"a9a53629-a73a-4ae0-a3d6-b230e123d326","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":167,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"47c8af8f-856e-4309-8dac-846a46232fbe","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":167,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"c63347bf-2cbe-4034-8088-654ac18154b0","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"6aefced6-d760-460f-9acb-017cf57cb4eb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":167,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"f5eafd33-75d1-4e37-94ec-367b25895a0a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"cf3e64ad-99a6-4835-9a3a-6034cecc1601","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":167,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"fe7401e5-f489-46c8-a7a2-f240c8fb078b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"8f515702-3184-42a4-9656-3597d67a3ea5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":167,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"199e40e6-b3f4-4cf3-a7dd-1630dab04ee3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":167,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"6b645b59-a5f9-4a54-a836-453c263d4558","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":167,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"3abf52f6-aa89-499c-88d2-5e9f9c7803ba","block_type":"box","text":"$250,000 and above . . . .","page_number":167,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"84552354-364c-4413-bb5e-2dcb388b14da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":167,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"e8281eb9-0674-437b-812c-ea7b038c63e9","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":167,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"9e4b8255-a624-4106-8752-385c82459a70","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":167,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"9edf8950-85ac-4edc-a0d2-20a6523ab4e0","block_type":"box","text":"the following amounts:","page_number":167,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"ca5b3043-ab29-4ed6-8f8a-ffcd6db01649","block_type":"box","text":"$100,000 and above . . . .","page_number":167,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"1c891399-7c19-458d-8289-8db74483de1c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":167,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"955092b6-5368-4c26-ab4c-74ecce1eaab8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":167,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"2904e1ba-4204-451f-b5e1-e2204e2ac80b","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":167,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"5a5d17b4-90b4-41f5-ac40-835272dea2fa","block_type":"box","text":"$250,000 and above . . . .","page_number":167,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"f6800886-5aa6-488c-b46a-32f46a7371c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":167,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"9d410b2c-8ae0-4126-a3c5-555907c91bf9","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":167,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"40b41c9e-06a9-49c4-9394-2841ad8c330f","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":167,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"53f0787e-1815-42e0-8f60-07b06f689054","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":167,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"e8af8752-4897-4f90-9e00-3b8b182c9e70","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":167,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"2c55cecd-e3aa-4b39-87a9-160b810be228","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":167,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"bb606a63-74f7-4ac4-97fa-2e4649ddbe34","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"de6270d9-8bf1-466f-8daa-5cafd4d8966f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":167,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"b94cd635-a6f6-474b-980c-8ca4cb71d237","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"79872122-684a-4d85-866f-c2d9f5915259","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":167,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"baa6dd47-46a6-475a-9b99-b705448327d8","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"ef12d7ea-2f8a-4b7a-9a52-e4ce56c7bf9f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":167,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"62770da4-fd98-4944-a8b2-c02ee0a2f950","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":167,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"8af71cae-3758-4e3b-9529-ac2d45ee3f8a","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":167,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"9cb1a20e-b1e2-455e-a99c-4673dd007dbd","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":167,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"74a63011-39f5-4610-8ace-040a479d16de","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":167,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"67bb4c37-27ad-4f04-a3b0-5299cd9d80e3","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"58e35463-58d5-4a26-892f-30ed5e9b7f4c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":167,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"1a8a4051-ce13-4763-87f6-a2622c08a9ae","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"677b3781-ca76-44f6-83b4-21cb8512b7da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":167,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"7c693de9-0d1a-40a8-bb49-98db47c23ebd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":167,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"c68edbc6-5e32-4ea0-bf29-cd18f60f874c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":167,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"8c2c4f54-1b8a-4475-bd76-a3c87cd0abcd","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":167,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"715d2ea2-7abb-45ad-b40d-4571beec34d3","block_type":"box","text":"®","page_number":167,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"2962773e-886b-4df7-989f-f828cd5c9434","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":167,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"7744d120-87c2-4263-a02d-24b1cd1f321e","block_type":"box","text":"®","page_number":167,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"c3fc1ad0-ab82-4bf5-8cea-f855264b5a66","block_type":"box","text":"Index 2035","page_number":167,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"e71978e9-781a-480f-b89b-75d53b61cf10","block_type":"box","text":"Fund, BlackRock LifePath","page_number":167,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"048eff4d-6b70-4633-b629-880c4191718d","block_type":"box","text":"®","page_number":167,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"fdfe9db6-785a-4767-b2d8-952ceb16a37d","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":167,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"c230e450-a16c-49f8-92e6-38b96a645845","block_type":"box","text":"®","page_number":167,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"9d7a84d2-b99d-416f-b639-8fe9eeae8f07","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":167,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"3c1a57d2-a07d-4e1a-8b4a-59eb378e3055","block_type":"box","text":"®","page_number":167,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"1084c9e8-85a0-43c3-b30b-14cf72efddfd","block_type":"box","text":"Index 2050","page_number":167,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"eb6c1bf2-e396-4c32-9e65-6932aa9dbfa0","block_type":"box","text":"Fund, BlackRock LifePath","page_number":167,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"3a27f3c1-2b8e-4fb4-ba35-9819216e55a7","block_type":"box","text":"®","page_number":167,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"c9d95069-7929-4e27-bc7f-29d00ea5a47b","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":167,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"f0a6d7ab-a234-48b8-bdae-ae57d19b1532","block_type":"box","text":"®","page_number":167,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"91d751e6-393f-4466-8acc-fdd152631e22","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":167,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"c01cb7d2-db46-475a-ad87-975c4b44dc1c","block_type":"box","text":"®","page_number":167,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"d3627cc9-781b-4149-ae07-201bacc89ee0","block_type":"box","text":"Index 2065","page_number":167,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"b88d8fbc-33e1-46df-902f-cda073ef6a70","block_type":"box","text":"II-100","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"61366507-2c11-48f5-8fb4-7a2212818f08","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69c82ceb-4b93-4eb1-9f2d-f3474390c20c","block_type":"box","text":"Fund, BlackRock LifePath","page_number":168,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"9530c4fb-451b-41bd-843a-66a148067644","block_type":"box","text":"®","page_number":168,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"36964e78-b8e0-4e15-bcd7-8851cb62a999","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":168,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"6c5b7941-a390-4e13-b454-bb6159e52399","block_type":"box","text":"®","page_number":168,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"592b145e-05af-4f27-81b9-4bec59a48289","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":168,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"2ae8f3ab-b5b8-4d8d-85a9-ea013cc91b3a","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":168,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"042586eb-9155-4423-a50a-42c7f7787a89","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":168,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"7df75a2c-bc76-4666-85b4-6ec84679536c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":168,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"dcf70fa7-e3c1-4868-b1ea-2537c2898e4e","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":168,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"1b5c6225-525d-4069-91db-9b87cc6c4b30","block_type":"box","text":"SM","page_number":168,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"dd563ddc-fded-4da1-a19a-cf1441463c3b","block_type":"box","text":", the placement","page_number":168,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"832fbeb1-b1ca-4f2f-a625-aa4b5e2993d2","block_type":"box","text":"fees may be up to the following amounts:","page_number":168,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"273ff056-1838-4a22-ad8c-0190cf8a3019","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":168,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"ad32ef2e-1a2f-4c22-87b7-13bd4b0e844a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":168,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"f489ce72-936b-4172-8381-8f980f449589","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":168,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"870b2d35-94c5-45e8-91da-d86c823b62dc","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":168,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"49cbec32-60de-46e5-9982-3b7c688881a9","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":168,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"8c325e7a-1b00-4316-811f-a1b044d369b8","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":168,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"858dc3cf-011d-4b82-bbf3-1a12720f3e10","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":168,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"42daa3af-8516-486c-9d39-bb0269085ed2","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":168,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"9d97ca7f-e152-4275-97c1-912d6b70bed2","block_type":"box","text":"$1 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employer","page_number":168,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"f24d342d-df84-49f1-8a52-978566c66977","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":168,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"6d693060-006d-4533-9b59-9c95deddad61","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":168,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"204885b2-3663-4b71-9f3b-3041772e422f","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":168,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"de7e5bf0-d67b-4b00-b19c-10ec14c87991","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":168,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"be9241d6-cf31-4b1b-8568-81c96303bd9e","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":168,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"91b4af67-673e-46b0-b84a-de23772f4014","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":168,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"b2fd9607-43c9-4947-9dfe-0844af09277a","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":168,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"dfddecaf-c45b-45a1-ac76-e2732513eeb2","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":168,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"7faac847-a870-4d7a-a305-2a08e9f82d1b","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":168,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"578f1e52-1efc-4165-9a4c-dd7d586f2b64","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":168,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"b159e75d-052d-4739-9406-8cc65c65f7e7","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":168,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"f403e36f-81a0-48ad-b3f0-1618016ad2ef","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":168,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"a404737e-8674-4246-85d9-5cb7e1e14513","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":168,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"0910eb6c-c300-492b-bf3e-3408090bbc54","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":168,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"4cfa53c2-bc77-4846-b381-b8f830d8b6b5","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":168,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"1eec413a-594b-4bb6-ad3c-39d9201c9b8d","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":168,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"89e80ba2-6433-44c9-a389-4b4db9277483","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":168,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"89eca064-63e0-47d1-aa97-6c593c15f420","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":168,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"96566565-cfaf-4ca4-a8a6-4a425bf6f293","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":168,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"97dd09c9-e9f4-44cd-ac78-b51d027cd720","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":168,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"26bee70f-901a-498e-892a-9253456e3e39","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":168,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"f198ce7c-b5a0-4317-adf5-e0e3b7102272","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":168,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"2a0ef44c-c258-471a-a459-2d6db3ad2f83","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":168,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"428a7aaa-963b-4ae0-8903-ea7057e0f5dd","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":168,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"a3200b48-22a3-4d63-a4ec-92e40a49f4ec","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":168,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"1ef5f980-f8cf-4cc3-a91e-1abb4935fb9e","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":168,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"ffbd3731-c945-4015-bd01-615052b9bdcf","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":168,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"974819b6-8fa4-478f-b8df-b65645e23f1d","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":168,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"f561c776-4357-47e2-ab06-cc82c8549ca0","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":168,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"dcebcfd5-e6f4-4564-9bb8-4fd1c9bde84f","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":168,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"e8152121-610e-452d-977a-911ae746a6c4","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":168,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"7666c561-0700-4343-a7e2-840425097b04","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":168,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"36caefd2-a481-461c-babc-56db1ece2fa3","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":168,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"adc01f9b-3302-4adf-8c11-fa375cb36d4d","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":168,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"8b3c2d66-2207-4901-840c-2423270cfabe","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":168,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"7d6b1527-882e-4a9a-8935-f8c9d5f1499c","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":168,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"15d479fe-2137-4977-93be-4e4e82339a89","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":168,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"d7076902-9300-468e-b29d-74a0394b1311","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":168,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"c438bea3-77a6-46b9-83b4-b9befceb9561","block_type":"box","text":"II-101","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ce107e72-0857-499f-a698-0fbcb10a56b4","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa01f23c-cb78-482f-9ad2-8e9dcffdeb58","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":169,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"4d772424-d05f-4f7a-8c4c-098ed93baa83","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":169,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"5be78ca9-404b-4156-8aa3-3f908549de51","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":169,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"3479ed82-c236-41fa-8758-e6b268365411","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":169,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"85677327-f74b-4d5d-83e8-c6bd3c1c92b2","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":169,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"b99c2c9a-dd6e-468a-a85a-42290aab9edf","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":169,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"738272ff-8537-4b90-95ed-6ddca2c40d50","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":169,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"3de49da5-22b3-4ad7-bd53-7c59eb4db546","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":169,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"a35f36d6-71f7-401c-a217-7e43a4001925","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":169,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"b00741de-2665-43e5-9168-e065167b2a3a","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":169,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"8d079d43-65bb-4866-8195-afe1007265af","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":169,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"b4b36ed0-4172-41ae-9f7a-1912d18e9f96","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":169,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"7403230c-6b86-4018-a8a6-20a10b43a17b","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":169,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"03be4a79-ca38-42f5-b830-9bcaa25f5f96","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":169,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"15c70cb2-34d3-490e-aa9e-1e1d30aa1ece","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":169,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"0c459612-0084-424d-963c-1bfeb7dd5d0b","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":169,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"b2f2dbe7-be71-4cb4-a5ce-7a4e90c40e68","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":169,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"03f72c6e-ac54-4a52-9b64-07bb9bbee01b","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":169,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"c2215a18-b04e-4b87-b02e-0d909471207a","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":169,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"afa0c318-67a7-4d79-9b19-f992ef7f0006","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":169,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"94055b69-b197-4968-a4e2-b53642ffb0ca","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":169,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"66fb22f9-a6e1-48a4-8b55-838b58e57d53","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":169,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"d4ec45be-dd51-4cde-9286-59ba0040de8d","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":169,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"38ad6726-56c3-4a08-991b-dd192cf769e6","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":169,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"cc3705b1-f922-4ead-be8b-aaf0b26fd904","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":169,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"b5e0dae3-5867-4b4b-a625-7930bd27aff2","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":169,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"886398ab-e0c0-423b-92ba-7c7967cca361","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":169,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"af5c2a91-b721-450c-9def-2cbacb5c765f","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":169,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"9cd6da5c-6fd5-409e-8ecd-60d91ac88381","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":169,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"9c5b0a5d-25cd-429a-9b71-34f2f7694f50","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":169,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"3d77da01-7756-4398-98b8-a3654e57844b","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":169,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"91fb3a5e-42fa-42f9-b70a-ef823accc48f","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":169,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"b500b651-af55-4261-a6f1-17b845581062","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":169,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"1c56a64e-1f9c-4fee-ba18-50f7872d7dd7","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":169,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"01378b28-f659-4993-befb-d60c9c1f7573","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":169,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"f9f5efb5-8a25-4953-b15e-df294ee4a199","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":169,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"741a41e8-b979-4c6f-a251-f8ac6cd5cd83","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":169,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"06d242ef-9618-48c8-b337-9ccf98e493e2","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":169,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"ececed92-e6ec-4484-8673-9b2ade05993c","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":169,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"5d94867f-3b9c-4f22-8fd2-95218ee138a1","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":169,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"15fed131-78b9-4bb3-9431-0c401f11b1d7","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":169,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"fee05a62-130c-42ad-bcfe-271a835f270a","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":169,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"c583ae95-d9b2-4d24-830d-b57110685ec9","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":169,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"5245b56e-d65a-472c-b2e3-af30349de982","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":169,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"be03e5d9-b458-40b7-b7e8-add779d0fbc9","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":169,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"75b8beb4-cda9-4b97-b277-bb0307be3a78","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":169,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"eed9187b-86a3-43c8-bc65-5e8a318426f5","block_type":"box","text":"public or private investment company.","page_number":169,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"b1880720-f40a-4043-88b9-eff8928298cc","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":169,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"8322e99a-cf18-4ed3-a369-15046cc3013f","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":169,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"8505375e-8993-4966-8454-96310f293364","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":169,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"c8c9d952-67a6-42de-bc4b-aeddb003da86","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":169,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"66eef55f-54f2-47a1-a296-afae7600c836","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":169,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"3a671c94-6708-4604-a153-4b9f288aa3d0","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":169,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"4d236f88-36e6-4190-89af-32f3d822170b","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":169,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"991b0726-1af5-49c0-98d5-4869bfe24b19","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":169,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"1ccb51a3-7392-42d9-9fa3-6b30ebd598bc","block_type":"box","text":"II-102","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f5e0186b-bc55-4560-b7e7-6b7090638105","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cb7d303-cbb1-4ff8-9440-311feb8c7da2","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":170,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"bdbb7bb8-63c7-4e4d-b08b-42c5b5655916","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":170,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"b839c8f4-42c9-4f2f-a500-5a1018506ffd","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":170,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"2f54be8f-41f9-43e6-ae2e-18851761fbce","block_type":"box","text":"intermediary associated with the account.","page_number":170,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"ce73eda1-8a66-47e9-95b3-e9d0ae013169","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":170,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"a3b82fd8-4e41-4327-91b8-2d3da47e8619","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":170,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"365fec2e-6eae-4d7d-b39b-7907a386328c","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":170,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"8d877848-8270-48d4-aa35-b601463f85b2","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":170,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"5f0c232f-03a2-4862-9a31-937dc5de809e","block_type":"box","text":"CDSC shares.","page_number":170,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"e45117d7-1731-4387-bb14-7765930b485b","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":170,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"0e90236b-8cef-4d80-b413-fdbdc659fb32","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":170,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"b5dc67aa-dc0d-4852-aa79-28974c19dbd5","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":170,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"7fa9f259-fed0-4cf9-affd-d3cce6a92ebe","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":170,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"701567af-a18e-4c61-acd3-b8ccceac83ab","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":170,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"8311c48e-7f96-4d29-828f-1c248b43944a","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":170,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"fb82825b-08f2-45c2-8d32-14ccc81f7b35","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":170,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"baec94cd-8fed-4ea8-bb01-c1ccc7c69249","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":170,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"63f6ab18-048e-48ce-a905-86d2d2ab85f7","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":170,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"2c128343-8130-4b75-bd4c-03adf148f45d","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":170,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"9c73b142-797b-4c57-9c4d-2cf9385fb8a0","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":170,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"392dfdb4-6688-41e0-8dbc-b420526a69df","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":170,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"c7919d9e-0cd9-4b84-992e-4e58ca1c8aca","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":170,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"25742f0c-e3b2-498a-8828-f1f90622b70c","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":170,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"a74bd611-f50b-4147-bb6c-d72545e088e8","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":170,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"717f1331-40a6-4c9c-899f-b6dea6d5ed82","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":170,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"d41e075a-ad84-4f65-b04f-8785f76a0532","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":170,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"dfb10b8d-d0f0-49ef-8042-a494ddf79509","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":170,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"2ec46cd2-ca02-42ef-a604-db0e5dcd59dc","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":170,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"c2b8efb4-c219-4729-8f2c-75638eeaf899","block_type":"box","text":"Investor A Shares.","page_number":170,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"e83e00aa-c037-4d4a-bce0-d9298aecccdc","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":170,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"b5ccfbaf-38b5-472c-aa42-09b7e51eec22","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":170,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"4749a2c6-af8b-460c-91f1-8bfa4f3869d3","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":170,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"c841e550-c2c2-40d9-a107-1120512af0b3","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":170,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"2122c5c8-f273-48d7-8457-399b5287ec9f","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":170,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"4fade850-469d-4181-b849-bee1d42c5557","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":170,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"07d8fa75-af2c-4d6b-a5a8-6fe517dbcbb3","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":170,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"55cb0e23-2b6b-4631-844d-6af645900037","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":170,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"0d773be0-8fac-4a47-834a-e73aeffd2c08","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":170,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"9e269b63-3590-4558-a942-fd0a1207f60f","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":170,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"6c62142c-4a65-4f96-99e0-76b6ebb2f924","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":170,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"9beb8dc9-2a2a-4127-8f9d-f6c85bcf4ddb","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":170,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"647f9d78-6d86-4e7e-8499-fc56a0520be4","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":170,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"f6fb26e6-8735-4199-a332-2594151bed3d","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":170,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"24014863-17e5-4313-973f-7e711deb2c92","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":170,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"6ea07a72-9aae-4fb0-b4a9-be66007f1613","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":170,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"4f7fb82a-de8d-4f10-ac31-f9b65c83fb96","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":170,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"32fe8493-6537-43ba-863f-ffadeb56893a","block_type":"box","text":"“Investor C Conversions”).","page_number":170,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"a083f78a-a332-4379-a404-27580436ad9a","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":170,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"ba2893d9-1317-4155-8d5c-e3f57b8626a0","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":170,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"1715a216-8667-4e36-a098-a6de7b06f5d4","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":170,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"37ec24e7-2e9f-4147-92b8-969640734dde","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":170,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"18654246-e377-44f4-9b9d-613da51355de","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":170,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"d0fcde7d-d5c6-43bf-bdfd-2e9a51f49423","block_type":"box","text":"II-103","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0f25b896-e72f-48df-a063-aeb186c58d73","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b7ebeb1-a493-4a84-9e46-d958f3e340d0","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":171,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"9151e567-39a6-4ea2-9254-4926b99fcc82","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":171,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"fed5eb74-17a7-4802-a8ce-afc1a061a130","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":171,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"12ecbcf6-1bc5-4154-a8e8-5382449ce456","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":171,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"8d9b528b-9a7f-48c7-a31a-5ce3b8a9a6e0","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":171,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"99466c0d-caab-4fe7-98b0-c7a0b5126f44","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":171,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"80d5856a-a35d-4c51-bac7-4abb0067c612","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":171,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"4e4c73e6-42e0-4a4b-8d80-90a2eb39549d","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":171,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"504d5ef3-c0ee-45f5-93b4-d74d9b31df0a","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":171,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"13f7f02f-62c3-41f5-8859-56233ee74b6c","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":171,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"e9636cfe-b345-4c41-8839-5ef104d337be","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":171,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"bfa3e878-9d43-4ff6-a90a-1a8884a03bce","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":171,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"dc4b7faa-8216-4284-91a6-aaaf6e5795f0","block_type":"box","text":"redemption.","page_number":171,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"ae3f1373-b587-451c-99b5-0fd3c12eaa62","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":171,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"9cc466be-4341-4e48-b7ab-ed909fe98699","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":171,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"9d1662ad-0baf-43a1-9c85-2954391acc38","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":171,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"0abab05a-5db6-411b-971c-c2f0fe960f05","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":171,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"d77c9383-1d56-42db-8ef2-9b54144420af","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":171,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"e0937806-5e9f-4c48-8b0b-f2473b206784","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":171,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"7798c55c-b9a2-4d1e-a8b8-d72993035e8e","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":171,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"ae76b7b5-8667-45e6-b29c-96386362054d","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":171,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"b1f60f32-5e86-42d2-b1d6-f7e190328890","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":171,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"c3739d49-0290-4f84-adaa-8555f719b19b","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":171,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"97711660-0c44-4628-8fdf-093978a1fa06","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":171,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"68ca26c3-9756-4a9e-bd98-8601d65576ce","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":171,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"be4b96dc-8b6d-469f-8cf2-16176f335888","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":171,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"74b6f128-b635-4111-9fb9-4529492bc3d5","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":171,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"eda0e9a3-12b1-4302-9da3-5dccfbcab1c6","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":171,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"0ab6b5ad-7308-4b72-96e3-ee9d1e104045","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":171,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"6765f562-41c2-49ef-b817-de16770b5486","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":171,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"0e5c6c8a-e88c-49dd-a4a3-dc3918a546e5","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":171,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"71952400-7072-470c-94c4-0848445f73f1","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":171,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"cce0fccf-afda-4638-8270-f5a294754149","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":171,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"29dde690-8f12-4221-88c6-ad33d085dabd","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":171,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"bede66bd-9205-4d6d-b5ec-5266cb0deae4","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":171,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"67b68bcd-f053-4b6c-9442-24f166f14d1e","block_type":"box","text":"Class R Shares","page_number":171,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"6bf757d9-b190-4192-a710-6f948470f701","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":171,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"9e81c0fa-50f9-411c-b92d-73ce78e6503a","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":171,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"958144ca-b740-4118-9ac0-370d83459e0e","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":171,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"3de8ecd4-1087-4419-b352-acda3e5b2ad2","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":171,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"f81d4215-2cde-45ff-8f8f-5f3e2b403db3","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":171,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"13ded36b-44b3-4145-8f61-f50d3b3af4b4","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":171,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"f549fd1b-b077-468c-a838-55ba34383894","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":171,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"e81bdb54-dcfb-4276-8b2e-da3474d61214","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":171,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"c34fa813-db0b-40cd-b3da-4aa72eb72fb6","block_type":"box","text":"Class K Shares","page_number":171,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"89dcce05-1f15-47f1-9cb7-f32be26d7981","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":171,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"bb6b3f54-3a52-4e71-ba54-874c1668c139","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":171,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"86583224-44a3-4511-aeaa-64ae88e23d5b","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":171,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"6116d8e1-b056-4cd0-a7ab-d4b94ade8d5f","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":171,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"2bcd9961-047e-44d0-a757-a07602956bb4","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":171,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"148a7dca-39a6-4fb8-af9b-a5df819efdf0","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":171,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"78e44259-c55e-425a-9ef6-40093d4ff2eb","block_type":"box","text":"II-104","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5719436e-ea40-4069-9bbf-298c64ef47c8","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"41ddc3ea-f96f-4e16-a9f1-4847e2dca466","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":172,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"ad4398ee-411c-43b9-8e03-8ad5dcb8e0f3","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":172,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"0ed7f231-652d-493c-97a1-c85fc690a277","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":172,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"6d5bb451-2c13-431e-8095-9a26c19f2ecd","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":172,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"0bd33642-dacf-4a69-a039-c789eabf578e","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":172,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"ba8bc9e7-5334-4417-bb9c-4860399b7da7","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":172,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"03641bd0-89d5-4329-8c3b-8ba043913ff8","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":172,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"7715f608-0eae-49e2-afdb-5f78296b02a9","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":172,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"eb260f20-bce1-46cc-8440-24a6bf0b94ef","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":172,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"a29d7075-53b4-4d76-b68c-c6f5ecca9960","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":172,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"e2146999-640d-4b7a-a793-bcee0b344573","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":172,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"a59b179f-5289-4533-aa0c-612e395697e7","block_type":"box","text":"distribution and marketing agreement.","page_number":172,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"fc7330cc-6237-4185-987d-63af93a2c95f","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":172,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"0ac5059f-e57d-49bc-a650-12230dac34f3","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":172,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"756122db-35d7-423d-a6f2-84160bca5ecd","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":172,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"5aa280d4-7b5d-4f63-a4f5-12c67474ef3b","block_type":"box","text":"Class G Shares","page_number":172,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"a92900df-56c9-44bb-864e-614406814373","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":172,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"3500bc2f-1377-4eac-90db-e6eac6ead875","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":172,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"5f4991cd-5491-4c9e-a3f7-209806190b3c","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":172,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"fa36cbe1-7f57-4c43-93b1-abc54a5bf25e","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":172,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"9b55d8a5-2aba-4014-8e92-fb999176905b","block_type":"box","text":"eligibility requirements.","page_number":172,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"6600eafa-7951-4f6d-9ccb-03e732edfe56","block_type":"box","text":"Service Shares","page_number":172,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"62584d0e-a0e7-4e9b-a988-e80d5a88eb6e","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":172,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"8b4af1d8-ecf0-44fd-9229-83d7665cdbc9","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":172,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"ae929390-312a-4967-912e-7937c83a6a80","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":172,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"0a564ac4-3bdd-4352-9f27-1c35af598bb2","block_type":"box","text":"®","page_number":172,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"8febf201-f2b4-42d9-b54a-4c3f3f676d4f","block_type":"box","text":"Fund in 1996; and","page_number":172,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"05df9f0f-4f50-4877-85a5-a3f7c9160217","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":172,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"8b07310a-7648-4291-8c4e-c6eae23da49a","block_type":"box","text":"SM","page_number":172,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"be0b59be-47fc-4cd5-baa2-75ffda92f3cb","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":172,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"04b4c6bf-0028-4666-9e2b-34d28a4131b9","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":172,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"c5e6a911-a447-4ab7-804f-404fc5fbf3c1","block_type":"box","text":"BlackRock Shares","page_number":172,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"ec165cef-6887-4113-ac67-ff2a3a1a07e8","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":172,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"3a7d7f78-78bb-4793-b941-cd37aa3736f1","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":172,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"be5e29ee-115b-432b-8dea-8fe0eaa57958","block_type":"box","text":"fee-based programs.","page_number":172,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"64123b95-0b05-4946-8911-3da6aa21e2d0","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":172,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"5637e446-b543-481c-a2fe-6673a7356cd8","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":172,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"100985fb-a07b-4e8f-9256-055c656fa618","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":172,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"cced7ecf-b209-4830-aabb-8ff985163c9c","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":172,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"34e14bb3-2a29-475d-8ede-a18c3a481ea8","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":172,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"c02fad17-23bc-4b2f-80c5-8716f29dc9d9","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":172,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"2531b423-adb8-46ba-b6d9-c6be36ceb298","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":172,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"4d3b2140-d066-4ca3-bbe4-6cbc21995e66","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":172,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"51b2e444-9d24-4f94-99a9-f286928eb507","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":172,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"4752f73d-2d7b-42dc-b033-6650a591c162","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":172,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"0a24e09b-93e3-4a38-aa83-b2905cea2b9c","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":172,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"c9d8b1dc-90f5-4c85-ade6-e06bdebe154e","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":172,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"2952301d-7617-413b-aebc-4c914220e3ae","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":172,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"ee7bc6b0-3e80-493b-b65c-8684f48c5770","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":172,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"760d0a47-eb03-4ab7-9628-91819a4a7e68","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":172,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"e9d8a494-3b9e-445c-a5b2-92d0dc887192","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":172,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"a3913adb-4866-421d-8865-9e39c2cb5705","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":172,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"2ef82418-dd2e-4aab-8e60-b8756fbafb4c","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":172,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"f01aab12-aa2b-41b2-beef-5775ceffed1d","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":172,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"11efc4bd-fca3-40cb-9012-2df2a93427b8","block_type":"box","text":"II-105","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ad1ed552-be71-46e9-9a01-60dc40ca8146","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03efcca2-3a8a-4d8a-9776-7e2c1a238a92","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":173,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"61824cc7-4c8c-4547-96c5-02dbaac583c4","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":173,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"5061fdc3-838b-48d5-a6a7-246e6bc78507","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":173,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"45f32ac7-e6d8-4c7e-818d-ea7c9ab580eb","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":173,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"cf386af8-188e-4ce8-87c6-53bdb4b9685a","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":173,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"7072c03b-4808-4c53-bf2e-edb9d36503ed","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":173,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"bb67c7f0-8f8c-4581-b307-a08cae5cb83b","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":173,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"eea636d7-c250-4e01-b20b-483345cab842","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":173,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"d901ac49-9e57-4e60-a8f5-08993cdbc82c","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":173,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"7f0cd816-37b7-403f-81e6-0b9f43a0d7b9","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":173,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"df1c3e55-55ea-49f5-9ff2-c4182fe661c3","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":173,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"fe1d68df-1c46-493f-9a18-c7b42ab742bb","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":173,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"50c209af-1a7d-4a98-8f89-9fa898497e4d","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":173,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"bbe26589-1e7b-4400-83e3-c5bb414766e7","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":173,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"8e1cb912-b362-452e-a20f-906962da219c","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":173,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"d4dd6d06-73d3-4798-be83-186722cc57e7","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":173,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"7a1062b7-570f-4f68-a747-5be7a65bc2e9","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":173,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"977e416b-45b9-4267-b500-67b3e0dccc76","block_type":"box","text":"compensation for selling different classes of shares.","page_number":173,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"dee31917-da91-4ae6-a434-b4dd8a8c0317","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":173,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"26721df0-1019-43eb-baca-8f2fb6048a51","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":173,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"fe425600-343e-4287-916f-018ee6f08e75","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":173,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"21a6e1b0-7ae7-4f31-a015-40d17f967b4c","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":173,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"07e1730c-5a88-4a1b-ba8f-2019bdeb8b58","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":173,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"1cf8ad37-c0a2-4661-9aff-ce20f8603d05","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":173,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"b6ac06ac-3097-4a28-8c6a-0be33e23819d","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":173,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"baba4e0d-1dbf-47cd-b343-23f3c8d465bb","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":173,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"48c7b34f-8e1a-40e5-8df3-7f9001f15b95","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":173,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"3da74b5b-07b2-43c8-be2d-6091783154ef","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":173,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"a9fd99af-28c7-450c-9d3f-52074ff708af","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":173,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"8cdc3a74-d656-4a53-9b11-cf8e5b89ede4","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":173,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"1538de70-f2a8-417b-9610-2df2a30d2445","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":173,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"600ac774-bd95-471c-90ad-de10d8853e83","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":173,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"aa268f38-5850-42a9-b9db-2230d369e6c0","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":173,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"4d898a29-c643-4b0e-a691-258555b24de3","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":173,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"e6754e11-ea04-4c79-a423-eb1c70093dff","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":173,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"d245d1c5-4efc-47dc-8b59-62454672320f","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":173,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"64dd07cf-fb0f-48b2-9403-f78f727d3255","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":173,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"e11fa22f-b29a-47d6-ae7c-dfe0f2fc9763","block_type":"box","text":"easily accessible place.","page_number":173,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"2d7bddbf-1e63-423f-bde0-c1b33becc957","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":173,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"3c798cd3-b5f6-4a37-b726-320a0bddeab4","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":173,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"bbf71dd0-83ef-4bd0-a801-86ececc2e82d","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":173,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"7dc2000f-873b-4710-9eac-fbd9536d2302","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":173,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"e9d7378a-d00c-44e4-ad3a-2ff9ffb5bce5","block_type":"box","text":"fiscal year.","page_number":173,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"e2fe21c5-89df-4df7-8548-c802b10bc53c","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":173,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"c370eea0-60ab-4fca-b62f-f9aa10ea5716","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":173,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"ae43ae13-5121-4773-a861-b69ab9e59ce0","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":173,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"b0cb8226-b15a-4677-9ce5-3c8e774e14ca","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":173,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"ea2a00c2-509b-4adf-a954-64eb6e28dd7e","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":173,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"24735a3a-b758-4b41-b91d-84411051d280","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":173,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"570abe64-f4a6-4301-88f8-b33e5911896d","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":173,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"89be8d77-e4a7-45d5-a585-0dc9bdfd764c","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":173,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"765e855a-5b27-45f0-892d-c9a38ec8ad94","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":173,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"dc9d5f5c-a096-4263-9950-4cccf9c223d6","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":173,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"4d547ccb-b400-4fd1-9c25-3f0efcaf51b1","block_type":"box","text":"II-106","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ebb1f185-0266-4390-963c-c02b60f40fd1","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05bdf4b6-ccd9-45a6-9969-6fb5493a8023","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":174,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"ab5aa772-a468-4a23-9611-6b159e133994","block_type":"box","text":"and Class R Shares of your Fund.","page_number":174,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"ec8672ca-1759-462e-8505-51b139a472d5","block_type":"box","text":"Other Payments by the Fund","page_number":174,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"e086280f-7840-492d-b53a-5d4b7aa0eb5e","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":174,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"e4bcbef4-e8d5-4ae3-b70e-4923bd826079","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":174,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"fa3c1531-ed6f-4639-a564-504a8ebed397","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":174,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"854eb398-18c5-4c42-9961-68c3f9239f5f","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":174,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"de59ca23-6c68-470d-9806-b5df141d57e3","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":174,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"e1c4c144-c659-4bb4-a60d-5024da08db55","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":174,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"839ca720-574b-4aa4-b30a-225be019c438","block_type":"box","text":"of these payments may be substantial.","page_number":174,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"b4087bbe-8956-4925-8e14-988727ba6146","block_type":"box","text":"Additional Payments by BlackRock","page_number":174,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"184a68ff-4bd9-4790-a1ba-2a420c1ff330","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":174,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"6496eb99-9f16-4900-b2b6-04a6a5a546d6","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":174,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"0965a76e-6c0d-4142-8335-1c377df33e23","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":174,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"8a399904-41ed-449d-89b3-bb153b903fe3","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":174,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"0a68f1e7-f24f-4f4d-9293-4030bbcad698","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":174,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"e6807a0c-f0a2-49bb-af95-d9617108b59c","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":174,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"7f5fdb2b-e26d-410b-a175-0bb161f94ea2","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":174,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"3f0f2d24-571b-4400-9141-b8b22d070bcc","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":174,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"094225af-b3a1-4e51-89d7-4340abcb5ad6","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":174,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"feae89c2-be5f-47ef-a821-f8bc4efd2ccb","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":174,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"4eb478a1-8949-4aa4-8b3a-ef9e49dea443","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":174,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"b2087a1b-a385-4c2e-8207-9f2bd25fc01f","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":174,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"1c61769e-8876-4a60-8298-faf47cc8c20b","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":174,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"87ac1fac-63ae-4af6-a362-1122f50ee103","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":174,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"d22c303a-a5c7-428c-904d-e65814284739","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":174,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"eadb350b-8d00-4849-b44f-bedcb12200b0","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":174,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"6969cc10-6f3d-44b0-b251-f0ab677e1e73","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":174,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"0252e6ff-3284-4c7f-bf0c-43251804596c","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":174,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"907dedc5-42f7-4145-ae97-0fac71fbe1df","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":174,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"70f8d8c1-3f49-48c0-abc5-23583fa4c9fb","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":174,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"2d9711b3-a80d-466e-8ac0-72a55f3f351a","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":174,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"e5266259-907e-4da8-b1af-4b2924112ade","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":174,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"1c720c83-5be9-4d85-82dc-63b4375b27ce","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":174,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"64dbeb0d-6f92-40eb-9383-2d2882d8062a","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":174,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"2271264b-c640-42f0-9f97-76e652296e65","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":174,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"901f85f9-1c43-4774-83f9-0b494c208fcf","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":174,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"4f165799-cc63-435a-a002-1bc88379c685","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":174,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"23a7f509-0cad-4abb-868a-5494a2468b32","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":174,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"5ff1f74f-4231-4cad-b4ef-ea43585ed8e2","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":174,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"b08b62cc-e493-4307-8db0-0cabbfee38c3","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":174,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"0cc8f3da-9566-4890-aeac-147930478f1d","block_type":"box","text":"Funds.","page_number":174,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"384fcb59-8a1c-44e2-8e81-8cd70ee73514","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":174,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"8616b8d3-5f82-4a2a-be53-29c6bca99481","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":174,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"a11dc4e7-b29c-423a-8d92-c9a3a141919f","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":174,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"8bf09d4e-927e-4b2b-86b5-cac4ee83f0a9","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":174,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"5d339e7e-c933-4d80-b6c1-9385fbe73240","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":174,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"a8b6c8c0-f4a9-411b-80ce-3c0ba0075c15","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":174,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"8976dc3d-53d7-4406-af3a-3bdc089b2573","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":174,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"4bf95cd8-3867-45a8-b770-cba4feb11145","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":174,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"a6a25977-2f5b-47a0-a389-949140c7ee3c","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":174,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"732116ef-d785-42b0-ba22-15ab548fb8db","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":174,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"f2033cc6-9c16-4334-bb88-6fa431c90f42","block_type":"box","text":"II-107","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b0620ab8-da0e-42a8-9a4c-1163310436e7","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4fe2c33b-ef91-4490-9aad-7388dd7f57e6","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":175,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"7b0a56c0-32f4-4def-8216-1a8b1790eab3","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":175,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"aed85e83-a221-40ba-8970-4eec7568b07f","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":175,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"c294f49e-cffc-465b-8d30-2a281ffa69fa","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":175,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"fe82e0a2-c9fb-464f-8f54-ce7313ca2790","block_type":"box","text":"B. Shareholder Services","page_number":175,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"03c9da6a-4fa5-4766-a806-58c785aaceb7","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":175,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"c8332263-1135-467c-b8ab-fe42534a3ccc","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":175,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"e920a626-197e-4a3c-b751-7650989937b7","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":175,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"c624011f-97c7-4de2-8c0c-66177205bc6b","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":175,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"4a3e2cb6-3ef3-4e7a-ba92-d360f7b6b174","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":175,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"aefd6f59-79cc-4939-a481-526cb43bc8f9","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":175,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"b0af0ea4-4b21-483a-b140-16476785641f","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":175,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"4df0d6b6-4b2b-4ce5-abe4-d6eafc2a68a4","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":175,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"2e245811-6ec9-4b31-8694-57d5c8a43857","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":175,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"7e953960-b0fc-4ae9-8a96-0dce604ede9c","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":175,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"1d1b21c2-e730-46ad-975c-be8ffc86d96b","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":175,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"67f73c2f-a00b-4104-aae3-bb4735639e29","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":175,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"67a0e0d4-5a43-453a-b9d2-6d67abf684e6","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":175,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"6793c725-ac88-4bbf-9079-a4b82ed30474","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":175,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"22805327-9f3f-412a-a1b2-3e89a0cfc961","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":175,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"947fbbd1-59b2-4152-9d78-f5e6ea1eb667","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":175,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"84e268ca-1081-406c-b37e-cd66122fe7dc","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":175,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"fe5cdc46-e1a3-438c-b2e5-40d6e01b5939","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":175,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"9f2269e9-7b05-49e7-8c21-8dd5ddc52d92","block_type":"box","text":"payments and to obtain further information regarding any such 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The","page_number":179,"box":{"x":69,"y":505,"width":810,"height":11}},{"id":"5b21d393-28b6-4ae0-b75b-38e9db6aeda3","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":179,"box":{"x":68,"y":520,"width":827,"height":11}},{"id":"1f63688f-e3cb-479b-ab0f-107667f5cb48","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":179,"box":{"x":69,"y":535,"width":832,"height":12}},{"id":"209c5063-2a9c-48f8-a8d7-370ca3931389","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":179,"box":{"x":69,"y":550,"width":828,"height":12}},{"id":"fa5fb37b-396e-47e9-be97-10dd7d9f2a54","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":179,"box":{"x":68,"y":566,"width":746,"height":11}},{"id":"a4f5be5f-00af-4b83-978f-c9a0409359ee","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":179,"box":{"x":101,"y":588,"width":807,"height":12}},{"id":"74cbece9-b414-4114-8442-3b3771aaf940","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":179,"box":{"x":69,"y":603,"width":835,"height":12}},{"id":"0d38cd5f-3c2d-4023-a265-343bdf456d65","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":179,"box":{"x":68,"y":618,"width":811,"height":12}},{"id":"84303ff0-38cc-4ba3-97f2-34d63be97737","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":179,"box":{"x":69,"y":634,"width":741,"height":11}},{"id":"5727ca47-e30a-4cab-b3ca-22a4bacec62b","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":179,"box":{"x":69,"y":649,"width":813,"height":11}},{"id":"7255a90d-c625-4e60-bd31-173c92a31f58","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":179,"box":{"x":69,"y":664,"width":787,"height":11}},{"id":"4c987440-bd65-4ecb-9c07-6fb4a467b595","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":179,"box":{"x":69,"y":679,"width":685,"height":11}},{"id":"ddae8870-5e64-4901-86ec-013632a1bbf6","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":179,"box":{"x":102,"y":702,"width":798,"height":11}},{"id":"1c0d5c0f-10c7-4ba5-8d7f-0266f533c47f","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":179,"box":{"x":69,"y":717,"width":820,"height":11}},{"id":"68e08e50-d3fc-42ad-a421-24b76f4bd24d","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":179,"box":{"x":69,"y":732,"width":653,"height":11}},{"id":"649bc29d-cf9a-43c4-aba8-4fccca1fc3d8","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":179,"box":{"x":102,"y":755,"width":803,"height":11}},{"id":"647c33ec-f761-4f16-ac86-69d99ba7f725","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":179,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"5686ae73-dfc7-4f06-8bac-b685c52f0c47","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":179,"box":{"x":68,"y":785,"width":824,"height":11}},{"id":"8e41c1c9-8e36-4a30-9dbc-aab25df3102b","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":179,"box":{"x":70,"y":800,"width":825,"height":11}},{"id":"5d291124-e38a-4420-8f22-c6c5de38d408","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":179,"box":{"x":69,"y":815,"width":825,"height":11}},{"id":"ecbb1384-b676-4dea-9dea-51033df5958d","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":179,"box":{"x":69,"y":830,"width":823,"height":11}},{"id":"09cde451-5c5f-4ad8-87e4-566403faa9aa","block_type":"box","text":"II-112","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"982df91d-1a51-4b33-9d26-e56516d417d6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"700e0a7c-cabb-4d6d-bbcd-b423693eb4c5","block_type":"box","text":"Redemption","page_number":180,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"d554a87b-6264-48cd-bc6e-e04da782e813","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":180,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"fafa82c0-7353-43dd-8227-d341c5507791","block_type":"box","text":"Redeem by Telephone:","page_number":180,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"1aeb0cc2-9379-4aac-a700-284bd229edc0","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":180,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"284e4cfc-015e-484c-ad56-ba5bc00475f1","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":180,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"ceaa15dc-a15a-492a-87b0-1cd7f3b149f9","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":180,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"9b1be85b-9751-4649-a10c-509ae8d64ed3","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":180,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"01f13095-7140-4318-b104-cffab92ccce7","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":180,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"8f06604b-976d-4eef-9210-cb3b8a2f6ade","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":180,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"407e6114-c038-4d30-a747-af12aa075bad","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":180,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"19009f1b-a71b-433f-ba66-793f47707a56","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":180,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"9c20bdf1-429d-4f0c-bb6a-74e691b156de","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":180,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"35202026-d8dd-4aa3-99ab-590e17de33b4","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":180,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"59d51233-0242-4168-975f-3d00d4e7987a","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":180,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"1d24b0fb-cba9-4152-8705-5e72d5437743","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":180,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"7eb92296-d446-4ca1-bd86-8c9e550da5e0","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":180,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"64c0593c-2c2e-4a79-88fb-15cfce6dc8d5","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":180,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"fff27826-4779-4a82-bf5d-a5c7f5fd7ef0","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":180,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"496acc97-0da0-4b58-b0c8-53ed6dc3eb98","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":180,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"f529aca9-7f5d-4dcb-ad5e-b5d2849198cc","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":180,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"c5652985-09cc-4d33-9925-0ec7cde9901f","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":180,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"1f2c2646-a9af-4b4b-9a77-6261fe995c64","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":180,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"f579fba0-3a7b-4cdb-91b0-e994aac6921c","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":180,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"ca66dfb0-c6c7-4f1d-bbfb-8f3af1cebd4b","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":180,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"2bc85753-20f3-4502-b3f6-b438497a2740","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":180,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"dd280508-8003-43bd-b546-c9069b33f171","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":180,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"cd91923d-7438-46fd-80bd-dbd19761d435","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":180,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"d13f142c-b294-40b4-b2ae-13f8e309662f","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":180,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"57b48d60-1304-4bad-9c83-774c73b5ec7f","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":180,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"28f56fd8-836b-48ab-8375-3dda9cb68e1f","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":180,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"78223e8d-994d-438a-b7a6-2ccff7aac0af","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":180,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"4f692914-0331-4939-9450-7dff80d29734","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":180,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"1e8720dd-5f21-4844-a174-3a45bb1f89b6","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":180,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"bf18ea94-0e14-4048-870a-58ef7abee9f6","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":180,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"6a7471a6-b546-4c3d-88b0-f14529f0c349","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":180,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"8f9bfb10-3124-4e39-94ae-b3762c88bb74","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":180,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"a72130b4-06cd-4648-bf83-956456e53486","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":180,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"94f15341-9114-41eb-89a8-e998972e5727","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":180,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"da0887eb-5474-41a8-97f9-acdc94bdf50a","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":180,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"7069a29e-bb0d-4205-b083-03ebcb05c56e","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":180,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"c17835c2-33e1-4d9d-9b81-57c5da7b5d3c","block_type":"box","text":"Redeem by VRU:","page_number":180,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"431eb968-af03-4120-9ccd-bac5789118ef","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":180,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"4f62775b-e4fd-4f18-bd5d-48754cdb01dd","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":180,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"f743e6e6-1dbc-4d84-832e-58e6d35b2dc8","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":180,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"0437c0ab-5253-4a91-b11a-502bcc1595ef","block_type":"box","text":"Redeem by Internet:","page_number":180,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"b8f5838b-ee10-4ae5-ac6e-dfa9d0e8b57d","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":180,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"32421e0e-5062-4fbd-9d34-3893fabc4ff3","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":180,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"9e244d63-434b-4e49-bc1d-40e4a68ef7b5","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":180,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"a940ad19-d51e-409e-b61c-1c13f99e7982","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":180,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"8f78fc7c-4886-4c5b-a4ca-1964d554417e","block_type":"box","text":"institutional investors.","page_number":180,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"b55f436c-8ae8-47aa-9bf9-8f22f16379a6","block_type":"box","text":"Redeem in Writing:","page_number":180,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"3da49f1c-8f60-4376-a181-d6948eb70f0a","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":180,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"2b42a015-fb69-4e66-b54b-324f3ded5bd4","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":180,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"bb8f419c-f8f0-471a-bf6a-f28505b07fd6","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":180,"box":{"x":68,"y":838,"width":827,"height":12}},{"id":"ea688a9a-eda8-4544-8134-6def9020505e","block_type":"box","text":"15262. If you hold share certificates issued by your Fund, the letter must be accompanied by certificates for the","page_number":180,"box":{"x":70,"y":853,"width":802,"height":12}},{"id":"152a776a-5ba5-4037-98d5-17384c49ee3f","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":180,"box":{"x":69,"y":869,"width":786,"height":11}},{"id":"6fb27c49-e84a-44ef-b31c-8e4bff71e791","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":180,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"24f06abb-5b8e-4d63-8a20-3cb3a281b468","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":180,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"f8d94f65-9fb2-458c-bf2a-a8390503de56","block_type":"box","text":"II-113","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"671773eb-10e7-4530-af30-bc49f4d2b918","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79302762-1829-4bb1-8fbd-24aadee0ec7e","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":181,"box":{"x":69,"y":45,"width":761,"height":11}},{"id":"057c5413-058f-4040-9d26-46e974e78c37","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":181,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"82e7c037-69e8-424e-8dff-aef14de70ec6","block_type":"box","text":"the bank account of record.","page_number":181,"box":{"x":68,"y":75,"width":196,"height":9}},{"id":"32922421-c73b-4e07-8d40-a81e1e416bc3","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":181,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"254717a6-76f0-4862-a3e0-8bce0972b17e","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":181,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"8ccac363-510d-4044-a509-d21d5c6e8715","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":181,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"834517c4-e675-4983-a5f2-d4a893b8ee5f","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":181,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"24cffaa1-ad33-44e1-ab99-13a346f6900a","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":181,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"79b33485-9d8e-4e4e-b039-595050c74b9e","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":181,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"db3b9a7a-a87c-4783-a670-729fae3881b5","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":181,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"9520e4d3-4392-4ea2-bbaf-54f1691ef092","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":181,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"a0d85ff2-25d2-4173-a526-51c2e6a1701d","block_type":"box","text":"redeemed by the Fund.","page_number":181,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"6e1db974-5697-48e8-a5cb-42701eadb20b","block_type":"box","text":"Note on Low Balance Accounts.","page_number":181,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"6023cf81-81c6-4b05-9910-acec430502cc","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":181,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"18aaeaa1-903c-4d63-a64d-24a3aeebebc3","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":181,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"11cd6155-9d26-4ab9-844a-b66f8ede59ed","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":181,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"f9801dac-5569-463b-9508-b9df3b23735d","block_type":"box","text":"for any reason, including market fluctuation.","page_number":181,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"2db4946d-cf1b-4390-883d-bd349089f323","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":181,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"217b020a-4302-42a4-9ec8-03e68c4ef86f","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":181,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"a10c37bf-b4f9-4c5d-bfde-a14eaf8609ad","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":181,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"2a850435-67d6-4b0b-95d6-acf361916ce4","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":181,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"f9d02ca1-11e5-4b1e-8f6f-78be9704d77f","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":181,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"a9424e1e-1a29-4bc2-a06b-831cf8e438f2","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":181,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"f550cb04-0e43-4f84-a5c9-cef294176b76","block_type":"box","text":"Repurchase","page_number":181,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"3dcb04e1-52b4-4e07-86b7-fe4aaf328ec6","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":181,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"cf48228c-8f3c-4b79-a00f-c59b7d3a04c5","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":181,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"f2386d8f-42e2-4ec0-bc68-230af02b3957","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":181,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"83c9a3cc-b4c0-4079-9781-8e92560aca0f","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":181,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"58355b1b-c6fc-4339-b31f-1865dce19148","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":181,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"6a427026-2f33-4c94-bdfd-b5b1fc6c468c","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":181,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"1726f8af-19cd-4562-8854-abb74f6ad594","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":181,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"0dabf2e2-20ee-4020-8413-10ee02f649af","block_type":"box","text":"next business day.","page_number":181,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"5c9959af-a4d8-4048-ba96-e2ffa3ebd850","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":181,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"a852f629-f089-49c9-8c9e-0d39360850ce","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":181,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"5499282d-423b-456e-949f-5b312c9176d0","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":181,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"4112a0d7-4e1b-4b6b-a9d9-6f882b957195","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":181,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"d7eef85a-923f-4712-844e-73d0d5bb2939","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":181,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"a93d2306-ff2c-42d1-a567-f5d8db15d332","block_type":"box","text":"redeem shares as set out above.","page_number":181,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"323bf733-a31e-47b5-b47a-f5a58d33d635","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":181,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"b0e72b92-5094-49b1-8988-e5f1117bae9e","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":181,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"03832a49-f932-41b4-a9f0-86217c11d6e9","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":181,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"75f8ef00-9a55-4565-994e-b033fca13d67","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":181,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"ef516ef3-b4ca-46a8-80d5-a4eca06bf2f3","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":181,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"be57e18d-8602-4e4f-832f-14b43c797314","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":181,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"8bfec219-aaf0-45ae-b638-c9582112fc25","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":181,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"8ec9fd70-264f-473b-b00e-1354d97b7188","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":181,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"5e5d6c6a-3c72-4513-a9de-224003a891cb","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":181,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"e4ba2489-0c39-484d-945b-0f56156bc196","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":181,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"8ee60bd4-10b5-4706-ad99-57087f2faacd","block_type":"box","text":"II-114","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1aca8061-e8ca-45e2-a403-814680bcd193","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d90d7c1-0951-4f66-9c61-9cf0ffce5195","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":182,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"e37cc093-d8e9-4e6f-b0d6-8585676943d4","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":182,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"57e4a612-2280-40a7-8621-c52165f1fdf4","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":182,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"b4800485-c16f-4faa-bfd9-9b03b9eb7419","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":182,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"a2e4b5ff-d333-4f8e-856d-c8c7e17c3cbc","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":182,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"4c9ad36c-50c2-4984-a76e-f31d59f02f96","block_type":"box","text":"Investment Account","page_number":182,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"61bef786-51b3-4f45-9ee9-f3788e451d64","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":182,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"b47ea085-1072-4f53-8ef7-54c801959c61","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":182,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"e1611349-4409-4d5d-a966-7626eb0a88a9","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":182,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"34c60635-f9da-4994-a3a2-2a02385bb20e","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":182,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"a2658ed8-ba18-40ff-8f19-3fbefbbd86a8","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":182,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"c7d319ab-d5e2-4e65-8e4a-f27f1bca7a2f","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":182,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"5a47ef8c-182f-48de-88e8-3b7a9cd8ce8b","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":182,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"ac7b7e0a-7c5e-415b-842b-afe52a15db2f","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":182,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"996b5e66-92be-4543-9195-85ecf12255d0","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":182,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"3abdfca6-ab08-4817-ba16-0d99d62f83e0","block_type":"box","text":"automatically at the Transfer Agent.","page_number":182,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"654bf3a9-81cf-49c0-be4e-67654efe0d49","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":182,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"2f1d3ed5-f124-4c70-9d2d-f7b70d0e27fa","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":182,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"d13bb500-0d53-4e61-9074-5a662fdaad49","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":182,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"cf665a99-68c5-4999-85f4-dfd18be77d18","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":182,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"f666e9fd-3a23-472a-880b-2f133917da25","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":182,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"e57caeea-fe38-46c4-a0c0-9cceae04d288","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":182,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"5ad899e5-27b6-4635-8fe7-12183042caf8","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":182,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"ca7d348b-c575-405e-83f1-afef34dd4055","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":182,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"3e1e89fb-9ae4-4fa2-9527-0a0593211732","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":182,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"08a3bf66-2a47-43ee-a8ca-4aff75b3cea4","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":182,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"bfe3a81b-21d9-4cd5-b663-41806627a42f","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":182,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"efad6dc6-34c3-41f8-bc75-821ab6f4e40d","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":182,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"d829a5c5-e66c-4652-b354-a85268283f06","block_type":"box","text":"issued.","page_number":182,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"c30bbf78-a20e-47a5-aa27-754491fd72cd","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":182,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"0916cbc0-3cc9-4e03-ab27-2cbd07e374f4","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":182,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"e00467c2-c509-4cc5-8a5c-f6d007e801be","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":182,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"a8b210d1-3e79-4456-9465-f0daad77746a","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":182,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"0f59894d-3699-448c-ad68-df4290d381af","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":182,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"932c282a-569f-43aa-bb34-7972c3e9db2a","block_type":"box","text":"Exchange Privilege","page_number":182,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"bc07fa0b-2145-45ef-968f-422140f272e7","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":182,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"f2b140ee-f847-4850-8771-6476bfb1fe52","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":182,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"26ae1b1e-8824-488e-bd9b-701f27a3ec5a","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":182,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"93ac473d-b4e0-462c-8890-07599d9fe5f5","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":182,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"1e1905b0-4a78-4208-8a80-dae7a58bc5d0","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":182,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"bb31311a-ad8a-436c-8a89-781ac6fcc285","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":182,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"6a3d5d24-5b3f-4443-a1a6-f7f94fa3d3df","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":182,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"b5ef55e7-923c-4b5a-9589-e193c8a7561b","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":182,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"35031cc4-291f-4443-aa4b-21cf2b3c9938","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":182,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"b7cb1a7d-8423-41d0-918b-ace790bfc65e","block_type":"box","text":"Institutional Shares","page_number":182,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"1c29fa0f-9246-43be-8187-7a19c420a962","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":182,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"6bed8d46-a53f-4bce-8d44-500c11fb40bc","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":182,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"b7d2445b-2fe8-47d4-b608-98badcd1d2f7","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":182,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"0867eaba-e1fd-44ac-8cac-2036c714fbfd","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":182,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"266b3ed5-6a79-4907-9ed2-157d7732c30d","block_type":"box","text":"for Class G Shares of other Funds.","page_number":182,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"f3c86082-af2c-470f-b37b-b403a0faac34","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":182,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"c82d3617-2854-442a-ad3e-76375a76eea3","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":182,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"bf8e8c8a-06bf-45a9-af95-a624bd46c213","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":182,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"401a4494-c2e4-4700-827f-09d86b297c81","block_type":"box","text":"II-115","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ebdcb866-a8fb-42d9-9936-bcc3a44fd7a1","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33fe711c-b069-4da8-bc71-bd456102136a","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":183,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"54d12736-53fb-4572-b3a2-039a88426855","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":183,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"0377fab2-b1be-4065-a01f-0556021faf7a","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":183,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"5c635d33-72ac-48e8-b8cb-7c3b8e95f4ca","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":183,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"edda24c7-c128-4862-b4e9-cd4d9c5b873f","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":183,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"39bf6ad4-0e26-4d06-99a1-9d35deb93be3","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":183,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"8ef7c675-1b19-4843-ae74-8071b91d4f62","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":183,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"5f1039bb-7bc7-4814-bc10-cff5936b5674","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":183,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"6c6920e4-faef-4881-899a-5afa96a165dd","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":183,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"c6701fa6-e1b4-462b-b548-08829df6fc33","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":183,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"eb8e65a1-4c24-4637-bfa2-43c90dfe58aa","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":183,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"e967f23b-af8f-4005-972b-cbee405e5591","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":183,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"f8a4b3ca-6ccc-44de-89b4-32765288d537","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":183,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"b8ad6e37-a9a8-4328-8656-d142003a0250","block_type":"box","text":"Exchanges of Service Shares.","page_number":183,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"46d358d2-a8c6-4ac5-806d-1ad86b692eb3","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":183,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"81fdf70c-7702-4958-b2af-44565c02a955","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":183,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"6573888d-eec0-4450-ab20-0cca950559bc","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":183,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"223d076f-5ae3-4f1a-928e-9d095f766ee5","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":183,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"2a1e40a5-056d-490e-b487-703784ffaf79","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":183,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"6401aa9e-0167-42b5-b1b2-7b629492d270","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":183,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"ec9c8cc6-6327-456d-8538-2faecaacc916","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":183,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"f60fb1e0-5578-4474-8bce-8de81f79ff93","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":183,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"04af8171-54a6-4740-8cca-8d49feaabe8e","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":183,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"9884c08d-b628-4567-9408-36306ee67ee3","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":183,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"6f323d9a-d6ac-4d59-aa36-844011a04b1d","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":183,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"0a1f29d2-767d-4ff0-8273-c8268c00b455","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":183,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"5a3c1e11-0a9c-437c-9613-eedd6351a1f2","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":183,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"e9e34375-b348-4ab5-807a-9bc7033067d2","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":183,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"b8459d01-8b01-4b30-bc95-8118aaaeebb8","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":183,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"479bb5d4-56ea-4cdb-9123-016b98fc53c6","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":183,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"6575423c-c891-44e3-906d-f7acc8693bb3","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":183,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"540fb868-fa15-4e09-90fe-3be036349996","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":183,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"0adf4362-d237-4f36-85a7-fef29ab87484","block_type":"box","text":"exchange.","page_number":183,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"d9d1fc8d-d921-467e-b307-2accad4ca2b6","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":183,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"38cccefe-aee5-4020-829e-cccb205cfaf8","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":183,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"058431af-9551-458b-b02d-7203b124338a","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":183,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"278e5d9f-3bed-47d1-9067-b727e9c77e9c","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":183,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"e29832de-ccdd-49b1-89ed-a79ebe8914ea","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":183,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"d2f6108a-ea11-4597-958d-d950c5e94002","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":183,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"fdda0a10-d566-46ce-95ab-d49eb2ea0435","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":183,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"cdd83373-f944-4308-a842-5fe3ce6434bf","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":183,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"497617b7-7043-4026-b5d6-7d62b06e49c0","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":183,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"e169eb13-9999-448a-adca-19b3b47b8af2","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":183,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"54bf0522-f89e-4cd3-b590-2ae78e246dbf","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":183,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"5ad36248-0c14-4fac-bd88-7317259779ef","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":183,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"3511a1f2-b50c-42c4-ba63-8a9e566837cb","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":183,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"3f9572d9-5299-47db-880a-8fe73ea82b05","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":183,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"9d354baf-638a-4ce4-ba3e-2f9169f1f523","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":183,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"c0c33fcb-cfa0-43fb-97ea-b6ecad2a522a","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":183,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"a0931072-f311-4182-acc4-f31cef4f9a1c","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":183,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"94d1ea2b-c811-4e7a-8a50-aa6a878bbe57","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":183,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"63bf23c4-639f-45dc-8992-bc9e8417d235","block_type":"box","text":"Transfer Agent in writing.","page_number":183,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"c4ab4ed5-e145-4623-9830-dc95317fbe31","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":183,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"278c1707-3e27-4566-b964-560bb462f327","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":183,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"09667432-a5be-4608-9666-9fad127b8926","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":183,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"2c677182-f327-497e-a1e9-87e0e87f48fd","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":183,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"1f38c814-5067-45c3-9110-45476be747e1","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":183,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"6ff5b60e-4bd7-496f-a2ca-a431cf7a6bbb","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":183,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"2e93fab6-b452-466c-81c6-2b447cc8a927","block_type":"box","text":"II-116","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"96926a87-bf09-48ae-a487-cdd51a05667e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f27d910c-dc26-47bf-b994-bfed511ee400","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":184,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"c06aff4a-cf43-4f5c-8a89-9df19d2eb703","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":184,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"10fddd3d-2a4f-47f9-aaff-4b8e8e240412","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":184,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"38e0ea95-efbe-4dc1-95e2-e252e5d09eef","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":184,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"9b9de4d5-bf23-4bf5-821e-942559abe11c","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":184,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"2a644353-f151-486c-b458-ea61feda77cf","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":184,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"f15d0033-185f-4c3f-a895-80c3224be614","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":184,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"eabbad0f-d56d-4782-900e-bffb02fa510e","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":184,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"4b26847d-2408-4d86-9076-558d63ce1d76","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":184,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"a83e14d8-bb6f-4fb5-8e5e-3f82935aba74","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":184,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"c334d122-ad48-4690-829c-acb47c6638ba","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":184,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"ed5d788d-15f9-49f4-af41-bef5e7de34b5","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":184,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"f489ae05-d321-4875-8ed1-c318a26d7105","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":184,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"414ecab2-cdfb-48fc-8b34-bada9e336d0e","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":184,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"cdb0305b-3fa5-4585-b9e1-5b741ee69ba1","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":184,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"b6dc2aac-870a-46f3-9982-8df38f1e557d","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":184,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"990e204b-f908-46a7-b51b-02598f373b13","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":184,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"823f9eee-2116-44c1-a7fb-b36641ff7c43","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":184,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"d09c60e8-f307-4baf-a926-022ffcf9508c","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":184,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"ff002f84-3175-4ffe-a61b-dbc64f5de7e9","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":184,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"be14b27b-539b-434a-b459-6b4c696f8906","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":184,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"a861ce21-95db-4240-b4a6-3caec2dc94cb","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":184,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"88217e5b-7555-4350-8a86-b7d489c8834b","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":184,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"1acc8bf1-8d0b-4cb0-85ba-272958d30670","block_type":"box","text":"may be distributed by the Distributor.","page_number":184,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"7b8a00d9-6c8e-4e16-bf8a-288acdc89dd4","block_type":"box","text":"Participation in Fee-Based Programs","page_number":184,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"d5b09f35-171a-463b-b721-af552ea06be5","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":184,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"0b36c459-d948-4591-a2da-5e3bf51cf573","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":184,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"a951a47f-74c4-49a3-a433-84d48a087259","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":184,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"30909fce-0113-4df4-9d6e-8d521272e8d2","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":184,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"414d60ee-5311-4641-991f-9034481f7277","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":184,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"c8fcc497-2069-4e5b-a928-6f530cd25d18","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":184,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"32725166-7928-48a8-828a-6b43bae88dd8","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":184,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"28660576-a964-407d-901b-9a3fcaa57904","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":184,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"7729e59c-9dbf-4411-a997-4ba2c4f5a180","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":184,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"a0afb4a2-24cc-4aa4-8d14-cd0cdc88c8c9","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":184,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"12931160-75a0-42ee-a75b-e0acfae480c1","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":184,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"79f4dcd3-faa1-40bc-b4fa-f6eed7c25f3b","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":184,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"d667e0ab-64af-4513-a76a-bc8a906c5b5f","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":184,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"03bc8980-789c-4916-86bf-d37d9c993414","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":184,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"3b99683a-8158-41a5-96c7-7f5e6eef93b9","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":184,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"d97c2f46-807c-40d4-8cd6-1c7c849e186f","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":184,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"12dd4e02-b543-4e81-84af-f854eab8f174","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":184,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"32773eb7-bfb2-4b75-b112-27a9042b79cf","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":184,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"61681047-80b4-4111-971c-2f45266cfe84","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":184,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"537c020c-2fb7-4ff5-965b-7cfc13315e29","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":184,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"a6405fa6-ad16-40b6-860d-d3a7304ea126","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":184,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"3f74758b-bf75-450b-aa0f-3394e8495984","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":184,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"34933172-5112-4ceb-9795-79cfa8805327","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":184,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"6a0a9765-528f-4c26-aae5-2e810fe580bb","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":184,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"6e8ce54d-98ad-4376-87fa-a3b7e24ad10f","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":184,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"de26be15-dcd6-4504-9c70-34a46614b138","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":184,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"4ece0c4a-2f81-45da-99b2-93b2091ec0ba","block_type":"box","text":"information.","page_number":184,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"315452c5-0ae7-4ae3-92a2-1676872aef4b","block_type":"box","text":"II-117","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fc571bba-50e8-4000-84a6-657d4f2f9e69","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aeae15d2-761e-45f5-ad69-ab0b9e3efbe2","block_type":"box","text":"Retirement and Education Savings Plans","page_number":185,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"41921ca2-60a9-4df0-b308-e2b2db944803","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":185,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"afed1eea-5d6b-4121-88d3-e62cfdda2610","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":185,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"ba823a5b-2537-48d0-8f8b-d7cde8e96c54","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":185,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"a31401a9-2d3d-4a1a-b5f8-d80caa90539b","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":185,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"f245043a-e035-4e28-a473-f428067ec4fb","block_type":"box","text":"your financial intermediary.","page_number":185,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"283bd37d-07d5-4c1c-9bb9-11ad66035eb6","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":185,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"f5f3bd9f-c2e4-400a-8723-a454663e1f3d","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":185,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"e75daa32-4340-426d-b97e-95c136c850ce","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":185,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"828a5b7e-caa7-42c5-9759-dccca06047c1","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":185,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"af15e3eb-8953-4214-8e93-a8eefc16cf29","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":185,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"99be99dd-ce25-4bd3-9665-9b0be2b87f1d","block_type":"box","text":"Automatic Investment Plans","page_number":185,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"89ce24d8-b59c-425e-ba94-3a919b87087b","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":185,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"8192a220-657b-4022-bdec-4450dbc2be30","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":185,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"b6a478dd-beec-42b6-8099-1aa02f7c7cd5","block_type":"box","text":"®","page_number":185,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"9c817f7d-5418-46c9-90c3-bfc846e16850","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":185,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"6ed2159c-7aa4-46e9-9bdd-bc199a4c8842","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":185,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"712b5010-a11c-4e8f-b7f4-fa79a14d5c1a","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":185,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"4a353493-6a15-4e9c-9c9b-fd12a00e64ab","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":185,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"03b3e6aa-2b6e-4f5c-abcd-4e06a0a72211","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":185,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"180db933-f172-4c2f-9243-57d71cfdebcc","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":185,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"1bacfcce-0f36-4548-bf5d-e6a202c6a7c0","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":185,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"c38667aa-7186-495a-84b0-69a9e9a97918","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":185,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"a588a713-076f-4218-b224-7de96a5d95d9","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":185,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"75eda04f-b6e9-4da2-b977-57da762e2002","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":185,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"f82c52da-ed95-48a0-9de8-a703066b568e","block_type":"box","text":"Systematic Withdrawal Plans","page_number":185,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"71852e33-1ef2-4077-93a8-b0a836620d0d","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":185,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"dc1f36d5-8199-40d0-bec8-1369dc1d2117","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":185,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"fe14d9b2-8b6f-4656-8b79-e526d9fab2be","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":185,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"bb615aeb-a0f1-4be8-aede-b82531e37d4f","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":185,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"f35512ff-6aab-4feb-929f-72f4f029ebea","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":185,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"32f07380-f246-42fc-b3bb-b7a54b2b65f4","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":185,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"b676b293-4449-4615-9169-163f5b16e0cf","block_type":"box","text":"www.blackrock.com.","page_number":185,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"be66ba00-3e7d-44e0-9a75-f1a601492000","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":185,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"2a613a1c-a144-4851-860d-d35e40a44713","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":185,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"8fa2b4fe-1136-4c54-a34d-3fc3ed698a3e","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":185,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"0bdd1e88-357b-4f39-82b7-d4606867eeef","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":185,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"f9dfa060-5e09-4464-9078-ed6ae1be228a","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":185,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"ef12d9d1-edc8-4744-a78b-ba67d7085b49","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":185,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"34cae8dc-4228-4358-b971-0893068b31b9","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":185,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"d738f4ce-0100-4ce6-9af0-a70299586cc8","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":185,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"97e8faea-d9d3-49d4-8400-4a748da69cc7","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":185,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"e4a869fe-1ee8-4565-b75e-923cdf501f3a","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":185,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"97c37de7-bb46-45b4-a334-324241afb855","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":185,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"867727da-9f88-4bea-a278-d330e9e231e1","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":185,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"8ee52d16-e21b-4290-a38b-7332892c6599","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":185,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"dfea9061-54f8-4924-8990-096fa527b503","block_type":"box","text":"Dividend Allocation Plan","page_number":185,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"0349267b-85d2-4d3b-a7e7-0abede092932","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":185,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"377fda25-193e-4186-97ad-9d25840558f4","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":185,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"dd34f187-c480-41d7-98cf-0a5c5de403eb","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":185,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"a81afbb5-e609-46fb-be7e-f0977987200d","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":185,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"c506e0cd-7f09-42a9-900c-09927410ec9a","block_type":"box","text":"II-118","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1f6a3909-81bc-4ef3-8b61-51e2de5d4747","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5149095-fe9a-4843-b9d0-483c3b71d360","block_type":"box","text":"PRICING OF SHARES","page_number":186,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"93f1f61c-8877-4c0b-9158-8e73d166c4d6","block_type":"box","text":"Determination of Net Asset Value","page_number":186,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"a84f491f-61fe-45fb-a8a7-66d872586173","block_type":"box","text":"Valuation of Shares.","page_number":186,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"222f1d94-3aaf-4bcd-9b7c-356253ad31af","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":186,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"2a327f14-8d41-4faa-9f6e-de99b934b464","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":186,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"19bdf1af-e2e9-4aa0-a875-b91bbcf0172c","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":186,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"ee2e8e08-8871-4bff-adc7-34862e65ac2b","block_type":"box","text":"Equity Investments.","page_number":186,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"4b15758e-78e4-4b64-a5c1-7206807b9f23","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":186,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"46def788-8551-4836-892f-9e7107eb3123","block_type":"box","text":"e.g.","page_number":186,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"5ea0da77-bdcb-4dcc-8190-d1b5fa142e9c","block_type":"box","text":", NYSE), on separate","page_number":186,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"9fc23972-74d5-4fac-a53f-b05e68ae2188","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":186,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"b07cbe51-4782-4dda-a165-473396c324d1","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":186,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"94851a1c-61a5-4c40-99c6-567cdf7b4ff3","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":186,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"5fb1fa63-e7c1-47f4-ac3d-fb36970591b0","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":186,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"fe82f0ad-19a7-4207-817b-0ad259eec04a","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":186,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"b3a20e16-1f26-48fa-856c-6bd52451a60f","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":186,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"be209d8a-d84d-4f43-813c-4d76b7052235","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":186,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"405167ed-5997-4fa8-976b-9723829f8edc","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":186,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"6f9d3441-3fc7-4b2d-a099-88bbfb476de5","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":186,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"f7147ec8-1752-46cc-94b2-c4bd30675c51","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":186,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"dd30997d-4b4f-403f-b068-3cfb7cdd9c3d","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":186,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"554a3add-1313-4834-8edb-676b0c5688d4","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":186,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"71dbeee7-f4aa-43d6-9532-dd4a6a17b1c1","block_type":"box","text":"defined below).","page_number":186,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"26b54a44-0e60-4776-8f27-f597317a429e","block_type":"box","text":"Fixed-Income Investments.","page_number":186,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"317d9144-022b-4c53-a4f1-a56ee2b10175","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":186,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"1a3d0797-1655-4c67-8a81-1f03081acc40","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":186,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"163798e0-390f-4cd6-a184-57258515997c","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":186,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"f25e60eb-5a4b-421e-a4b3-b193cb9b2b86","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":186,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"ba793dd7-6ce7-4d66-a2b0-3068f82a3422","block_type":"box","text":"e.g.","page_number":186,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"a513ce65-1f7d-4ff8-b482-7c0d25e15d72","block_type":"box","text":", recent representative bids and offers), credit","page_number":186,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"90eb42a4-4f4c-4d1d-aafc-19fdbd83aa69","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":186,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"e41c6236-cfc7-4f77-9c2b-63f4cc18115e","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":186,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"7a8289dd-42a9-42b8-b37b-1e6176eb0a0c","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":186,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"104290a2-46d7-49fa-b309-db1d5faebb75","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":186,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"817610d2-e618-4d51-ae38-637eeeec0c34","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":186,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"c138c0cc-4255-418a-b387-3da5f9e81500","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":186,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"3d464c6c-d010-433e-a4a9-66c8d559ce63","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":186,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"5f5bbba1-a8f1-45da-8098-3a3202dd11b5","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":186,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"360e52f6-859a-470e-92c0-7ceb6e3a10fc","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":186,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"d5489234-392d-4bab-b451-52d3ab38be0b","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":186,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"3f703afe-ca58-4ee6-95d0-b4d1ecf6ba9d","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":186,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"d71a4014-ec53-401d-b4ad-cfefbae545d9","block_type":"box","text":"attributes of the tranche.","page_number":186,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"8a0671fd-60b5-4bf4-b1da-83a880a02051","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":186,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"8f2e5e05-c73f-4a63-abb5-1858d4b62e35","block_type":"box","text":"Exchange-traded equity options for which market quotations are","page_number":186,"box":{"x":453,"y":620,"width":451,"height":11}},{"id":"1a2b2cfa-46ad-4b01-9206-78477f8254a5","block_type":"box","text":"readily available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board of","page_number":186,"box":{"x":69,"y":635,"width":808,"height":11}},{"id":"95a4de8a-8303-4fe5-984d-f439cd1dd779","block_type":"box","text":"trade on which such options are traded. In the event that there is no mean price available for an exchange-traded","page_number":186,"box":{"x":68,"y":650,"width":807,"height":11}},{"id":"a0a0aee4-b37b-40c7-813e-e1ba28161843","block_type":"box","text":"equity option held by a Fund on a day on which the Fund values such option, the last bid (long positions) or ask (short","page_number":186,"box":{"x":69,"y":665,"width":840,"height":11}},{"id":"b4b497b9-e667-4625-8c4e-67234c2fa06d","block_type":"box","text":"positions) price, if available, will be used as the value of such option. If no bid or ask price is available on a day on","page_number":186,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"e128765d-10a4-4c7e-8253-f34e1a8779b6","block_type":"box","text":"which a Fund values such option, the prior day’s price will be used, unless BlackRock determines that such prior","page_number":186,"box":{"x":68,"y":696,"width":803,"height":10}},{"id":"676e9c02-c564-4d17-a3bc-c07d8456f5f5","block_type":"box","text":"day’s price no longer reflects the fair value of the option, in which case such option will be treated as a fair value","page_number":186,"box":{"x":69,"y":710,"width":805,"height":12}},{"id":"b25771f5-604d-4c71-890f-761a6712b307","block_type":"box","text":"asset. OTC derivatives may be valued using a mathematical model which may incorporate a number of market data","page_number":186,"box":{"x":69,"y":726,"width":819,"height":11}},{"id":"085e2850-cd97-46be-987a-a92b013bc1f9","block_type":"box","text":"factors. Financial futures contracts and options thereon, which are traded on exchanges, are valued at their last sale","page_number":186,"box":{"x":68,"y":741,"width":834,"height":11}},{"id":"4765c057-34ef-4bb4-a611-35733d91a132","block_type":"box","text":"price or settle price as of the close of such exchanges. Swap agreements and other derivatives are generally valued","page_number":186,"box":{"x":70,"y":756,"width":824,"height":11}},{"id":"e3cd1233-b38b-47bf-9ee6-61450c0d803d","block_type":"box","text":"daily based upon quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":186,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"7da3ccb7-ebf7-4cad-bcd5-ac09eeb7622c","block_type":"box","text":"Underlying Funds.","page_number":186,"box":{"x":102,"y":794,"width":128,"height":11}},{"id":"d72a7813-c4b2-4b33-84d3-ed7bdb02d875","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":186,"box":{"x":237,"y":794,"width":621,"height":11}},{"id":"70afff90-0b0e-4e04-9107-632de7061e89","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":186,"box":{"x":69,"y":809,"width":837,"height":11}},{"id":"4dad74ac-9c97-49fc-9c98-7595bedfebd9","block_type":"box","text":"General Valuation Information","page_number":186,"box":{"x":69,"y":839,"width":215,"height":9}},{"id":"c3f493d3-f4d6-41be-a04c-a2b35d9f7bb0","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":186,"box":{"x":102,"y":862,"width":784,"height":11}},{"id":"e7e4e833-8308-4ef3-8402-2e7584be2526","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":186,"box":{"x":69,"y":877,"width":823,"height":11}},{"id":"edcaef75-8f5d-4870-8221-804254bc2638","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":186,"box":{"x":69,"y":892,"width":818,"height":11}},{"id":"aaf57db3-9979-4646-a1e9-7d21ef897b55","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":186,"box":{"x":70,"y":907,"width":832,"height":11}},{"id":"372b8fd4-ab67-4adb-987c-4250cbc38813","block_type":"box","text":"II-119","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"858c3947-096e-4bdc-8383-7bd2912b17f0","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59d548a4-4c0d-493a-8e57-ceae2d0eff25","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":187,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"bad946d9-3783-40e2-802d-e1fdd56e36b0","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":187,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"cfd09c8d-84b2-4ee3-856e-1f7244adbe49","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":187,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"bb1915df-ef9d-4829-ac24-cbf7d1ec0e57","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":187,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"07ce45b7-896e-4b8c-8638-cef57ede5ce5","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":187,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"174b0238-bc08-4478-bebc-499bd7fbad57","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":187,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"73cbf165-b0d3-46dd-80a9-f18ecc7b3421","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market makers to value each","page_number":187,"box":{"x":102,"y":143,"width":775,"height":11}},{"id":"6844a193-c0ea-484b-9116-ec15e89d7ea6","block_type":"box","text":"Fund’s securities and other assets and liabilities are based on information available at the time the Fund values its","page_number":187,"box":{"x":70,"y":158,"width":821,"height":9}},{"id":"3a3fdc8e-1f8b-41a2-b8d5-9b9f9954e174","block_type":"box","text":"assets and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the day on","page_number":187,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"c33b9463-3b0e-41f5-86a0-3b138f74d1a5","block_type":"box","text":"which the Fund valued such security, the revised pricing service quotation generally will be applied prospectively.","page_number":187,"box":{"x":68,"y":188,"width":800,"height":12}},{"id":"8e1a1d03-2ce1-4c28-a26f-5cb7676051e5","block_type":"box","text":"Such determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":187,"box":{"x":69,"y":203,"width":750,"height":12}},{"id":"9a6d6686-236e-44e5-8bde-2d32b8eae765","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":187,"box":{"x":102,"y":226,"width":800,"height":11}},{"id":"cc9c0f73-84dc-4fe8-a5e4-2d8c7a8cd7c2","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":187,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"a23782df-9480-480f-a58b-e1f615104fbd","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":187,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"b08c12d8-f388-4f54-9ed4-9f1e72b711e7","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":187,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"064cf934-a485-4b64-a500-4192d5ac5503","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":187,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"3fdf13e9-eeb4-4b9a-8c57-dbb05e70cce2","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":187,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"4bf5e1f5-abb9-4d0d-b428-7d3c0dde5ab1","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":187,"box":{"x":69,"y":317,"width":685,"height":11}},{"id":"e4246fc7-7661-4830-84e0-54ffa138fba1","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":187,"box":{"x":102,"y":339,"width":795,"height":12}},{"id":"ff7d44ad-12d4-445b-a69d-939a191da2ce","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":187,"box":{"x":68,"y":355,"width":805,"height":11}},{"id":"24e2376b-3bab-4a14-ab07-6200e20ea7f5","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":187,"box":{"x":69,"y":370,"width":529,"height":11}},{"id":"91bee37b-1c1f-4d3f-af70-8a9a04a21619","block_type":"box","text":"Fair Value.","page_number":187,"box":{"x":102,"y":392,"width":74,"height":9}},{"id":"ada928b0-e90f-46df-aa81-0380a03a4b2d","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":187,"box":{"x":183,"y":393,"width":693,"height":11}},{"id":"d2bc6187-454e-4c2c-929b-1a2b99ce3d3b","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":187,"box":{"x":70,"y":407,"width":785,"height":12}},{"id":"414064e3-31c8-4b5a-9322-4ecfb4d3c12c","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":187,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"163e8412-a186-464e-a4a5-9f397644b987","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":187,"box":{"x":70,"y":438,"width":779,"height":11}},{"id":"f705bb97-677e-4151-b2dc-667f04971403","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":187,"box":{"x":70,"y":453,"width":773,"height":11}},{"id":"acb9943e-a61b-425f-92f8-5b3edb9e381c","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":187,"box":{"x":69,"y":468,"width":772,"height":11}},{"id":"423becb6-be35-4089-b66a-3f56d0731822","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":187,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"23ce31c8-8abd-48e0-ae15-6cd093118c06","block_type":"box","text":"(","page_number":187,"box":{"x":69,"y":498,"width":3,"height":11}},{"id":"d8a7a436-4c05-4cfa-8803-bac5fbf1b3bf","block_type":"box","text":"e.g.","page_number":187,"box":{"x":74,"y":500,"width":25,"height":9}},{"id":"79d30eab-8e1f-4e37-b413-c25a22b9247e","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":187,"box":{"x":101,"y":498,"width":806,"height":11}},{"id":"39536b63-dbee-4e2b-b667-ebe1d8341f6b","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":187,"box":{"x":69,"y":514,"width":813,"height":10}},{"id":"e255d9be-8e85-4793-b694-84c638461e2e","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":187,"box":{"x":68,"y":528,"width":837,"height":12}},{"id":"65a3ee4f-0aab-480e-8d68-369ad2387458","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":187,"box":{"x":70,"y":543,"width":838,"height":12}},{"id":"3f0f61ab-8252-473d-be74-d4879c8e7456","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":187,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"3d18e170-6c5d-4797-9f2f-8092bdde1d63","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":187,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"996856fb-9700-4922-90ef-ce8e1f7b53c4","block_type":"box","text":"one or more assets or liabilities held by the Fund. On any day the NYSE is open and a foreign market or the primary","page_number":187,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"2d3fbc4f-19b8-4951-961d-a1158b70b300","block_type":"box","text":"exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior","page_number":187,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"9bf5ca31-05f9-4e97-9688-2a6dfa155608","block_type":"box","text":"day’s price, provided that BlackRock is not aware of any significant event or other information that would cause such","page_number":187,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"835c875e-5be1-4fdf-95f9-38d478d8b974","block_type":"box","text":"price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated","page_number":187,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"566d8a22-d058-459e-b707-68898f11820c","block_type":"box","text":"as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing","page_number":187,"box":{"x":69,"y":649,"width":838,"height":12}},{"id":"abca4ec4-5ea4-42cb-b799-8fe712b89aee","block_type":"box","text":"based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This","page_number":187,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"599b7443-e689-41a2-9a9a-86ed8810d463","block_type":"box","text":"systematic fair value pricing methodology is designed to correlate the prices of foreign assets following the close of","page_number":187,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"d632f096-83bd-4158-ac22-82a0a379fdeb","block_type":"box","text":"the local markets to the price that might have prevailed as of a Fund’s pricing time.","page_number":187,"box":{"x":68,"y":695,"width":593,"height":11}},{"id":"72339288-9f23-4719-8c1f-db4f40482f4e","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":187,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"4ab19560-ffbf-48d9-bb35-9139e8ec7b45","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":187,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"ffdd07b5-0e8e-4eb2-9bf7-e8fa986c4623","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":187,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"6bd15166-a6c1-43df-80bb-806d4543fa12","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":187,"box":{"x":70,"y":763,"width":808,"height":11}},{"id":"fd137975-af5d-4616-a3c3-43ad9ebcfaf3","block_type":"box","text":"assets and liabilities of the Funds.","page_number":187,"box":{"x":69,"y":778,"width":245,"height":9}},{"id":"bb8e4e11-a0e0-4a37-ac35-5b719a7291da","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":187,"box":{"x":101,"y":801,"width":795,"height":11}},{"id":"7fb2f1e6-56b2-4c8f-9291-f4e1cecee6cc","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":187,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"078728c3-697c-4964-ba14-2842116cd5c3","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":187,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"5a965e07-154a-4a5d-8681-2ad9a858a159","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":187,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"27ead451-cbd1-4111-ba2a-138350790090","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":187,"box":{"x":69,"y":861,"width":744,"height":11}},{"id":"6a753a0c-76fc-40ad-b98e-dad1eefba36c","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":187,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"c9f7717e-7e2e-44e1-aeb2-84a8d497dfcb","block_type":"box","text":"valuation models.","page_number":187,"box":{"x":68,"y":891,"width":125,"height":9}},{"id":"b3a5f774-b170-48d0-bf42-0131e7581c70","block_type":"box","text":"II-120","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a55d73cd-6530-4f7e-9faa-e56745e81cc9","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79210bc5-d1da-46cd-bf4f-ca51ab2a6593","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":188,"box":{"x":102,"y":45,"width":785,"height":11}},{"id":"ad170a9e-ce02-4a91-89d3-8c3c1e0d7fff","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":188,"box":{"x":68,"y":60,"width":822,"height":11}},{"id":"374d0983-b9ca-478c-816d-d05ca6ee4321","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":188,"box":{"x":68,"y":75,"width":820,"height":11}},{"id":"50faea4d-d4a2-4f15-b9a2-d79e01bdacde","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":188,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"609984b7-74f8-4d0c-91f5-21b1c879afbb","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":188,"box":{"x":69,"y":105,"width":766,"height":11}},{"id":"74d6b7cb-5bf0-4c77-b135-1a94f12a8e5a","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":188,"box":{"x":69,"y":120,"width":828,"height":11}},{"id":"d94ea9f7-11df-492d-99ad-ead74d5adbc4","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":188,"box":{"x":69,"y":135,"width":378,"height":12}},{"id":"8460ef21-508c-4ddf-84a0-6bd1c820c57f","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":188,"box":{"x":101,"y":158,"width":784,"height":11}},{"id":"5f3d4bd7-e33c-4c86-8b1e-7a2238cfd78b","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":188,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"72c07384-de58-44c6-8f08-8dd355d46335","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":188,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"78f70f97-63a1-4d05-9155-e1528347a95e","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":188,"box":{"x":68,"y":203,"width":728,"height":12}},{"id":"e429d5f9-3adc-48b1-8f7f-d52b093b97a8","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":188,"box":{"x":102,"y":226,"width":786,"height":11}},{"id":"20c61de1-8783-4a7b-8403-51a1063b7453","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":188,"box":{"x":68,"y":241,"width":809,"height":11}},{"id":"a7f19013-90a5-473a-8f6b-6a5b072fbc96","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":188,"box":{"x":70,"y":256,"width":821,"height":12}},{"id":"7db551f8-4fc1-42eb-a389-f1f29a9fe0cc","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":188,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"7c497149-cd18-4e86-8c42-55aa02e412c9","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":188,"box":{"x":69,"y":286,"width":641,"height":12}},{"id":"fe3e24ab-df39-4998-8bd8-012f6fa6517e","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":188,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"84c4e00e-f435-47d7-9bbf-5510f1153003","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":188,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"e7f51b6a-79ff-49e9-9789-36a6cfe75075","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":188,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"254da38a-b375-4c57-82c2-56aedcac8409","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":188,"box":{"x":70,"y":355,"width":810,"height":11}},{"id":"b7b9072f-155c-403e-88f7-d6796c350b54","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":188,"box":{"x":70,"y":370,"width":810,"height":11}},{"id":"1a5e8ca4-f7c7-4001-9b35-fc7947d21d1d","block_type":"box","text":"party determination of fair market value.","page_number":188,"box":{"x":70,"y":385,"width":285,"height":11}},{"id":"8a589504-54d8-4a7c-9e96-733fbd303a66","block_type":"box","text":"Computation of Offering Price Per Share","page_number":188,"box":{"x":69,"y":415,"width":292,"height":11}},{"id":"64800645-4a22-4cd3-9fa0-104693d0a63f","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":188,"box":{"x":102,"y":438,"width":791,"height":11}},{"id":"c7b1a9b8-0ca2-400c-9d0b-a0b85be46ef3","block_type":"box","text":"the offering price for shares of your Fund.","page_number":188,"box":{"x":68,"y":453,"width":295,"height":11}},{"id":"eddcba65-3437-4163-96e2-4ce0dca34d93","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":188,"box":{"x":303,"y":482,"width":373,"height":10}},{"id":"7f5423fa-cedc-4c28-adbe-badad929afea","block_type":"box","text":"Transactions in Portfolio Securities","page_number":188,"box":{"x":68,"y":513,"width":257,"height":9}},{"id":"18bdbb41-7a88-4aa8-9268-bcc59a477507","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":188,"box":{"x":102,"y":535,"width":798,"height":11}},{"id":"2f960f56-6897-4d29-8aa3-930daae73d9b","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":188,"box":{"x":69,"y":550,"width":839,"height":12}},{"id":"ac4e27cb-7fa4-4a23-86f5-54e9a8d1e5b8","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":188,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"7de05b8a-0c13-4fa3-a877-7598e7422bbe","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":188,"box":{"x":69,"y":581,"width":820,"height":11}},{"id":"848ca19b-4828-4c1e-86c0-c88eaf9b4c56","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":188,"box":{"x":68,"y":596,"width":798,"height":11}},{"id":"e996aeb9-d56f-4b52-8c59-cb5e24aff683","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":188,"box":{"x":69,"y":611,"width":765,"height":11}},{"id":"68e0ecac-10b3-4f09-a32f-3532de81110d","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":188,"box":{"x":69,"y":626,"width":768,"height":11}},{"id":"76a8dfe3-65e4-472a-be68-7b79a0e13229","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":188,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"46601498-3532-4971-97a3-cbb920dc1108","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":188,"box":{"x":69,"y":656,"width":760,"height":12}},{"id":"8b3b3279-5915-4a47-b950-98d81fb91fae","block_type":"box","text":"reasonable in relation to the services provided.","page_number":188,"box":{"x":69,"y":672,"width":336,"height":10}},{"id":"f6748b0f-3deb-46b4-940a-3f67f816aece","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":188,"box":{"x":102,"y":694,"width":794,"height":11}},{"id":"acd9611c-a821-4341-939a-46351ec1e6eb","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":188,"box":{"x":70,"y":709,"width":835,"height":11}},{"id":"92a09ab0-6001-430b-a334-3be30d29cde1","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":188,"box":{"x":102,"y":732,"width":784,"height":11}},{"id":"10a1e050-5c39-4fd6-a546-bed72aa43299","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":188,"box":{"x":68,"y":747,"width":829,"height":11}},{"id":"31c0ebcf-b618-47a7-b36d-c981bacad189","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":188,"box":{"x":69,"y":762,"width":802,"height":11}},{"id":"0953360c-202a-438d-a92c-db2f59cfd782","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":188,"box":{"x":69,"y":777,"width":826,"height":12}},{"id":"ccb2788e-1114-455f-a7af-1b5991055f01","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":188,"box":{"x":69,"y":792,"width":789,"height":12}},{"id":"85a819b4-21d6-4940-81ad-5cb5cd45a7fe","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":188,"box":{"x":70,"y":807,"width":818,"height":12}},{"id":"936a1663-879c-497f-82d5-1dec7d6f7c6d","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":188,"box":{"x":69,"y":823,"width":769,"height":11}},{"id":"07f45c57-5649-46ed-84f4-641e5b5e8f45","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":188,"box":{"x":69,"y":838,"width":837,"height":11}},{"id":"400dcf90-2e42-4db8-ba76-d5d6077a1443","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":188,"box":{"x":69,"y":853,"width":391,"height":11}},{"id":"0e53f4dd-d1bb-4d91-aa91-b1ea11d7c9a2","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":188,"box":{"x":102,"y":875,"width":801,"height":12}},{"id":"29d03587-ce12-4b51-970e-30ebdfb33176","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":188,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"f77f4f21-931d-42e9-af7a-cde56e330f1f","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":188,"box":{"x":69,"y":906,"width":775,"height":11}},{"id":"30488532-562c-477f-a4d0-02d71101b858","block_type":"box","text":"II-121","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4097b493-802e-4acc-90c4-4b16c3772276","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87d56ac5-d0c3-4ccc-927d-8cdb4ab6c317","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":189,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"3399ca73-7a4c-4d9f-a0ad-8310f14f464a","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":189,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"4512dd52-00df-477c-bcba-48f1454fc74e","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":189,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"d214969a-b395-4427-a656-898911957413","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":189,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"756b0a32-32be-47f2-bfa5-040797bb7b74","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":189,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"7bf0c02c-46f8-427a-9f37-6df3212fbed3","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":189,"box":{"x":70,"y":120,"width":775,"height":12}},{"id":"014d5502-8f9e-4cbf-94ef-a0e9ae52a2d9","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":189,"box":{"x":69,"y":135,"width":764,"height":12}},{"id":"f516b769-2d66-4880-b050-0909ca719e98","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":189,"box":{"x":69,"y":151,"width":770,"height":11}},{"id":"40394921-e74f-49a9-a93b-281beb8be3c6","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":189,"box":{"x":69,"y":166,"width":599,"height":11}},{"id":"4dbbca94-29fc-48d2-aa9e-e5011b2ff56b","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":189,"box":{"x":102,"y":188,"width":796,"height":12}},{"id":"3b190df0-1d5b-46b1-b41b-b0ff33395458","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":189,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"ef8167bf-af1d-4611-adee-89406880e016","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":189,"box":{"x":68,"y":218,"width":839,"height":11}},{"id":"a0d31f5f-eedd-478d-8b72-e5337b35a0d1","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":189,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"63c56329-8ca0-4f3f-9830-6fd7ade27341","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":189,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"a4c76fb6-f79b-47ed-932a-8dd16d78c477","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":189,"box":{"x":69,"y":264,"width":808,"height":11}},{"id":"905ae5ab-4088-47e1-8dd3-33ef2a6d9218","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":189,"box":{"x":69,"y":279,"width":818,"height":11}},{"id":"90d065cf-6443-4660-89e6-dc68ab674153","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":189,"box":{"x":70,"y":294,"width":813,"height":11}},{"id":"7ef3d73b-1119-461f-b218-0faf312272a0","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":189,"box":{"x":70,"y":309,"width":801,"height":11}},{"id":"f0164b6d-c250-4246-84a6-77bc705e8590","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":189,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"fbd8886f-2a39-42b5-9de7-af77a5c0b5da","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":189,"box":{"x":69,"y":339,"width":790,"height":12}},{"id":"e22d9d2b-5ba3-4a9e-a779-1cbf87fdf87a","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":189,"box":{"x":70,"y":355,"width":361,"height":11}},{"id":"1cff1ee5-84d4-44e8-87f8-eefe013fb83f","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":189,"box":{"x":102,"y":377,"width":791,"height":12}},{"id":"37c8ae69-1f01-421d-a4ab-d5ce8e330202","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":189,"box":{"x":69,"y":393,"width":819,"height":11}},{"id":"2715e2ab-bff1-4413-b10d-0028d0250172","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":189,"box":{"x":69,"y":408,"width":772,"height":11}},{"id":"ae73fd5e-2fd0-40c8-b8e3-2b8cf3128037","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":189,"box":{"x":70,"y":423,"width":785,"height":11}},{"id":"af2c00ae-2af2-4cf8-84df-1c9debea7e3b","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":189,"box":{"x":70,"y":438,"width":806,"height":11}},{"id":"cbb4ef4c-09e1-4375-894e-c7b73337e417","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":189,"box":{"x":68,"y":453,"width":772,"height":11}},{"id":"57bd9f22-275c-415d-806d-cdc6dbb3ecd7","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":189,"box":{"x":69,"y":468,"width":838,"height":11}},{"id":"9ad7d34e-31f6-4569-8645-4018584ec037","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":189,"box":{"x":68,"y":483,"width":769,"height":11}},{"id":"2108421b-13f8-430e-b773-72b43dbd2a1f","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":189,"box":{"x":69,"y":498,"width":801,"height":11}},{"id":"a13ace9c-9587-4541-b405-c103eb45e879","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":189,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"40161dd6-7c64-4d26-a9f3-285cc3f949bf","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":189,"box":{"x":69,"y":529,"width":363,"height":11}},{"id":"2235ab81-01fb-4e1f-8829-bbf2f0edb38d","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":189,"box":{"x":102,"y":551,"width":749,"height":11}},{"id":"44e581a6-69da-47b7-9848-65b7a94b1bb4","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":189,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"3b522627-413f-470c-a681-a31bedd668b9","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":189,"box":{"x":70,"y":581,"width":752,"height":12}},{"id":"2ced1528-c6d5-4062-b47c-a57edae4e2db","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":189,"box":{"x":70,"y":596,"width":823,"height":11}},{"id":"f9b63611-fa15-431b-b74d-ca60fc18beb4","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":189,"box":{"x":70,"y":612,"width":822,"height":11}},{"id":"903353ae-e984-4b75-a7af-37a85ebf74e6","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":189,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"86f89fe2-10df-413e-af14-e3540e95101e","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":189,"box":{"x":68,"y":642,"width":805,"height":11}},{"id":"bf04ab2a-cb2e-405b-854f-4c257b80836e","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":189,"box":{"x":69,"y":657,"width":798,"height":11}},{"id":"4a28c756-6b41-4b8a-a632-a9c94068871c","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":189,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"e8983b13-70f9-4a80-96a9-4adb04c537c9","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":189,"box":{"x":70,"y":687,"width":832,"height":11}},{"id":"3e2de0c3-d030-4bd1-9a15-a01d776a0920","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":189,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"7a7f79fe-59fd-4a5c-ac6f-e0f3605bce6b","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":189,"box":{"x":69,"y":717,"width":780,"height":12}},{"id":"89d75ffb-4ec7-4a29-8350-8afe969e679e","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":189,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"1fd502c2-464a-428b-a13d-9b6243868eab","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":189,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"a0c5b432-ada5-4ed7-a640-153d9dd1e8b2","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":189,"box":{"x":69,"y":763,"width":797,"height":11}},{"id":"8ca49a6d-0e67-4402-a415-5cc878a42c3e","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":189,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"9386ce11-492c-4847-9a54-aa2be8fb4d30","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":189,"box":{"x":68,"y":793,"width":555,"height":11}},{"id":"bfa2a89b-0d0b-4d88-be1d-87c1e7993183","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":189,"box":{"x":102,"y":816,"width":802,"height":11}},{"id":"5a255c6c-6d69-4936-9a0f-93a8abdf424a","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":189,"box":{"x":68,"y":831,"width":825,"height":11}},{"id":"c0fc80f8-b5e4-4ba4-bb43-22098d00d644","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":189,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"8363f5f8-2abf-45ca-8433-5a95b2534d2c","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":189,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"f22933ff-0de4-46b9-83fa-7c3d38f77989","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":189,"box":{"x":70,"y":876,"width":812,"height":11}},{"id":"887a36b0-e179-482e-8f4d-4230f7aaa665","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":189,"box":{"x":69,"y":891,"width":547,"height":12}},{"id":"dd597ec1-311d-4922-9729-11044a38d1e8","block_type":"box","text":"II-122","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"376bebf4-963f-4d22-8569-e696c92e8e1b","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e63a31e4-bfe0-4ec0-8d84-7b61f3e3f144","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":190,"box":{"x":102,"y":45,"width":804,"height":11}},{"id":"9a829a24-7318-446a-a438-b530f9d3e6eb","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":190,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"43390979-b7f0-4e40-b8cb-b3525e1f1767","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":190,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"7b9b8721-d327-4589-b581-cf753df1ff22","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":190,"box":{"x":70,"y":90,"width":777,"height":11}},{"id":"fe27ff48-2661-4a5b-a787-7ad22b166ac5","block_type":"box","text":"brokerage.","page_number":190,"box":{"x":69,"y":105,"width":74,"height":11}},{"id":"1417367c-07dc-4ffa-8818-404c00e7ca9c","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":190,"box":{"x":102,"y":128,"width":781,"height":11}},{"id":"6f4807a6-b4ad-4029-9c25-30e71138808f","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":190,"box":{"x":68,"y":143,"width":810,"height":11}},{"id":"bf6408f9-876a-4a71-9f73-a2dd7a89d6f3","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":190,"box":{"x":69,"y":158,"width":771,"height":11}},{"id":"31feb2b8-cd80-4a27-bb7a-b4ed0944ed6e","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":190,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"ce53bbfa-c423-4eea-ab37-194421e2cf0b","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":190,"box":{"x":68,"y":188,"width":821,"height":12}},{"id":"18c2f208-7466-4cd5-bce3-8ad4c15f9a08","block_type":"box","text":"Section 28(e).","page_number":190,"box":{"x":69,"y":203,"width":99,"height":11}},{"id":"a3a5c2ce-a7b3-4dce-ac90-869f29f4f77b","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":190,"box":{"x":102,"y":226,"width":755,"height":9}},{"id":"64402cf4-783d-4d36-b1a4-5c8bd004847e","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":190,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"78e52369-df50-4dac-b9bb-a57ca76a588c","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":190,"box":{"x":69,"y":256,"width":799,"height":11}},{"id":"65f047be-ba8d-470d-b2af-fa50812242e7","block_type":"box","text":"execute transactions for those mutual funds.","page_number":190,"box":{"x":69,"y":271,"width":319,"height":9}},{"id":"c1522483-457c-4e66-b820-90d311a388e7","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":190,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"ff07a1ef-d401-4c72-95de-d1592f46b5cf","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":190,"box":{"x":70,"y":309,"width":825,"height":11}},{"id":"8ef71dfd-73fd-4477-9ee7-d4e8a3a7df07","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":190,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"8c293c83-a0fa-4b99-bf4a-f201749fb6c1","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":190,"box":{"x":69,"y":340,"width":805,"height":11}},{"id":"d57053a7-f75a-431c-8859-f32ad091204a","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":190,"box":{"x":68,"y":355,"width":773,"height":11}},{"id":"3d94a9a3-aac0-4fb6-80be-309b45898cfe","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":190,"box":{"x":69,"y":370,"width":798,"height":11}},{"id":"05190f60-54bc-4be8-8601-a42ef3023479","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":190,"box":{"x":70,"y":385,"width":812,"height":11}},{"id":"4fd72f78-f01b-466f-8f23-caa61b3ba98d","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":190,"box":{"x":69,"y":400,"width":754,"height":11}},{"id":"6d7b4ce7-52e7-4c24-ae00-94ef92b04ce6","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":190,"box":{"x":69,"y":415,"width":540,"height":11}},{"id":"81d84db6-95ca-4432-9ede-33a0645421b4","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":190,"box":{"x":102,"y":438,"width":798,"height":11}},{"id":"c123db29-5bff-43dc-b79e-90b17acbe4d8","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":190,"box":{"x":68,"y":453,"width":597,"height":11}},{"id":"5e474be3-79cc-449d-9de9-7310c963e57c","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":190,"box":{"x":102,"y":476,"width":802,"height":11}},{"id":"db1dc4a9-60de-4a8f-97af-7104854c7f3c","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":190,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"e3221eb1-6e84-4bea-ba27-95c8e277920a","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":190,"box":{"x":69,"y":506,"width":804,"height":11}},{"id":"1b08f82c-f03d-4836-bd31-0bfb5d510e32","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":190,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"60890c28-9376-4f90-a92b-64ad950613e5","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":190,"box":{"x":69,"y":536,"width":762,"height":11}},{"id":"951b33de-7578-4688-9cf7-7bec9960bd2e","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":190,"box":{"x":68,"y":551,"width":770,"height":11}},{"id":"fafd1eab-f381-4e2f-8d50-656fb4a8bc78","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":190,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"e0e45703-7d9c-48a5-8284-89ef55f7e884","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":190,"box":{"x":70,"y":581,"width":814,"height":12}},{"id":"d225224b-9f71-4131-befc-877014f9af5d","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":190,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"6b6fa1f1-e3c0-4d7e-8bcc-c796c6834c59","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":190,"box":{"x":69,"y":612,"width":645,"height":11}},{"id":"9f714833-bf7e-4aa1-8bd8-f10faebd8299","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":190,"box":{"x":102,"y":634,"width":797,"height":12}},{"id":"d02cfc39-2d65-412f-85ac-10ede986c2be","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":190,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"65bdefb2-2ab5-456f-84f5-ad711fa36554","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":190,"box":{"x":69,"y":665,"width":839,"height":11}},{"id":"e2d48f2b-5be1-49f8-93dc-1e5793e9a671","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":190,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"3e05626e-02c9-49ea-a1a1-e277edc8f867","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":190,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"467045af-cf5c-4183-9a78-06e89e98c938","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":190,"box":{"x":70,"y":710,"width":730,"height":11}},{"id":"5b948995-0144-4455-8b52-bde74fec7673","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":190,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"adae873d-f31c-4764-aec4-a71c4a0d9de0","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":190,"box":{"x":69,"y":748,"width":807,"height":11}},{"id":"937fa878-baa5-457b-93b7-e9fa50792099","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":190,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"0bcfdd51-a518-4ea5-97be-e5e7f0cb3827","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":190,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"5ced9a2b-23e4-4a96-a19a-e7f8fde2ab61","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":190,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"99eb8097-241d-4125-b893-278d1fdc9e1d","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":190,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"38a800ff-e40d-4499-9012-f898cf7bf5bd","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":190,"box":{"x":69,"y":823,"width":802,"height":12}},{"id":"eec3299e-3b7c-4a61-a420-8d01b37aba78","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":190,"box":{"x":69,"y":838,"width":700,"height":11}},{"id":"b0a79741-a255-4e09-8445-6fc30479a87d","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":190,"box":{"x":102,"y":861,"width":756,"height":11}},{"id":"4654511c-d2f0-4f0d-8080-139956a6ae54","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":190,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"e5a4c68e-463e-4215-be31-8a4120b3b5be","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":190,"box":{"x":69,"y":891,"width":766,"height":11}},{"id":"984a16bc-9268-4548-83f4-24cffdfe643a","block_type":"box","text":"II-123","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6b33ae12-5f1b-4f88-8139-fe7f1cc8dd7f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c0746e5-d78c-4440-9db9-26998cf1b465","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":191,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"3712c349-a5cc-4a55-9373-3cbcf4de02cb","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":191,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"4d6a1e3a-492a-42bc-ad2d-dbf8332a8c39","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":191,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"ecf40a89-d3fb-49aa-92cb-dcd70af9f0ee","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":191,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"c283968a-66a0-40fd-8140-2e9bcab0881c","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":191,"box":{"x":70,"y":105,"width":800,"height":11}},{"id":"6e4a2ae0-c7c1-4ed7-b6d9-59281d7950fa","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":191,"box":{"x":69,"y":120,"width":352,"height":11}},{"id":"233b2437-c46b-4378-9ed6-ccdf61b95a26","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":191,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"a2ea98dd-6981-49d6-ab71-85287e8878bc","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":191,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"f1ad13a2-f7b4-4275-aa4f-89638951d85e","block_type":"box","text":"accounts in a fair and equitable manner. A variety of factors will be considered in making such allocations. These","page_number":191,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"3bee583a-1758-4ccb-bb3a-737c4b7b192c","block_type":"box","text":"factors include: (i) investment objectives or strategies for particular accounts, including sector, industry, country or","page_number":191,"box":{"x":68,"y":188,"width":819,"height":12}},{"id":"529c8440-e0e5-4a12-8273-70bced94d300","block_type":"box","text":"region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration","page_number":191,"box":{"x":69,"y":203,"width":783,"height":12}},{"id":"4801c338-b2ca-4b3b-ab83-bada4d526252","block_type":"box","text":"parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of available investment,","page_number":191,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"eabcd876-94d3-4395-af58-79351ccd0d68","block_type":"box","text":"(vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment","page_number":191,"box":{"x":69,"y":234,"width":809,"height":11}},{"id":"2c1e4bbf-8e20-465f-8d71-fae33c915b9d","block_type":"box","text":"size of an account, (ix) relative size of account, and (x) such other factors as may be approved by BlackRock’s","page_number":191,"box":{"x":69,"y":249,"width":783,"height":11}},{"id":"91350e04-791a-47bf-a52a-752bbafd8365","block_type":"box","text":"general counsel. Moreover, investments may not be allocated to one client account over another based on any of the","page_number":191,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"4b0a8f86-298c-4544-aa26-cc3b48a4cccc","block_type":"box","text":"following considerations: (i) to favor one client account at the expense of another, (ii) to generate higher fees paid by","page_number":191,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"d3e6b2d0-aa2d-4b23-b4c8-ece848629d6f","block_type":"box","text":"one client account over another or to produce greater performance compensation to BlackRock, (iii) to develop or","page_number":191,"box":{"x":69,"y":294,"width":808,"height":11}},{"id":"5b4e3dfa-f02e-472a-b7f4-250aa7f10f47","block_type":"box","text":"enhance a relationship with a client or prospective client, (iv) to compensate a client for past services or benefits","page_number":191,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"691e1d5e-e963-46d6-8f01-e17466689a7a","block_type":"box","text":"rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock, or (v) to manage or","page_number":191,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"9dcb5945-d2a4-40de-b396-465fbec0b2e6","block_type":"box","text":"equalize investment performance among different client accounts.","page_number":191,"box":{"x":69,"y":339,"width":472,"height":12}},{"id":"77573090-b870-4bf2-b1c9-971a36dab914","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":191,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"e06a0b92-55cf-4630-b4ee-495bd6ea4b8f","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":191,"box":{"x":69,"y":377,"width":800,"height":11}},{"id":"69c3a77a-2fb5-4b84-b099-b6a967c642f1","block_type":"box","text":"accounts and compliance constraints.","page_number":191,"box":{"x":69,"y":393,"width":269,"height":10}},{"id":"180024c9-90e1-404d-a552-5ee20f143636","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":191,"box":{"x":102,"y":415,"width":736,"height":11}},{"id":"4508b110-40cd-4288-8bfa-6c54bfa526f0","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":191,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"38ad0d2d-2f18-45e6-a686-f19775392f96","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":191,"box":{"x":69,"y":445,"width":821,"height":11}},{"id":"3eb769ca-1e85-4a4e-8cda-76e79ca5ad35","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":191,"box":{"x":69,"y":460,"width":823,"height":12}},{"id":"5a04ebd7-80d1-4163-8e53-562e3d32df4a","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":191,"box":{"x":70,"y":475,"width":783,"height":12}},{"id":"1ac3dadf-f5b1-438d-81ab-f4abc4b7247a","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":191,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"c7a68f41-4ad9-4834-8427-de6a499f9c1c","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":191,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"1bf21110-b297-4ba4-895c-ca91609f6461","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":191,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"815db7c9-bb79-422c-b480-5fa5d53d0519","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":191,"box":{"x":68,"y":536,"width":839,"height":11}},{"id":"99970dad-1248-42ef-ad4e-090746fbeb5a","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":191,"box":{"x":69,"y":551,"width":835,"height":11}},{"id":"67691a89-45e9-4cc8-9b99-fca5e1d5d069","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":191,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"daa1160a-e57b-4d3b-8f68-699a8d52b9ad","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":191,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"7ec26dc6-3816-47c6-be54-45fabfc84040","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":191,"box":{"x":69,"y":596,"width":791,"height":12}},{"id":"7fbf86c2-3c0b-4d06-a146-a8d95c798e42","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":191,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"fa96913a-9b19-467f-a052-2ad0b76a9111","block_type":"box","text":"clients may be used as well.","page_number":191,"box":{"x":69,"y":627,"width":200,"height":11}},{"id":"305d23a6-50d8-4414-bbad-caf1c14ac2f3","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":191,"box":{"x":102,"y":649,"width":789,"height":12}},{"id":"3303c57f-d29c-43bd-bffc-4c364a00ed73","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":191,"box":{"x":68,"y":664,"width":815,"height":12}},{"id":"161a219a-0ac1-4710-907d-c31431cadfad","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":191,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"ac1a0966-f60e-48fd-bc24-a7857166cea1","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":191,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"24e5c6d8-36f0-481c-9b17-37ad497ea7b2","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":191,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"cc9b886e-0505-44e4-9082-d5c8bc5c2d84","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":191,"box":{"x":69,"y":725,"width":825,"height":11}},{"id":"0e6af0b2-406f-4a0e-93ff-615b5ced2673","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":191,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"a47679e7-6e0b-49e4-9b06-d5ff03e8c388","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":191,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"f0cb598d-1083-4832-b654-2dd482b93743","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":191,"box":{"x":69,"y":770,"width":836,"height":9}},{"id":"c658d61f-7cc3-4de9-bf01-ea4b210d4172","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":191,"box":{"x":69,"y":785,"width":773,"height":12}},{"id":"ef603697-aa92-4bfd-8ad2-ccddbb424299","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":191,"box":{"x":69,"y":801,"width":467,"height":11}},{"id":"e1fffe72-fbf5-4c6d-9654-4bb9a01b3eda","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":191,"box":{"x":102,"y":823,"width":741,"height":12}},{"id":"57bd4e8c-e078-4e93-bf87-48131a9e15ed","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":191,"box":{"x":69,"y":838,"width":721,"height":12}},{"id":"e957ad56-788a-4809-80f3-19646a40a402","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":191,"box":{"x":69,"y":853,"width":824,"height":12}},{"id":"36b862a1-cf3e-4e6b-9ca1-520d1c93466f","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":191,"box":{"x":68,"y":869,"width":795,"height":11}},{"id":"5db24a50-6a89-45db-959b-daa55661912b","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":191,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"cb9e176e-2a39-451d-8b1f-23edc7ea4efd","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":191,"box":{"x":69,"y":899,"width":783,"height":11}},{"id":"a228814c-768f-47f1-a902-0749849f2bdc","block_type":"box","text":"II-124","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a05d3aaa-2bb7-4751-b175-d023fe8558dd","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b746c1a-bd4f-4738-89a7-5b93c9d66731","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":192,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"f677f1b9-6f55-43af-8298-bc9df1857eff","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":192,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"d1f273ff-ac57-4139-b8ac-fabf300b3311","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":192,"box":{"x":68,"y":75,"width":819,"height":11}},{"id":"a2cb56e7-9cf3-4be9-b64b-9459e035a31f","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":192,"box":{"x":70,"y":90,"width":771,"height":11}},{"id":"07f929ed-5867-4f8d-b433-17256d2dc7f2","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":192,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"26579ee7-3fb9-407e-8b04-d0b6e17bf115","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":192,"box":{"x":68,"y":120,"width":835,"height":12}},{"id":"470b7d9e-7b96-420d-ad87-0bb578dbfd10","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":192,"box":{"x":68,"y":135,"width":817,"height":12}},{"id":"154ae890-7a13-4adb-b694-1347e8fc4128","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":192,"box":{"x":68,"y":150,"width":823,"height":11}},{"id":"d374369a-c4a2-4155-ab2f-bd406b67cd89","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":192,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"aa828957-b44e-4bed-a415-8fd9a6ab3e43","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":192,"box":{"x":101,"y":188,"width":767,"height":12}},{"id":"5db47e74-f6d9-4a82-98e8-323719d26bf3","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":192,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"3f8318b6-87ba-43b7-bc35-b30b9a2c3524","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":192,"box":{"x":69,"y":218,"width":816,"height":12}},{"id":"57430fdf-a305-44cc-b590-bd70b91c2e45","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":192,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"a68f8fa3-07bb-4350-8fe9-63a14e8647a2","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":192,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"8e5d34f8-66c6-40be-b9e4-d69f958cf766","block_type":"box","text":"Portfolio Turnover","page_number":192,"box":{"x":69,"y":279,"width":129,"height":9}},{"id":"79fcfe7c-258d-4cec-a6b3-a3012c687dab","block_type":"box","text":"While a Fund generally does not expect to engage in trading for short-term gains, it will effect portfolio","page_number":192,"box":{"x":101,"y":302,"width":729,"height":11}},{"id":"4809092f-0532-4227-bc11-fd8237cfdd24","block_type":"box","text":"transactions without regard to any holding period if, in Fund management’s judgment, such transactions are","page_number":192,"box":{"x":68,"y":317,"width":770,"height":11}},{"id":"c9118710-97e8-4ced-bdca-f8f332b25677","block_type":"box","text":"advisable in light of a change in circumstances of a particular company or within a particular industry or in general","page_number":192,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"bb1f98c2-356e-4df4-aee0-95ffbae48428","block_type":"box","text":"market, economic or financial conditions. The portfolio turnover rate is calculated by dividing the lesser of a Fund’s","page_number":192,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"805fdf05-6717-4eea-93cc-882667c0c380","block_type":"box","text":"annual sales or purchases of portfolio securities (exclusive of purchases or sales of U.S. Government Securities and","page_number":192,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"d9252d4d-78a5-4f36-80c2-3e9ada04ead4","block_type":"box","text":"all other securities whose maturities at the time of acquisition were one year or less) by the monthly average value of","page_number":192,"box":{"x":69,"y":377,"width":837,"height":12}},{"id":"8204f1c5-3838-4724-998a-b48fd1859823","block_type":"box","text":"the securities in the portfolio during the year. A high rate of portfolio turnover results in certain tax consequences,","page_number":192,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"a3c42908-f3ab-4338-810f-d2f3f12636b7","block_type":"box","text":"such as increased capital gain dividends and/or ordinary income dividends, and in correspondingly greater","page_number":192,"box":{"x":69,"y":408,"width":761,"height":11}},{"id":"460cc1ae-0ae2-45c5-9775-93d650e7eabf","block_type":"box","text":"transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by a Fund.","page_number":192,"box":{"x":68,"y":423,"width":799,"height":11}},{"id":"1e3cbc19-88d8-4e4f-afe7-165a803d055b","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":192,"box":{"x":396,"y":452,"width":186,"height":10}},{"id":"fade2d2a-4455-4af8-9a0d-31087ec46426","block_type":"box","text":"Dividends","page_number":192,"box":{"x":69,"y":483,"width":69,"height":8}},{"id":"a2729ca4-b7eb-4976-ab7b-3994c7248940","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":192,"box":{"x":102,"y":505,"width":776,"height":11}},{"id":"db3f0d69-2f94-4eb3-9527-d3c8ea1e07a0","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":192,"box":{"x":70,"y":520,"width":795,"height":11}},{"id":"848c9586-7d78-47b0-9dcc-ada4f7cb3a5b","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":192,"box":{"x":69,"y":535,"width":837,"height":12}},{"id":"8b5e6e05-a8c9-4d7f-8f4f-83fdff9bdb57","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":192,"box":{"x":69,"y":550,"width":836,"height":12}},{"id":"f414a9fd-da9e-41d9-b0db-439c54639fd0","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":192,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"6a35942c-f077-4df3-8232-432d9bdb6a5b","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":192,"box":{"x":69,"y":581,"width":739,"height":11}},{"id":"033f90df-5ad1-485e-a455-75cb97c1d391","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":192,"box":{"x":102,"y":603,"width":773,"height":12}},{"id":"ab409668-3147-4115-866b-650d2cb74f89","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":192,"box":{"x":70,"y":619,"width":819,"height":11}},{"id":"f95b25f4-ddc5-4218-99e0-29adc460d2b8","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":192,"box":{"x":69,"y":634,"width":807,"height":11}},{"id":"18c2342d-dab2-4324-a036-b071a35eb792","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":192,"box":{"x":68,"y":649,"width":800,"height":11}},{"id":"61dede47-ce1f-4126-9bee-d92b1b6b9c16","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":192,"box":{"x":69,"y":664,"width":801,"height":11}},{"id":"6482a0ca-14a5-4a4c-b516-da28dc749f9e","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":192,"box":{"x":69,"y":679,"width":783,"height":11}},{"id":"a0393b55-fd36-4b44-bcb3-c6da604365fc","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":192,"box":{"x":69,"y":694,"width":820,"height":11}},{"id":"8019a15a-0bdb-4b72-816c-109a49d3c5c8","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":192,"box":{"x":69,"y":709,"width":794,"height":11}},{"id":"eec86bcc-dea6-4145-8c07-679d7e90ef47","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":192,"box":{"x":69,"y":724,"width":834,"height":12}},{"id":"2a59ced2-dfe4-4eac-aa85-ccdaf2c6cb4e","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":192,"box":{"x":68,"y":739,"width":826,"height":11}},{"id":"6fd6c842-1b49-4a30-ad09-26733779b823","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":192,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"06fcdeba-409e-43ea-81df-0aac52ae6fc9","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":192,"box":{"x":68,"y":770,"width":461,"height":11}},{"id":"d325dbff-1c90-46d1-85f6-63ce0a95d49d","block_type":"box","text":"Taxes","page_number":192,"box":{"x":68,"y":800,"width":42,"height":9}},{"id":"a3fdf809-ab86-4323-b06d-691ba8c122b8","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":192,"box":{"x":102,"y":823,"width":732,"height":11}},{"id":"7694c1bf-48e2-4c11-9d3b-b0a8065d8f2d","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":192,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"0cb3c817-3972-40ee-9103-910ca049b1f7","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":192,"box":{"x":70,"y":853,"width":817,"height":11}},{"id":"94d8522b-024c-4799-9e0a-1c82cb043076","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":192,"box":{"x":69,"y":868,"width":832,"height":11}},{"id":"0234bcda-5db2-42ca-971f-a4c7e258f4d5","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":192,"box":{"x":69,"y":883,"width":791,"height":11}},{"id":"f9944f17-6722-4503-881e-a5918b4a6ea6","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":192,"box":{"x":69,"y":898,"width":786,"height":11}},{"id":"5a58cad4-9996-4fe0-a179-f0583772b156","block_type":"box","text":"II-125","page_number":192,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c1aeedcc-5c4c-4245-8e54-8bdcf22b8c61","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27a632e8-b2c7-4ea2-9900-810c57367960","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":193,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"78f2c179-2ffc-4742-819e-95e62f10ac02","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":193,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"ccdc54f5-8468-4e06-92eb-4eca4926d6a8","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":193,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"fc451100-6b78-4d4a-a083-0f5ac184db76","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":193,"box":{"x":69,"y":90,"width":739,"height":11}},{"id":"40d83313-4bfe-4350-8973-b2c98b37077f","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":193,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"4f76d2db-4f6d-4604-9037-ba56e4817028","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":193,"box":{"x":68,"y":128,"width":819,"height":11}},{"id":"6773d0fd-997d-4f99-b2d2-6453282a43f2","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":193,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"55323171-5820-420e-a26d-d2353c30d1c2","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":193,"box":{"x":68,"y":158,"width":744,"height":11}},{"id":"431b7a92-6e2c-474a-8c95-b4656a5a1a1a","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":193,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"5d88a96f-7c55-4d41-b3bd-64f99ada2be4","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":193,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"ce9dd3f9-6ca8-4b4d-8273-6b74fc4774fc","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":193,"box":{"x":69,"y":203,"width":767,"height":12}},{"id":"6b0b3d64-e200-4da2-9630-56343a852461","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":193,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"a50090f4-65e7-4bb6-a4b4-230678e568c4","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":193,"box":{"x":68,"y":234,"width":521,"height":11}},{"id":"77fc9a53-0eec-4081-8ba3-0f9a2b1abdfc","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":193,"box":{"x":102,"y":256,"width":798,"height":12}},{"id":"fdcfde57-9b2e-457f-8575-ac9b169230db","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":193,"box":{"x":69,"y":271,"width":762,"height":12}},{"id":"68fbef6c-ae8f-4509-bdac-c79bf6e749b4","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":193,"box":{"x":70,"y":286,"width":789,"height":12}},{"id":"1b26f544-9d3e-4095-a50e-4a177690e5a5","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":193,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"d1032ce1-96f0-4abb-a5a0-97d465ecbd92","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":193,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"9c75b086-5992-41ba-aa2f-7425acf6e0ac","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":193,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"7ef2cfd9-dd52-484b-85b9-fd27261c2e0b","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":193,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"c3e3787e-9da1-4375-b079-b1cf3a938a2f","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":193,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"22c6ad58-578d-464a-9559-f6220788bcc1","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":193,"box":{"x":70,"y":377,"width":813,"height":12}},{"id":"c99a0664-ae4e-4296-b258-d64a09c6a939","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":193,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"c7145034-18a0-4a3c-8a75-50db82454890","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":193,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"b4fa856f-007a-45fa-8177-d8ae90fd1a73","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":193,"box":{"x":69,"y":423,"width":771,"height":11}},{"id":"15ddb978-f665-45a5-ab8c-c92cfa281419","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":193,"box":{"x":69,"y":438,"width":512,"height":11}},{"id":"17c9a8e9-739a-4a56-907d-916fdf663b77","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":193,"box":{"x":101,"y":460,"width":759,"height":12}},{"id":"350843ac-19d2-4a17-97f2-23df44679513","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":193,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"cd06efbb-2583-406b-aa4e-4bc4f51f55e0","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":193,"box":{"x":69,"y":491,"width":830,"height":11}},{"id":"d66c4e87-f7c8-4b01-9b94-256d098b3d7d","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":193,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"e3741173-4a7d-4668-846b-9259381f2352","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":193,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"a9ab98ee-c989-4784-9297-d2f023b3cb41","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":193,"box":{"x":70,"y":536,"width":810,"height":11}},{"id":"62130975-a771-4e67-81d3-c029973c44c5","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":193,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"14d9fdff-26d9-4120-bd22-fa7e72020931","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":193,"box":{"x":68,"y":566,"width":666,"height":11}},{"id":"c7a07615-8148-4ebb-864d-35df3a27df39","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":193,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"1390a8cc-405e-40f7-b6ea-77ba6c45466b","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":193,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"00b36d79-0752-4b90-ac00-a5593fbdf2ac","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":193,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"409fe8d3-9a07-4694-af9c-cb5263715664","block_type":"box","text":"limitation.","page_number":193,"box":{"x":70,"y":634,"width":68,"height":9}},{"id":"51141411-eb42-4c57-8396-535a047f66a2","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":193,"box":{"x":102,"y":657,"width":803,"height":11}},{"id":"1a38b68d-fe59-492c-a121-1f2c14bc502d","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":193,"box":{"x":68,"y":672,"width":790,"height":11}},{"id":"6a36b802-9b16-4c2f-b187-945ff09c4884","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":193,"box":{"x":70,"y":687,"width":815,"height":11}},{"id":"0a01f0d7-8eb5-450e-b14f-de07d8476463","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":193,"box":{"x":68,"y":702,"width":748,"height":12}},{"id":"8b0ec983-557e-40c2-92f9-a74bdbc057bf","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":193,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"62006050-661d-483c-a8ff-aa932665f482","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":193,"box":{"x":70,"y":732,"width":829,"height":12}},{"id":"e778b14d-2e55-4dec-91cd-fff73f6e2e30","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":193,"box":{"x":70,"y":748,"width":785,"height":11}},{"id":"f0f40d4e-3d23-46bd-ae33-d0825ee651d8","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":193,"box":{"x":69,"y":763,"width":795,"height":11}},{"id":"a12cb53c-ffc3-4529-9e91-8f0a1a2b3d8f","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":193,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"4140b4e2-0fa4-4902-95df-2a0352b12ccf","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":193,"box":{"x":68,"y":793,"width":814,"height":11}},{"id":"6b73a971-5352-47d1-901b-98bc2ab8a64b","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":193,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"5e00ccae-be2d-46ca-98d0-3d8e94d8d741","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":193,"box":{"x":68,"y":823,"width":751,"height":11}},{"id":"12c22bc2-3d66-4c62-a210-7e626b24f0fb","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":193,"box":{"x":69,"y":838,"width":823,"height":11}},{"id":"78defabe-b6ea-479c-8c97-d2e4f5429799","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":193,"box":{"x":68,"y":853,"width":817,"height":12}},{"id":"67b3e813-c267-4339-804b-019055fac47c","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":193,"box":{"x":68,"y":869,"width":813,"height":11}},{"id":"60c2fe70-3fe2-4369-b6d0-a992086e0e71","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":193,"box":{"x":69,"y":884,"width":825,"height":11}},{"id":"4a40759a-0d25-480e-a927-784d009e047c","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":193,"box":{"x":68,"y":899,"width":789,"height":11}},{"id":"f60da047-7d82-4b09-bedf-3b80bed13580","block_type":"box","text":"II-126","page_number":193,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a91b943a-535c-4854-b5cc-4408e73c4c63","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef3f3969-cfad-45de-8eb2-0f8e6d6776ef","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":194,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"ceaf661d-ce1f-438b-8259-9453b79f875c","block_type":"box","text":"constitute “qualified dividend income.”","page_number":194,"box":{"x":69,"y":60,"width":275,"height":11}},{"id":"db86847e-896f-4308-a6bc-1049d6953e92","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":194,"box":{"x":101,"y":83,"width":806,"height":10}},{"id":"38da51a7-3275-4ac5-9256-d061e5d5807a","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":194,"box":{"x":70,"y":98,"width":368,"height":11}},{"id":"a9b06ef5-7636-463d-b58e-d88df406042f","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":194,"box":{"x":101,"y":120,"width":772,"height":12}},{"id":"1f9a0ffd-0bea-48f5-ab45-2ed203e8ba0b","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":194,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"3acac228-9a79-4fb4-a0a0-9827d14b71bb","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":194,"box":{"x":70,"y":151,"width":745,"height":11}},{"id":"b37200cb-434f-4efa-b0e6-3b134dd05e97","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":194,"box":{"x":69,"y":166,"width":795,"height":11}},{"id":"ce8af38c-b0fd-4e7d-b865-95e95434b5c8","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":194,"box":{"x":70,"y":181,"width":838,"height":11}},{"id":"05ab7734-0911-41e8-aea7-92959fcaf908","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":194,"box":{"x":69,"y":196,"width":809,"height":11}},{"id":"108cbd33-4eb6-4b5e-bd0c-5f05edbac232","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":194,"box":{"x":69,"y":211,"width":822,"height":11}},{"id":"10ca83e0-a555-4df8-8454-173ca23e471d","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":194,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"f20b167f-ed02-4bed-950d-d56724cfde11","block_type":"box","text":"against their taxes.","page_number":194,"box":{"x":69,"y":241,"width":135,"height":11}},{"id":"bc594e7c-95a0-4f6c-8ce3-73a363587ea1","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":194,"box":{"x":102,"y":264,"width":783,"height":11}},{"id":"a32e619d-e340-4c1a-a108-39cae5b62d95","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":194,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"2c656fb5-fb34-4280-bf19-d96c8de6a3b0","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":194,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"5ea7dbf8-61bc-4b08-85b9-cb7d0a84ca38","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":194,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"1a921991-d42c-435f-8956-626ab639ea79","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":194,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"b6ad2e1c-a1d9-4771-8b95-0b0ac2de851d","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":194,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"dbcc7828-573a-439b-9c2b-4dcf2b1d959f","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":194,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"a22aa4fb-a459-427e-8f5e-a6f0c90aa849","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":194,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"767ed33f-d486-4171-be6b-62db45ea5920","block_type":"box","text":"dividends received by the shareholder.","page_number":194,"box":{"x":69,"y":385,"width":272,"height":11}},{"id":"773733ff-8aa1-4b2d-8fe9-228ddb0a62e3","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":194,"box":{"x":102,"y":407,"width":792,"height":12}},{"id":"b78b5f9b-b67b-426a-abe3-631bd534fea3","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":194,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"e1369fab-4b3a-411b-a026-dafb64f77e33","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":194,"box":{"x":68,"y":438,"width":809,"height":11}},{"id":"67f612bc-a256-4e56-b285-98a3dc6fb9ac","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":194,"box":{"x":68,"y":453,"width":819,"height":11}},{"id":"fae594be-ed8e-4b14-9257-f2ef03801da6","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":194,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"f50afe31-ce47-4606-b23e-acf39950160c","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":194,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"700c0671-97bb-427d-a014-bdca8eb28170","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":194,"box":{"x":69,"y":498,"width":804,"height":11}},{"id":"4bcc9f42-2b33-4e5c-b9fd-86333b2777de","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":194,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"e171c699-ad68-4285-ae8e-481c91283eb2","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":194,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"143be999-3787-45c2-8c37-b5b2bcfde9ca","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":194,"box":{"x":68,"y":543,"width":826,"height":12}},{"id":"bba1322d-bbb9-4993-8fec-f386ec520101","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":194,"box":{"x":70,"y":559,"width":772,"height":11}},{"id":"1713713f-78c8-4c14-948f-5c0e06e1ad8e","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":194,"box":{"x":70,"y":574,"width":795,"height":11}},{"id":"e075ea7d-b698-4151-8cc9-1c9638bc3f84","block_type":"box","text":"taxable year.","page_number":194,"box":{"x":68,"y":589,"width":89,"height":11}},{"id":"7870829b-0e58-423d-a2f7-cb51aa0053c4","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":194,"box":{"x":102,"y":612,"width":733,"height":11}},{"id":"2b2b0ae8-1163-496d-92c6-684a3a8d2209","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":194,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"dc4a5e2f-5c68-4f28-997e-2dbc9a2c6279","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":194,"box":{"x":69,"y":642,"width":809,"height":11}},{"id":"4c41deba-87cc-4c37-958a-a7d76547e4e3","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":194,"box":{"x":69,"y":657,"width":362,"height":11}},{"id":"bbe49c1e-7039-40c1-836f-0c746102ab76","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":194,"box":{"x":102,"y":680,"width":795,"height":11}},{"id":"211eefce-e05b-4e69-a33d-db6812b8fab3","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":194,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"16845c79-e1b1-4bac-b31a-0614932a331f","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":194,"box":{"x":69,"y":710,"width":797,"height":11}},{"id":"37d1340e-8e35-4230-a58b-bb26d8ec78cb","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":194,"box":{"x":69,"y":725,"width":791,"height":11}},{"id":"215528bb-ab37-4395-a0c4-e03e94534f4f","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":194,"box":{"x":70,"y":740,"width":646,"height":11}},{"id":"fc85a49e-5fd6-4dba-a2e5-f1386a60ed02","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":194,"box":{"x":101,"y":763,"width":807,"height":11}},{"id":"5d31ae44-9d47-4bf8-9315-72b7a6dd59b3","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":194,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"129e95d7-2e68-4915-89b0-ea25a315a78a","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":194,"box":{"x":69,"y":793,"width":799,"height":11}},{"id":"af9fb733-9d92-49f2-9a19-e2f4b97af190","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":194,"box":{"x":69,"y":808,"width":534,"height":11}},{"id":"317d59f8-1f7c-4c1e-b076-27141264b85f","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":194,"box":{"x":101,"y":831,"width":792,"height":11}},{"id":"c880e355-8768-4049-aed5-fdae64883cf4","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":194,"box":{"x":69,"y":846,"width":800,"height":11}},{"id":"459d30db-7875-4f38-8962-9c1ae5e4f296","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":194,"box":{"x":70,"y":861,"width":828,"height":11}},{"id":"8f07dfb8-07b8-494f-9dfd-6b58e9fa98e0","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":194,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"99340379-dbb9-498c-899e-3c2616836454","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":194,"box":{"x":69,"y":891,"width":816,"height":11}},{"id":"fdce4d4c-8ce0-4b1f-bc90-859cd1d22783","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":194,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"5991f769-b95d-4855-bb5b-d8634e17e783","block_type":"box","text":"II-127","page_number":194,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e500228a-52dd-4e11-83ba-7656c5515828","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91925c55-18ba-4118-aea8-55c8bb65a8cf","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":195,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"7d507876-2be9-43f0-a6ea-cbbf1559d748","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis reporting","page_number":195,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"cc11b197-d107-476d-87e5-88704b28475f","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":195,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"b05f4936-827a-49d0-bce9-a62bd03b455a","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":195,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"c654aec1-0a3b-4419-aa7d-ecd9611f92a8","block_type":"box","text":"redemption of such shares.","page_number":195,"box":{"x":69,"y":105,"width":195,"height":11}},{"id":"45b23c13-6b9f-4abe-901d-1c44bd67631a","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":195,"box":{"x":102,"y":128,"width":799,"height":11}},{"id":"00c3352b-5538-40bb-8e25-b1318fb7e223","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":195,"box":{"x":69,"y":143,"width":791,"height":11}},{"id":"09121e0f-5c06-464a-b643-851e91c405b5","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":195,"box":{"x":70,"y":158,"width":826,"height":11}},{"id":"4649103e-49c0-49e7-af19-84cac4be70ac","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":195,"box":{"x":69,"y":173,"width":803,"height":11}},{"id":"47fce8b6-5d93-4b78-8c25-94a4dbf60d9e","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":195,"box":{"x":70,"y":188,"width":825,"height":12}},{"id":"d6032ec8-18b5-486b-9d1a-8abacc46b0fa","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":195,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"d6f20ceb-69aa-46d2-a0bc-7042e036ddb7","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":195,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"ba6db79c-c15e-4aeb-985d-d0cfd9cc5f15","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":195,"box":{"x":68,"y":234,"width":831,"height":11}},{"id":"603cb8a3-7b32-4dd2-90da-701f69cd0522","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":195,"box":{"x":69,"y":249,"width":775,"height":11}},{"id":"8b36de97-1b6b-473d-951e-d23fb79edd6d","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":195,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"5a6aaa60-c0f2-4998-9c2a-e40c9359e92b","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":195,"box":{"x":69,"y":279,"width":658,"height":11}},{"id":"782d3a1b-8fd5-4296-ae4f-76cfab4240e5","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":195,"box":{"x":102,"y":302,"width":744,"height":11}},{"id":"c4e220c7-6522-4245-9e1c-cf9157c174e2","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":195,"box":{"x":69,"y":317,"width":751,"height":11}},{"id":"24e1cddb-1b5b-454a-a418-2748e9b876d8","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":195,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"3fbd3057-1f29-4f1a-a818-d425fecfd44a","block_type":"box","text":"on a section 1256 contract is short-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":195,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"f382bf43-cdc0-4673-9e96-140edefb04fe","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":195,"box":{"x":70,"y":362,"width":802,"height":11}},{"id":"4ca7abd2-ddb8-4048-95ea-95c6bffa9167","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":195,"box":{"x":70,"y":377,"width":797,"height":12}},{"id":"51f77640-3a46-4ce4-b1be-8a70e0e5a3ad","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":195,"box":{"x":70,"y":392,"width":839,"height":12}},{"id":"4910764b-e0d3-4d4d-a0ec-ed606f4a47c1","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":195,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"c2967cb7-6b06-4a1b-9478-cc3841a51e5f","block_type":"box","text":"gains.","page_number":195,"box":{"x":68,"y":423,"width":42,"height":11}},{"id":"43895e28-a648-4ede-ba10-90c6c39bc7e1","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":195,"box":{"x":102,"y":445,"width":768,"height":11}},{"id":"a888af83-c172-4558-b292-9f585b03605a","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":195,"box":{"x":69,"y":460,"width":769,"height":12}},{"id":"8312ccca-0166-48a6-8df2-3e358f642663","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":195,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"d339178a-b479-4009-89cf-138909ac11dd","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":195,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"6655dcf9-59ff-4ef3-93dc-1b20941c2a7c","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":195,"box":{"x":68,"y":506,"width":818,"height":11}},{"id":"97085491-8b74-48ee-9a3a-6390bbc04ddf","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":195,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"fc443010-8999-45f1-b589-daa834fad62d","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":195,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"a3d1ff9a-7c29-4e6c-a18b-bc89d89ed094","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":195,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"a78984ae-9140-404b-8341-d060296b6b5a","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":195,"box":{"x":70,"y":566,"width":812,"height":11}},{"id":"f398b69e-aeec-4abd-b1e9-cd7032352d9a","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":195,"box":{"x":69,"y":581,"width":570,"height":12}},{"id":"6526ef90-611e-47ea-90b4-650ee88fcccb","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":195,"box":{"x":102,"y":604,"width":795,"height":11}},{"id":"162ce083-6a5d-49e8-b5a0-9138d314bb2b","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":195,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"7bbab247-fb13-4b97-a3b9-18c5e2a1b755","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":195,"box":{"x":69,"y":634,"width":835,"height":12}},{"id":"3c8303a2-d145-41fc-a981-7b2f2480fddb","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":195,"box":{"x":68,"y":649,"width":815,"height":12}},{"id":"3c511a10-3ba0-4d99-8590-b50ba6bb4b8b","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":195,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"7540183e-b4b9-45a3-9514-23e3b15e5241","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":195,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"7cce3f2e-76b9-4acc-b105-80f9da1e57af","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":195,"box":{"x":69,"y":695,"width":781,"height":11}},{"id":"7e3f66d6-21b6-4799-a463-faf5e71717f2","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":195,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"45fc7441-93e2-47d8-af96-f60a2d8aceeb","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":195,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"8f45ee66-0b34-4a40-8e33-122836e3b57e","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":195,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"df6445ad-68ac-494f-b4b8-feda5da15059","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":195,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"0ea12304-d8c0-446a-837a-d23f3854b343","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":195,"box":{"x":69,"y":770,"width":830,"height":12}},{"id":"58462cab-26bd-4529-a66f-d768c4c01a22","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":195,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"180a1386-2b4a-4638-8781-7aa2da4ef782","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":195,"box":{"x":68,"y":801,"width":784,"height":11}},{"id":"295edf45-3b27-411f-9b11-728cae60504c","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":195,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"ef57dc56-7e68-4263-8a11-1de5d9001c42","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":195,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"ff8f1761-c0b6-4554-b38c-cdcdbe920ab8","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":195,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"158aef2e-1fc5-446f-b5ec-5a3da9c0c9be","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":195,"box":{"x":70,"y":861,"width":791,"height":11}},{"id":"8b381637-8809-447b-8dac-b74de15215c5","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":195,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"d096c0af-143a-4f99-b6ea-34e754cfaeff","block_type":"box","text":"dividends under these rules.","page_number":195,"box":{"x":69,"y":891,"width":201,"height":9}},{"id":"68a0ab13-38f1-4bce-97d4-9646308095cf","block_type":"box","text":"II-128","page_number":195,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"73018579-933d-47fe-888c-2576e98c5e62","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a728d95-69ec-4747-8dc1-cee778bcfeed","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":196,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"10958864-676d-4981-a480-efefa92dfcb0","block_type":"box","text":"assets consist of interests in U.S. real property interests, including certain REITs and U.S. real property holding","page_number":196,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"d690f676-33e5-49d3-b628-204146b91ec7","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":196,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"1e76fdfb-e913-4ad6-a0ee-5d00fbbf1f4b","block_type":"box","text":"attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and","page_number":196,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"a9e3df03-5f6a-4287-8758-cd872758bc23","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":196,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"cdc5db49-0af1-404e-ad40-109c95e1e2a1","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":196,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"7eb4ebcd-8429-434c-9d9e-2adab71d4806","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":196,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"f112a02c-72a8-4a81-bdec-068ee78c96fc","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":196,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"2b890f62-30c6-4c06-8d06-60be4d935613","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":196,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"bde0b5dd-6365-4874-9e95-d34365b6f590","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":196,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"4fd10f0a-04a6-4aba-9d25-04e587321bc2","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":196,"box":{"x":69,"y":196,"width":840,"height":11}},{"id":"2c6d3f6e-9633-4b80-b371-62c57df16162","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":196,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"b42d6ab4-ee96-428e-a7f8-90e83b406501","block_type":"box","text":"controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real","page_number":196,"box":{"x":69,"y":226,"width":790,"height":11}},{"id":"0b822071-04d6-41a8-8f63-fbe1860e292c","block_type":"box","text":"property interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":196,"box":{"x":70,"y":241,"width":804,"height":11}},{"id":"6a51e492-2ac9-4a81-96c3-6d3e7302263b","block_type":"box","text":"advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":196,"box":{"x":69,"y":256,"width":648,"height":12}},{"id":"547e5b9f-0925-4fd5-9f00-b141f21998bf","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":196,"box":{"x":102,"y":279,"width":763,"height":11}},{"id":"f2c61328-4dc3-48e8-8415-05a2ced3649b","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":196,"box":{"x":70,"y":294,"width":820,"height":11}},{"id":"6d049681-a2c1-4cc4-9337-2b7476a02197","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":196,"box":{"x":69,"y":309,"width":794,"height":11}},{"id":"07b799b6-66a0-452c-8779-4391b705759b","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":196,"box":{"x":69,"y":324,"width":794,"height":12}},{"id":"0e464493-43a1-4ca9-b150-f8bcfcb2a02a","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":196,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"e3added1-c137-434f-860b-566a726ffce6","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":196,"box":{"x":68,"y":355,"width":791,"height":11}},{"id":"066adbc2-dbcf-4f7a-9e99-23225dc9e3d6","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":196,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"7414b57f-5c11-46f7-abf4-986be5ff8556","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":196,"box":{"x":70,"y":385,"width":739,"height":11}},{"id":"c04c1de0-a003-4276-b642-bdb50aad699b","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":196,"box":{"x":102,"y":407,"width":786,"height":12}},{"id":"aee284eb-63c0-43a9-b598-530941e3943d","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":196,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"c92197f1-6658-43c9-a9fd-4327ff271f7d","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":196,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"eed27f0c-a501-4eaf-a486-b5f8149402b2","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":196,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"a8859035-8d93-447e-a759-2431cc3e12de","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":196,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"30aca148-6658-46c9-8839-1a4ae613cb43","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":196,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"4d733d51-fc94-41fe-8f2b-031918933602","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":196,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"264150e4-c0ff-4cb7-b701-d0c88c3f8883","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":196,"box":{"x":69,"y":513,"width":364,"height":11}},{"id":"1a57c2ab-6d62-4354-a7f9-eb40bf63dbe4","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":196,"box":{"x":102,"y":535,"width":742,"height":12}},{"id":"a36ab462-85fd-4bfe-a0ab-419cac7e8ff8","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":196,"box":{"x":69,"y":550,"width":832,"height":12}},{"id":"763dcf73-4278-4251-a76a-8ae78ddb18e1","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":196,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"10de615e-969e-4095-b54f-2289fba6b624","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":196,"box":{"x":70,"y":581,"width":781,"height":11}},{"id":"d7ef1dbb-f8d2-4be5-b4fb-e8788c2c4ee8","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":196,"box":{"x":69,"y":596,"width":774,"height":12}},{"id":"0a553e7f-ae62-4a2b-853e-fa1bb916cd7d","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":196,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"b89eb81d-1fc6-4515-bea3-6dee34cb5a30","block_type":"box","text":"individual circumstances.","page_number":196,"box":{"x":70,"y":627,"width":177,"height":9}},{"id":"206fe4d6-40ea-48dd-a85d-53ec8d0c2a5e","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":196,"box":{"x":102,"y":649,"width":758,"height":12}},{"id":"5a67e3aa-1cbf-448a-8b6e-2c7aa1029ee3","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":196,"box":{"x":69,"y":664,"width":782,"height":12}},{"id":"3135989a-04ab-4ad5-9b6a-f5bc360ec379","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":196,"box":{"x":70,"y":680,"width":783,"height":11}},{"id":"9fc0b3c1-6784-43ab-aee1-c5bcea32008a","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":196,"box":{"x":69,"y":695,"width":797,"height":11}},{"id":"fbf3abe3-9389-402f-b010-320fe3170a8c","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":196,"box":{"x":70,"y":710,"width":822,"height":11}},{"id":"4f6d70da-0020-4428-8540-7ebf8cd0e755","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":196,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"c4fa3286-ff27-4db1-b579-31ba9fedf09e","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":196,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"abbf96bd-2842-4728-9be1-406c26713a02","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":196,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"1c20d84d-6d19-4551-8912-04d9a80d8225","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":196,"box":{"x":69,"y":770,"width":800,"height":12}},{"id":"aa4575b8-a0cb-47a9-8ee4-ca8289a44e8c","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":196,"box":{"x":70,"y":785,"width":770,"height":12}},{"id":"81e1c8a7-f74b-4af4-b3d1-d2ff57b789ad","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":196,"box":{"x":70,"y":801,"width":816,"height":11}},{"id":"64f98671-68c1-499c-a745-03a4f3900d4e","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":196,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"bf1c4271-534d-45e9-bd0f-4837cc552b13","block_type":"box","text":"investment opportunities.","page_number":196,"box":{"x":70,"y":831,"width":180,"height":11}},{"id":"5f6551f6-4d2d-479a-a986-3131b45d6ba4","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":196,"box":{"x":102,"y":854,"width":801,"height":11}},{"id":"50a525cd-b5b7-4f20-b3ce-02ac28a64d25","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":196,"box":{"x":70,"y":869,"width":839,"height":11}},{"id":"c3364681-67a9-4eb0-9a6e-45370a48bd3f","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":196,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"e3f4735f-d9f7-4fbf-9dc8-20739491acb7","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":196,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"5921ffa7-76cd-4394-86be-095f24c6d224","block_type":"box","text":"II-129","page_number":196,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6897e5b3-7845-43ae-a9b4-99b57f8232ce","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6af2e6a5-6db3-43a8-b36d-b2f44979bad2","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":197,"box":{"x":70,"y":45,"width":774,"height":11}},{"id":"87cfd970-1c8b-448f-a3f5-8ecf99111acd","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":197,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"d59ea65a-15f4-4e65-b078-18d0081254bd","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":197,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"9f798c70-96bd-4a79-ac0f-edabf9693518","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":197,"box":{"x":69,"y":90,"width":755,"height":11}},{"id":"59679181-6ab5-4e8a-bd50-8abd0fc553d2","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":197,"box":{"x":69,"y":105,"width":811,"height":11}},{"id":"85626cc8-aa15-4c40-b91d-6607a1783677","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":197,"box":{"x":69,"y":120,"width":839,"height":12}},{"id":"0b827771-974d-470c-a9a5-37825b9fe85f","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":197,"box":{"x":68,"y":136,"width":812,"height":11}},{"id":"0d3a5022-b5f3-460c-b220-ca01718bd4af","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":197,"box":{"x":69,"y":150,"width":829,"height":12}},{"id":"fcb773cf-3be9-46d4-bff2-0151109cbeec","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":197,"box":{"x":68,"y":166,"width":827,"height":11}},{"id":"14d2a4a3-7012-4efd-9487-9dd99d11d65b","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":197,"box":{"x":70,"y":181,"width":829,"height":11}},{"id":"f2ab75e1-e36f-4436-ada8-6dabb0a7a4c7","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":197,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"ec0be5a4-9e59-4a71-834a-32d6285220e7","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":197,"box":{"x":69,"y":211,"width":788,"height":11}},{"id":"3140efd5-ed8b-43f2-ae4e-4767c505c7c6","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":197,"box":{"x":69,"y":226,"width":818,"height":11}},{"id":"990ce4fb-a566-4259-a39d-80ee9e0227d9","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":197,"box":{"x":69,"y":241,"width":773,"height":11}},{"id":"65c20980-2007-40d8-9b2a-8ac62315d342","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":197,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"d5e2f2bc-5c29-4888-9295-c2f50c178656","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":197,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"f3366c77-1798-4ec4-9f6f-95e4c9c48d47","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":197,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"b8c6614f-f1d2-4837-acef-3c78feb075ee","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":197,"box":{"x":68,"y":302,"width":527,"height":11}},{"id":"6e7338c2-31b5-4446-96c3-473f6fce7416","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":197,"box":{"x":102,"y":324,"width":768,"height":12}},{"id":"1640790c-36c3-4e80-a38e-4b317dbd2d1f","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":197,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"e67a20e6-9ebf-444f-abfd-b17729a0a6d3","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":197,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"f3eeb331-a2c4-4591-9e99-4b4b2270c7c7","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":197,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"677d75a1-3fee-4315-9f8a-58b3b1c502d6","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":197,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"1549e401-6698-43d3-ab20-f04b33d1b985","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":197,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"2c379db8-c709-4584-b2d9-22972de97b6a","block_type":"box","text":"positions in its portfolio (","page_number":197,"box":{"x":70,"y":415,"width":177,"height":11}},{"id":"40918db3-c99d-41c0-bee6-1911c881d565","block_type":"box","text":"i.e.","page_number":197,"box":{"x":249,"y":415,"width":20,"height":9}},{"id":"e17bb93c-9d0e-4856-9264-007f385b728b","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":197,"box":{"x":272,"y":415,"width":636,"height":11}},{"id":"a10b72a5-f15e-45cb-ac12-05dac8e8a614","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":197,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"2492c0be-5aa0-41f7-880f-aa5c43d791bf","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":197,"box":{"x":70,"y":446,"width":830,"height":10}},{"id":"205a87b4-a46a-404a-a176-187eabb0d533","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":197,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"905d8211-d616-49c9-a2d0-b23e0fb5bfeb","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":197,"box":{"x":69,"y":475,"width":415,"height":12}},{"id":"0d1f8fd2-d40d-4fed-b40d-6c33b3e8de86","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":197,"box":{"x":102,"y":498,"width":787,"height":11}},{"id":"9a0eb3d7-0b65-40f2-a53f-e270bcee6f09","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":197,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"8367b42f-d002-4f9f-b238-5f44abd9c9fc","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":197,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"21ef2662-0306-44b4-ade4-0bb29bbc087f","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":197,"box":{"x":69,"y":543,"width":805,"height":12}},{"id":"11c99081-3225-43d5-adfd-e95192e1ffa6","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":197,"box":{"x":68,"y":559,"width":829,"height":11}},{"id":"7093d24f-49e0-4c64-a972-6f38004cb131","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":197,"box":{"x":70,"y":574,"width":803,"height":11}},{"id":"c5295f84-116b-40e5-bc80-e91182327b98","block_type":"box","text":"Fund were to invest otherwise.","page_number":197,"box":{"x":70,"y":589,"width":216,"height":9}},{"id":"c97e682e-3f12-490e-823c-005027e1f067","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":197,"box":{"x":101,"y":612,"width":721,"height":11}},{"id":"fea4145c-0721-4335-a769-d11ce7dbb4e4","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":197,"box":{"x":70,"y":627,"width":787,"height":11}},{"id":"d2c05adf-aff9-4e90-b839-4efccf1932ec","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":197,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"c3470a9c-4fce-4c22-9fcf-cc50934fe0a2","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":197,"box":{"x":68,"y":657,"width":823,"height":11}},{"id":"019b8d2d-e2ea-4e59-bf81-ce99b26024f3","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":197,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"8663b462-1171-49cc-a8ae-e57272704d41","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":197,"box":{"x":68,"y":687,"width":838,"height":11}},{"id":"69dfcb88-c478-433a-a32c-743595365921","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":197,"box":{"x":68,"y":702,"width":830,"height":12}},{"id":"68bf018d-7c6e-4b37-972f-4f776d7a7baf","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":197,"box":{"x":69,"y":717,"width":515,"height":12}},{"id":"c51f5cf3-ad18-40cf-b261-bca8d8a210c7","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":197,"box":{"x":102,"y":740,"width":798,"height":11}},{"id":"db8ab7ad-a56a-4732-84c4-bab09e5f317f","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":197,"box":{"x":68,"y":755,"width":835,"height":11}},{"id":"00a9b915-0a89-427c-b64d-1d9525e9c4ca","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":197,"box":{"x":70,"y":770,"width":827,"height":12}},{"id":"878c1761-c2cc-4810-8138-41ebec7bae9c","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":197,"box":{"x":68,"y":785,"width":830,"height":12}},{"id":"22798926-3ba4-4f6f-81f4-1ffffbbb38df","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":197,"box":{"x":69,"y":801,"width":802,"height":11}},{"id":"c867f9ac-0953-4f65-9abc-d3e1e370ce5d","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":197,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"732ef2ff-7aad-4109-a54b-c99a441051e1","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":197,"box":{"x":70,"y":831,"width":797,"height":11}},{"id":"68ff2212-0fda-49e6-bbc2-c4f5c9f411e7","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":197,"box":{"x":69,"y":846,"width":801,"height":11}},{"id":"03066c71-2918-459f-a1f5-fd00bc3c2e54","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":197,"box":{"x":69,"y":861,"width":818,"height":11}},{"id":"06f2f166-d64d-468c-a9c5-568ce85ed027","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":197,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"0e74c4ee-48fa-4f82-860a-ac0e34b0e9c4","block_type":"box","text":"II-130","page_number":197,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"277334cb-18e1-4ba7-b08b-289c5e643143","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7466dbdd-e869-4860-89cf-d21d889039f5","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":198,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"07883fbb-7966-4485-bef2-c5401674454a","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":198,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"ac4a7fd1-a6f2-44fb-9968-ef93cb7869d4","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":198,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"cea28d76-8632-44ea-87e8-1bad5739e14e","block_type":"box","text":"PFICs.","page_number":198,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"9cf41dfc-c466-43dd-ad87-3d1675346675","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":198,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"2fffa40b-44ab-43ea-83fc-035f5dd2819c","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":198,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"03bf2efb-5ef3-4dd0-a37b-9a987801b338","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":198,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"75a9bdd8-cde0-499d-b748-05c14de1333b","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":198,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"89fcda95-9e81-40d5-bcb0-d49b2d4d0a1c","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":198,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"781ecdba-0f80-4cf5-8f83-d0b46941052b","block_type":"box","text":"difficult or impossible to obtain.","page_number":198,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"de2b6e38-8092-4584-bd80-c2feb92a53a4","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":198,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"3f5029de-f28b-42c8-a844-ffd82ec03748","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":198,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"9197b08b-a33b-4d79-ab8e-1613b7af7992","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":198,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"1db8f6ab-6b25-4cba-bb35-5ef0a687de0e","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":198,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"69142b2c-43b6-4c10-982c-44d0949d1a03","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":198,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"97b75672-0abe-45d0-82f4-67cb412d48a7","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":198,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"2064d5b6-1387-4e8c-88e4-e27dd464da58","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":198,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"de364d92-b71c-458d-a925-e10362ff67dc","block_type":"box","text":"Municipal Funds","page_number":198,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"d468ffc6-67ff-47fd-8aa8-3c5753f5548b","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":198,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"72169592-40b8-468c-b783-42e23f475484","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":198,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"e73a3da3-0a31-4d4f-9a49-6240710831cd","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":198,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"f19d4e1e-99b8-4e61-bd2d-95c8c97f140c","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":198,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"18bc41cc-41f4-4003-a151-b14ee0bec52c","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":198,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"0bada92d-0288-435b-9eb7-c48b20479355","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":198,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"ab1b1d82-998c-4f01-a396-1c761e64dc15","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":198,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"43e68dd2-951f-47e7-973c-2cd5cad6d824","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":198,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"4e34e119-5644-4e6a-b323-0ed1062cb316","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":198,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"f7c2d03a-1719-419b-af82-2f273316ce81","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":198,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"852df20e-3be5-48e6-8d63-f3a104a37bbd","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":198,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"085e2bd3-84e4-4c42-8357-9067a200ecbb","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":198,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"4ba41e42-47cc-4554-bb48-50843cac372c","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":198,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"f9953a09-577e-459d-8619-9fa5c5964748","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":198,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"49d8ae64-d7e7-4755-ac75-d4e10cc6dd7e","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":198,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"34af5320-26dd-4f28-881e-0f9acb2b2ca3","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":198,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"94f5dd59-7059-42d4-9f03-9049431c1393","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":198,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"dc1ba2e1-af94-4168-a388-545cf5cc9a57","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":198,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"020405b2-5415-46d7-b51e-2e2c1db41442","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":198,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"df7b5b44-94f3-49c5-9af0-e263614dac84","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":198,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"dcb9f181-3e4b-4372-8ed3-f68ba3ca99f8","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":198,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"f0d9e7d1-725f-49bf-8219-47efea92f8d7","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":198,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"b83a96fc-0927-429e-82f4-3532a6b10c93","block_type":"box","text":"constitute exempt-interest dividends.","page_number":198,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"15b06f07-e93b-4572-ac61-e90d2afab7cb","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":198,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"b73a7694-bd91-486d-85f0-c68811d46f50","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":198,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"968edb8c-d1d9-4d1c-84ab-1f33ca106c64","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":198,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"5e357b7c-a392-480c-bd69-28a486920065","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":198,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"ec7f9d92-8d2c-452a-ac05-c4e95062e887","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":198,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"8daa7f39-c194-43e2-924d-ce067b191f21","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":198,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"04e3cfb5-7d14-4bed-845f-f73f2717de4a","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":198,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"56aeb8f4-6233-4fc2-84c4-92fa84bbfb22","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":198,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"4fed46dd-2f00-4760-bb5e-3eb9f15c024d","block_type":"box","text":"income dividends received by shareholders.","page_number":198,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"28ec58e9-62bb-412c-91a9-773767f8100c","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":198,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"afd4ca40-ce62-4e61-a82e-e49c8f19c2dc","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":198,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"bf8638fa-02be-4fc3-a549-879030e8d780","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":198,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"5b4fc888-bce5-42c6-abbc-a533ba38d142","block_type":"box","text":"II-131","page_number":198,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6bdc0acc-e27b-426a-b6eb-4c03954a3ef1","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b54ae7c0-4add-43fc-867d-a27ff8d21a77","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":199,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"b214bb65-a272-4474-8e55-2ec4165fb67f","block_type":"box","text":"the accrued market discount.","page_number":199,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"18142e7a-b628-44b6-bf95-1526f82a9a5e","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":199,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"b3babaf1-9b47-4715-a1d2-17b702cd597c","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":199,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"b74ed511-e3b6-4db9-a245-718f10d3b0dd","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":199,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"0a94b732-06dd-4b9a-9386-b614212c4f08","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":199,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"095a132f-f82a-4761-b12a-9495761ea51a","block_type":"box","text":"e.g.","page_number":199,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"1539216c-e131-4e63-b19d-b220a2951f14","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":199,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"8fcb9cb5-85c1-48e6-9d03-ec1e029492b0","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":199,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"f6323c3c-22ab-43b6-9cbf-612eb2cc1b4f","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":199,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"bbca44ae-6254-4651-b629-870a16422466","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year-end the portion of the Fund’s dividends","page_number":199,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"f7280326-e541-4a56-90f3-f4e9f17689fe","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":199,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"57509942-af1a-434d-a4d3-d0904af41e2f","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":199,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"12ba2a9f-1db0-4861-8a1c-101b4aa2c558","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":199,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"750e3c15-8dc1-433c-ad8a-a1ce14386738","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":199,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"b802fc8d-3599-4c1e-be34-66308ab3ef37","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":199,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"9fb36e07-0a1d-42e3-9e33-3932330c9a00","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":199,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"69962d8a-606f-4227-9900-f87a8d163e86","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":199,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"5f47350a-473d-4abd-a63f-06f4e348ebe4","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":199,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"ad86ccf0-4b38-4304-83b2-8efa903520c3","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":199,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"4f7f5994-aa3d-4826-84a8-df27497000b3","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":199,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"33349101-5d92-4a7a-971b-fd7c8a9c4900","block_type":"box","text":"within each applicable state.","page_number":199,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"3a3237ad-3489-413a-9022-cabfd50e6b64","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":199,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"5caa3006-2c3c-4e05-8a30-d9658573f9cf","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":199,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"7666a47e-b8b6-4050-955d-9a75f489f580","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":199,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"5dbaf380-ee27-4474-8a24-5d80f76d75b3","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":199,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"a0d9c0d7-2ab9-4ff6-a930-8c0305dddbfe","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":199,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"4ad5daea-17a2-40c2-8805-89f932620884","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":199,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"019e5088-c86d-4abe-8c7d-2b5838957045","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":199,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"afada25a-fda3-456d-9006-11ea03760fd9","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":199,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"645b3650-0e15-4e09-bc7d-bb78e758647f","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":199,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"6e2f758e-dd40-471b-aecf-f1625dfe5ca7","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":199,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"89cd7ce3-4b28-4a24-8c89-dfab7c8f735c","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":199,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"c94b1455-e486-46f6-b57c-9abe63b21dff","block_type":"box","text":"exempt from state income tax.","page_number":199,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"bd764dcd-82db-4583-bf87-cbfb8b620fe6","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":199,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"b548c1aa-03d0-431c-b478-16ab8fb8a13d","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":199,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"0cf43bf5-5151-4dc9-90b2-194fee3935d7","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":199,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"d0d6c171-18a1-4810-8272-d6cb0fdf5f27","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":199,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"a17ec542-f56e-4fc5-88f5-ea3771bdfdd8","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":199,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"0168174f-e017-416c-bb46-39bd4bd49247","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":199,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"95f028f0-d50d-4622-94d3-465be809e935","block_type":"box","text":"decisions may have a retroactive effect.","page_number":199,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"d8068e29-fafd-4354-b5dd-0aea23c11fbb","block_type":"box","text":"PERFORMANCE DATA","page_number":199,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"0afc4a15-7d80-444c-9689-f81712f17500","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":199,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"efc41e29-2002-4990-9828-9d9b6cd21cbe","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":199,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"a1f36fdd-a79c-4710-a172-aec0fdd35604","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":199,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"b463523c-6fd1-47e4-846e-fef662026535","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":199,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"2118ca4a-d286-40de-9e27-558ec0b88f51","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":199,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"19c0e82a-200a-42df-ace9-01ac4aca5b44","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":199,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"8e7706ee-f7f3-4e8f-9111-076648f9f49f","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":199,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"f2d2438b-0af9-4d75-aac6-0a7b5f53eb9e","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":199,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"ec14f90d-0c26-44f3-8181-2af7a5d11839","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":199,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"c9d0a7ff-caab-4c00-a912-def9896bf5eb","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":199,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"2af1c9b7-e34c-4503-a351-4cba71d21050","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":199,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"67e08894-cb80-4313-8aa0-dce697effbd7","block_type":"box","text":"II-132","page_number":199,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5a8acf60-7fd7-4f01-a6f5-d7bd6d1f8d19","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7c67636-8fa7-45d8-94ed-983048f7dfcd","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":200,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"0cfb5d97-1fd5-4355-9001-358ec962d6c6","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":200,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"fa355505-39bf-4ea2-b3a9-55e0b476842c","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":200,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"e5741538-2405-4526-b513-5e483125e9ac","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":200,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"05a7ae52-fe18-4e76-adc6-72954fad5afc","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":200,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"f763c1fe-9187-4d59-ac5e-a0e8aacc610e","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":200,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"13341a77-aa0c-45cc-818e-fafcf3037aa9","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":200,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"23724b7a-e8c2-470e-aad8-f3b21b2c8aef","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":200,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"a6ade550-2bd5-493a-b3d5-7d8a62fe585f","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":200,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"e8960b9c-9e4c-4ae1-a6e3-98dbdfd9bb18","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":200,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"631a0f97-89d4-4531-a597-a817eb9250f1","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":200,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"74f07672-0c5a-42de-9f1b-3dc6b9ceb4df","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":200,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"36df9475-1e92-4f5c-8caf-ab06c13bffca","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":200,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"782251da-03e5-43b3-a1ea-f38ec23fb21b","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":200,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"36445a77-2fb0-40b5-9ef1-76c738375dc2","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":200,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"57561573-b284-44f3-9d9b-5469a7b816ca","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":200,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"c210272e-8a12-4a77-8662-1a1cbe5fe30c","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":200,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"f6ae724a-82f0-4fe3-a433-fc503ffd1c9c","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":200,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"cadb9b98-84b5-4e99-81a2-c781c1acd461","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":200,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"16c4c759-4967-4473-8afb-19366e5b4ddd","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":200,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"d0432b1c-b667-41ed-b948-2fefba1da256","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":200,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"d616bfdf-6b1f-4af3-97ea-91614a63c86c","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":200,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"1e47b339-62be-48fa-a0e9-f6ab041e51b4","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":200,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"025162e0-dcf8-4a45-be4c-e04c1fff2680","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":200,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"fc68450c-3fce-4c1d-86d5-640cec02263b","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":200,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"c0905cc1-5d69-44db-b4f2-ab2450bba50c","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":200,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"d5a00e63-04ae-49f0-8f57-4dcea22fc570","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":200,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"88ef6ddd-42f0-4ea3-ae79-fe8d62ad9d57","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":200,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"c69de967-336f-4eca-848d-7e29fd5a4fe2","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":200,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"cb2c58ef-8204-44b9-abe9-aec6d2c8b37e","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":200,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"920242ba-5749-476d-a04f-0510cb03e18d","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":200,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"d8ffbad0-2426-496b-9caf-b8232bc86501","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":200,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"a480897a-28df-44e6-b32d-944c5d29178a","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":200,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"10a0f5d4-d6d1-458a-a2ee-a954e8c1a8c6","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":200,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"ba2e1c6b-7809-4d38-bd4e-b479d432cc6c","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":200,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"838b63e8-e529-474d-8351-88275f4bfa8d","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":200,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"418ac310-cf1f-48f0-8801-a87a04069d6c","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":200,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"972619e9-9d8e-4c8b-bc1b-fcde95d71cd5","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":200,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"ecee010f-d248-462d-9378-6365dda1b5a2","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":200,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"fe557527-9cee-486e-a5ad-25f791f466b4","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":200,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"d2e3722b-e8aa-4c4e-beb1-a82ae210bcd6","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":200,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"a3248e2d-2ac8-4721-9175-824efb0be69b","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":200,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"3fc0de66-80d4-46f5-88d2-0f71a5282466","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":200,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"5fd651c9-6d7e-4833-9301-c8b46fe3f7af","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":200,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"14fd5108-91a9-4b41-a4dd-1c0ad5288d98","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":200,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"c9fe2776-b275-42a8-8fb3-594c6d478620","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":200,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"04e12362-1757-4294-ba11-b16b2a054058","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":200,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"d7b18ea8-6c97-4519-a9d2-bdf494738019","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":200,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"886704b4-da7b-4cb3-af97-37a2230b16c9","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":200,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"2a5fe642-731c-463e-9e11-027fe31450ff","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":200,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"59bd9965-d55f-4a64-bcfd-ce479fe9a10c","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":200,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"146b0532-27c9-464b-a8af-f6bc886ceaaa","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":200,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"1a36257d-3e4e-4b40-938c-3c65ab77f04c","block_type":"box","text":"less than their original cost.","page_number":200,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"8592c5ff-faa4-4509-b22f-b46250b1ea1c","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":200,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"91dfcb92-d7b4-4df5-ac6f-94f86f4393e6","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":200,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"e551e866-a098-4b70-b8be-9ae0d44aadfc","block_type":"box","text":"II-133","page_number":200,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cba00cec-6789-4e76-b0a5-f1911c5a840f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1befa6b-f5fe-4a53-89eb-5ec644d6261c","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":201,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"07248d3b-dee1-42d8-a7f4-b1bd98fd59a0","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":201,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"9ac72e53-267e-44bf-94cb-1265232de7be","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":201,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"fb784f10-ee32-4240-8055-656225088791","block_type":"box","text":"lower amount of expenses is deducted.","page_number":201,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"de217b22-94eb-4f80-b881-b5aba141b6e8","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":201,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"56428109-7b76-4264-ba5a-8756157b238f","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":201,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"5df7d0e5-a070-4d88-b50a-295c6d858d72","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":201,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"22bf9c43-94e7-48f1-ba8e-156c8a2187b7","block_type":"box","text":"Money Magazine, U.S.","page_number":201,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"a54e528c-d2b9-4929-b097-787dea1155fb","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":201,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"6e1618b2-9bd2-40cd-b471-1c44d4104112","block_type":"box","text":"or other industry publications. When","page_number":201,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"2ec8a55b-c0c0-44df-80e9-e6c3340b8856","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":201,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"b9c19104-4cdc-422b-8a3d-e2d52c6d8ec8","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":201,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"f42c3567-5272-4f7f-9a82-81d1cbea7f3a","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":201,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"6519482f-5b83-4b3d-85ef-e31bbf134991","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":201,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"fd77e2e7-eb61-45d9-bf70-eba4845e3517","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":201,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"c9072e4e-c720-499d-86b6-1bd545348500","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":201,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"242de9fe-0253-45f6-84d7-e80a7e06cf2c","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":201,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"8dbf6100-b923-4cf8-8cee-11bc47a52855","block_type":"box","text":"developed by Fund management.","page_number":201,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"c0a0ae82-a293-407b-b4be-9676909a646e","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":201,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"c092bf0f-d854-4b29-a795-8eb5c15a1115","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":201,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"0173163e-1aae-490f-8cf1-797b3026b443","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":201,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"3b01feb5-18e4-40b6-af15-4be6c6e6edf7","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":201,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"e8b2ef87-be2d-405c-8229-363228c16e9d","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":201,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"df10ac39-a69a-43c3-a9f3-1feff4ded4f7","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":201,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"180db83a-47f1-4bfe-90e9-a20d49ff00b0","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":201,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"b5830796-944e-4ac9-81cd-1f277725847a","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":201,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"51a90e85-f748-4f58-8bb7-bed39df0d0d5","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":201,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"ef2ec727-026a-4699-981f-fc110a1a17e9","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":201,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"8fb08c99-795d-48ca-9375-ad9a093d37e9","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":201,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"8a6c60ce-21c1-42e5-8c40-c6ec0bbd9baa","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":201,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"21700c2f-8071-4d35-94ea-7b3222a32852","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":201,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"5bff51f8-35a4-400b-826a-95ae62f21d5d","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":201,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"8d892219-f1f7-4d20-828d-8afaab8bf7c9","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":201,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"d06a81be-3d60-4bc9-8fe2-2ea474388ca6","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":201,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"1cc00ff5-d276-42d2-9a0c-0f3d1afadd5b","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":201,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"3e32fa8c-ead7-4865-a698-a174aafd81a6","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":201,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"9f0f27f0-904b-492d-8b8c-a6b2c797b3b7","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":201,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"3c13ea7d-cbfa-4262-9b26-13be6d3ec87d","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":201,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"83ac039c-2bb5-4500-a435-1f479048618a","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":201,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"47b21a1e-ae78-4e16-8dc4-e17727390da2","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":201,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"86414eb3-349c-4f3c-a2a1-947cad4ede8d","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":201,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"af8c9c55-24e2-404f-8cb4-f2e436e5cbd8","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":201,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"842716fb-9055-48bd-baeb-3ecde1dc7094","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":201,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"9897730f-6c28-417b-8543-9c8fd8d2aef1","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":201,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"84a7b684-44bf-481c-b915-67c6ba3cc860","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":201,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"1f70f46a-5421-4613-b053-0753fe323951","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":201,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"259490eb-2368-4df2-918e-1a694c7e92fd","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":201,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"9afe0fdb-438f-49f8-bfca-e271bcdfd15b","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":201,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"9e3e864d-d282-42f1-ad22-47c032b5bb3d","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":201,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"842a99b1-f5dc-4b43-8cf8-df2523430d62","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":201,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"cc34b7de-bfcc-4e68-8158-d38af96a012e","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":201,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"02b44d9e-120c-4406-b3df-60ace5592386","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":201,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"f781ea86-3f8a-4bc8-bb80-101b3a8be08b","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":201,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"9e5aea9a-c6b2-44f6-8ba2-0129548a9d6c","block_type":"box","text":"II-134","page_number":201,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1d75f8d5-0b77-4b8b-b647-ea1054dcc37a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6146fd3-ae9c-4e68-8d40-5da9891c6e07","block_type":"box","text":"GENERAL INFORMATION","page_number":202,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"0df00382-d5cf-42c2-ab4f-24e83da20022","block_type":"box","text":"Description of Shares","page_number":202,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"86d68e37-71d3-42c4-9756-7f66ebdd199e","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":202,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"4ff201db-4bce-4f54-904b-c6db06875d23","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":202,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"f77ee6d7-8b05-4169-b9ed-27bcd73c8fc0","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":202,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"5a13ef82-3f1b-4012-9b9a-afc46ba41fb4","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":202,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"0c0b8f4c-8678-4b12-8dd0-63c34253025e","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":202,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"ea739908-5a64-4d75-8b46-66561ba606f9","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":202,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"823359ab-a60f-418b-b5a8-cd84246cc9fc","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":202,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"6ac74838-ed78-4970-8fb4-47d742d0a0fd","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":202,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"45d06bf1-bcb2-4d2f-bcb4-13e2ec2092f7","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":202,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"17d0419d-7fe7-49d2-bef7-3069b973ccbd","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":202,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"bf6be0ae-2cf3-4554-a403-f62a35a38f81","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":202,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"9c33f70c-88e5-4985-8b6b-c014bb8ecbdd","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":202,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"29910e5d-88be-4b9c-81ea-5b10c80afc76","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":202,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"db439264-7093-4c81-9ad6-0917856b44fa","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":202,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"9efe9ced-16a9-4815-abc1-37a8ea60fba2","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":202,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"b9deb081-49f9-42e0-ad0f-bfea2ff4289a","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":202,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"c8c0337c-682a-4502-a2e4-baa1141d702b","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":202,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"04adb4c1-36ce-47f9-abad-69b6ed5159ba","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":202,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"4ad99ba2-78aa-42e4-8da0-5bd159605118","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":202,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"63f8088d-2f9a-4280-9090-6c1d02f867da","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":202,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"9f4fbaf8-2a83-4233-9f39-d1bca1b12d4a","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":202,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"61947df0-513f-467e-b09f-eef0868644f4","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":202,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"3de33004-374e-4f8d-bd3c-4d285c14d36f","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":202,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"b4e312d0-e0cd-45c8-b795-371fba2c34cf","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":202,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"f74620cc-edda-43bc-a2e0-51a7cef15014","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":202,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"1ada446b-5670-4fb2-a08d-931f29045427","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":202,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"bd7835a3-6dcf-4d76-9a1a-4282f9289461","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":202,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"ed6eaca4-9b13-4a17-bd5f-89b1698be66e","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":202,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"d13ca329-60fa-414c-bbb8-0ea66128e04d","block_type":"box","text":"Additional Information","page_number":202,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"45628f78-69a6-44bb-8a6c-10e2930a8582","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":202,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"df8db55a-f0ac-40f7-ac23-6962cb2c0937","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":202,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"baa11027-fc0e-43b2-87f1-454fbe55fbd4","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":202,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"12bcd1a6-d76c-46d0-bd70-d2954ff17280","block_type":"box","text":"such name to any other company.","page_number":202,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"707b099e-d863-4090-b6f9-f29fadeb6624","block_type":"box","text":"II-135","page_number":202,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"073e3e11-eb6f-4012-8e89-e5341c5f103c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"913d3c55-a6f1-41ea-b77f-616c1187d1aa","block_type":"box","text":"APPENDIX A","page_number":203,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"c1a5a285-f714-469f-b2cc-0301cfafdefb","block_type":"box","text":"Description of Bond Ratings","page_number":203,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"a1c6062d-1be2-48f3-b842-7e64401548ab","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":203,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"5d046eb7-bf7e-46de-9b2e-16634b5c0bfa","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":203,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"f73750ec-9974-4faa-9fb2-68fe60980613","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":203,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"1f96cf4f-1afd-45ce-bba5-bbe664e9fd2d","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":203,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"f38b0324-ab92-4cb6-8321-89c8f225fc7b","block_type":"box","text":"date.","page_number":203,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"6621b238-8a2a-4fea-b9b4-84d382fd4c97","block_type":"box","text":"NRSROs may rate specific investments (","page_number":203,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"cc6ca5ce-9a81-45e6-8b23-f97a9f5e2b3f","block_type":"box","text":"e.g.","page_number":203,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"5428d473-961f-4988-aee2-88db611e26ec","block_type":"box","text":", bonds), issuers (","page_number":203,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"2dab6cd0-2375-47ea-bd9c-9fa9c74f4185","block_type":"box","text":"e.g.","page_number":203,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"30ebeb88-d627-41f0-a2df-c80ae408a62e","block_type":"box","text":", corporations, governments and financial","page_number":203,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"ab771040-8a72-4121-ab6f-37a10a713291","block_type":"box","text":"institutions) and/or programs (","page_number":203,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"83c3c922-6226-4c5f-ad61-a007fcb2f0af","block_type":"box","text":"e.g.","page_number":203,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"dbc4e16f-6a4e-45f3-bba5-42bf2c7f90a9","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":203,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"7fbf82f2-45cc-492c-ba8b-1a6f00f458db","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":203,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"2235b351-ea0b-4b9d-a54b-0ce5e5a3bd5b","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":203,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"8e6b0a47-ae66-4423-8b42-b6e0643cb35e","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":203,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"a2b94134-6a7b-4366-aacc-22e51079a862","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":203,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"45bb423b-3879-4c72-9142-dd534269e30c","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":203,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"9b73c579-e1c7-4183-bb9c-d92f7827e4f7","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":203,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"be30bb4d-93a7-47b4-82f5-f5bab5be281c","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":203,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"00a0c792-88e7-4b78-9bb7-caa7bfc577d3","block_type":"box","text":"security (","page_number":203,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"90647ca8-6131-44bc-9db2-cd8585b9b16e","block_type":"box","text":"e.g.","page_number":203,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"fe666512-0cfb-475e-be3e-f39519cbe534","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":203,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"4c2d2681-bcd5-4163-8e61-edcf7babf633","block_type":"box","text":"highest of the multiple ratings.","page_number":203,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"2cfd7c00-4533-4bc6-86f6-2490acb26244","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":203,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"dc9145cb-bc0f-4c7a-b195-9d60e9bf2f1d","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":203,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"adf7e769-6bb4-437a-ba6c-c55fe3c1062c","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":203,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"5509e3a3-9f4d-4363-9c9a-39e5c366570e","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":203,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"f94528b6-ebe9-4326-9454-d4fcf635bb54","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set forth in the preliminary","page_number":203,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"aed80fa0-7f69-47de-a9cc-f9dfc32fff7f","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in the","page_number":203,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"fdea1ffe-6d16-4902-9edf-d6270c063e84","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":203,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"a5a098a5-73de-4f18-84c0-28b2988ecaad","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":203,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"4db21965-f6aa-49db-aed7-303fdb809bc9","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":203,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"ae179e47-362f-4ae4-9ab9-a8f8e58c14d5","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":203,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"60ebe139-225d-4911-a15d-d5a0ca8ac273","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":203,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"48bc46bb-44bc-4045-8e0d-9b620aaa8576","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":203,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"45fbe7d6-6ec0-4176-99ac-562fb858d275","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":203,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"350a823c-ada9-4f46-9742-111c49697936","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":203,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"a8502a3b-d154-49bd-b4ee-ca85a10f7d16","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":203,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"8806f40e-b56c-4cb2-87cb-983d1e773f51","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":203,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"fcad2c4c-dc0c-457e-875d-b9ecebe7f396","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":203,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"31af6d08-edd9-4804-8d3b-6186668b07a9","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":203,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"16e03257-36cf-4d63-9324-43dfb75e32b9","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":203,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"4ae4a180-ecbf-4f99-8370-778206bc37bb","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":203,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"992d349b-b0aa-4c1b-840e-2b1a67987122","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":203,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"e2024c52-c127-4bcb-acd0-cc9c65c20c3c","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":203,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"a71aef3c-e6fd-469e-9793-27daae6a5e26","block_type":"box","text":"Fitch.","page_number":203,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"f8689b86-0ede-4f65-93e1-30acbfa1864b","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":203,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"f71c0a42-9a1a-4558-9064-3259c6937d07","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":203,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"9f5a223d-90c7-4c4f-b750-dbe75e0ea14a","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":203,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"0f5b1de1-9bdb-4552-8498-273b4febdabb","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":203,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"76480334-049a-46f6-b15e-423886f41535","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":203,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"000cc808-469a-45ed-8562-958ac3ff4723","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":203,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"f8c8175b-7cc4-46dd-94ed-adeaaf79f38a","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":203,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"9693d1e8-c319-4e9e-9482-a1269ade97f8","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":203,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"f069fc55-0311-4e02-b4d7-f91d86bfc0ef","block_type":"box","text":"sources of variation (","page_number":203,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"a2bf0a3c-7277-4a8d-97f3-05c601a9cef7","block_type":"box","text":"e.g.","page_number":203,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"540ae953-a38f-4be3-bfa3-edcb2bc2e810","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":203,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"ff39c70e-2fde-4549-a327-5d9ba57bfe89","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":203,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"33cca882-2536-4a8a-86b6-7cdb505f7e85","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":203,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"f13363a1-df39-4e9a-a9da-c4e0336e76f1","block_type":"box","text":"e.g.","page_number":203,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"354feda3-1c3c-478c-8cbd-de3877462caa","block_type":"box","text":", equity indexed), absent an express","page_number":203,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"01efbdc6-eacc-4b67-b7f2-d244f8dd8b59","block_type":"box","text":"A-1","page_number":203,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"9f9a4fdc-4abb-4b28-b7af-aabebf9691b7","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2637353-e242-4550-822f-8f521862bf6a","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":204,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"5ec7de1c-4f11-43a4-a2cc-8b3ed2c0a11d","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":204,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"601c2354-45c4-4636-a94c-b4edd6bfbdd1","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":204,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"a4c3ed61-5b7a-4b3d-a68e-dd3ddacba3af","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":204,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"120bea6b-5f8c-4bde-818f-4261d1ff43b6","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":204,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"5deda479-92e0-4c87-954d-9225188686a6","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":204,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"768f95f4-4493-4c25-9f56-0f9662acab91","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":204,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"a7520ef1-78d6-4a8b-bea6-b8bbd340dfd1","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":204,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"05e3717b-804f-4359-975e-24ea279f5e79","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":204,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"42e8f946-440a-4fac-9c90-0c0208f98101","block_type":"box","text":"i.e.","page_number":204,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"ca620f4a-2da1-4f22-8923-48f6047e28a4","block_type":"box","text":", ratings on nonfinancial","page_number":204,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"0875d48d-4626-4014-97d0-6b1700971065","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":204,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"1159c045-2c90-4815-ad77-67f4a4ec2407","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":204,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"18ec51fb-04d3-4900-8341-c2df6b4cdab6","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":204,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"cf2973ad-4c59-483d-a562-c9ecc7b952a3","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":204,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"5737b8ae-37b5-4390-a764-777c42247de6","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":204,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"b7477ace-0e32-4a78-be2c-a4d0854863e1","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":204,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"58499269-189c-4df1-8f6e-70c80a6cfc67","block_type":"box","text":"of time.","page_number":204,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"6583cd85-6e45-4e97-8bea-5de5768cd3f0","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":204,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"1a82260d-627b-4447-a2a9-c0f12f59c03d","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":204,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"e1adde3b-3429-4bb2-95ce-5208f68cd432","block_type":"box","text":"risk.","page_number":204,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"485f4bf9-9daa-4d14-a84d-4d647b28babb","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":204,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"01e61b74-fa5a-464b-99c5-c814bf4ae956","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":204,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"f0676d64-a396-4c99-9bc5-d567e730c240","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":204,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"ad2f036d-1b4e-4d58-80f0-cd2f4bce10f7","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":204,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"9438536a-461e-41d4-b819-a3d5ddaf5115","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":204,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"865beddd-9e88-47cb-9717-d144c4ead051","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":204,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"9aa36a44-a1bb-44b2-a37a-61c737c3bc8e","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":204,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"9782cb4f-1bba-4301-a8b3-27daccaa2cd5","block_type":"box","text":"credit risk.","page_number":204,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"368380e5-d348-4b2f-ba18-afb09a264c39","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":204,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"b6900747-4170-4803-aff9-d2053b5a2a8e","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":204,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"89da8874-a133-4276-8889-f083cf8926de","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":204,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"6699f444-d9a7-4305-81d1-119d17a00b21","block_type":"box","text":"of principal or interest.","page_number":204,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"bb496426-bfef-4da5-b6be-66aeaa22b721","block_type":"box","text":"Note:","page_number":204,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"733ee6c9-9545-4022-9426-b3d6668e8fe0","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":204,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"0f0574b5-c5c3-4019-9430-6a8b83d2ee5e","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":204,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"0c2cfb74-9164-4563-90d1-2a7d732c0b6e","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":204,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"f4db3bab-2210-4ca8-ac7e-ae76c8b9743a","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":204,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"ebad03ab-8b27-484f-9066-d13e5749955b","block_type":"box","text":"companies, and securities firms.","page_number":204,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"1ede6225-dcae-4f5e-946d-772f3e25fe03","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":204,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"56f7fe37-db18-49df-8cac-6cbc4daa9bb7","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":204,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"f1c8e014-d3ed-45e3-a5cf-e979c956c92b","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":204,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"7f97f8bc-c395-48c2-806a-6bad579238dc","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":204,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"7025a6b8-0fb6-481a-9fd8-94abe8422c27","block_type":"box","text":"that security.","page_number":204,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"b4730d9d-31be-46e0-a4bc-70382c96ab09","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":204,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"08564a15-ec35-46df-ae3d-8a75e6e5f0df","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":204,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"3e8fbf1d-e63a-4031-b406-4fadaad9af4c","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":204,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"95debc57-d6ce-432e-8d8d-8ace33c0b73e","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":204,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"d0647b69-e6af-4f92-8a5f-c38aa2c0b5ea","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":204,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"dc42d614-5043-4e60-a32a-2c6b5cb9a9af","block_type":"box","text":"categories.","page_number":204,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"ee1b64e9-280c-472b-adde-37dc61dac19d","block_type":"box","text":"A-2","page_number":204,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"d3f662d9-9501-45b3-b270-be7748abd767","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c496c460-0d41-4ce5-87a9-4ac3f5c7d30e","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":205,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"20988e3e-9aa7-45cf-9bca-f1310a5aea3f","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":205,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"86dde7ca-80cf-4b26-9ded-b8a3e78f4549","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":205,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"7739bc7d-ce8d-45cb-b15e-a57b2a84a2ff","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":205,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"5aff5e59-447f-4e9e-bf43-937a53c03547","block_type":"box","text":"an issuer’s self-liquidity.","page_number":205,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"92d1e60a-ad02-4f9a-89d5-1120c6e96ea8","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":205,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"054db856-6c08-4edc-b92b-093fa54ffab8","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":205,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"05ea3d83-6dc0-4772-8fb9-c216cb2d0027","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":205,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"c5031bd7-f903-4354-924d-55f1735a8078","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":205,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"7c14d323-656f-4f83-8417-6b093d97ab49","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":205,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"d1cf7c6f-81d2-41ce-8e4d-f51b1827c331","block_type":"box","text":"MIG Scale","page_number":205,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"343bfed7-077c-4d4c-93a0-6a97c6f89e23","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":205,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"ae3f5694-fbf0-49f3-aeab-7d840ec8a33a","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":205,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"50059020-8231-4343-a040-92ace507961a","block_type":"box","text":"refinancing.","page_number":205,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"a23239b7-513b-4119-9220-7c71bf836a3e","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":205,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"0c067fa4-4510-4bbb-8c6d-f0c8206f9dd2","block_type":"box","text":"large as in the preceding group.","page_number":205,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"779d54a6-d88a-4bb8-9127-b8139f45ecd2","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":205,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"7d6e4334-bbd6-41cd-a746-a55f768b1483","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":205,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"459a9e31-b377-4602-9821-f795afc29aec","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":205,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"782d4bcf-d592-426d-955d-657d8adb3897","block_type":"box","text":"lack sufficient margins of protection.","page_number":205,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"87174494-0c3e-4ab1-8f77-de9dd573c267","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":205,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"b8eae243-e997-48a4-b4c7-ff5fc90a41b7","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":205,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"6b3aa781-b98d-420d-8373-ac39f4c50257","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":205,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"096b56a4-9ac9-4a4f-ab22-b32314da4e05","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":205,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"c69e84fe-4abe-4a2e-ad83-909651d23b34","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":205,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"3249bbc5-5e55-49d0-9aa2-ac848b73f411","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":205,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"80367562-72b2-4970-bce7-8039867f655a","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":205,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"57e321ae-0f72-47ce-9992-76e680bd2110","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":205,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"df3e2cdc-1c43-4cc2-b17a-ae768a07bbaa","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":205,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"6af43d13-92a9-46b5-b960-6a41fdba3d6b","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":205,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"8540946b-d94a-498e-b264-d83a223f5039","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":205,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"51aa31f1-a526-45ba-82d9-f66ed9c5238d","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":205,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"6a2d4e5f-86f6-44c7-9be8-155da2435a70","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":205,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"101dc7d8-7608-4316-af4c-dfef4658b60c","block_type":"box","text":"VMIG Scale","page_number":205,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"d0bf1284-ddce-474a-a69a-632bdb8ccf87","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":205,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"445d9ffd-a9ea-4ed6-a9b0-ae61d01963cd","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":205,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"11dab5fa-9854-4e8f-b991-bdcc1dcf8afc","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":205,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"22b9a7d5-66ee-40b2-93f1-826933e66a29","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":205,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"b021ae0f-34fd-4d87-b265-38735662e3fe","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":205,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"29eaac19-cd7c-490a-9240-cae5f78e200d","block_type":"box","text":"payment of purchase price upon demand.","page_number":205,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"2bae5047-7a73-42ba-b5da-d13bb293099c","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":205,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"fa75866e-9618-4254-b1d9-5d1c721a5a07","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":205,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"d54c606c-7f5d-4351-ad91-38f0cabc0ad6","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":205,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"6f390672-4260-43fe-be7f-4226c6c720f1","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":205,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"3a83ed17-ff6a-40cf-83d5-c200c62d2a07","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":205,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"cb935cc1-c8b4-412c-bf76-8f2b2d15fb10","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":205,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"fd502c1a-f407-4cae-8a8f-b4320ca1a25c","block_type":"box","text":"price upon demand.","page_number":205,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"0106decd-198d-4de2-b122-864cacf6b68d","block_type":"box","text":"A-3","page_number":205,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"8661ae60-2a62-4dd9-85ab-47afe239a85d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00cb83e4-6f2e-4625-9189-20a101cf660b","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":206,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"0de89c7a-2f1b-4d5e-a01c-4e5262a546c0","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":206,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"3daf15f6-033a-4eca-8c39-429369a55c4b","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":206,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"b0404301-6e67-4e2e-aaf4-a70c211eb41c","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":206,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"dde2e87e-551d-46de-9caf-9bbc55aa6cba","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":206,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"7d6d8d01-1bc7-4de7-b02e-c7d9241bc48d","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":206,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"d6766c38-b329-4eb5-b348-036696db925f","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":206,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"576f7bec-333f-4b39-8785-d418ac5148c8","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":206,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"2e58d6fe-0fbb-4a7a-a08d-883c939ab970","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":206,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"96534f30-9ac2-433b-9211-e50f7fc1d309","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":206,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"d9a25bf9-e761-4909-9c73-3ec819b5f583","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":206,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"9811b795-52dd-4676-aa91-56f07e95d999","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":206,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"c77ef443-532d-4783-8d8d-216f9767163b","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":206,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"38d4acd5-82d0-442e-8fbd-4a864746d69d","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":206,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"b5ee3eb6-cdf1-4aca-906b-425915eedf14","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":206,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"bdefac90-b769-421d-abda-460dd5e5003c","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"df07eba4-6bcf-4ba0-a707-4a4a75143df1","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":206,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"2f0ea9a2-9de6-414f-9c8d-670ba39594df","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":206,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"b109aeb9-0689-4ccd-9309-bbc367d12af4","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"65d3c5b4-4357-4b91-a3e9-e45adb809f0a","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":206,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"41b1a210-3dd7-41e8-9106-20f6b10f9d8d","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"3ef5d1f5-1d53-4f74-9730-0254821c6ca9","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":206,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"18f88a1b-2029-456b-a824-103e260a1a58","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":206,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"027aa731-cc23-4ba2-8647-b00d9768cf65","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":206,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"37afd962-a5ea-421a-906d-6a51f6a26b5f","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":206,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"4d017ed2-db66-434e-9dba-34c2b0743a63","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":206,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"6a733607-1dcc-4853-ab9d-74b912cdf340","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":206,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"4f0d7d75-703c-458e-8c83-b922140bc4f4","block_type":"box","text":"obligations.)","page_number":206,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"baaad9a2-aa73-43b9-a343-9b3ee831b36e","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":206,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"7d589641-5d11-447f-8924-c5945cf11b22","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":206,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"66a20032-e597-4436-9aba-946787e33afd","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":206,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"4b0600ad-eacf-4f2a-977b-73a1698cf505","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":206,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"7e01e8be-577f-4488-b24f-05b804465000","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":206,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"b5845ef8-e2f1-4589-b06e-52ba1c5cb3b9","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":206,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"9cc68579-f69b-4529-a1c7-bf44a4ea2485","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":206,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"3eb5ce25-5968-4bbe-bc7c-1b58bf10934a","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":206,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"c693edc2-ad05-4c1d-8df0-52916c20d372","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":206,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"5c4625ab-63b4-42dd-a386-8c901a791117","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":206,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"b37f938c-32ea-4863-b664-bced2e0a7b0d","block_type":"box","text":"financial commitments on the obligation.","page_number":206,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"b53db4ab-a322-40c6-8669-eb5e0e0dde34","block_type":"box","text":"BB,","page_number":206,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"c3e3cac2-80d8-4c8b-92f7-dcc7131cf5f1","block_type":"box","text":"B,","page_number":206,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"a5b67d48-2bf8-4add-b3cb-4111ee391302","block_type":"box","text":"CCC,","page_number":206,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"626cf6af-e202-49bd-b10f-0f0c3feaca08","block_type":"box","text":"CC,","page_number":206,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"9d960d86-509a-4fdd-91c5-0d9c7ca55551","block_type":"box","text":"and C","page_number":206,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"423f3048-182e-41c4-af14-75024a243a9b","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":206,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"491a121d-ee76-405f-be63-6c76d24686d0","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":206,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"e6481ad9-54e8-485f-8722-b5db4a3c8e40","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":206,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"63f0b7ed-64e8-4fbc-b974-84c685d0285c","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":206,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"aa7482b0-030f-49ce-b74a-611a716bce71","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":206,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"caf07888-d015-49ca-877b-e4d228a906d3","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":206,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"4a65bd52-2deb-4df4-aa9d-8bbe0e748588","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":206,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"76cda3ac-3e39-495d-9e3b-47313ea6bcd7","block_type":"box","text":"on the obligation.","page_number":206,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"e3871143-2425-4abe-836b-5102063c00cd","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":206,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"417a8f20-457d-4806-a322-282619ff7fe8","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":206,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"0fadcf3f-a41f-4664-97ba-436891535d3a","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":206,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"b70cd17d-de24-4d09-8a1d-a9cee7b78ba2","block_type":"box","text":"financial commitments on the obligation.","page_number":206,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"dc0758c3-145e-447b-aced-2e46f8d3703b","block_type":"box","text":"A-4","page_number":206,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"e7700628-94ce-4921-ba3b-dcb1dc429481","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cf930c2-caab-4d19-9a4f-10d630070ac2","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":207,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"e68ee230-a753-4545-afd6-5724f0626192","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":207,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"11cd3045-3cdf-4db4-8d06-c4ccdcff166e","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":207,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"0b61755c-8639-4c72-8e53-8935949f9ba9","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":207,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"79afade7-6cc3-44fb-afd1-288ce1e8cd8e","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":207,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"3c4ebbd9-2ce1-4d55-8dcb-fb90aa7f31e2","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":207,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"6daeacb9-ab45-4e49-ac4a-7773b93e3caf","block_type":"box","text":"anticipated time to default.","page_number":207,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"5fa42566-7c04-4f86-ae82-350556e739e8","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":207,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"59c07b1b-a3a6-4603-9dd4-c6ccfabd6528","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":207,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"d939bca4-e4ba-4ed9-8835-dedef2a080d3","block_type":"box","text":"higher.","page_number":207,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"aa769710-84b0-4a47-8124-a6eac08f5838","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":207,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"be5068a5-548d-4637-b375-67cdfa8962e2","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":207,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"d09cb2fb-651b-45ab-9e0a-28a391b8115d","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":207,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"72d25008-4ac2-4af4-ad21-886acb021267","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":207,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"9d2a7503-b86d-4418-80ea-d17bb6693825","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":207,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"413752a3-a4b7-48a3-a201-f64c684ea6f9","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":207,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"717f0278-80e0-4364-aa9d-a7cc7f3812e0","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":207,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"a17f0805-620e-4f94-8cd9-b1e919446b91","block_type":"box","text":"restructuring.","page_number":207,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"6ba9209f-8aaa-4479-80dd-a3e9483a9b9e","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":207,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"7b1bea9f-d394-4f0c-afcc-acec2a5f817e","block_type":"box","text":"standing within the rating categories.","page_number":207,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"a5098eff-1621-4c52-a3aa-ff7e455a132e","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":207,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"1988a3cc-6bbf-4a37-8da9-322d11c7fe3e","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":207,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"4ac8b90f-f3c7-4902-ad74-6d02162eb9ac","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":207,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"f0b19dc7-5b89-4e17-809d-94766b12930d","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":207,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"ca4fa9db-277e-420b-8db6-55f388a5666c","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":207,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"fe820d26-fae2-41a0-b706-c044a572f51e","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":207,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"ff33d2ab-ed5d-4e06-90d9-cdcb1d574189","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":207,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"c41d4b8e-52a1-4dd6-b8cb-947c5fa6a1e0","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":207,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"30f8e042-bd02-46cb-a47a-ca853e1759ba","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":207,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"fae77bf5-fece-4dbd-89bf-a953e792a77c","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":207,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"34c8f869-47f3-493a-9bb2-e1b8715cf628","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":207,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"fb329a50-6d62-4344-b60d-fb9a87c27843","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":207,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"74c4fb69-1639-4c28-b11b-7369f1f60b0b","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":207,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"8fa66218-07d5-4597-8f75-d2004231792e","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":207,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"314cdf4e-2f02-4583-88c3-19b15cc40587","block_type":"box","text":"financial commitments.","page_number":207,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"a3154409-0ac5-4a54-9a5f-8d0a13981fab","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":207,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"6ee39ce9-dcd7-4dcb-832f-10758f60938a","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":207,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"d4f8a2cc-09a1-43c7-b72b-c003d6f28f56","block_type":"box","text":"commitments on the obligation.","page_number":207,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"cdb22613-a0cb-4aa2-8cfb-14359f84f2b9","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":207,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"294b74b1-24fc-4635-bebe-f0e6e349f86e","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":207,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"d2d01790-b3ba-490b-a8b6-9f4d457605ed","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":207,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"7e85d943-29d1-443e-a956-793fddb3cb8a","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":207,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"521b455f-e47c-4df1-aff7-f2b4e44caa49","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":207,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"5bdb60ab-c172-4411-a494-11afd4ea9c07","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":207,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"b85518b3-e71e-4995-8fa7-b34d56f86109","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":207,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"69567333-2663-4993-8e67-85c1e083b8a2","block_type":"box","text":"debt restructuring.","page_number":207,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"beca6427-0cc9-4547-805b-691e95798b21","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":207,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"3c802c26-2e5f-4b78-8dd7-da6721a1cac0","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":207,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"360f5c5d-5a24-4ae0-a092-a6ca30e013b1","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":207,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"48b0f8a5-418a-4faf-a520-217f542f9509","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":207,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"2bb1a013-8b41-4d9a-a3f6-0ab38b0635bb","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":207,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"989780d0-1d11-41ea-8ab0-fe4222d98603","block_type":"box","text":"A-5","page_number":207,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"4e20d0fd-e64e-4d32-8d6c-c481287b8d61","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cb56838-409b-4f54-b072-6e00e57ea854","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"04c2254f-6846-4256-bbf4-e0e4aea13626","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":208,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"5a8b865a-a700-43ba-a41c-9346a4d389aa","block_type":"box","text":"as a note; and","page_number":208,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"910fc5b1-7b55-4fd7-a6d1-cbcfee6b5128","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"e3ffb3a8-7248-4a42-b92f-5bd2c5d98e55","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":208,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"4ffb09a0-0cee-42f7-9b55-256435052c0f","block_type":"box","text":"treated as a note.","page_number":208,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"1f55b4e8-21b7-48db-abad-e92bb7cbd96d","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":208,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"6a8e8275-144d-4895-8e2b-1408db7e0f20","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":208,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"67527898-8d6a-4af5-8bee-f8e442179710","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":208,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"150e2cd5-271d-4920-aa95-eb6dbf35f107","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":208,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"ad914554-b05d-40ea-9c48-08abdb04085c","block_type":"box","text":"economic changes over the term of the notes.","page_number":208,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"c804c252-f399-4254-b68b-8995af2f7253","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":208,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"acc38cfc-a61b-43f0-b43a-34dc9115e29b","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":208,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"a14b6939-8f79-43cd-9f5d-37167d2b8a67","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":208,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"c478956e-9c3c-456d-9bcf-675549138519","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":208,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"a771517b-b1fc-4f38-ab4f-452dd56b12ba","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":208,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"b59303a8-d2c6-47b8-a8f0-0fd418f7aa31","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":208,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"407e194e-daed-4fca-957a-6996b7515e57","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":208,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"45cd82d7-d488-4503-ac83-8e5f9c6bde02","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":208,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"27aeb768-c78d-4c38-bec1-cb2f7897fe14","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":208,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"6ce9885f-eb3e-4652-8e6f-b892a35f80c3","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":208,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"83eaf1fa-c110-4bc4-b136-18c83fdfc90f","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":208,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"431ec04f-cb4b-4d16-a835-26138cb65068","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":208,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"62c5abaf-c3dc-48e7-ae62-ac6d9c80a4ff","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":208,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"e7eb922c-a15b-4ea2-8e9c-0dbecbfb5040","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":208,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"b6455725-5fb4-4bf4-a876-209a56e09ff0","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":208,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"7760e47c-56ef-4765-8b62-a921df031e38","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":208,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"d2cb8bb1-6442-4492-9fd8-941f68f47183","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":208,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"68fe8f04-c92c-4394-b16c-50837acb6470","block_type":"box","text":"receivables or other financial assets.","page_number":208,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"9b851105-9ab2-4c37-8507-bd4941991ec3","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":208,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"7b95ecb8-5c73-4cbd-846b-46ebd5fc9893","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":208,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"6658272f-ed27-430e-96e7-b71cbc218d76","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":208,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"632aa0d0-3aef-4326-bb40-ed85dfbe3d17","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":208,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"714e797c-6d27-4bc4-87af-d5e7810ae07c","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":208,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"9050b9d7-ad05-45f8-9d83-5d4c16eb4114","block_type":"box","text":"occurred.","page_number":208,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"490b3c23-c856-4d1f-9178-9027b1496acb","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":208,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"790704ab-85d6-47b7-b535-c523de35246c","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":208,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"9bb8002a-6599-4e43-9d9e-3320184914a3","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":208,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"dd7676e2-87e1-409f-8200-2c8c1d05e36c","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":208,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"f447e968-7816-4f7d-bf37-d38836f41db4","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":208,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"37fd7bea-6a56-45ea-93db-3e3930cc00c3","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":208,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"58d93a51-ca9d-40ea-aac2-b2f14df2ebf6","block_type":"box","text":"rates.","page_number":208,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"7baeb011-8808-4223-bf58-0e8d671f47db","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":208,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"135e5216-d88e-413b-85e5-239f169a3bee","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":208,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"0afae611-82e3-448c-8aeb-9c428732b686","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":208,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"8271c4f9-f6cf-411a-8cf8-7930d58e45bb","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":208,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"884b330d-6f2e-40fb-a775-a87964fbe41c","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":208,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"e301c188-0798-46a9-bfce-46d2d4324464","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":208,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"e115ed2f-ab41-4448-9e9a-3dd27ccb794f","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":208,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"136fc840-c6a4-4062-92e4-13194ad3f1c8","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":208,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"39fa3199-6fee-4edf-930e-3b6e6bd29322","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":208,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"e01cad6e-bdb1-402b-9960-e44f11ce0f32","block_type":"box","text":"i.e.","page_number":208,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"ee374952-db9a-4dd7-909d-58db3f6cf410","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":208,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"6de8e393-b8b2-4eb8-8f08-75a1d5aee93d","block_type":"box","text":"the obligation’s documentation).","page_number":208,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"814c979f-352b-4804-82c1-8fe8d311c5f6","block_type":"box","text":"A-6","page_number":208,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b3a9bc61-09e5-4444-948f-0eb5222041e6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19d070e0-96eb-48fe-a21b-db3ce58c6c62","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":209,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"9355deda-ab8c-4dda-9a0e-bb7b614379dd","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":209,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"f2e7af3b-bbb5-48a0-bb86-6693b6e7f803","block_type":"box","text":"agents in the form of a rating letter.","page_number":209,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"06969202-ad64-40dc-97c0-72141e437006","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":209,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"6c2af638-89da-448c-a86c-65c4695f2b32","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":209,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"fa8a461f-001e-475e-9ad7-cc204ca0a167","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":209,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"643f3b60-969d-493d-9287-cf2c3dbcf92b","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":209,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"d2004e3a-d60c-4f8d-ab12-5ac189ac9c40","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":209,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"ab6afade-229e-4f99-b4b7-50efd9680cfc","block_type":"box","text":"e.g.","page_number":209,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"8d78bca0-1a0d-47e3-b2b0-5a4a3d64c3d5","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":209,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"1581e9a7-4c7b-4997-8672-28585d1f0e64","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":209,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"60fba945-fa94-4a8f-9397-ad80b7bbc4f1","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":209,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"127d9488-561e-434e-99f4-031bd60db39a","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":209,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"f3740b5c-9297-4438-adc2-16d36219337a","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":209,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"059f8761-45cd-4e60-bc10-0e4284b65df6","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":209,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"9f416f85-dfb5-4a57-9335-665d24f9a7d7","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":209,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"dabca7ef-fe56-42b9-880a-4da57abe9c59","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":209,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"3f6782b1-d22e-4771-a296-475f6b0cc450","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":209,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"20c097a8-dfbd-43d4-a7b2-7c9468c9ed2d","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":209,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"f9375a72-bf67-4ea2-a4ee-11c7f34456b9","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":209,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"ceda1932-56fd-4844-a21b-69b1face54da","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":209,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"ce9dc8a9-ed52-477e-af6b-7754be80cd8e","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":209,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"e7b2f805-ebd0-4b9e-aed6-a5dd949ffc85","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":209,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"d0acf116-49a5-4c9e-bf90-4afa47b7c961","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":209,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"7c667d7e-12d8-492c-8637-498b796e3ade","block_type":"box","text":"Ratings.","page_number":209,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"954db304-a7b5-4f5c-957b-d77e48dc5c26","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":209,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"c23b19fd-175b-421c-90d9-fe9b43879b56","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":209,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"e8e0d6c5-0418-4501-824d-2347803f4270","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":209,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"79fb3a08-0b1f-49fc-aa2a-5d9718e13ce1","block_type":"box","text":"obligation ratings.","page_number":209,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"14414643-7783-4eca-aafb-fc326f313c28","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":209,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"8382ee4f-1743-419b-ad53-99902074f9c9","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":209,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"7a50f7d6-12f4-4688-ab3d-e675c23af8f5","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":209,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"b386ef3f-cd66-4ca2-9629-8f2738fd571e","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":209,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"907c671f-69fd-492a-b9bf-cb3844a9ebda","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":209,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"1f868d3d-93d6-4176-85d0-afb4e02a1603","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":209,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"f496cf4a-69bd-4eb9-9861-c4c7991e1a3d","block_type":"box","text":"to foreseeable events.","page_number":209,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"55bb47ee-469b-445a-9601-ae64c15ca743","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":209,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"b5282f5c-12a4-4d72-bbbe-7b8540911300","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":209,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"28a0c579-b8bd-4557-9b1e-fdbeb9e041b6","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":209,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"9cc620d9-683d-4db9-a15f-d6647bdcefe7","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":209,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"de60ea02-477c-4148-a7f8-bf504dcbb720","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":209,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"186722a0-dc20-4232-9862-e8e34fc00253","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":209,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"dc0058f2-3e2f-4c12-bad0-928bab42ad3c","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":209,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"bd3566d0-a123-4dee-b8b2-2ccb8fb16f6a","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":209,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"cab5cf0f-bd6b-4a52-a175-278f9f44cc32","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":209,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"93b1a1af-4d52-4f19-a572-214d06250d4c","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":209,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"56204463-9347-4051-a765-1ed7e9fae25f","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":209,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"415c5e9d-d20b-469c-9b01-76c155fb778f","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":209,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"4b55906b-c6ab-418d-8dad-89c865d6d022","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":209,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"aee3140f-fc74-4ce0-aa17-3b87ae35c74f","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":209,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"90aea992-2308-474b-9477-0e7f1ce2cb2a","block_type":"box","text":"relative status within major rating categories.","page_number":209,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"45b8b5c8-9e62-45d1-a0bf-289e34d52bf9","block_type":"box","text":"A-7","page_number":209,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1da84695-8f33-42a3-a80a-0060cf60c8bd","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1fb26dc-04fb-469c-955d-ef93db321e63","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":210,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"68468428-b79a-4305-9d04-dd27c189d2b0","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":210,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"7079eef8-59d2-40f8-b1ec-14a01cf5f6fb","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":210,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"4260dee4-2581-4f83-ba2e-0ed6635d9226","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":210,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"90168d0a-1351-48b8-aa97-66aed5881860","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":210,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"309aedff-7c88-441d-b2ff-310c92c67c73","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":210,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"1fb57f75-3ac7-4ef3-8b79-ba217214ac38","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":210,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"4e9c6404-b30c-44a6-b572-61e35c029ea3","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":210,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"662e5f53-5db9-4c25-9458-1ff9563fa938","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":210,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"d2d247b3-8b05-4583-ada2-2a88c45615a6","block_type":"box","text":"finance markets.","page_number":210,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"6132e44f-5c20-4b54-87fd-6de7cafed30d","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":210,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"88ed43bd-7c2b-4e23-be7a-23fa19ee3826","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":210,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"125290e0-a9c6-40e6-ae76-874349d7fbfa","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":210,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"8955c562-f54c-4d81-a98f-c19547f49d75","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":210,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"3c84bc55-4df2-45b9-a498-ce7916771b90","block_type":"box","text":"commitments.","page_number":210,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"416edfd0-6cdd-4fb4-b41c-2d5863b77229","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":210,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"250fdd57-cfcb-437c-8b6e-33a96de5713f","block_type":"box","text":"adequate.","page_number":210,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"c0efe1e4-575c-4808-9a4e-50b08659902f","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":210,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"fcea1082-371c-4a05-a12d-b524af0816cb","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":210,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"4d448067-835d-4c0e-beee-fa976ccfeb9a","block_type":"box","text":"economic conditions.","page_number":210,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"fb28d5dc-12f8-4509-ae4a-063124556c0e","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":210,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"3ed6070b-430b-4296-b8e0-dbdfcbaddb91","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":210,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"f57a39b4-1d06-4a37-a69f-2c121b8bc4b0","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":210,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"bceee97c-5ec7-4529-aa07-fd7c526c03a6","block_type":"box","text":"ratings only.","page_number":210,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"1b2a4d08-d483-4f30-814a-7af217b9ffde","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":210,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"e82e1e70-fb96-44ad-a6ee-979b3561e598","block_type":"box","text":"obligation.","page_number":210,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"0e6b9308-2085-4479-8e5f-a42e3080d566","block_type":"box","text":"A-8","page_number":210,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"d511e16e-e5bb-46ee-9573-7e1e397c0af5","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80b419f9-e0ab-428d-8a2d-b79b734c8cb5","block_type":"box","text":"APPENDIX B","page_number":211,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"812d9546-6e62-4fa3-8afe-04e50ce03aac","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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to the","page_number":211,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"5f5a019c-98d3-4493-b2b8-041b8cfc51e1","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":211,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"a705ed76-996b-4e64-ad7b-e1abc3ca88c4","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":211,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"46468dc4-1bba-4dff-8dba-4172d423758b","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":211,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"0479c00a-2fec-4dea-bd37-3256ab103ce8","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":211,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"1efd7014-4fc1-4372-8e8f-d52c70d09848","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":211,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"c4d4f22b-5170-4558-9f8a-6bdfc35771e6","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":211,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"8db66f65-689f-4a17-88cf-2161c6dceaa6","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":211,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"e4ff075d-e663-45ef-bc8e-7f6bdff7157c","block_type":"box","text":"Conflicts Management","page_number":211,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"8f8f01c8-acca-4aee-9b16-cfa11751cdbd","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":211,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"bd53908a-af7b-45b0-93e6-5cca4c9f5f03","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":211,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"d93368a5-25bd-4315-b3db-11d73b33aad7","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":211,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"e3b3ac50-dace-40a3-aadf-0f5d137a4bf8","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":211,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"1779362c-04f6-49db-ac10-705e679a9704","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":211,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"ae5da7ce-ba74-4f91-bb94-49ddbf88059e","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":211,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"25ceef6e-50e9-409a-b6df-2b24cb4bfe2c","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":211,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"009dd00b-342d-4bb7-8c70-4b1168ed6e18","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":211,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"f744ecbe-de74-4f7c-9e65-505cfa83b8c0","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":211,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"d3af9941-350d-47c3-8a20-faf67c63cb01","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":211,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"23b7aec0-37d8-4fb7-8ed6-1729c4140f44","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":211,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"b0547395-21ec-473b-b173-a48357990236","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":211,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"0fb5e20b-0929-462f-964c-1270da2d710d","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":211,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"b2635665-31f1-4794-b2a4-ac400f8706ca","block_type":"box","text":"connection with proxy voting.","page_number":211,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"6bd06ea4-242b-4a51-bcf6-24699351176a","block_type":"box","text":"Reports to the Board","page_number":211,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"8ea28289-7b79-43e6-8c56-90ac2f3eeb25","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":211,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"f9f02d69-8d90-4d22-8b3b-9ebeea9bd421","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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. . . . . . . . 10","page_number":214,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"4afa6d20-bff6-4596-a9e0-c28d9177937c","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":214,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"2c43c7f6-e5a3-454a-8f9e-11a150d89235","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":214,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"66133ed7-13f3-413c-acf8-50b747a8a2e6","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":214,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"6bc27bdc-cd9e-4e8e-8508-4a14ae7cd65f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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RESPONSIBILITIES","page_number":214,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"5dc3a185-ad63-4860-a8f5-d61a82e89339","block_type":"box","text":". 15","page_number":214,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"a301ae70-9bdf-4d7c-9539-838b7d18a1bc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ddd0976a-e6ca-4242-80d0-a4fb35883024","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":214,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2872bfcd-4f7c-4e2f-a6f6-812d6898444a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f530c454-bf29-4a23-b445-27bc0eacf39e","block_type":"box","text":"OVERVIEW","page_number":215,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"23af14d9-2d42-41f7-b174-769220926de1","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":215,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"a37d7bdc-e7e9-4bbd-89d5-d2f1c5c359c7","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":215,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"1a9db796-56b6-4f44-a671-ed34dba78a8f","block_type":"box","text":"issuers. BAIS works in partnership with BlackRock’s investment teams, excluding index equity, providing expertise on","page_number":215,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"c75e39b4-ee74-48e5-8b54-ebfd5ddfc289","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":215,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"202fd498-e3c7-4268-859f-c8bfec4a26bb","block_type":"box","text":"recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS’ voting","page_number":215,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"e41cb3ac-b113-4413-9ba3-fcb757659a2d","block_type":"box","text":"recommendations to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s","page_number":215,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"c5ad7400-c346-4e61-b472-d3d2e4c389a6","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":215,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"cb11d8f3-f7ff-4b59-a5d4-7f6780eb8eaa","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":215,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"0f873106-e5bc-4fd2-acd5-e875c5221165","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they","page_number":215,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"32275d64-0367-4c0f-9fe8-80ff45a187cf","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":215,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"568ba06b-6a77-4848-a94b-3ffe10c442a3","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":215,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"b4737100-9e7e-4b73-8989-781f329dfff9","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":215,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"5e9ae9b1-610c-4548-9668-5532c4ba102b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"033da319-399b-4778-89be-bce0b9c96e79","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":215,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a546bb24-9059-40ee-8e0c-46defa22163a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f1becc1-eb3f-467b-8467-bffb87e08b99","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":216,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"1ac815f8-a171-4cb1-bbaa-138795e5ed19","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":216,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"3701e91e-0790-4adc-8f02-cbcea0bba797","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":216,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"24bbd97e-5fee-4f28-9877-57a23d216f01","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":216,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"405258be-ca46-4b75-badb-cb25a2c6a032","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":216,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"93d3a8d9-43dc-4ec4-8f9b-00a366ec268f","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"265dd3a3-38a4-4df6-ae06-86a012721b56","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":216,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"8bbf76c4-c31a-4144-adf2-a591b98daef8","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":216,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"24047dfb-9e00-48bc-8ef1-d592f236619d","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":216,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"c1d6cd32-cdb0-49f4-84da-ccbc4e215f42","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":216,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"c4b9e072-5603-4bee-be2e-d0c64a8df150","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":216,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"ad1327a7-5718-44c2-8c12-7050e59fe01c","block_type":"box","text":"shareholder meetings.","page_number":216,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"c7497c38-1a62-4d4f-81b1-c1c34543d392","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":216,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"28c604c3-93b4-47c1-9ad4-d79cf125eb0b","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":216,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"309504bd-8329-46c3-9d78-80290bd5a527","block_type":"box","text":"manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and","page_number":216,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"9faa847c-8189-489c-a515-8fa65391c454","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":216,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"23e76b90-ea54-4009-8d90-a4434b90f326","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":216,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"90644541-f2f6-47f0-981b-4c09effd0a36","block_type":"box","text":"performance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":216,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"cd44c978-153d-4d5d-a786-bacf94da9fc5","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track","page_number":216,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"9544bd18-b7a7-45ba-b495-21346651c9b9","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":216,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"92dc15db-cfdc-402a-a743-3f96346e494f","block_type":"box","text":"on open dialogue and mutual respect.","page_number":216,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"b4ddf5d6-777f-4e75-a991-4b3bdac55914","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":216,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"ce1b1255-d663-43f5-80a0-c4b6bfc3061d","block_type":"box","text":"the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and","page_number":216,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"e1808f6e-5c4a-4c70-9560-af4b135ed2fc","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in","page_number":216,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"4edaa38b-1116-4c8c-be50-28c8c5d53ff7","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":216,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"16dcbd1e-90fa-40dd-8477-e0c9742762f6","block_type":"box","text":"who may determine to vote differently based on their portfolio investment objectives and strategy.","page_number":216,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"c7d3cab5-8103-47e7-a52a-64bf37a46e38","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":216,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"0c25aa37-e23f-42d5-a714-d9ad9c2d62bc","block_type":"box","text":"board directors","page_number":216,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"3bb8b482-1ac9-4c7c-8fd9-ccccdd7f0877","block_type":"box","text":"1","page_number":216,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"06b4cb3e-d3cd-4b3c-be08-0d7b11e80447","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":216,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"38183a9f-c115-47f2-acbf-e623a282c09b","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":216,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"bdd3b5e3-39d8-40c5-b60e-a008bfd03d62","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns","page_number":216,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"4aec9450-89fd-4b14-8aeb-401e80f4ab7c","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":216,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"496d709b-546f-4b66-abd7-7565114365a7","block_type":"box","text":"markets or, particularly in markets without well-established norms, aspire to widely recognized international best","page_number":216,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"e82a07d8-90f6-43cb-aff0-e00e1733489d","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":216,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"d97fcd66-fee8-484f-80bc-312ae994f9ce","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":216,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"a987f3bf-976d-4e97-b6d0-fa184c037ab6","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":216,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"dbf65c20-53b3-44c9-90da-4cefe32361e9","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":216,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"5ee04094-6e07-4380-b749-f6fbc54d3707","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to","page_number":216,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"473a67c1-6f14-491d-920f-777fd7eebca7","block_type":"box","text":"vote on proposals put forth by a company’s management or its shareholders. The voting rights attached to these","page_number":216,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"e1259d8d-dae7-4c8b-a7de-8322d9d632d2","block_type":"box","text":"clients’ holdings are an important mechanism for investors to express support for, or concern about, a company’s","page_number":216,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"bb01bd70-e32e-41cb-bf6a-215d8dc903de","block_type":"box","text":"performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":216,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"0621f80b-219d-4e9a-a865-921986b5412c","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":216,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"1b5834c5-f804-4134-9aba-feed94fc5c04","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":216,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"a06d9141-ffbc-476d-aabb-67058b835d33","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":216,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"bd8aa981-e579-48c9-9d05-6f86b5cb2e6b","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":216,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"710c0038-4fb7-4838-8817-a12c03ef6b0c","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":216,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"94ef2df5-46ae-40ee-bde3-41b1c46d0292","block_type":"box","text":"a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":216,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"1b30187e-8319-44eb-bbcf-208899298873","block_type":"box","text":"Please see page 16 for more information about how we fulfil and oversee BlackRock’s non-index equity investment","page_number":216,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"73a1774a-51ab-4746-9aae-d1f99066649b","block_type":"box","text":"stewardship responsibilities.","page_number":216,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"67939ae5-3c95-4cfe-b625-a792f852c478","block_type":"box","text":"1","page_number":216,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"504d6cc1-4a7c-4cb8-a455-89b5c5480fdf","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":216,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"43448d20-951a-4732-bc9c-2d347d0390e9","block_type":"box","text":"boards and their members, where relevant.","page_number":216,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"56832992-1e49-4d79-9f5d-734aa51fa479","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b48ad232-eabc-4850-967d-7e4276f17dee","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":216,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"cb76d8f4-8d8d-4dbe-863b-1e8c9c7e5cbb","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7e928ac-245a-485b-a0b7-bdce3ac9e8d2","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":217,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"740352f4-0945-4ccc-a41f-b2e98eaf77e6","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":217,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"6362ad9f-5832-4577-b664-b30dfbf2f067","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in","page_number":217,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"dae37a6e-5197-48d0-9eba-4204ef553647","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":217,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"9166a447-73d5-4d69-9ca3-119cb886cac1","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":217,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"649d26af-4242-431e-8203-48cf266d7874","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":217,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"e89dd4d6-cc34-42e9-8376-ac7d0a0d468a","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":217,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"a275675e-0192-49f6-9d5d-8ec302b52a09","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"297025bb-d21a-4436-8923-610e550fc887","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":217,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"00adf892-903d-4a05-88ac-eb77cfec725e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab896a3e-5453-4986-9f62-df5ace67e6ce","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":218,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"c6cae4cb-c770-4a43-936f-746b14926706","block_type":"box","text":"Roles and responsibilities","page_number":218,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"e2f3f5b9-4ddd-4f78-96f1-b1b3ce77bc6a","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":218,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"5c58b196-43eb-4e03-85ab-0aff6511fee2","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":218,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"a37e1392-0ac1-4807-b333-7158242e3424","block_type":"box","text":"2","page_number":218,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"fb385632-f56c-4328-b16f-fe103080e189","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":218,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"3149a062-f570-4d2e-8003-2e929573d5e9","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":218,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"1e8eeb77-07dc-4f82-bb70-ae8ecd4b18fc","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":218,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"f1ddaa89-5b08-4fce-9875-749fe4acde3d","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":218,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"056a8def-3ebf-495b-926a-9dd7c977b9e2","block_type":"box","text":"performance over time.","page_number":218,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"8992ab1a-86bc-4311-83c1-150924e0bc29","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":218,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"d76d3c0c-885f-477a-a0b9-86f146675ae4","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":218,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"c55d6bd5-b5da-487f-864b-45cd4ec0b268","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":218,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"4d253c8b-1fa9-4a7e-a665-d1414771d5b4","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and","page_number":218,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"27affa03-40a9-46b4-96a5-af8eec133c0a","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":218,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"fd98a823-95d5-4d3e-91be-53f879f5a069","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":218,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"5c46bd80-46ef-4631-b0e4-6c210dbb9815","block_type":"box","text":"Composition and effectiveness","page_number":218,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"b8695c15-ec6f-4242-a752-2469d5f7bb1a","block_type":"box","text":"Appointment process","page_number":218,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"2a57b5be-e74c-4b62-98eb-3ff9cd900baf","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":218,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"96a2a555-e2a5-41cc-b538-cb9eb256d1aa","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee","page_number":218,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"5f005c53-b84d-4f73-b47c-4254167b9aa5","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":218,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"573d36f5-f409-4e88-8d9b-56f0bf6090d7","block_type":"box","text":"e.g.","page_number":218,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"80a53b89-0806-478c-adb7-22afe3e918fb","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":218,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"f1eec556-8157-4f34-9985-97a35da6a636","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":218,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"681e4f0e-ded0-4bbc-a57f-536af89a3e5e","block_type":"box","text":"e.g.","page_number":218,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"58bb1df9-f088-47d8-8a36-eeec81859bd8","block_type":"box","text":", financial expertise, industry track record). To inform the","page_number":218,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"fd3c78f7-ba5e-40dd-b51a-0830a2d5e2be","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":218,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"d81851c0-c187-479c-9b49-0dd309bcc935","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":218,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"2bf9c924-5f3f-4349-b4bc-bade1e574e3e","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":218,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"7b2136f7-9072-4959-b97e-06b2c2ee55a9","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":218,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"aef136cd-f014-4232-be76-f49cf7850e16","block_type":"box","text":"market requirements.","page_number":218,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"ce84783d-f216-4634-a4d8-083935d76023","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":218,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"d9abf2d7-69fa-4cad-a23a-50494fb9f653","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":218,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"a4ef4f9c-d8e9-4eb8-9bb8-3e955aa4b73a","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":218,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"7612be0a-ece9-4326-915b-afd22ffc6ab9","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial","page_number":218,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"c399ed4a-ce12-43a1-8f7e-0f9264b4532b","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":218,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"8d02d953-49d9-4ae7-b067-78fbdc033390","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":218,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"2ad3f8c2-ef84-4b8c-814e-56e0f533f94d","block_type":"box","text":"Independence","page_number":218,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"77e80b09-ad38-4445-aba2-7ea4d4ea5295","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":218,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"26a6291e-f2e8-4c94-830d-99fb6ac528c9","block_type":"box","text":"e.g.","page_number":218,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"8e00408d-c7c3-4138-be24-1006cc4d49c5","block_type":"box","text":", government or","page_number":218,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"c7e49d99-c774-4209-82e9-f88f67904e55","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":218,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"878a2e7b-baf0-4af9-91ac-2a2b19de7e29","block_type":"box","text":"BlackRock’s clients. At least half of the directors should be independent and free from conflicts of interest or undue","page_number":218,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"18f80e28-24cd-45c7-8ae3-c96e307ba4ac","block_type":"box","text":"influence.","page_number":218,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"9206aa5b-f7e8-4b4c-9020-2e630b5357c3","block_type":"box","text":"3","page_number":218,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"9eb332d7-c6d7-493f-8b74-a024803fb765","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":218,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"ec4644e9-ec63-459f-90da-9a776aab22e4","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":218,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"b1f0c047-fc28-490b-80c7-2ec4a9922bd8","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":218,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"ed0610c4-888d-4f0b-8e55-d19930921cbe","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":218,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"870bfb18-b0e5-40fb-9141-34d293f5fb74","block_type":"box","text":"composition if this is a perennial issue.","page_number":218,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"4163dd3f-4f0a-472c-973a-3d4b1b86b747","block_type":"box","text":"Independent board leadership","page_number":218,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"f02bb35d-64cb-454a-973e-b25b6023d403","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":218,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"658c638e-65e2-4a05-b8cd-9163c15ac4bb","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":218,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"1bf73a8d-f63c-43c7-9b0e-297b4e67f486","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":218,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"1c136de2-aad6-43d4-bc8d-0db97d24209d","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":218,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"a8cd13a9-b9c2-49e2-863e-b46b368ab977","block_type":"box","text":"2","page_number":218,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"d72b1d62-628c-4703-a7ec-74c8872e6aef","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":218,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"07089ba8-c2d0-467f-8870-b48847b58005","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":218,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"cf71a21d-0c86-4ff5-ab02-fbe47f7bd095","block_type":"box","text":"3","page_number":218,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"a203870f-8464-4f78-9686-64937e4c3537","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":218,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"7ac1dd6e-76cb-44bc-8148-bb93168fd98f","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":218,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"abac01c1-718b-45f2-a344-d6c1a57ffdba","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":218,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"3cb57dc0-6d16-4701-a490-9e2fdbeff02b","block_type":"box","text":"or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the","page_number":218,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"181bbb0f-9a18-46c4-8a11-c6ed095f198e","block_type":"box","text":"company and shareholders.","page_number":218,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"49041bfd-fa59-4d40-a087-3b89de0c2389","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e5f7c15c-ceed-4762-ba2a-5ab754d01c3e","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":218,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"bd692872-e242-47fa-947d-e8b1b8d31a0c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de5fb99d-fc89-4821-a7cc-93d8a9f56fbc","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":219,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"f863d4c9-dae7-48b6-8a13-3e910cf8ddc1","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":219,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"ca373ee9-6de3-466e-a744-9223d39131bd","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO","page_number":219,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"814da80f-7262-4e23-9e3b-8db1b05b4820","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their independent board leadership","page_number":219,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"def0baeb-379a-461a-90d4-bbfa00d52773","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":219,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"d3e34a54-8d63-46f7-a14e-02a42d2f67e5","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":219,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"14238c05-cc61-4374-8222-8c67b7dd63a0","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":219,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"9409e22c-a3ad-4129-9662-7cd9978835cb","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":219,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"ed8a569e-7db4-4f18-b0a7-3d4cd264ea5f","block_type":"box","text":"Tenure and succession","page_number":219,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"fd0ff690-e8a2-4810-acb5-8b4caa02b279","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market","page_number":219,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"2a975637-603e-42dd-adff-0a64accf3790","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":219,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"0f9c5c58-d605-4ab8-b613-9593c6756773","block_type":"box","text":"tenure particularly around the contributions of directors who have served for longer periods than provided for in local","page_number":219,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"df4f2eb8-a07f-477e-8cc8-96a040bbaf46","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":219,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"4171ec69-3013-4cbe-819b-52fa02ce1b89","block_type":"box","text":"management and involvement in past board decisions.","page_number":219,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"6b5af0b9-ed40-4c94-87b5-8a6c1365c7d6","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":219,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"ece3db36-4978-47e7-a482-748a99c25ed8","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":219,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"267b717a-c7be-4231-8357-358a255aae47","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":219,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"0317d61c-b712-42ab-bc89-a666b1d07953","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of","page_number":219,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"70c30269-7675-4b70-97a0-1c428b1113de","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":219,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"8988a292-3783-48ec-85b5-e1c574a5cf41","block_type":"box","text":"board renewal. We may vote against the election of directors who have served for longer duration than typical in","page_number":219,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"4e818b5b-3c48-4280-a9ac-297e937b111c","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":219,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"ec2e99bc-4f59-4119-a057-0ea9e6efc396","block_type":"box","text":"Capacity","page_number":219,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"a3122c93-6d1f-4689-a589-c2bc480e42af","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":219,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"cca38ed2-b75d-4824-9612-19258d41cb6d","block_type":"box","text":"assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":219,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"13ce4ca0-d12f-4de4-b2a7-b7132b6dc1b6","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":219,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"d1a85894-693a-4886-a6c8-7e2c99590b79","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":219,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"2bf36010-72f1-45d0-b5ca-13beed063c55","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":219,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"8d87af9f-c228-46b2-b568-f49a4ada90df","block_type":"box","text":"markets.","page_number":219,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"ee4e1df8-b75c-40f0-b9c9-23b9c82c2995","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil","page_number":219,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"8a27a003-c825-431b-96fe-6676be95bd2e","block_type":"box","text":"their duties to the board and company.","page_number":219,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"87d05afc-4a36-4c8a-8b51-3b18ba7d5aee","block_type":"box","text":"Director elections","page_number":219,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"f45963db-6566-41e8-9b76-06d0d35470b5","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":219,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"d884862c-5eb1-4de4-acfc-9c7bc165f543","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":219,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"d91355c4-d2e2-46a3-8d04-0b935cd98e33","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":219,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"5422c9ec-c4a9-4755-a089-27961d4f7632","block_type":"box","text":"e.g.","page_number":219,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"ee2a995f-cb42-4735-8557-c1d8a0280e77","block_type":"box","text":", a non-operating company such as closed-end","page_number":219,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"8d8625ef-7923-4281-8853-cae953e9f933","block_type":"box","text":"funds.","page_number":219,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"4a3e13ce-e5e0-43f4-8c2a-53e68173d5a7","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":219,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"163da992-7a74-4b28-a1da-e08a828c9f46","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":219,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"322e6d08-9a5d-49b1-a2c5-df0636a9a2e8","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not support the election of directors whose names","page_number":219,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"9eed69ed-daa0-41be-9e63-d4ac9037ef22","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":219,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"4c473a16-a76d-4b52-ac39-bb9031a1dbf3","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":219,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"865baf39-50e9-4589-aa16-40e8797fad36","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":219,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"dacdf535-588d-4b34-9604-b69c374c1e90","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":219,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"c654f235-46db-44f5-ae49-fcd7e7a7a0cb","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":219,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"571c426b-e2cf-42d4-bc10-834bb68bacdb","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":219,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"9c4939c9-0445-4cfc-a827-4d7c70fee6cb","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":219,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"ec20e1d7-3b70-4de2-b7ca-2106c90ccb02","block_type":"box","text":"Committees","page_number":219,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"a2986665-69f3-4818-945e-661b69180e44","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":219,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"ae4dec8a-2934-44c4-8919-00e556a16ced","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":219,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"14c45421-282d-47ae-9226-262ffcbeed50","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":219,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"2e14927e-14ff-4607-886c-63a88f748843","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":219,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"767ff6d8-51e4-492a-95fc-0125238d9fd2","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":219,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"51e9de29-7575-4fcf-834c-a0bf8b215f44","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders","page_number":219,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"99dfb777-97e2-4f71-8541-d5ca64cd9a3e","block_type":"box","text":"the structure, membership, proportion of independent directors, and responsibilities of each committee. The","page_number":219,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"547c7cbe-554a-457a-a17b-ef2554336b06","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":219,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"d2c36705-94e5-451a-ad86-f55a9bfd20ac","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0f3e7c63-dd9a-4ade-a9c0-3ddf4b69b134","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":219,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d60e55e6-7e6d-4299-b3c0-5b82d5b4e12f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3945d410-063d-4f17-a259-bdf4cb4d032a","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4e0cf79b-d0c8-4829-ae5d-1e53e619856d","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":220,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"8443fa88-968a-4f6a-9807-9a3d9a201009","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":220,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"c137e066-a7ad-475a-afa4-253a43ddfbb1","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":220,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"c2846b7d-addc-4539-83f2-aa8c6cd04438","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"f19fa811-e660-42fe-bf8b-8ed48256c447","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":220,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"a3e0cac3-e771-4fe2-b349-1aa7c422627b","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":220,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"7992108d-b292-48cb-9fbf-fa8247209622","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":220,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"c6bdceb3-b096-49f9-b95f-062676823f96","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":220,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"2629b1bd-e9a0-4ece-b129-69ea821d1edb","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"0f2046fb-8558-4ea4-b16c-bae7b819a06e","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":220,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"49a0f797-d673-4765-8be2-41b572b50d08","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":220,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"9d761398-8aed-4cc0-a8d4-d02d27a74df3","block_type":"box","text":"firm-wide compensation policies.","page_number":220,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"931ee450-606d-470f-90f1-9e5ee7f3d673","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":220,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"335c1bd8-28eb-4a0e-9627-dc45b577c331","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote","page_number":220,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"306d8147-9074-487f-9a94-d4c0c5ae174e","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed approach to board","page_number":220,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"1fed7bb6-cf4d-4794-8d92-8088831f350a","block_type":"box","text":"committees.","page_number":220,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"b2764149-86dd-4943-a48d-88d1a07f0622","block_type":"box","text":"Board and director evaluation","page_number":220,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"dd037add-636c-4814-9d8c-d79483bc747e","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":220,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"9caa5a6b-0151-4fb2-8a2c-a414819e8946","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":220,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"848d138d-900a-40b4-8571-1b07c4d39bf6","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":220,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"6bf9ce7b-f14f-4f10-8f3d-1c6d42de922a","block_type":"box","text":"disclose their approach to and objectives of evaluations, including any changes made to the board’s approach as a","page_number":220,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"58028e4a-cccf-418c-9e74-4cd1415f729e","block_type":"box","text":"result.","page_number":220,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"d0b33a6d-6fbc-4aa6-ae08-f24ea150c709","block_type":"box","text":"Access to independent advice","page_number":220,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"494896e3-bf85-46b5-a489-06becd296797","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":220,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"45e1ee4d-3ad0-4704-a458-8d7d186bccec","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":220,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"53ba4558-9aab-44aa-9792-09d263bdce34","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":220,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"15627722-79de-4e32-bc61-98624625b739","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":220,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"1dea18d0-dfa1-4f9c-aeb6-f63d02c2130d","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":220,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"20f8f4d9-2fb2-43b0-97b3-b54e0bf04d48","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":220,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"13ee5448-7a4b-49bf-8293-5edf16b48721","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":220,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"f8081c40-47c5-4471-acc4-1e76eff8f2d6","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":220,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"f9639870-1404-47b2-9de1-9c4f09cd521f","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":220,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"408dd6bb-0151-4e61-acc4-9a2ad011d85e","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":220,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"850011b1-a872-42ae-ae9b-1ac4942f99ea","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":220,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"503b22db-f1db-4bf4-8e58-ceea049676c9","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics,","page_number":220,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"fa72d218-2466-4763-b0e7-e12a1e142c44","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":220,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"01c9eef9-9c02-4ae2-896b-3b8a951ba666","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to","page_number":220,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"e88da78e-74ac-4c37-bf2b-91ff09fe985f","block_type":"box","text":"the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and","page_number":220,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"3a27661c-5164-4c44-86fa-031fd749fa20","block_type":"box","text":"motivate.","page_number":220,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"6c40619f-51b0-4108-9303-585564bb15eb","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":220,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"b8f4768a-e535-40e9-b99a-19dcb874898c","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":220,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"72dfac1b-e814-4c07-bcb9-02bbeafddedb","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":220,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"a2f560af-80dc-4a10-bb1b-56a602ae99ae","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":220,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"dc1eb28e-05a9-49ce-8306-d42057212c15","block_type":"box","text":"arrangements include:","page_number":220,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"ea9061f3-b219-4845-b47d-8a52b046aad4","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"c5f929fa-21bf-4308-85e8-837b3b14ccc8","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":220,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"f9b62ec3-0c38-4232-9320-828a0b9a5b18","block_type":"box","text":"the company’s size, sector and market.","page_number":220,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"c6d96229-e609-43ca-b93b-fcb7cd508459","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"0ddee379-6483-4b4b-b705-e9c3593cb46f","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":220,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"7e51a04f-86c7-4215-ba46-1b2a725e8c00","block_type":"box","text":"strategic objectives.","page_number":220,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"1664105e-4eaa-4c12-a055-850fb2ef41c1","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"dbc50ab7-06e6-47fd-892e-79edc4b096e6","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":220,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"d1ea2a23-7393-46f8-835d-f7ba316dce4c","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"639d3d00-28f7-47a4-b06c-27e7ad51f602","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":220,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"3e43ae2a-321a-4e04-bf9c-5ce287f57b5d","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":220,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"ad11c9af-1468-476d-9dd3-d1baf630958f","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"44878b76-95dd-4edb-8eee-cd9cbafd4a19","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":220,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"b509af22-e927-4579-9692-0ef82db590a3","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"5662f90e-d845-4cc4-ad42-a1c68464c0f9","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":220,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"fec51a3e-6fe9-428f-8f85-1a909df10a53","block_type":"box","text":"transparently.","page_number":220,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"4edde329-144d-42ce-8f36-b7b809a2d320","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"2a2223a7-e138-48b1-ab44-ef66d70a7b07","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":220,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"403899f2-0d62-478f-ae39-8dd28fc504cf","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":220,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"16c701d2-ca1a-441c-a1cc-3f5333e0f7c0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"38e0f92f-711d-4908-b5aa-c41b091a5bac","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":220,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"bdd756b1-a660-4718-9efb-ebab3982d79f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31e65c9a-d984-458f-a3fc-7fb6574de5a4","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"2636cde2-2f40-4fa0-bd15-3a8b8f9c677b","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":221,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"6f9f142e-ed1c-43dc-ba3e-7361e302fa26","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"638cff53-1b4d-4565-a78a-e18fcc3f269f","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":221,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"c450a7fb-f6e2-4f68-8704-e935c6e832bc","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":221,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"566674bb-615c-4910-a994-7388fc0c1ba1","block_type":"box","text":"misconduct.","page_number":221,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"e4c9f254-7885-40d5-afbd-12203bd87717","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"9fec8b4f-f7d5-4c74-b5eb-a790a8bb964c","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":221,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"57b05bef-b26c-43e2-8a40-0ec0f64366c4","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":221,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"d5d83d2f-2006-4908-9c35-fa5ab3e07a77","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":221,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"a99b507d-2a4c-471a-aa18-2cd475e31cdd","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":221,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"ab92234f-e075-43f5-8fcf-b5b9c4947283","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":221,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"a2472cec-9635-4307-a361-7002afabdead","block_type":"box","text":"committee, or the most senior independent director.","page_number":221,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"6d2f8f20-54fd-4784-80d8-3d41559f1f2f","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":221,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"fd804e52-99b1-4fde-a6f1-5a498a7de5f4","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":221,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"5f9a91c1-d395-4be7-b622-f57147a38603","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":221,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"f2625f89-16de-481e-b811-78bcf22e1595","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":221,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"373fd242-e60f-4acb-86e7-05b9d1801f2b","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":221,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"3ee4afc6-d1c0-491b-8b7e-aebddea71a2e","block_type":"box","text":"CAPITAL STRUCTURE","page_number":221,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"c47eb2cf-9bcf-46fb-ac7c-728291d7da01","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":221,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"ecc060ec-4c52-463c-b019-4b65bf7e07ae","block_type":"box","text":"appropriate capital allocation and management in support of long-term financial resilience.","page_number":221,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"fb1de74f-c642-4d64-842f-60c58615188e","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":221,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"5ee8dcc2-84f1-4e96-b43e-edc153d723fd","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":221,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"0f05eb61-a35a-4eef-93ae-577af3a238af","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":221,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"6119d329-e12c-41b6-b41b-fcd058fc4907","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":221,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"691a468c-d614-4aa8-a39b-8be01f39d1a0","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":221,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"5992de58-85e0-4c8f-b0cd-3c062c0b48cf","block_type":"box","text":"Share issuance","page_number":221,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"1a8941e4-e50f-4699-8ff4-f63aa24372f1","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":221,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"3ffe8230-8a2d-402f-a728-0f34961f959f","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":221,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"4401d86e-33d4-4604-a1dc-7d2e2c6ab48c","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":221,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"976abf36-b7ef-4f39-8863-adac10a9b7e0","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":221,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"3b64059c-93a5-498d-8813-3ac6c6deed75","block_type":"box","text":"Share buybacks","page_number":221,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"a5999378-9494-465b-9051-382ad6ebb951","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":221,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"e94e29e9-74aa-46f9-8a0c-ce648dd1d491","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":221,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"2a9ba5d5-dd96-45d0-ac86-0b2d0e111210","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":221,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"1c5084ea-1a85-4a7f-8ab1-90d3783c64f7","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":221,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"51953510-737b-48b5-b653-ca0e1b5d91f9","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":221,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"4827d86b-62c3-4a4d-833a-b418b0d0bab1","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":221,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"65e53988-e5a5-4dca-9a8f-5d398ff2df80","block_type":"box","text":"market environment.","page_number":221,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"7c8fbc5b-9ac0-4856-b846-a2b64f57958f","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":221,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"4836aac8-9e20-4cb3-a4c5-65d156285d85","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":221,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"84907cc4-7e9f-4900-b9d3-6d36a25016ac","block_type":"box","text":"strategy.","page_number":221,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"bbcda069-0530-4dc6-b8c2-a10657ded8c9","block_type":"box","text":"Dividends","page_number":221,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"3bfb8d66-3a27-41ae-a956-69eeb3a3d27a","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":221,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"c2080bb1-2151-45e8-827d-13fe9f275540","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":221,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"68a7f095-a7d9-4d65-a253-c2484042c680","block_type":"box","text":"Differentiated voting rights","page_number":221,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"25bda440-b158-46a1-9c18-3893b28d6661","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":221,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"4cfcd356-bc2b-48a5-a82e-ca5fdca3cea0","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":221,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"046c24c8-cbfa-438a-a350-80a0ca54ca6f","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":221,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"639c29c2-e420-4a5a-a37f-9ce0669ca0ae","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":221,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"cb5801c0-6355-4d2f-919c-865723bb901d","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":221,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"a34fe79e-2b4f-4df1-9f47-6dcf912b601e","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":221,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"c621fe5b-684e-4f52-b358-9486218fc565","block_type":"box","text":"analyses of proposals.","page_number":221,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"2b1e2639-f06e-47a7-b4d2-5d6855ce45b3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"54cc0915-5921-42a4-ae76-88e8058edaa8","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":221,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"f744074d-63f4-4598-ba81-6fe3a034ebba","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e56f09fb-294c-43c2-9189-95b6c4f02f9a","block_type":"box","text":"Mergers and acquisitions","page_number":222,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"eccb4db0-7bc6-443f-9141-3a3f15ecc53e","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":222,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"7e91c1e4-3e3b-4e0d-a816-e15a28369ef7","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":222,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"ad3d3349-d927-4b2e-9f91-39ba82e04db8","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":222,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"b7376ddc-4e16-4f05-96f7-2654a525bf91","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":222,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"0925a935-7aee-402b-9c5e-08e27dbf14b9","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":222,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"4ea16c02-7ab0-4ad2-a62b-c07de8c5a60e","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":222,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"5cdfafab-daad-4e7b-8aed-f90a5cab2264","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":222,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"83bf7ad1-9124-4d2f-bf58-d0ca4c00bb66","block_type":"box","text":"Anti-takeover defenses","page_number":222,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"4e619340-bb21-44db-89c1-a2b288ad6bf8","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":222,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"7c79798f-7fa6-43d3-a56b-cb9fc58ddd2e","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":222,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"2631a65d-b0e4-4226-9093-8f9592dadf33","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":222,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"d5383ed0-4e3f-4bf8-8776-2fc9cf9a9cdd","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":222,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"c25e49c3-75d4-4808-99a0-fe21b476cc4a","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":222,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"cadf2b3c-99f1-4b41-b70e-0be4d427dd9e","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":222,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"9eb7170c-e486-48d5-8837-116f8e338e84","block_type":"box","text":"be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms","page_number":222,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"9fe2fe08-b6fd-4e50-b6b4-5a9050f7763b","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":222,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"190efbce-b9b6-46c5-aef7-635fd2adae4c","block_type":"box","text":"Shareholder activism","page_number":222,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"a95ad648-b88e-43da-a8c1-b165d2e23190","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":222,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"1ab200fb-157c-426d-ab75-1f8157539fb1","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":222,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"79cca7b7-331c-4de0-bfa4-2ef3ab42ccc8","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":222,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"8933cb18-2389-4c4c-afaf-9cfbee1ee915","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":222,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"806f8896-5c29-4d3a-b784-80fa4adf3327","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":222,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"93428097-a989-4626-ba64-eb00e5bcb04d","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":222,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"8eb20db3-f8a4-4cb7-b616-bc2512b9ff85","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":222,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"c595cb05-db79-4ba8-ba93-d054ec867b1a","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":222,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"05f1b3ce-9a58-4368-a9ed-fd9c09401d6f","block_type":"box","text":"skills and expertise or have a poor track record of protecting shareholders’ interests.","page_number":222,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"fcaa5194-b4c4-4dea-ad04-dd8345a8a1e3","block_type":"box","text":"Significant shareholders and related party transactions","page_number":222,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"2b9c86e7-1a4f-457c-a124-48ea1cbb9104","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":222,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"7d9516ed-8ae8-4bcf-9549-64c2bdd2004c","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":222,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"a02ead50-412f-48a4-906e-8a55ab466c47","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public","page_number":222,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"b0afc716-13e2-47c3-a1c9-4732d9a099d7","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":222,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"2ac5e57e-7fff-4bc5-a02c-8eb08f63116a","block_type":"box","text":"with a non-related party. Such transactions should be reviewed and approved by the independent members of the","page_number":222,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"56eb9d14-fa76-47ad-a9f5-cb1f8093daac","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":222,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"5ac0d130-8fd8-4960-9239-8a0d007a05e6","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":222,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"d6c36da3-a469-4c2e-a2d5-f6d316287a59","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":222,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"76b4c558-5c4b-4290-87c5-af10c9d3ac2b","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":222,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"de698d24-e46e-4dc7-8446-0593715dd728","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate reporting and","page_number":222,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"0941b5e4-7662-4a7f-b5d7-9c9a20021ebc","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":222,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"d36529fc-4307-475e-82a6-2cacf6bde3d1","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders","page_number":222,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"6381c568-2300-4f25-a78a-e8a6c1715f6f","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":222,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"0ac86113-1fd5-4e26-a89f-2347974cf9ce","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":222,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"c4a457b1-7322-42c8-8a92-a771b583cfd8","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":222,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"e43a6cfb-614d-41bc-b6af-306065e2348c","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":222,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"09db4391-3a99-4aeb-93a9-2701ad8ed137","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":222,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"885a8183-1bd9-4cf2-9b1a-1c318559d041","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":222,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"1f72436e-57db-4ece-988d-52617447db2c","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":222,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"77be2c8f-7f77-4400-8602-424ed0b70c0a","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":222,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"7295f030-185a-4ec0-92b7-b37fb84e4051","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":222,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"d6425356-7342-4df1-bee1-00c6d59656d4","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":222,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"4bfd72fb-7f1b-476b-820f-70480f085a8d","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":222,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"19c97694-2753-4811-b110-548eaa527049","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":222,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"6f7ee86b-3880-4318-a6df-0c234dafee02","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0d2d1267-e4d1-4a22-a210-e5fb85a6a8a6","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":222,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"40200723-bdf0-4969-842e-21b53e19973e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04a75bad-07d3-4da2-bdf1-1364bf3a0e20","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":223,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"423b9852-012b-42ba-9887-2ba82374bafb","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":223,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"cf60176b-2b50-446d-a72b-f833d7f0b5e4","block_type":"box","text":"Board, can be helpful to companies in preparing such reports.","page_number":223,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"62441d98-b930-455c-8959-598823b749c7","block_type":"box","text":"4","page_number":223,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"03449f6f-a6c4-4064-96df-defcba9df335","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":223,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"291fd78f-324c-4375-bf23-707dd698062b","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":223,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"e8be7b47-b487-4b3e-ae67-8b4151cbff9f","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":223,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"724de330-9599-4c4e-b1a5-537ad411d297","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":223,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"f509f040-fd37-4bb5-91cd-9289fee345fd","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":223,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"79fec0a4-b267-4ec0-ba21-c36b74653664","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":223,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"ed6033a2-b982-4864-a990-1383b412927e","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":223,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"157297e4-eceb-4e03-a214-479e2849382f","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":223,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"bd18a8bd-8b0f-4413-9fad-e5ffe4014686","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":223,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"0a2f5ab8-020a-49aa-9d5b-0c66bbc7862b","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":223,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"69d509b7-a7a8-48a1-bbc9-071d0702b65a","block_type":"box","text":"remained independent.","page_number":223,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"e78246ac-3896-45c4-a4c1-9739a4e641ef","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":223,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"b3d8f46a-e31c-4c17-bd07-510649883768","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":223,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"38c393e1-c549-42a5-9747-c1bde511da20","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the reporting or","page_number":223,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"b4e6ee7e-3f97-45d4-a78d-3cd8ef026eb7","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we","page_number":223,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"7b79c05a-6dda-4cd2-a692-f98be2d1c58d","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":223,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"e3075bf9-36d3-4c9c-ab2f-1f7195910786","block_type":"box","text":"financial reports and the board has not established reasonable remediation plans.","page_number":223,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"439051e4-3836-476a-8ef2-b76f86b85c6f","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":223,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"bbc9b86d-bf15-4251-9f80-8f7f42eca4db","block_type":"box","text":"General shareholder meetings","page_number":223,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"46af28a3-4d51-40e9-a28a-0bceba3e1abf","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":223,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"268615c7-1dc9-4fa3-9274-6e3faa67cbfb","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":223,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"2acbbf55-bf0b-47fd-9b78-bb3cf33ecec5","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":223,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"04e3800c-72a8-423d-88f1-f1df6109e92f","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":223,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"71ede23a-cdb3-4082-80dd-8e35334895d9","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":223,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"d9c6f1ee-0036-462b-9b6c-47175e26a703","block_type":"box","text":"an in-person meeting.","page_number":223,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"b79c2067-0a0f-434e-8c49-d88fb0a1a935","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":223,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"1bd540e9-f9aa-484c-92dc-85131b757d52","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We","page_number":223,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"67bce89b-c7f1-4e09-9642-11df9ff3e6ef","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":223,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"7f81d4c0-6089-474e-abbd-a404ede7a176","block_type":"box","text":"participation.","page_number":223,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"22730f63-4713-4242-9c32-6869585d2c62","block_type":"box","text":"Bylaw amendments","page_number":223,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"55789a7d-222b-4f0b-a5ac-c1bd65bad5a2","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":223,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"e85ba196-7fb9-4c87-9823-2068e24f4dea","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":223,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"44b31798-49e5-44b6-b056-c478b325139e","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":223,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"87b6b0b6-24f5-40f8-af2e-31399d7ba287","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":223,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"896b1828-e502-4901-934b-62a9cd4bd379","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":223,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"73fa5918-4913-450e-8ab8-861dbae04db6","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":223,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"52951875-b74e-4d65-ba56-a1b83238222e","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":223,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"6112b00a-96dd-4945-9f0f-340b845a0a77","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":223,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"e9397799-efb5-4ac8-8e59-0ee1f98ded93","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":223,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"17c40dac-4674-40e3-b373-db4bd0e7b538","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":223,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"75dac648-23c0-4be3-9f16-1ccf6cdc18aa","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":223,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"cdc77a59-78da-4840-b6a6-bf594ed177fe","block_type":"box","text":"nomination process.","page_number":223,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"63f567b3-ee9f-4a69-a2b1-f1100aa8de32","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":223,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"d79d3ab1-dc7e-4180-9b6e-2b9b8409e27e","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":223,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"5a2107e5-74f7-447f-968d-246833b5fb71","block_type":"box","text":"4","page_number":223,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"47bf8070-095c-4b41-a807-dce332a9b883","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":223,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"454dbb33-2b67-4a26-a770-dfeba5f8b654","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":223,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"2903347c-7554-4e6f-a2be-059ccdc029ad","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the","page_number":223,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"3690a970-5f50-466f-9183-ac474b9d8e40","block_type":"box","text":"entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its","page_number":223,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"da464be9-762d-43a1-b2ec-b1470da52171","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in","page_number":223,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"d64d0279-db1b-4ff2-abf0-53f35850c194","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":223,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"ec44ca14-81d0-47cd-b4c4-3db7234501dc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a33f0a4a-f6d4-43dc-a299-f95a711cb358","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":223,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"71d885d3-abce-44c0-8d2e-738586456ec2","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a67d337f-237f-40f8-ad78-a7fa4307d0cd","block_type":"box","text":"Change of domicile","page_number":224,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"9cd492ae-5aaa-4efb-8eee-db93253296d5","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":224,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"418af4ee-e25b-4b24-99dc-adb9f1303a93","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":224,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"9c29bcd5-1e20-4074-8bd1-c8cbc6c75fa7","block_type":"box","text":"immaterial.","page_number":224,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"6ad5f27b-47d8-45cb-957e-6b4e3fb166bb","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":224,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"eea5ef39-b617-4954-82ac-e01d0b762823","block_type":"box","text":"with our clients’ financial interests.","page_number":224,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"1bb55380-05fc-4d1a-a025-ea5316ab6e8f","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":224,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"dcc56519-f4a6-4294-ba63-ea0210074ccc","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":224,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"eb3e93e6-d265-4b9d-abba-bfa0613b1f96","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":224,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"27e4ae04-6807-4c0a-ad6c-4bbd6d4d0f7a","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":224,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"1c6c9d64-9485-4e0b-9bf9-a104cba70d1b","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":224,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"8da454fd-c5bb-4073-a81c-bc2ab3813946","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":224,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"e2c2e04d-3bc0-4de1-98d6-59745c84e259","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":224,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"eef71680-46fa-44a1-8f72-c91f30916830","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":224,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"dce6f29e-b05c-41aa-baa1-f0c22e04243d","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":224,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"31ce9b82-cca0-4952-ad31-d09d46fb0245","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":224,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"8a0fc6a6-904d-4ba7-8f46-e6838ebef67a","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":224,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"b1cdaf7a-f66f-430c-b55c-acdf43a270b8","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":224,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"bdd9d58f-5a91-41f3-947f-e0d6181540c6","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":224,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"e91a0c95-b71e-4cdc-9142-d1f4c0df2519","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":224,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"8ead8af2-b9cd-4b48-b3c5-b333ba112aaa","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":224,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"1e2ea504-2281-429f-838b-809c1d9c5aac","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":224,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"c88916fa-0703-491d-b6b6-3efcc99e92d9","block_type":"box","text":"engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in","page_number":224,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"32b70163-09d3-425c-abcf-d7aaa3a89d9e","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":224,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"15e48ae6-b18a-42b8-8bee-440b24a52d12","block_type":"box","text":"shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients’ financial","page_number":224,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"f71f8345-144b-4f15-a00f-11988509bc4c","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a","page_number":224,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"18742392-e864-47ee-a515-65e86986cfa3","block_type":"box","text":"company’s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial","page_number":224,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"70397fae-7445-4fca-a167-d59c40acdd99","block_type":"box","text":"returns.","page_number":224,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"9c1e0b78-1671-4451-b47b-155cb19e6ee9","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":224,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"c331e603-03d0-4f64-a6d8-f8fdd4dcee0b","block_type":"box","text":"how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":224,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"c89e4d3a-4e4e-42c1-b472-06f6d29875b9","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":224,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"bca174fa-6d26-4f57-8ca0-d31959c404de","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":224,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"01d169a7-877e-4724-9ac0-37336b32f4e9","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":224,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"179e0244-4177-40b2-a0fc-272e6ac5f0d3","block_type":"box","text":"process is consistent with their public statements on policy matters important to the company’s long-term strategy.","page_number":224,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"f6a1ff41-2001-4867-8f4a-36ea388dc22c","block_type":"box","text":"The board should be aware of the approach taken to corporate political activities as there can be reputational risks","page_number":224,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"4d480c71-8e9f-4460-858a-24ae905e4054","block_type":"box","text":"arising from inconsistencies. 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In our experience, sustainability-related factors","page_number":225,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"6d90a123-59bb-4915-960d-6d369996b8df","block_type":"box","text":"5","page_number":225,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"7a9bbfe0-ddc4-4697-b14d-cf6dafb4d39e","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":225,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"93f22874-44ec-430e-9355-389859379174","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":225,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"5eb796a4-a2f9-4d16-96a3-3625d637883e","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":225,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"eec4e22f-e6a2-4c8d-b7d0-5c335a05e8bf","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":225,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"f8a1ae46-1785-41db-aa24-317cf598361d","block_type":"box","text":"regulatory requirements.","page_number":225,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"2d471796-f877-46c8-9e48-a1c5c8392abd","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":225,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"5f3e3873-71a1-4254-b13a-85e67e0d3e09","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":225,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"a2ae8983-9151-4a53-91c1-eaef97f4f0e1","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":225,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"92509fb9-46b6-4038-a14d-589ca00907eb","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":225,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"a2b674e0-f676-41a9-a3bc-9fb78980c292","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":225,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"dbc63a9d-23c8-467c-b2d4-2fb11cef7f60","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":225,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"286e60b3-4a72-44dc-b223-2f41e72409ec","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":225,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"5eebd2f3-b2a8-4267-b9c7-5be3e089f906","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":225,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"af8f8af9-c43a-406a-a236-0a8ff647811d","block_type":"box","text":"returns.","page_number":225,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"632e1e87-68f8-4f7f-9bd8-d172b63aaca5","block_type":"box","text":"KEY STAKEHOLDERS","page_number":225,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"7accbd89-250e-46d9-a94f-f40bef6057eb","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":225,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"a350b1d5-442d-4979-bffb-9e8cdeb8392f","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":225,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"c5e81430-2937-4e7f-bf5e-7213c67e979c","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":225,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"7b4d0cbb-1b9a-4368-ae9c-f5d86fbe393a","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":225,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"d6b307b3-dc07-428b-8218-a3bd4256db79","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":225,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"2b6c7584-af42-4c69-a6ef-82ae6a15e19e","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":225,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"57522117-4273-4b78-9695-63de92eaaa25","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":225,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"b269a38f-2200-4d61-a5a1-f6971814b897","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":225,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"f53340de-e05b-4a82-b5d9-92eb852bfa57","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":225,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"765bfd2f-7931-469a-9e55-592e71861812","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":225,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"bc41eb23-3cfa-4b88-9b06-4192551d7d00","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":225,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"a9fee966-e473-414f-8302-0855282570ab","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":225,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"8faa032b-4df1-4089-922a-924101845c2f","block_type":"box","text":"i.e.","page_number":225,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"73ae9b29-07b6-49f5-ba90-1127898f175a","block_type":"box","text":", one in which global","page_number":225,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"6b7dc1a1-48c1-4622-b2a9-7433b03ce2f4","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock","page_number":225,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"0cc5f63e-b83b-4d24-8d9a-8370d2239bcc","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":225,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"019b0a6b-397d-4beb-b948-0779fa72b6b4","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":225,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"d1276722-149a-46d5-a01a-aebcd9392b6d","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":225,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"f70ecbc7-0342-4564-926c-d856f38c1d6a","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":225,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"2042a32b-ff06-4744-9dd4-e24b56083a45","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":225,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"9655efe8-2804-4bd5-83ea-49856d390cff","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":225,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"4e9837bb-4a65-4418-8baf-5df6695847e2","block_type":"box","text":"decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and","page_number":225,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"63946d54-b3eb-43bf-b714-9c2f5920c9db","block_type":"box","text":"material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the","page_number":225,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"fd168471-e5d8-4648-ad5a-24d414068f04","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability","page_number":225,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"36eb7da8-04ad-4be2-8f2c-1152d922f605","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such reporting.","page_number":225,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"88fcfcdf-e93d-4712-9e60-14ea9bb2e6cc","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":225,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"ac0f1dd9-0368-4f6a-b2b9-3c814ccd1013","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":225,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"e1f6b450-0ed8-47a2-9e3d-a8a389d93de8","block_type":"box","text":"material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to","page_number":225,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"2b0b7854-4868-43ff-9ad5-c9a375eb4df8","block_type":"box","text":"a company’s stated low-carbon transition strategy and targets that the company does not currently provide and that","page_number":225,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"9c1b0a3b-1702-45a9-adf3-fede946011e1","block_type":"box","text":"5","page_number":225,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"5e22a2fd-3145-4289-aebd-6b9b3cf28cdd","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":225,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"35b6fae4-1345-4b0b-a8d1-1dc99c50d55a","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":786,"width":835,"height":11}},{"id":"5c3ba343-e95f-40e3-b564-6986cea842a8","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":801,"width":827,"height":11}},{"id":"3c898d44-408a-41ec-941b-422e02fc47d1","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":816,"width":826,"height":11}},{"id":"0c6a503b-50e0-49c9-adb6-2fbb750f8bfd","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":225,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"8446c6c7-8b43-4c73-834e-e0d942520513","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":225,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"b08e2e92-f0d4-4408-8769-cf717cb190b0","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":225,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"18c49027-499a-4b39-9265-1c1c81c95694","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":225,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"b9e8f7ac-e16f-4720-a1e5-b5e17371310d","block_type":"box","text":"sound governance framework.","page_number":225,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"e630607e-5321-46b1-927d-7ee453609245","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2cb88a5f-4104-46d3-b5d0-0ab96f5be9e1","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":225,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"1a173721-ebf7-4d86-89ac-ef6d41d92236","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20523781-93ec-477d-bc67-822b64980988","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio","page_number":226,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"eab5a586-316a-419f-bccf-640154d5efca","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":226,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"a26d48ad-168f-431e-9bd9-2cd215d6002f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c61d2733-7deb-4ab1-b858-3ea579fc42b0","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":226,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"33e54926-3a6f-4386-9ec1-3b899e232172","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32ad5e1f-fc64-454d-8313-07a38a6fbf69","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":227,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"a5749568-64bb-41e3-abb6-6bd09906dd54","block_type":"box","text":"Oversight","page_number":227,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"e3ddc1bd-b4dc-4092-a310-4f285b389b85","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":227,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"3745e3fa-c8a8-42c7-8921-01ac49a0a9ab","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":227,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"a0921643-7078-4375-bd0f-39bfb3f7c5c7","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":227,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"aa99c7b6-9afb-4f06-ad4b-5b64c9bea448","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"e2ee65a3-4cea-44ae-a08e-8ce8fbe670f1","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":227,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"064deccf-2c74-4ad2-af5e-2627ef1cb434","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":227,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"d37fcfe9-f2b5-43e1-8270-bc64f1117bb5","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":227,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"def23e1a-1895-44d2-acb0-fa33003d60dd","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":227,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"601d58c6-e826-4ccd-b831-b593f04f7f32","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":227,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"dc31cf36-2061-4b27-a570-57b80128840c","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":227,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"5e9b4c55-dc58-4dcd-9d3a-e81199e44a7c","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high","page_number":227,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"5e0cc0db-c18e-446d-a3c0-8f8832f9fbff","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the","page_number":227,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"3d1d2155-fd39-48db-96a8-f07e708f0b9e","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":227,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"ef089319-6427-4d2c-a7b6-38dfb6d53333","block_type":"box","text":"Guidelines proposed by BAIS as part of its annual review.","page_number":227,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"62c93569-30f7-47bd-9ce6-5956ec22e4ce","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":227,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"e5850ee5-4417-469b-937a-3e70451375be","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":227,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"b698d4d5-5607-4f77-8123-7fbb81bc1d0c","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":227,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"be2d4b90-d2c7-47d4-888b-23d67da10432","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":227,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"80b2210d-2a3c-4a4e-8dc6-dbe5cb115161","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":227,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"fdcde63e-a17b-4c08-a8b0-301d5dd6680b","block_type":"box","text":"third-party vote services providers” below).","page_number":227,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"2410e388-941f-46f6-9f67-0ba9dfe5aa68","block_type":"box","text":"Voting guidelines and vote execution","page_number":227,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"08dd8f56-bbeb-406b-8424-afa801311911","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":227,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"0748e734-79a8-49e8-8747-cc8448c95033","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":227,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"8505d97a-0793-4593-9d21-2f97ef223cf0","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":227,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"8b593ce9-8693-4cb4-9c5c-42bac3aea5b2","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":227,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"bcbbac5b-dd5a-4c7a-865d-e5046a838fbd","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":227,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"febb3da4-761b-4527-932c-a417eb040148","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":227,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"413655a5-12b4-4a7e-b270-e0342736a086","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":227,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"33feb21e-460c-45cf-a444-c173faa73e14","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":227,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"7e834847-4dc9-4df6-895e-80eb668186a2","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":227,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"8cdb76f7-e2ef-4ba3-81f3-064c6ed1c6e6","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":227,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"a48fc242-2b6e-48a3-bc13-4d8248f9c963","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":227,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"03b0d726-5cbc-4c23-b217-4c1c0ce131bd","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":227,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"1a500827-db96-4949-96d2-a28d0fd6f9c7","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":227,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"0e304db7-bbb6-426f-a3c8-946f0aae9f3b","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":227,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"b0a417ea-92ea-4afe-b68e-4e934ef39bdb","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":227,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"186e1205-f7f7-4953-a849-8a80d1bd286d","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":227,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"93c1fb76-0fca-4bdf-94fb-bc96c2cb9ab7","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":227,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"b0c1fbb2-2030-4b5d-ad6f-21b7557a6aa1","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":227,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"8cb412f2-b893-42dc-a44f-395a11025c66","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":227,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"cc7f27c2-c8e8-4294-831f-b642fc1b7ea6","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":227,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"d99f4039-9872-42d3-9821-061581c9cba7","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":227,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"85f897b8-4386-4106-adc5-503943d74e9a","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":227,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"bef04151-25e5-4422-9cd9-62b53566defb","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":227,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"c2775a4e-1c1b-42eb-a6b0-a37f90d2aa8e","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":227,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"577b2ea5-ebda-43e9-9b85-71f733082059","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":227,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"d0b2f1bc-ba93-41d6-9da7-9fc6f4ba01af","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":227,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"3eeea58c-b8b6-4662-bf53-046f610f2885","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":227,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"7dcc9551-0f33-4a6c-a05d-1a487cd312fd","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":227,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"5f65c78d-e3ef-4e67-9365-ec78bc87724f","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":227,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"73450820-adea-4700-aa98-6cfec6c1ea76","block_type":"box","text":"Voting Choice","page_number":227,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"83f5ab5f-20c6-4d7f-9f2e-e3418957e00d","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":227,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"187ba41f-4e8d-40dd-b9c1-1b592d0c7062","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":227,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"f7bfece4-771d-4c38-8217-b6359a17e241","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bb2d0e16-6e58-4b03-a478-87c9df8c9b1c","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":227,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"db65fa72-6e99-48b7-862b-f4cee3453357","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f35b9c0-ab18-474f-832c-c04c98521ed5","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":228,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"cfc8f431-156f-49ba-a416-e6837d8ad111","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":228,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"c7d36227-0db0-4527-82a2-277f086d5ca3","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":228,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"174231ac-c8bf-484e-90d5-324aba742b2a","block_type":"box","text":"strategies.","page_number":228,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"483deb63-75b8-4333-9964-1aa98ddecadf","block_type":"box","text":"6","page_number":228,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"42b075ab-26a8-4849-af8d-e8c6d3830f56","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":228,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"ab172c5c-ca69-4393-a84d-404efd48ec09","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":228,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"27bbb184-64f6-4c53-ad5f-738b14f8451f","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":228,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"b92047db-1acb-4470-bffb-993401901937","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":228,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"0b76ad75-77d8-4a5b-86f1-754f8cf286e3","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":228,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"b8ac0c0b-7d57-4821-8c35-4df02a703981","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":228,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"57f63785-cc3a-453c-9e6c-1de0e0d8d88e","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":228,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"3f5259c6-7b7c-4700-b133-e443ffea680a","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":228,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"44c51001-a962-433d-870e-9a01d462bc44","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting","page_number":228,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"4c671c8d-144e-4c36-b310-5b16d690e61b","block_type":"box","text":"processes. We also use Glass Lewis’ research and analysis as an input into our voting process. It is important to","page_number":228,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"a0ce142f-bbaa-431f-97fe-855b75b093d9","block_type":"box","text":"note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their","page_number":228,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"5abc7a8b-3f36-4f8a-96b8-f2d4a478c3e0","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":228,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"0f8f02e5-a1b2-4629-893b-34e57c351149","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are important inputs into our voting decisions on behalf of","page_number":228,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"1e7b011e-d6a4-43e8-9cad-2800a10728da","block_type":"box","text":"clients.","page_number":228,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"6dcff534-bad8-4347-bce9-295255442c34","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":228,"box":{"x":102,"y":331,"width":795,"height":11}},{"id":"40e14f7b-d797-48c2-85c7-1a9eb015da0c","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":228,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"eec8165a-44aa-4bdd-bc97-474d682e671d","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":228,"box":{"x":69,"y":361,"width":799,"height":11}},{"id":"3fb07265-9f5d-41b8-aa32-fd3370bcf0f5","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":228,"box":{"x":69,"y":376,"width":819,"height":11}},{"id":"2ac5bd11-1a4f-4778-893a-8732478eaf5f","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":228,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"3937f08e-6f8b-4cb2-92dd-a811941af139","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":228,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"3ba93573-b2c4-4d64-9055-37e15fe672b1","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":228,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"28d6d8a0-d984-4272-825a-dc91806289d5","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":228,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"c554c0fa-914e-4585-b14d-d8af3e17d877","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":228,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"0c1a339d-e0bd-4be2-b400-92b65cd554e4","block_type":"box","text":"interest. 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Such influence might stem from any relationship between the investee company (or any shareholder","page_number":228,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"a5cd543f-ed10-4bdd-8079-7bb940bd956e","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":569,"width":763,"height":11}},{"id":"5917b258-ff7e-4e62-905c-eacdc0706018","block_type":"box","text":"BlackRock employees. 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While this has occurred in a limited number of cases, the decision to","page_number":229,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"26e98019-06ce-45fe-9659-cf662db5d365","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":229,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"f773d887-414a-4147-a7e6-1bba4b04b3b3","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":229,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"87b55733-dae4-4725-8482-b7e595a5269d","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":229,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"1575431b-f305-43f4-9e66-1981d86d519a","block_type":"box","text":"of recall consideration). 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We inform clients about","page_number":229,"box":{"x":102,"y":811,"width":788,"height":11}},{"id":"f962ec86-f9d7-4903-8f75-8a1621c176c5","block_type":"box","text":"our engagement and voting policies and activities through direct communication and disclosure on our website.","page_number":229,"box":{"x":69,"y":826,"width":791,"height":11}},{"id":"437f81ed-e93f-4aa3-8695-4cc419a39c89","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"810eb7d8-e37d-49a6-8b49-c3e43516ea4e","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":229,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"7bae39be-d3a0-43e2-a0b5-3ddf631f6886","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b322f7db-e62e-4dd7-9615-91e585bf76b5","block_type":"box","text":"Want to know more?","page_number":230,"box":{"x":68,"y":762,"width":152,"height":8}},{"id":"444f26b3-cd67-4bc9-83be-39192c94226d","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":230,"box":{"x":69,"y":791,"width":510,"height":13}},{"id":"d2224035-351a-42d6-9438-3c06fc5e264b","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this information is","page_number":230,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"416847ce-686e-433c-81e1-1f3c61d89e04","block_type":"box","text":"at the sole discretion of the reader.","page_number":230,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"cf4210a9-3a39-4ecb-bf21-8234f9cc7b4e","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":230,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"b6c6b83e-d4b5-48b4-a24d-6f2c772d3ee8","block_type":"box","text":"©","page_number":230,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"6be5e5eb-34fa-42a9-a257-7479a7f43527","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":230,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"40726cdb-fdfe-4bef-ae2a-83b2862eea33","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":230,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"97368223-8178-42cf-b9e4-f908f4bf6d6e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"17234a5f-5fa1-46a3-b30b-2a26e709b6cc","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":230,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ed789176-99d1-4f8e-9c0f-2a18411ce63f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4736e859-212b-4d1c-98ac-21f22c7b88d1","block_type":"box","text":"APPENDIX C","page_number":231,"box":{"x":438,"y":75,"width":101,"height":10}},{"id":"ca3c9301-b39e-4c57-b394-d64210207d5a","block_type":"box","text":"SPECIAL CONSIDERATIONS REGARDING INVESTMENTS IN NEW YORK MUNICIPAL SECURITIES","page_number":231,"box":{"x":106,"y":99,"width":765,"height":9}},{"id":"3033535a-c63b-4c7e-b9f9-57cff1569a86","block_type":"box","text":"The following information is a brief summary of factors affecting the economy of New York City (the “City” or","page_number":231,"box":{"x":101,"y":121,"width":770,"height":12}},{"id":"ccd27788-7c7d-4082-ab71-dc613438c3ec","block_type":"box","text":"“New York City”) or New York State (the “State”, “New York” or “NYS”) and does not purport to be a complete","page_number":231,"box":{"x":70,"y":137,"width":781,"height":11}},{"id":"98536d63-f8e8-4629-9484-2e068f4cf69d","block_type":"box","text":"description of such factors. Other factors will affect issuers.","page_number":231,"box":{"x":69,"y":152,"width":426,"height":11}},{"id":"cbeee4ba-0b71-4a84-b4a1-c91f41a8077d","block_type":"box","text":"The summary is based primarily upon the most recent publicly available offering statements relating to debt","page_number":231,"box":{"x":101,"y":174,"width":790,"height":12}},{"id":"e56bba76-3a0f-4692-b510-c32f40215c4d","block_type":"box","text":"offerings of state and local issuers and other financial and demographic information, as of August 14, 2025 with","page_number":231,"box":{"x":69,"y":190,"width":822,"height":11}},{"id":"ae9a2500-32ae-4913-b7e5-32d75fdc39cc","block_type":"box","text":"respect to the City and June 12, 2025 with respect to the State, and it does not reflect recent developments","page_number":231,"box":{"x":69,"y":205,"width":799,"height":11}},{"id":"ca1901fe-4b42-423c-b43f-c34af7ca274b","block_type":"box","text":"since the dates of such offering statements and other information. Neither the Fund nor its legal counsel has","page_number":231,"box":{"x":68,"y":220,"width":797,"height":11}},{"id":"ffd3512c-aa56-4600-a51c-1bb4e49917a3","block_type":"box","text":"independently verified this information.","page_number":231,"box":{"x":69,"y":235,"width":283,"height":11}},{"id":"5232a6bf-29c3-426f-9051-f55b646e2669","block_type":"box","text":"The State, some of its agencies, instrumentalities and public authorities and certain of its municipalities have","page_number":231,"box":{"x":101,"y":258,"width":785,"height":11}},{"id":"0d4c61ca-2a55-4491-9f84-b2bca40e2cda","block_type":"box","text":"sometimes faced serious financial difficulties that could have an adverse effect on the sources of payment for, or the","page_number":231,"box":{"x":69,"y":273,"width":838,"height":11}},{"id":"a9ab2a16-6d37-4c9b-bf87-b39d145efd6b","block_type":"box","text":"market value of, the New York municipal bonds in which the Fund invests.","page_number":231,"box":{"x":69,"y":288,"width":522,"height":11}},{"id":"6893b038-c842-4572-8278-7d0f3f7124b4","block_type":"box","text":"NEW YORK CITY","page_number":231,"box":{"x":69,"y":318,"width":120,"height":9}},{"id":"5784a2ca-2304-487e-b1ee-a224d9c7822c","block_type":"box","text":"General","page_number":231,"box":{"x":101,"y":341,"width":55,"height":9}},{"id":"5c444b16-6c3e-432c-bf53-18de112b8013","block_type":"box","text":". The City, with an estimated population of approximately 8.5 million as of July 2024, is an international","page_number":231,"box":{"x":158,"y":341,"width":737,"height":11}},{"id":"36a60faa-70c4-4bad-9e08-59c61cc5520f","block_type":"box","text":"center of business and culture. Its economy is broadly based, with the banking, securities, insurance, technology,","page_number":231,"box":{"x":69,"y":356,"width":808,"height":11}},{"id":"c741e5e4-8f3e-46eb-8f03-47323889ce65","block_type":"box","text":"information, publishing, fashion, design, retailing, education and health care industries accounting for a significant","page_number":231,"box":{"x":70,"y":371,"width":815,"height":11}},{"id":"3020d145-46dd-4780-ace7-6a93b0bfb288","block_type":"box","text":"portion of the City’s total employment earnings. Additionally, the City is a leading tourist destination.","page_number":231,"box":{"x":70,"y":386,"width":713,"height":11}},{"id":"a5ce1bb8-b51a-4876-9eb5-1dc5c4db3b80","block_type":"box","text":"For each of the 1981 through 2024 fiscal years, the City’s General Fund had an operating surplus, before","page_number":231,"box":{"x":102,"y":409,"width":752,"height":11}},{"id":"d0a8b8c7-d8c1-409c-a417-ef63f2b4b5cc","block_type":"box","text":"discretionary and other transfers, and achieved balanced operating results as reported in accordance with generally","page_number":231,"box":{"x":69,"y":424,"width":827,"height":11}},{"id":"3a293e47-3531-4743-b748-5a8f91ec1376","block_type":"box","text":"accepted accounting principles (“GAAP”), after discretionary and other transfers and except for the application of","page_number":231,"box":{"x":69,"y":439,"width":805,"height":11}},{"id":"46337469-9fa4-4182-8cdb-4c903f688950","block_type":"box","text":"Governmental Accounting Standards Board (“GASB”) Statement No. 49 (“GASB 49”) and without regard to certain","page_number":231,"box":{"x":69,"y":454,"width":813,"height":11}},{"id":"e53eb847-487b-4278-bb8f-409f8a39dd3f","block_type":"box","text":"fund balances, which may be carried forward as described below. City fiscal years end on June 30 and are referred to","page_number":231,"box":{"x":68,"y":469,"width":838,"height":11}},{"id":"e0331ac2-a557-495d-a8e2-a8ddf483bdcb","block_type":"box","text":"by the calendar year in which they end. The City has been required to close substantial gaps between forecast","page_number":231,"box":{"x":69,"y":484,"width":786,"height":12}},{"id":"a2d74da8-3106-4cb8-896e-b8ced19e96b0","block_type":"box","text":"revenues and forecast expenditures in order to maintain balanced operating results. There can be no assurance that","page_number":231,"box":{"x":69,"y":499,"width":832,"height":12}},{"id":"e5ecf82a-8fb3-4d52-bfc0-9d8ab34cdbdb","block_type":"box","text":"the City will continue to maintain balanced operating results as required by New York State (the “State”) law without","page_number":231,"box":{"x":68,"y":515,"width":827,"height":11}},{"id":"29a3bc7b-2e66-4899-b543-2ceee9c2bf76","block_type":"box","text":"proposed tax or other revenue increases or reductions in City services or entitlement programs, which could","page_number":231,"box":{"x":70,"y":530,"width":768,"height":11}},{"id":"4ca0d9d5-b536-4dab-95f7-192a0bc646bf","block_type":"box","text":"adversely affect the City’s economic base.","page_number":231,"box":{"x":69,"y":545,"width":301,"height":11}},{"id":"2535e36e-bb03-47eb-9487-72cbd7405c66","block_type":"box","text":"As required by the New York State Financial Emergency Act for The City of New York (the “Financial Emergency","page_number":231,"box":{"x":101,"y":567,"width":783,"height":12}},{"id":"9c647d22-ec1d-445b-a7d7-aee82b79503e","block_type":"box","text":"Act” or the “Act”) and the New York City Charter (the “City Charter”), the City prepares a four-year annual financial","page_number":231,"box":{"x":68,"y":583,"width":811,"height":11}},{"id":"a83acfea-3d88-49ec-a614-3cc6d0874475","block_type":"box","text":"plan, which is reviewed and revised on a quarterly basis and which includes the City’s capital, revenue and expense","page_number":231,"box":{"x":70,"y":598,"width":825,"height":11}},{"id":"f086a777-a4f9-4356-a90b-89e0191067c7","block_type":"box","text":"projections and outlines proposed gap-closing programs for years with projected budget gaps. The City’s current","page_number":231,"box":{"x":70,"y":613,"width":797,"height":11}},{"id":"9611df9c-6b78-4e64-861d-b530b9c4abef","block_type":"box","text":"financial plan projects budget balance in the 2025 and 2026 fiscal years in accordance with GAAP except for the","page_number":231,"box":{"x":68,"y":628,"width":805,"height":11}},{"id":"1104837b-9c8e-4e96-9a41-34e3120a337a","block_type":"box","text":"application of GASB 49 and without regard to certain fund balances, which may be carried forward as described","page_number":231,"box":{"x":69,"y":643,"width":797,"height":11}},{"id":"1add6998-69e0-4e67-9a31-ae1bbcc48a75","block_type":"box","text":"below. In 2010, the Financial Emergency Act was amended to waive the budgetary impact of GASB 49 by enabling the","page_number":231,"box":{"x":69,"y":658,"width":840,"height":11}},{"id":"6055262c-c29a-45a2-ba58-63684bd057b3","block_type":"box","text":"City to continue to finance with bond proceeds certain pollution remediation costs. In addition, the City may, without","page_number":231,"box":{"x":69,"y":673,"width":827,"height":11}},{"id":"217279ce-ad6b-45bb-9474-b13d9ed77ab5","block_type":"box","text":"violating its budget balance requirements, carry forward to a subsequent fiscal year or fiscal years unspent balances","page_number":231,"box":{"x":68,"y":688,"width":834,"height":12}},{"id":"53b88e3d-1f93-4435-94b8-14f6a7a85394","block_type":"box","text":"from certain funds restricted as to their use, as well as balances in the Health Insurance Stabilization Fund, School","page_number":231,"box":{"x":68,"y":703,"width":824,"height":11}},{"id":"22ab506b-effa-4380-b04f-c8c4769e956f","block_type":"box","text":"Crossing Guards Health Insurance Fund, Management Benefits Fund and Revenue Stabilization Fund. The City’s","page_number":231,"box":{"x":69,"y":719,"width":796,"height":11}},{"id":"610d0cf7-bb4f-4050-a357-ea7da0cd64e6","block_type":"box","text":"current financial plan projects budget gaps for the 2027 through 2029 fiscal years. A pattern of current year balance","page_number":231,"box":{"x":69,"y":734,"width":832,"height":11}},{"id":"e55f1fac-70b9-4ffe-8241-416098939d1a","block_type":"box","text":"and projected future year budget gaps has been consistent through the entire period since 1982, during which the","page_number":231,"box":{"x":69,"y":749,"width":815,"height":11}},{"id":"ea32b2b8-a3d8-4d03-b899-826656dbbaa9","block_type":"box","text":"City has achieved an excess of revenues over expenditures, before discretionary and other transfers, for each fiscal","page_number":231,"box":{"x":69,"y":764,"width":825,"height":11}},{"id":"d50e7d13-f9b2-4705-9bb8-f0154efd2039","block_type":"box","text":"year. The City is required to submit its financial plans to the New York State Financial Control Board (the “Control","page_number":231,"box":{"x":68,"y":779,"width":804,"height":11}},{"id":"037c96df-8a2c-4cc1-9cca-d2b591baeae9","block_type":"box","text":"Board”).","page_number":231,"box":{"x":70,"y":794,"width":56,"height":11}},{"id":"66893745-460f-4ebf-afb3-74b2804e4949","block_type":"box","text":"For its normal operations, the City depends on aid from the State both to enable the City to balance its budget","page_number":231,"box":{"x":102,"y":817,"width":787,"height":11}},{"id":"9d68b0a7-3b53-432b-9b03-d5c00d8e90a1","block_type":"box","text":"and to meet its cash requirements. There can be no assurance that there will not be delays or reductions in State aid","page_number":231,"box":{"x":69,"y":832,"width":838,"height":11}},{"id":"37062c76-2b45-49ac-b857-14ffa3e32d53","block_type":"box","text":"to the City from amounts currently projected; that State budgets for future State fiscal years will be adopted by the","page_number":231,"box":{"x":68,"y":847,"width":818,"height":11}},{"id":"48286f0b-2201-4f14-9953-8c6ad83782f7","block_type":"box","text":"April 1 statutory deadline, or interim appropriations will be enacted; or that any such reductions or delays will not","page_number":231,"box":{"x":68,"y":863,"width":807,"height":10}},{"id":"9cbc3ecc-8216-4f54-862f-3d8585aac3b6","block_type":"box","text":"have adverse effects on the City’s cash flow or expenditures. In addition, the City and the State have made various","page_number":231,"box":{"x":69,"y":877,"width":820,"height":12}},{"id":"7c74cea5-9a5c-486d-8735-6ea57d076825","block_type":"box","text":"assumptions with respect to federal aid. Future federal actions or inactions could have adverse effects on the City,","page_number":231,"box":{"x":69,"y":892,"width":818,"height":12}},{"id":"0b6300df-6fe3-449a-a469-7cbfd76e7b38","block_type":"box","text":"Public Page 1 of 42","page_number":231,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"c3f91a00-1f3a-4290-8dd4-658b91491142","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1baaf76-1e3e-4cb6-943c-443be4302d52","block_type":"box","text":"both directly and indirectly through State aid to localities reductions that will need to be taken in the absence of","page_number":232,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"558e1419-d83d-474f-9433-630476a49536","block_type":"box","text":"additional federal aid to the State.","page_number":232,"box":{"x":69,"y":90,"width":243,"height":9}},{"id":"a0403467-bacf-4c97-b885-66eb7a5e0041","block_type":"box","text":"The Mayor is responsible under the City Charter for preparing the City’s annual expense and capital budgets (as","page_number":232,"box":{"x":101,"y":113,"width":798,"height":11}},{"id":"83b2db61-d505-4e85-8984-cc4e03a3668d","block_type":"box","text":"adopted, the “Expense Budget” and the “Capital Budget,” respectively, and collectively, the “Budgets”) and for","page_number":232,"box":{"x":69,"y":128,"width":788,"height":11}},{"id":"25453f1c-9008-4475-ae3c-ed780e3a4bea","block_type":"box","text":"submitting the Budgets to the City Council for its review and adoption. The Expense Budget covers the City’s","page_number":232,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"7cb4b413-0119-46d3-8a43-41e46c2fac60","block_type":"box","text":"operating expenditures for municipal services, while the Capital Budget covers expenditures for capital projects, as","page_number":232,"box":{"x":69,"y":158,"width":819,"height":11}},{"id":"1bda9af6-d0b2-4963-a563-3fb03a65ab76","block_type":"box","text":"defined in the City Charter, in each case for the City fiscal year. Operations under the Expense Budget must reflect","page_number":232,"box":{"x":69,"y":173,"width":816,"height":11}},{"id":"85723e2c-2267-4155-8bab-ed504f187f9d","block_type":"box","text":"the aggregate expenditure limitations contained in financial plans.","page_number":232,"box":{"x":68,"y":188,"width":470,"height":12}},{"id":"8d5d8239-289a-480e-a6d1-93dc97d087f9","block_type":"box","text":"Implementation of the financial plan is dependent on the City’s ability to successfully market its bonds and","page_number":232,"box":{"x":102,"y":211,"width":761,"height":11}},{"id":"e8d4a970-ecb0-4f43-9a39-035b59aa672a","block_type":"box","text":"notes. Implementation of the financial plan is also dependent upon the ability to market the securities of other","page_number":232,"box":{"x":69,"y":226,"width":789,"height":11}},{"id":"3e551d9f-e2b7-405a-9881-8760e056e3f7","block_type":"box","text":"financing entities including the New York City Municipal Water Finance Authority (the “Water Authority”) and the New","page_number":232,"box":{"x":68,"y":241,"width":823,"height":11}},{"id":"9649f1ee-0c81-4d6a-abdf-53f25439c907","block_type":"box","text":"York City Transitional Finance Authority (“TFA”). The success of projected public sales of City, Water Authority, TFA and","page_number":232,"box":{"x":68,"y":256,"width":838,"height":11}},{"id":"8fc24707-5106-4cd9-a380-526f09a7b0d2","block_type":"box","text":"other bonds and notes will be subject to prevailing market conditions. Future developments in the financial markets","page_number":232,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"06ea1f86-9779-4c3d-992b-d5174d56893a","block_type":"box","text":"generally, as well as future developments concerning the City, and public discussion of such developments, may","page_number":232,"box":{"x":68,"y":286,"width":801,"height":12}},{"id":"b75b182c-ca07-460a-80c7-43ed6cd075e9","block_type":"box","text":"affect the market for outstanding City general obligation bonds and notes.","page_number":232,"box":{"x":69,"y":302,"width":526,"height":11}},{"id":"2832adb8-a951-4dec-bfb9-731727eb4dae","block_type":"box","text":"The City Comptroller and other agencies and public officials, from time to time, issue reports and make public","page_number":232,"box":{"x":101,"y":324,"width":786,"height":12}},{"id":"0a006892-07d4-4f54-bb0f-0eb0450036a9","block_type":"box","text":"statements which, among other things, state that projected revenues and expenditures may be different from those","page_number":232,"box":{"x":69,"y":339,"width":825,"height":12}},{"id":"47e91073-6e20-46ba-a75f-8493b1204909","block_type":"box","text":"forecast in the City’s financial plans.","page_number":232,"box":{"x":68,"y":355,"width":260,"height":11}},{"id":"b9f08b42-437a-473c-8313-a387d638eaf4","block_type":"box","text":"City Financial Plan","page_number":232,"box":{"x":101,"y":377,"width":135,"height":11}},{"id":"d022e120-3cc9-40fc-a740-8912a9807485","block_type":"box","text":". For the 2024 fiscal year, the City’s General Fund had a total surplus of $4.4 billion, before","page_number":232,"box":{"x":239,"y":377,"width":653,"height":11}},{"id":"889acb22-7f01-4689-97c4-9530cb71d4c4","block_type":"box","text":"discretionary and other transfers, and achieved balanced operating results in accordance with GAAP, except for the","page_number":232,"box":{"x":69,"y":392,"width":819,"height":12}},{"id":"c2e855ef-71d6-4aee-ad26-73280e26f3cf","block_type":"box","text":"application of GASB 49 and without regard to certain fund balances permitted to be carried forward as described in","page_number":232,"box":{"x":69,"y":407,"width":823,"height":12}},{"id":"a57262e0-9b0f-4a75-8f7f-21b6b81cac77","block_type":"box","text":"“Introductory Statement,” after discretionary and other transfers. The 2024 fiscal year was the forty-fourth","page_number":232,"box":{"x":70,"y":423,"width":760,"height":11}},{"id":"7a122a12-6bfa-46c8-8430-866d744b72e0","block_type":"box","text":"consecutive year that the City achieved balanced operating results when reported in accordance with GAAP, except for","page_number":232,"box":{"x":69,"y":438,"width":840,"height":11}},{"id":"f9d49f20-650a-4aa9-8ab2-4c3590a9e188","block_type":"box","text":"the application of GASB 49 and without regard to certain fund balances permitted to be carried forward.","page_number":232,"box":{"x":68,"y":453,"width":742,"height":11}},{"id":"0c8defc6-75d9-4a3a-9fdd-3386b3f30e36","block_type":"box","text":"2025-2029 Financial Plan","page_number":232,"box":{"x":69,"y":483,"width":188,"height":9}},{"id":"4adcb019-b9df-48b6-a042-a69419c7690b","block_type":"box","text":"For June 30, 2024, the City submitted to the Control Board the financial plan for the 2024 through 2028 fiscal","page_number":232,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"8beece48-aebb-4f21-89e5-1837338e3fa2","block_type":"box","text":"years (the “June 2024 Financial Plan”), which was consistent with the City’s capital and expense budgets as adopted","page_number":232,"box":{"x":68,"y":521,"width":837,"height":11}},{"id":"cfbe8d90-e0fb-4bcd-8891-1b0521e64478","block_type":"box","text":"for the 2025 fiscal year. Subsequently, the June 2024 Financial Plan was modified during the 2025 fiscal year. On","page_number":232,"box":{"x":68,"y":536,"width":814,"height":11}},{"id":"b2cdb9e3-278d-461c-a37f-cc006d413ef9","block_type":"box","text":"June 30, 2025, the City submitted to the Control Board the financial plan for the 2026 through 2029 fiscal years,","page_number":232,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"c25a9281-49f4-4801-8e62-5a237d199145","block_type":"box","text":"which is consistent with the City’s capital and expense budgets as adopted for the 2026 fiscal year, and a further","page_number":232,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"dfc5fc55-f93e-4eb5-9de8-8184c89320c8","block_type":"box","text":"modification to the June 2024 Financial Plan with respect to the 2025 fiscal year (together, the “Financial Plan”).","page_number":232,"box":{"x":69,"y":581,"width":805,"height":12}},{"id":"25dc964f-f148-41a4-abc3-8a11313e12a0","block_type":"box","text":"The Financial Plan projects revenues and expenses for the 2025 and 2026 fiscal years balanced in accordance","page_number":232,"box":{"x":101,"y":604,"width":795,"height":11}},{"id":"a51cc110-b607-4e48-824f-f304c8ac9c33","block_type":"box","text":"with GAAP, except as described above, and projects gaps of approximately $5.04 billion, $6.1 billion and","page_number":232,"box":{"x":68,"y":618,"width":747,"height":12}},{"id":"50030f95-9bdc-4bc6-a1c7-ce760ebf6bc4","block_type":"box","text":"$5.96 billion in fiscal years 2027, 2028 and 2029, respectively. The June 2024 Financial Plan had projected","page_number":232,"box":{"x":69,"y":634,"width":776,"height":11}},{"id":"8ecb6267-b22c-4bb8-bbca-c03cb21cca96","block_type":"box","text":"revenues and expenses for the 2025 fiscal year balanced in accordance with GAAP, except as described above, and","page_number":232,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"398dc626-d8a3-4387-9e70-2b723d330255","block_type":"box","text":"had projected gaps of approximately $5.5 billion, $5.59 billion and $6.47 billion in fiscal years 2026 through 2028,","page_number":232,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"c87fa606-a7e2-4a9a-baca-fd9cd3689f16","block_type":"box","text":"respectively.","page_number":232,"box":{"x":69,"y":680,"width":86,"height":11}},{"id":"e80df885-cb6f-4a4c-90fa-95aada8e2f2f","block_type":"box","text":"The Financial Plan reflects, since the June 2024 Financial Plan, increases in projected net revenues of","page_number":232,"box":{"x":101,"y":702,"width":732,"height":11}},{"id":"f9470306-7aca-4240-b28a-7d19bea94fb0","block_type":"box","text":"$3.87 billion, $3.45 billion, $2.07 billion and $2.42 billion in fiscal years 2025 through 2028, respectively. Changes","page_number":232,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"5045ae9b-15a6-45dd-8ea2-c39f342dc13d","block_type":"box","text":"in projected revenues include: (i) increase in real property tax revenues of $443 million, $592 million, $917 million","page_number":232,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"f1d03e2d-ae6f-4441-bed7-d8d698ff22de","block_type":"box","text":"and $1.3 billion in fiscal years 2025 through 2028, respectively; (ii) increases in personal income tax and pass","page_number":232,"box":{"x":69,"y":747,"width":798,"height":12}},{"id":"d15a2d6c-6fee-401e-b84f-7c039e65c63a","block_type":"box","text":"through entity tax revenues of $1.13 billion, $525 million and $42 million in fiscal years 2025, 2026 and 2028,","page_number":232,"box":{"x":68,"y":762,"width":801,"height":12}},{"id":"aa78ca4d-c1b1-4f9a-bd24-d355a753a90f","block_type":"box","text":"respectively, and a decrease of $121 million in fiscal year 2027; (iii) increases in business tax revenues of","page_number":232,"box":{"x":69,"y":777,"width":764,"height":12}},{"id":"d268feff-b949-4336-aafe-294a6ce60b41","block_type":"box","text":"$1.30 billion, $2.05 billion, $1.31 billion and $1.21 billion in fiscal years 2025 through 2028, respectively;","page_number":232,"box":{"x":69,"y":792,"width":767,"height":12}},{"id":"33984105-009a-4051-9759-a7146dee31e4","block_type":"box","text":"(iv) decreases in sales tax revenues of $68 million, $132 million, $197 million and $242 million in fiscal years 2025","page_number":232,"box":{"x":69,"y":807,"width":835,"height":12}},{"id":"87a0a958-8f80-463d-b55b-ce966f41c312","block_type":"box","text":"through 2028, respectively; (v) an increase in real estate transaction tax revenues of $61 million and $59 million in","page_number":232,"box":{"x":68,"y":823,"width":826,"height":12}},{"id":"3fe8959d-2a0a-4ee9-9d85-2172bb23cd1c","block_type":"box","text":"fiscal years 2025 and 2026, respectively and decreases of $20 million and $19 million in fiscal years 2027 and","page_number":232,"box":{"x":68,"y":838,"width":804,"height":11}},{"id":"352399ad-d671-4759-acc7-28f99d62259c","block_type":"box","text":"2028, respectively; (vi) decreases in State School Tax Relief Program (“STAR Program”) revenues of $9 million in","page_number":232,"box":{"x":69,"y":853,"width":804,"height":12}},{"id":"aeb8346e-3735-4de3-97db-63abd2a8d1c6","block_type":"box","text":"fiscal years 2025 through 2028, respectively; (vii) increases in hotel tax revenues of $42 million, $47 million,","page_number":232,"box":{"x":68,"y":868,"width":783,"height":12}},{"id":"bd858a32-b2a3-43b9-a31e-6a411b62224a","block_type":"box","text":"$28 million and $2 million in fiscal years 2025 through 2028, respectively; and (viii) increases in other tax revenues","page_number":232,"box":{"x":69,"y":883,"width":830,"height":12}},{"id":"771a8a91-0f1b-4cb0-a2cf-741f48cdb3bc","block_type":"box","text":"of $316 million, $170 million, $140 million and $113 million in fiscal years 2025 through 2028, respectively.","page_number":232,"box":{"x":69,"y":898,"width":783,"height":12}},{"id":"627d4b3f-fb23-41b6-ac96-20e094f5e62e","block_type":"box","text":"Public Page 2 of 42","page_number":232,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"e7e71218-c6f0-4d34-8472-6b15de5a5760","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ed56909-65ce-4830-b88a-d937160cedcc","block_type":"box","text":"Changes in net projected revenues also include (i) increases in non-tax revenues of $501 million, $171 million,","page_number":233,"box":{"x":102,"y":74,"width":792,"height":12}},{"id":"bd1e8a33-dd38-4aaf-b646-2a982f56628d","block_type":"box","text":"$77 million, and $73 million in fiscal years 2025 through 2028, respectively; (ii) decreases in personal income tax","page_number":233,"box":{"x":69,"y":89,"width":819,"height":12}},{"id":"adfe4ea6-b1bf-42a5-9ae3-b48b0520b574","block_type":"box","text":"revenues of $63 million, $65 million and $68 million in fiscal years 2026 through 2028, respectively, due to","page_number":233,"box":{"x":69,"y":104,"width":774,"height":12}},{"id":"25808091-f9e6-4c8c-8dbc-79229950aaa6","block_type":"box","text":"increases in tax refunds issued under the “Axe the Tax” program; (iii) decreases in revenues of $61 million in fiscal","page_number":233,"box":{"x":70,"y":120,"width":821,"height":12}},{"id":"c400590a-d4ab-4381-af63-d5396525c381","block_type":"box","text":"years 2026 through 2028, respectively, relating the State fiscal year 2026 budget (“State 2026 Budget”); (iv) an","page_number":233,"box":{"x":68,"y":135,"width":805,"height":12}},{"id":"0732040c-2ef7-4132-b044-a8a4e716565a","block_type":"box","text":"increase in unrestricted aid revenues of $52 million in fiscal year 2025; and (v) and increase in disallowances of","page_number":233,"box":{"x":70,"y":150,"width":803,"height":12}},{"id":"82ac2a17-b212-4e60-b1fb-96b734e21d66","block_type":"box","text":"$19 million in fiscal year 2025.","page_number":233,"box":{"x":69,"y":165,"width":222,"height":12}},{"id":"6e8f825b-a1d3-4f7d-939b-7be3d7ac0a37","block_type":"box","text":"The Financial Plan also reflects, since the June 2024 Financial Plan, net increases in projected net expenditures","page_number":233,"box":{"x":101,"y":188,"width":801,"height":11}},{"id":"fa6fd699-ae1d-491f-ac53-4d4915f99e6f","block_type":"box","text":"of $87 million, $1.74 billion, $1.52 billion and $2.06 billion in fiscal years 2025 through 2028, respectively.","page_number":233,"box":{"x":69,"y":203,"width":774,"height":12}},{"id":"156b6bd3-2df3-44b2-a989-87d073cf337b","block_type":"box","text":"Changes in projected expenditures include: (i) increases in agency expenses of $6.1 billion, $3.62 billion,","page_number":233,"box":{"x":69,"y":218,"width":754,"height":12}},{"id":"1af6a1eb-cb4d-41f8-b831-885448e5b992","block_type":"box","text":"$2.16 billion and $2.16 billion in fiscal years 2025 through 2028, respectively; (ii) decreases in projected personal","page_number":233,"box":{"x":69,"y":233,"width":822,"height":12}},{"id":"5dd17f29-cbcc-4949-9096-f68304d29a4f","block_type":"box","text":"services and other than personal services expenses of $491 million, $61 million, $59 million and $60 million in","page_number":233,"box":{"x":69,"y":248,"width":803,"height":12}},{"id":"8d90aaa9-91f9-4a48-871c-d2d18052c2e5","block_type":"box","text":"fiscal years 2025 through 2028, respectively; (iii) decreases in certain costs of providing services to asylum seekers","page_number":233,"box":{"x":68,"y":264,"width":836,"height":11}},{"id":"d6c77710-bc91-4ee7-851f-c8a59b0adfc4","block_type":"box","text":"of $1.94 billion, $1.84 billion and $800 million in fiscal years 2025 through 2027, respectively; (v) an increase in","page_number":233,"box":{"x":69,"y":278,"width":812,"height":12}},{"id":"09677782-cbd7-454c-b7cf-aa05efa4a438","block_type":"box","text":"expense relating to certain City Council initiatives of $609 million in fiscal year 2026; (vi) increases in expenses of","page_number":233,"box":{"x":69,"y":293,"width":819,"height":12}},{"id":"afb8e0f5-669b-45ba-bf37-616482d4d2cc","block_type":"box","text":"$436 million, $453 million and $293 million in fiscal years 2026 through 2028, respectively, relating to the State","page_number":233,"box":{"x":69,"y":309,"width":812,"height":11}},{"id":"cd58b9bd-ce42-4203-bd95-405a5b80fa49","block_type":"box","text":"2026 Budget; (vii) decreases in certain labor reserves expenses of $565 million and $210 million in fiscal years","page_number":233,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"1afaa6c1-bfd6-4123-816b-92548de45285","block_type":"box","text":"2025 and 2026, respectively; (viii) decreases in pension contributions of $318 million, $631 million, $218 million","page_number":233,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"6fad3362-2a8a-4f35-b490-a93990dea1e1","block_type":"box","text":"and $466 million in fiscal years 2025 through 2028, respectively; (ix) decreases in debt service of $455 million,","page_number":233,"box":{"x":69,"y":354,"width":803,"height":12}},{"id":"9d412d94-67b4-4966-a3b4-fddc15bf041f","block_type":"box","text":"$185 million and $18 million in fiscal years 2025 through 2027, respectively, and an increase in debt service of","page_number":233,"box":{"x":69,"y":369,"width":804,"height":12}},{"id":"c9e018c5-7857-43a2-a909-198c9ba1963b","block_type":"box","text":"$128 million in fiscal year 2028; (x) a decrease in the general reserve of $1.18 billion in fiscal year 2025; (xi) a","page_number":233,"box":{"x":69,"y":384,"width":799,"height":12}},{"id":"d53ff4d7-48b0-41a6-8ea9-8817efad8464","block_type":"box","text":"decrease in the capital stabilization reserve of $250 million in fiscal year 2025; and (xii) a decrease of $816 million","page_number":233,"box":{"x":69,"y":399,"width":828,"height":12}},{"id":"643c6064-b8f5-4610-8b65-7983a46f6d52","block_type":"box","text":"in fiscal year 2025 reflecting a re-estimate of prior years’ expenses and receivables.","page_number":233,"box":{"x":70,"y":415,"width":599,"height":11}},{"id":"35b95b26-550d-4892-b328-57e61817ae1a","block_type":"box","text":"The Financial Plan reflects, since the June 2024 Financial Plan, provision of $3.79 billion for the prepayment in","page_number":233,"box":{"x":101,"y":437,"width":792,"height":12}},{"id":"d40e44de-5f71-48f5-a9a9-08a29cef1299","block_type":"box","text":"fiscal year 2025 of fiscal year 2026 expenses, resulting in an equivalent expenditure reduction in fiscal year 2026.","page_number":233,"box":{"x":68,"y":453,"width":821,"height":11}},{"id":"47493f82-60ee-42ad-9fe1-0061d74562fc","block_type":"box","text":"The Financial Plan assumes total federal categorical grants of $11.04 billion, $7.47 billion, $7.24 billion,","page_number":233,"box":{"x":101,"y":475,"width":751,"height":12}},{"id":"064fed4a-78b5-4e29-9e67-1a8ef236659d","block_type":"box","text":"$7.28 billion and $7.34 billion in fiscal years 2025 through 2029, respectively.","page_number":233,"box":{"x":69,"y":490,"width":564,"height":12}},{"id":"e127eb75-bf10-4b49-ae3a-f2defc85473d","block_type":"box","text":"The City receives significant funding from the federal government for community development, social services,","page_number":233,"box":{"x":101,"y":513,"width":785,"height":12}},{"id":"415ed24f-aff3-48bd-8503-3ff7a468aaae","block_type":"box","text":"education and other purposes pursuant to various federal programs. The Trump administration has issued a series of","page_number":233,"box":{"x":69,"y":528,"width":838,"height":12}},{"id":"05087ad9-4bdb-4040-8ff6-cb8fe7ca9893","block_type":"box","text":"executive orders and other policy documents and notices which, if legally enforceable and fully implemented, would","page_number":233,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"39411d35-85e9-47cf-9728-76a032ad9e48","block_type":"box","text":"impact federal spending programs, including federal funds payable to the City and City-related entities, including the","page_number":233,"box":{"x":70,"y":559,"width":824,"height":11}},{"id":"7beb76d3-18af-4920-90c8-4840d9e3f444","block_type":"box","text":"New York City Housing Authority (“NYCHA”) and the New York City Health and Hospitals Corporation (“NYCHH”). The","page_number":233,"box":{"x":70,"y":574,"width":821,"height":11}},{"id":"c07f6bb0-4c9d-4252-ab32-beeed332a31b","block_type":"box","text":"City has received notices from the federal government pausing or terminating the receipt of federal funds by the City.","page_number":233,"box":{"x":69,"y":589,"width":831,"height":11}},{"id":"10d4667d-0497-436a-b430-e6c164c16988","block_type":"box","text":"The City expects to receive additional notices in the future. The City continues to review the relevant orders, policy","page_number":233,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"51c0085a-b566-4ecb-9b57-44815d93bfe2","block_type":"box","text":"documents and notices, analyze their potential impact on the City, and take action, including commencing litigation or","page_number":233,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"cd583dce-fe5a-4b65-beab-bcd5922d09ca","block_type":"box","text":"joining litigation commenced by other governmental entities, where appropriate. In certain lawsuits, the State and","page_number":233,"box":{"x":67,"y":634,"width":811,"height":12}},{"id":"211c0101-b086-42fc-a757-3aa28894c88d","block_type":"box","text":"City have obtained preliminary relief, either restoring funding that had been terminated or enjoining particular federal","page_number":233,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"589ec44c-2b56-4fcf-a984-1aeb1b6188de","block_type":"box","text":"agencies from enforcing various terms against the City as a condition for receipt of federal funding. It is not possible","page_number":233,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"ae4e5276-1d93-4f38-a16f-bb80b312de7e","block_type":"box","text":"at this time to predict the effect these executive orders, notices pausing or terminating the receipt of federal funds or","page_number":233,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"6c2a8127-9b93-4abe-83eb-a67aa2374e38","block_type":"box","text":"other potential changes, when taken individually or as a whole, will have on the City’s economy and the Financial","page_number":233,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"f36dec10-eea5-4957-9a89-7fc26c08a317","block_type":"box","text":"Plan. It is also not possible at this time to predict whether decisions in the subsequent stages of the lawsuits will","page_number":233,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"f90970f2-5d06-48e2-b667-f18cd84e739f","block_type":"box","text":"preserve or undo relief that the City has obtained to date. To the extent that implementation of these executive","page_number":233,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"6c49afad-4613-40a0-a949-a8a6805e7c27","block_type":"box","text":"orders or related policy documents and notices would result in the material reduction of federal aid to the City, the","page_number":233,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"5d349769-5fca-4e30-b906-973c34605054","block_type":"box","text":"City expects to continue to take appropriate actions to seek to maintain such aid. There can be no guarantee that","page_number":233,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"eb671247-02cb-40de-a0e1-2a8d35dad342","block_type":"box","text":"implementation of these or future executive orders or other efforts to limit federal funding will not result in reductions","page_number":233,"box":{"x":70,"y":770,"width":837,"height":12}},{"id":"dc92be3d-3ab6-4b81-b149-c893380547ed","block_type":"box","text":"or delay in receiving such aid. Legislative proposals which could restrict eligibility for federal grants have also been","page_number":233,"box":{"x":69,"y":785,"width":815,"height":12}},{"id":"c7706a16-029b-49f1-9877-fca6b41130ce","block_type":"box","text":"introduced in Congress. The likelihood of such proposals being enacted, or the impact such proposals may have on","page_number":233,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"66264d2f-0193-4fac-a21f-a60049a349ab","block_type":"box","text":"the City if enacted, cannot be determined at this time, but any such impact may be significant.","page_number":233,"box":{"x":68,"y":816,"width":674,"height":11}},{"id":"6efafd41-ede3-47e8-8d8f-b862c3a5d362","block_type":"box","text":"On July 4, 2025, Public Law No. 119–21 (enacted as “An Act to provide for reconciliation pursuant to title II of","page_number":233,"box":{"x":102,"y":838,"width":786,"height":11}},{"id":"27bb4244-172b-4f19-a42b-51c299b0130f","block_type":"box","text":"House Concurrent Resolution 14”) (the “Reconciliation Act of 2025”), was signed into law. The Reconciliation Act of","page_number":233,"box":{"x":70,"y":853,"width":826,"height":12}},{"id":"e821adad-2e7d-4d0a-b30a-66234af40048","block_type":"box","text":"2025 is expected to have implications on the City and City-related entities, including NYCHH, the impact of which is","page_number":233,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"ca1ea55a-baa0-4f5a-808e-2fdc66bd709b","block_type":"box","text":"not reflected in the Financial Plan or the State 2026 Budget. Many of the proposed federal spending reductions are","page_number":233,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"e48cb850-6dc6-4957-b886-e902afacbc5c","block_type":"box","text":"Public Page 3 of 42","page_number":233,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"a1d63326-b0ca-41e6-8fd6-197364482de6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa4af296-a939-4cdc-bc63-ab77c384d4e2","block_type":"box","text":"targeted at the State level, and it is still unknown whether, and to what extent, the State will pass those impacts","page_number":234,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"6a05b01b-c201-4bf3-b4d9-7dc610451c7a","block_type":"box","text":"down to the City or City-related entities such as NYCHH.","page_number":234,"box":{"x":69,"y":90,"width":396,"height":11}},{"id":"ce14cc4e-2acc-4db8-98df-8c7f3dbd1f32","block_type":"box","text":"On July 24, 2025, the Department of Justice filed suit against the City in the Eastern District of New York","page_number":234,"box":{"x":102,"y":113,"width":750,"height":11}},{"id":"a5e7abb9-d32b-4d34-86fd-571009f752d8","block_type":"box","text":"alleging that certain provisions of local law as well as an operations order of the Police Department, generally limiting","page_number":234,"box":{"x":69,"y":128,"width":839,"height":11}},{"id":"3cf1422d-0b29-4fb9-a7e0-5c1e46a70b1f","block_type":"box","text":"cooperation with federal immigration enforcement, infringe upon the federal government’s authority with respect to","page_number":234,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"86c447da-0b7e-4b2a-9342-9e12c3d32bfa","block_type":"box","text":"immigration. The lawsuit seeks to have the federal court invalidate the provisions of local law in question and the","page_number":234,"box":{"x":70,"y":158,"width":807,"height":11}},{"id":"0bc70d46-4fa3-4281-b74d-6bbd18d50696","block_type":"box","text":"operations order and to enjoin their enforcement. The City anticipates that it will contest the causes of action","page_number":234,"box":{"x":69,"y":173,"width":778,"height":11}},{"id":"5b2b6061-1247-47ae-a8e0-2ae093f0bb3c","block_type":"box","text":"asserted in the suit and is reviewing what, if any, impact the suit may have on the Financial Plan.","page_number":234,"box":{"x":69,"y":188,"width":690,"height":12}},{"id":"8e1b4aa9-8842-4560-bc55-d34c3c6c718c","block_type":"box","text":"The State 2026 Budget discontinued the Indigent Care Pool (a pool of Disproportionate Share Hospital funds set","page_number":234,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"ea59950a-3e72-4ebc-8760-c5b0d667cc5a","block_type":"box","text":"aside to reimburse public and voluntary hospitals for uncompensated care costs) distributions for NYCHH, which","page_number":234,"box":{"x":69,"y":226,"width":801,"height":11}},{"id":"bb0225e6-ac05-4a0b-80ae-29d5db1b800a","block_type":"box","text":"results in the shifting of annual costs from the State to the City, expected to be approximately $57 million annually,","page_number":234,"box":{"x":69,"y":241,"width":821,"height":11}},{"id":"f3f66c47-1b7a-4e5d-b9e4-77aaed7683ea","block_type":"box","text":"beginning January 1, 2025. Such costs are not reflected in the Financial Plan.","page_number":234,"box":{"x":69,"y":256,"width":555,"height":12}},{"id":"7a928528-abfa-4cc1-97b3-90915bc9b3ab","block_type":"box","text":"The Financial Plan reflects costs for asylum seeker services of $3.09 billion in fiscal year 2025 and $1.30 billion","page_number":234,"box":{"x":101,"y":278,"width":807,"height":12}},{"id":"b4572191-0815-4721-9927-e15cfdfef19f","block_type":"box","text":"in fiscal year 2026, which matches the City’s projections for such costs using data available as of June 2025. The","page_number":234,"box":{"x":70,"y":294,"width":815,"height":11}},{"id":"d477eca8-ec29-4c0a-802e-dbc16d184954","block_type":"box","text":"Financial Plan reflects costs for asylum seeker services of $1.2 billion in fiscal year 2027 and $500 million in each","page_number":234,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"bb9ce731-1a85-4ba6-9a77-59647efa0ebe","block_type":"box","text":"of fiscal years 2028 and 2029. The City does not have projections for such costs for fiscal years 2027 through","page_number":234,"box":{"x":69,"y":324,"width":792,"height":12}},{"id":"7594c29d-2f43-48af-8f13-4769a618419c","block_type":"box","text":"2029. The City continues to monitor the costs of providing asylum seeker services. The costs for asylum seeker","page_number":234,"box":{"x":69,"y":339,"width":801,"height":12}},{"id":"f12ad36e-bdae-4536-ab64-383ff3dfb882","block_type":"box","text":"services reflected in the Financial Plan include funding from a combination of State, City, and federal sources. The","page_number":234,"box":{"x":69,"y":355,"width":814,"height":11}},{"id":"7c913533-cff7-46ea-a2c6-6aa7ea72eb05","block_type":"box","text":"Financial Plan reflects State funding for asylum seeker services of $1.50 billion in fiscal years 2025 and","page_number":234,"box":{"x":70,"y":369,"width":744,"height":12}},{"id":"a31cebdc-99ac-4f5b-82b1-dea113941095","block_type":"box","text":"$103 million in fiscal year 2026, with no State funding reflected in fiscal years 2027 and beyond. The City currently","page_number":234,"box":{"x":69,"y":384,"width":825,"height":12}},{"id":"09c09460-a0a5-4539-ae2e-dea187ce5900","block_type":"box","text":"expects to receive all State funding reflected in the Financial Plan although actual amounts may vary based on actual","page_number":234,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"41c778ee-10aa-48c4-b1e9-f9c39c027c93","block_type":"box","text":"expenses. The Financial Plan reflects $81 million and $37 million in federal fund reimbursements for costs related to","page_number":234,"box":{"x":69,"y":414,"width":837,"height":12}},{"id":"e67b25e2-6b19-4232-9eea-5becb51d84a9","block_type":"box","text":"asylum seekers in fiscal years 2025 and 2026, respectively, with no federal funding reflected in fiscal years 2027","page_number":234,"box":{"x":69,"y":430,"width":812,"height":11}},{"id":"2287befd-8efc-49a8-aba8-cc48431efbfa","block_type":"box","text":"and beyond. As noted above, the City has commenced litigation against the federal government related to certain","page_number":234,"box":{"x":69,"y":445,"width":808,"height":12}},{"id":"42a8f30e-7233-42ae-9cb0-c913f7cbc1cd","block_type":"box","text":"federal funding, which includes federal reimbursements for costs related to asylum seekers.","page_number":234,"box":{"x":68,"y":460,"width":657,"height":12}},{"id":"096bfc2d-7f3b-4bb2-921f-6dbffe908108","block_type":"box","text":"On May 25, 2023, the City Council passed four bills that substantially expand eligibility for the City’s housing","page_number":234,"box":{"x":102,"y":483,"width":777,"height":11}},{"id":"069a6f22-2d1a-4161-8279-7f29b00847bc","block_type":"box","text":"rental assistance voucher program for individuals and families who are experiencing or are at risk of homelessness.","page_number":234,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"aec25489-7b5b-4dc9-8c9f-f8dd17670f84","block_type":"box","text":"The bills lift existing eligibility requirements that applicants for vouchers reside or have resided in a City administered","page_number":234,"box":{"x":68,"y":513,"width":835,"height":12}},{"id":"de497394-f306-42ba-8a31-20fee168a292","block_type":"box","text":"shelter, expand income eligibility from 200% of the federal poverty level to 50% of area median income, eliminate all","page_number":234,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"3fc2ad12-6a24-4fbc-a7db-c080c5570537","block_type":"box","text":"work requirements for some households, and expand eligibility to households that have received written demands for","page_number":234,"box":{"x":68,"y":543,"width":836,"height":12}},{"id":"90308071-4f46-4c22-86a0-02ed33b2368c","block_type":"box","text":"payment of past rent. The Mayor vetoed the bills on June 23, 2023, noting fiscal, operational, policy and legal issues","page_number":234,"box":{"x":70,"y":559,"width":835,"height":11}},{"id":"95938fb3-172c-438c-9ddb-755e9931afae","block_type":"box","text":"presented by the legislation. The City Council voted to override the vetoes on July 13, 2023. The resulting laws,","page_number":234,"box":{"x":70,"y":574,"width":793,"height":11}},{"id":"eb9b334d-9010-474b-a8ee-30157ca443aa","block_type":"box","text":"comprised of Local Law Numbers 99, 100, 101 and 102 of 2023, each took effect on January 9, 2024. The City","page_number":234,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"e1d0ea12-270a-4624-9781-9906fe6b9fea","block_type":"box","text":"Commissioner of Social Services advised the City Council, by letter dated December 15, 2023, that in light of the","page_number":234,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"47bfa504-fd7e-4b72-a2bc-8543eac3be08","block_type":"box","text":"issues identified in the Mayor’s veto messages, the City would not be implementing the local laws at that time. The","page_number":234,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"58ca5631-7bbd-46b4-8bff-8f7bc2c2b3b6","block_type":"box","text":"Legal Aid Society filed a lawsuit in the New York State Supreme Court, New York County on February 14, 2024,","page_number":234,"box":{"x":70,"y":634,"width":789,"height":12}},{"id":"c367aede-1765-4192-8674-c0137b3338d7","block_type":"box","text":"against the City. On February 21, 2024, the City Council moved to intervene in the Legal Aid Society’s lawsuit. The","page_number":234,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"5a087415-0e5f-4e68-bbe8-6ceae70fa9ca","block_type":"box","text":"Mayor disputed the merits of these claims. On August 1, 2024, the Court denied the petitions from Legal Aid Society","page_number":234,"box":{"x":70,"y":664,"width":834,"height":12}},{"id":"1c3154a3-a0ad-44d0-9584-6d7d050670d2","block_type":"box","text":"and from the City Council, ruling that the Mayor established that the four bills are invalid as preempted by State law.","page_number":234,"box":{"x":69,"y":680,"width":828,"height":11}},{"id":"75c4589b-0d37-4da0-8671-3d3fe43e34d8","block_type":"box","text":"The City Council and Legal Aid Society appealed to the Appellate Division, First Department. On July 10, 2025, the","page_number":234,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"adf2cb7a-db98-45c9-99a2-e93874643082","block_type":"box","text":"Appellate Division held that the laws are not preempted and directed the Commissioner of Social Services to make","page_number":234,"box":{"x":68,"y":710,"width":821,"height":11}},{"id":"305312ed-a51e-4d63-8530-0cb70b7ce7eb","block_type":"box","text":"an appropriate submission or submissions to the State for its review. The City is considering options available to it,","page_number":234,"box":{"x":69,"y":725,"width":821,"height":11}},{"id":"eabb25b7-ae5e-4c5e-87da-763ce3bd5a23","block_type":"box","text":"including appeals. In 2023, when the laws were introduced the Mayor estimated that if they were implemented such","page_number":234,"box":{"x":70,"y":740,"width":827,"height":11}},{"id":"b3d369ff-91eb-4306-a4ea-f13f19b2baaa","block_type":"box","text":"that each eligible individual and family be provided with a rental assistance voucher they would cost the City","page_number":234,"box":{"x":68,"y":755,"width":771,"height":11}},{"id":"7be6b083-1664-416b-9b05-53534d965b76","block_type":"box","text":"approximately $17.0 billion over the years of the Financial Plan. The full fiscal impact of implementing these laws in","page_number":234,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"29e11987-9183-4c27-b2c7-a3d586653792","block_type":"box","text":"this manner is not reflected in the Financial Plan.","page_number":234,"box":{"x":68,"y":785,"width":350,"height":9}},{"id":"eee036d1-38e8-40de-b989-89593fe648f4","block_type":"box","text":"The Financial Plan does not reflect for fiscal years 2026 through 2029, the full cost of complying with the","page_number":234,"box":{"x":101,"y":808,"width":751,"height":11}},{"id":"e3491b46-e4a3-4cbf-8186-9323301ec6b5","block_type":"box","text":"requirements included in the State fiscal year 2024 budget (“State 2024 Budget”) that adoption, foster care, and","page_number":234,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"ae64a04e-30d4-4f75-ace3-5471175f4c15","block_type":"box","text":"related service providers be compensated at 100% of maximum State aid rates, which is expected to cost the City up","page_number":234,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"79b3bac6-a12f-4484-8929-17e2b950c3f2","block_type":"box","text":"to $179 million per fiscal year.","page_number":234,"box":{"x":68,"y":853,"width":217,"height":12}},{"id":"14c27549-a63f-468d-b435-6aa23c89fde2","block_type":"box","text":"The Financial Plan does not reflect the full cost of complying with a State law enacted in 2022 which mandates","page_number":234,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"3a8e6ed8-5c40-4143-b672-a78a54abebf4","block_type":"box","text":"certain maximum class sizes in public school kindergarten through twelfth grades, to be phased in over five years.","page_number":234,"box":{"x":69,"y":891,"width":815,"height":12}},{"id":"2e925038-1f84-4c85-8244-6ea0cbcf787e","block_type":"box","text":"The City met the minimum class size requirement in fiscal years 2024 and 2025, and added over $400 million of","page_number":234,"box":{"x":68,"y":906,"width":811,"height":12}},{"id":"21af08b5-30ca-48f8-8993-3b2e74d952ae","block_type":"box","text":"Public Page 4 of 42","page_number":234,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"b7139000-e5f6-4449-b6d0-6f002af9a65a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccb0d503-212e-4081-b899-134f9942366b","block_type":"box","text":"funding to aid in the hiring of over 3,700 additional teachers to comply in fiscal year 2026. Additional funding, not","page_number":235,"box":{"x":68,"y":75,"width":812,"height":11}},{"id":"c2f557ae-9d09-4773-abe5-956b2941e704","block_type":"box","text":"currently reflected in the Financial Plan, is required for the City to meet the minimum class size requirement in fiscal","page_number":235,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"8be3b084-9b76-4206-bbb7-a5b7f32168b9","block_type":"box","text":"year 2027 and beyond. Such additional funding required is estimated to be up to $1.5 billion in City expense funding","page_number":235,"box":{"x":68,"y":104,"width":834,"height":12}},{"id":"772ad9c1-5d8d-4efa-95a2-f25606c8a999","block_type":"box","text":"per fiscal year when the law is fully phased in by fiscal year 2028, with additional capital funding required for the","page_number":235,"box":{"x":70,"y":120,"width":801,"height":12}},{"id":"67534fee-dc8d-49e0-8746-c8fa1b8c4c0f","block_type":"box","text":"construction of new capacity. The total amount of additional capital funding required has not yet been determined but","page_number":235,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"b26e8a66-01df-4a12-a3b2-07236866500f","block_type":"box","text":"is likely significant. In addition, the Financial Plan does not fully reflect likely future costs for legally mandated tuition","page_number":235,"box":{"x":70,"y":150,"width":828,"height":12}},{"id":"608dcd9c-ae9a-4f3c-84b1-dd7213fca0dd","block_type":"box","text":"for special education students unilaterally placed by their families in private school settings or for other privately","page_number":235,"box":{"x":68,"y":166,"width":801,"height":11}},{"id":"b7482c43-3cb3-4e09-a5b6-a7f390d2f40d","block_type":"box","text":"provided services for special education students in private school settings. The City is closely monitoring these costs","page_number":235,"box":{"x":70,"y":181,"width":834,"height":11}},{"id":"5d8c7197-18b0-485c-b6f7-bd14091e6096","block_type":"box","text":"and while the amounts are not currently known, they are likely to be significant.","page_number":235,"box":{"x":69,"y":196,"width":564,"height":11}},{"id":"0e2a80e9-3a37-409e-a221-1b0482849112","block_type":"box","text":"The State fiscal year 2021 budget included a requirement that the City increase its funding of the Metropolitan","page_number":235,"box":{"x":101,"y":218,"width":790,"height":12}},{"id":"b645a771-27b1-423e-9c92-d9cfe710c76d","block_type":"box","text":"Transportation Authority’s (“MTA”) net paratransit operating deficit from 33% to 50%. The State 2024 Budget further","page_number":235,"box":{"x":68,"y":234,"width":832,"height":11}},{"id":"faf4d24b-09f1-47a8-9099-3b11c36e9fa6","block_type":"box","text":"required the City to increase its funding in fiscal years 2024 and 2025 from 50% to the lower of 80% of the deficit or","page_number":235,"box":{"x":69,"y":249,"width":834,"height":11}},{"id":"e92842b5-7fd4-47da-af87-6d4b3cd2c182","block_type":"box","text":"50% of the deficit plus $165 million. The State 2026 Budget included a requirement that the City continue to fund","page_number":235,"box":{"x":69,"y":263,"width":813,"height":12}},{"id":"d967a366-6696-49a4-96cb-bd40a929b6ea","block_type":"box","text":"the MTA’s net paratransit operating deficit at the lower of 80% of the deficit or 50% of the deficit plus $165 million in","page_number":235,"box":{"x":68,"y":278,"width":834,"height":12}},{"id":"4d55bac4-159b-49a2-9367-111d5be6a840","block_type":"box","text":"fiscal years 2026 and 2027. The City’s Financial Plan reflects a return to paying 50% of the deficit after fiscal year","page_number":235,"box":{"x":68,"y":294,"width":818,"height":11}},{"id":"a092b1d4-c565-418f-a75c-5fc0192a8f61","block_type":"box","text":"2027. The City’s Financial Plan reflects $505 million in fiscal year 2025, $340 million in fiscal years 2026 and","page_number":235,"box":{"x":69,"y":309,"width":792,"height":11}},{"id":"9e847e8d-68c5-4654-88f3-4909e5c96c0e","block_type":"box","text":"2027, and $175 million in fiscal years 2028 and 2029 to cover the City’s contributions for paratransit services,","page_number":235,"box":{"x":69,"y":324,"width":799,"height":11}},{"id":"54b65feb-c7ad-4b2c-9206-b2af253a7798","block_type":"box","text":"compared to the MTA’s February 2025 financial plan estimates of $499 million, $510 million, $550 million,","page_number":235,"box":{"x":69,"y":339,"width":770,"height":12}},{"id":"1ca76f6d-8f9a-4d58-b0b4-ddd956ed94ed","block_type":"box","text":"$577 million, and $602 million in fiscal years 2025 through 2029, respectively. Although the State Budget only","page_number":235,"box":{"x":69,"y":354,"width":795,"height":12}},{"id":"081f7fc3-e76a-4fc0-9308-3fcc82f427f4","block_type":"box","text":"mandated the above-described requirements through 2027, the MTA’s financial plan baselines the increased amount.","page_number":235,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"6df454d6-85cb-488d-9fb7-47882a01b79f","block_type":"box","text":"The State 2026 Budget included a requirement that the City contribute a total of $3 billion towards the MTA","page_number":235,"box":{"x":101,"y":392,"width":769,"height":12}},{"id":"bd82b0be-f3d5-41bb-b078-28541a7218f2","block_type":"box","text":"2025-2029 Capital Program. The City’s Financial Plan includes $1 billion of appropriations for the MTA 2025-2029","page_number":235,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"e575213b-b2e9-433f-817c-f13b0c02c219","block_type":"box","text":"Capital Program, which is expected to follow the State’s schedule, which assumes $400 million per year. Concurrent","page_number":235,"box":{"x":69,"y":422,"width":832,"height":12}},{"id":"abca6f70-c282-45cb-83f7-2589a6433e14","block_type":"box","text":"with the above requirement, the State increased the amount of Future Tax Secured Bonds the New York City","page_number":235,"box":{"x":68,"y":438,"width":770,"height":11}},{"id":"83cef2ea-561b-42a2-b061-aa989da9b1b3","block_type":"box","text":"Transitional Finance Authority may have outstanding not subject to the City’s debt limit by an additional $3 billion to","page_number":235,"box":{"x":68,"y":452,"width":824,"height":12}},{"id":"e84a4ca1-074c-48f1-bead-489fd03d1e26","block_type":"box","text":"$30.5 billion as of July 1, 2025.","page_number":235,"box":{"x":69,"y":467,"width":229,"height":12}},{"id":"0b5bff11-84e9-49a0-9b03-182b7ee76fef","block_type":"box","text":"The Financial Plan does not reflect full funding to cover projected increases in the annual operating deficit of the","page_number":235,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"bb0c51a1-1273-4d9e-a72c-3e88dad2cbc7","block_type":"box","text":"MTA Bus Company, which the City is obligated to fund. The Financial Plan reflects $508 million in fiscal year 2025","page_number":235,"box":{"x":70,"y":505,"width":811,"height":12}},{"id":"6632a4c2-5cd6-41d2-9b8c-b5f3460d0278","block_type":"box","text":"and $490 million in each of fiscal years 2026 through 2029 compared to MTA’s estimate of such costs of","page_number":235,"box":{"x":69,"y":520,"width":759,"height":12}},{"id":"3613dcad-0753-47c6-b6cc-aef62604d84e","block_type":"box","text":"$521 million, $591 million, $717 million, $765 million and $773 million in fiscal years 2026 through 2029,","page_number":235,"box":{"x":69,"y":535,"width":772,"height":12}},{"id":"087ffd4d-2a63-4a67-9922-dc1d043518ea","block_type":"box","text":"respectively.","page_number":235,"box":{"x":69,"y":551,"width":86,"height":11}},{"id":"55ff4595-35ac-4983-8a03-69eb857044a3","block_type":"box","text":"On January 5, 2025 congestion tolling for vehicles entering a designated congestion zone in Manhattan below","page_number":235,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"1a3d08d6-0915-4f22-a692-fc71bbb018f9","block_type":"box","text":"60th Street, with revenues to be directed to the MTA for transit improvements, went into effect. The program has","page_number":235,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"ba70c131-1378-4dfd-88c3-36df2813de5b","block_type":"box","text":"remained in operation, while the Department of Transportation (“DOT”) has sought to terminate the program in","page_number":235,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"23b66b04-cd2e-4102-b94d-22a897d0bc04","block_type":"box","text":"federal court. Although the program has no direct impact on the City’s budget, if the DOT’s termination of the","page_number":235,"box":{"x":68,"y":619,"width":780,"height":11}},{"id":"4c4d34b4-6fac-45fe-b65b-3dcbb02906c1","block_type":"box","text":"program is enacted and legally enforceable and MTA’s revenues are reduced, the City may be asked to increase its","page_number":235,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"03a99f0e-8ace-477e-87fe-30761934a989","block_type":"box","text":"funding to the MTA.","page_number":235,"box":{"x":68,"y":649,"width":137,"height":12}},{"id":"2b8c0c8d-97b6-445c-a235-eed24faee143","block_type":"box","text":"On January 31, 2019, NYCHA, the City and the U.S. Department of Housing and Urban Development (“HUD”)","page_number":235,"box":{"x":102,"y":672,"width":778,"height":11}},{"id":"de5afd2c-1b10-4a02-93a4-152b8db6990a","block_type":"box","text":"entered into an agreement (the “HUD Agreement”) relating to lead-based paint and other health and safety concerns","page_number":235,"box":{"x":69,"y":687,"width":830,"height":11}},{"id":"8fbc330c-aa19-4420-95a8-c3477db69971","block_type":"box","text":"in NYCHA’s properties. The HUD Agreement established a framework by which NYCHA will continue to evaluate, and","page_number":235,"box":{"x":70,"y":702,"width":824,"height":12}},{"id":"78e79f77-3540-4dfd-92d4-8d1d74ff4eb2","block_type":"box","text":"make progress towards, its compliance with federal requirements. Pursuant to the HUD Agreement, a federal","page_number":235,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"cbb16abe-bfba-4364-8623-09193f7382ca","block_type":"box","text":"monitor, with access to NYCHA information and personnel, was appointed to oversee NYCHA’s compliance with the","page_number":235,"box":{"x":69,"y":732,"width":820,"height":11}},{"id":"b88588a7-77eb-4890-af5d-536d67add46f","block_type":"box","text":"terms of such agreement and federal regulations. The first term of the monitorship ran from 2019-2024 and a","page_number":235,"box":{"x":68,"y":748,"width":787,"height":11}},{"id":"605fb485-1417-48ef-a9a0-1d12cdef0e81","block_type":"box","text":"second term with a new monitor began on February 28, 2024. The federal monitor has issued and will continue to","page_number":235,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"5ac16248-66c1-4ed8-a213-a7d6ed919b86","block_type":"box","text":"issue quarterly reports on NYCHA’s compliance with the HUD Agreement. Pursuant to the HUD Agreement, the City","page_number":235,"box":{"x":70,"y":778,"width":819,"height":11}},{"id":"afeb0258-61b9-4049-9bda-ce86a0ca91c6","block_type":"box","text":"allocated $1.7 billion in capital funding in the Capital Commitment Plan for fiscal years 2025-2029 (the “2025-2029","page_number":235,"box":{"x":69,"y":792,"width":831,"height":12}},{"id":"9b1758b9-1861-4355-a50b-b5e29e9a8413","block_type":"box","text":"Capital Commitment Plan”), with an additional $1.2 billion in City capital funds reflected in the remaining years of the","page_number":235,"box":{"x":69,"y":807,"width":836,"height":12}},{"id":"163c2655-d116-454c-abe8-e1adf3a3a4c7","block_type":"box","text":"Ten-Year Capital Strategy for fiscal years 2030 through 2035.","page_number":235,"box":{"x":68,"y":823,"width":436,"height":12}},{"id":"87694a52-08e4-4c5b-a7c5-cb177be553cd","block_type":"box","text":"In connection with its required Annual Plan certifications following execution of the HUD Agreement, NYCHA","page_number":235,"box":{"x":102,"y":846,"width":765,"height":11}},{"id":"ed988907-4326-4b27-a2f9-eaf66d949008","block_type":"box","text":"stated that it may be out of compliance with a number of federal regulations beyond the regulations concerning lead","page_number":235,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"7655c071-b41b-44de-876e-b97e70c655b1","block_type":"box","text":"based paint and other health and safety concerns that were the subject of the HUD Agreement. NYCHA further stated","page_number":235,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"9fb5a2e7-5960-4399-899a-b01846e91790","block_type":"box","text":"that it is implementing a series of organizational reforms to address additional areas where the need for change was","page_number":235,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"90688dc3-ed6f-48f9-8901-c86a4bd263cd","block_type":"box","text":"identified, as documented in NYCHA’s Transformation Plan. A NYCHA Physical Needs Assessment released in July","page_number":235,"box":{"x":70,"y":906,"width":812,"height":12}},{"id":"6fd3222f-73a0-429d-9465-c1e5dc3d99ee","block_type":"box","text":"Public Page 5 of 42","page_number":235,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"0a19fa9b-86b3-45b0-9e3a-831a9c7206ea","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de1021fd-daef-43d9-881c-27bb7e5ca906","block_type":"box","text":"2023 estimated its projected capital costs at approximately $60 billion over the next five years and $78 billion over","page_number":236,"box":{"x":69,"y":74,"width":825,"height":12}},{"id":"33ea62ac-bef5-4d9e-8356-2ee272cbd49b","block_type":"box","text":"the next twenty years. As part of NYCHA’s strategy to fund these repairs, NYCHA plans to recapitalize 62,000 units","page_number":236,"box":{"x":68,"y":90,"width":822,"height":11}},{"id":"61c0699d-1b9a-4caa-84b9-0df934fd34be","block_type":"box","text":"through the Permanent Affordability Commitment Together (“PACT”) program and 25,000 units through the New York","page_number":236,"box":{"x":68,"y":105,"width":830,"height":11}},{"id":"691cd8b1-35ff-4509-bf17-f80436826cd7","block_type":"box","text":"City Public Housing Preservation Trust (the “Housing Preservation Trust”). The 2025-2029 Capital Commitment Plan","page_number":236,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"4f1c3947-b3e4-4d1a-86d3-0b63b4f82d44","block_type":"box","text":"reflects a total of $2.0 billion of City capital funding towards PACT and the Housing Preservation Trust projects.","page_number":236,"box":{"x":69,"y":135,"width":791,"height":12}},{"id":"51dc3574-62f6-4b19-bd07-8cb73a541075","block_type":"box","text":"NYCHA’s cumulative rent collection rate is 65% for calendar year 2024 (i.e., the period beginning January 2024","page_number":236,"box":{"x":102,"y":158,"width":794,"height":11}},{"id":"4360a7a3-6c2e-4797-8ac4-f733ea3c36e7","block_type":"box","text":"through December 2024), which includes rental arrears due from prior years that remain unpaid. The cumulative rent","page_number":236,"box":{"x":68,"y":173,"width":835,"height":11}},{"id":"afcb0bd8-9a38-4d06-8ec8-9243e825b1d5","block_type":"box","text":"collection rate for calendar year 2019, prior to the pandemic, was 88%. As of June 30, 2025, overall tenant rental","page_number":236,"box":{"x":69,"y":188,"width":813,"height":11}},{"id":"aaaad57d-3ef1-4a3f-814a-301bea0d4999","block_type":"box","text":"arrears total $453 million. The high prior years’ arrears balance has had a direct impact on NYCHA’s revenues and","page_number":236,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"20d6a58a-b562-4e5a-a51d-c0dcc8017816","block_type":"box","text":"has required NYCHA to use reserves for basic expenses, eliminate budgeted vacancies, and reduce nonessential","page_number":236,"box":{"x":69,"y":218,"width":807,"height":12}},{"id":"9cd3c7ae-a0fe-42c5-9bba-8399003df0c2","block_type":"box","text":"contracting. While this projected shortfall does not directly impact the City’s budget, if NYCHA is unable to collect on","page_number":236,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"4e991b39-42f4-460a-8770-10cc1bc6dff2","block_type":"box","text":"its prior year rental arrears, the City could be asked to increase its funding to NYCHA. To date, NYCHA has applied","page_number":236,"box":{"x":70,"y":249,"width":813,"height":11}},{"id":"2be173b4-c0db-4105-9192-0bebd3b3d81c","block_type":"box","text":"approximately $160 million of the $161 million in funding from the State’s Emergency Rental Assistance Program","page_number":236,"box":{"x":69,"y":263,"width":810,"height":12}},{"id":"19dd4088-471b-4b54-94ed-d1ab5061c4f1","block_type":"box","text":"(“ERAP”) to pay rental and utility arrears accumulated during the COVID-19 pandemic. An additional $35 million in","page_number":236,"box":{"x":69,"y":278,"width":810,"height":12}},{"id":"31b14865-03bc-4c1e-b759-bb087a4b67cd","block_type":"box","text":"ERAP funds has been allocated for rental arrears and $34 million has been applied to tenant accounts. Additionally,","page_number":236,"box":{"x":70,"y":293,"width":824,"height":12}},{"id":"fd8169e8-9b37-4b44-b1be-f5495e4899f8","block_type":"box","text":"on January 5, 2024, HUD approved the City’s HOME American Rescue Plan (“HOME ARP”) allocation where","page_number":236,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"baec4797-553a-459e-9c87-35a87db8c7b2","block_type":"box","text":"$150 million was allocated towards NYCHA tenant arrears. NYCHA is currently implementing the HOME ARP program","page_number":236,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"af357ec8-e0c3-45cf-a1f4-10d0922c1cd4","block_type":"box","text":"and has applied $94 million of the allocation to tenant accounts.","page_number":236,"box":{"x":69,"y":339,"width":461,"height":11}},{"id":"c56bec92-12bd-4ea8-8da2-b7b7800feff1","block_type":"box","text":"As previously noted, NYCHA and NYCHH receive significant federal funding and are monitoring the potential","page_number":236,"box":{"x":101,"y":362,"width":763,"height":11}},{"id":"4cda8505-a8bf-412a-90b1-f6100f249549","block_type":"box","text":"impact of recent federal executive orders and other actions, including the Reconciliation Act of 2025, which may","page_number":236,"box":{"x":70,"y":377,"width":799,"height":12}},{"id":"97d93816-dd1d-4c80-a78b-1f8e145393f9","block_type":"box","text":"impact NYCHA and NYCHH’s receipt of such funding.","page_number":236,"box":{"x":70,"y":392,"width":374,"height":12}},{"id":"10deac00-cf6b-4631-9ca8-5738daf59da6","block_type":"box","text":"The New York City Advisory Commission on Property Tax Reform was established in 2018 to consider changes to","page_number":236,"box":{"x":101,"y":415,"width":805,"height":11}},{"id":"bda6f213-e85f-4b0f-9619-f81412ba3ae8","block_type":"box","text":"the City’s property taxation system, without reducing property tax revenues to the City. The commission released its","page_number":236,"box":{"x":68,"y":430,"width":828,"height":11}},{"id":"843b3bcf-c5a7-4196-84d6-833582a9da37","block_type":"box","text":"report in December 2021 with recommendations which, among other things, would align the taxable value of certain","page_number":236,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"954ed23d-661d-41fc-a3ee-a8e3494e7947","block_type":"box","text":"properties more closely with market value. The commission’s recommendations, which have not yet been acted","page_number":236,"box":{"x":70,"y":461,"width":795,"height":11}},{"id":"af6c48b2-433b-40ad-9047-26b472ffa20b","block_type":"box","text":"upon, would require State legislation if they were to be implemented.","page_number":236,"box":{"x":69,"y":475,"width":490,"height":12}},{"id":"b68fbb1a-9279-4b8c-993c-f80d90c3ca08","block_type":"box","text":"From time to time, the City Comptroller, the Control Board staff, OSDC, the Independent Budget Office (“IBO”)","page_number":236,"box":{"x":102,"y":498,"width":783,"height":11}},{"id":"d4d9a877-bda1-40fe-8c8b-7615cc99b736","block_type":"box","text":"and others issue reports and make public statements regarding the City’s financial condition, commenting on, among","page_number":236,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"0a5b5f4f-f924-4f81-9ab0-cc943be12d83","block_type":"box","text":"other matters, the City’s financial plans, projected revenues and expenditures and actions by the City to eliminate","page_number":236,"box":{"x":69,"y":528,"width":811,"height":12}},{"id":"bdaec37f-7773-42bc-a0b9-06cc0d992da8","block_type":"box","text":"projected operating deficits. It is reasonable to expect that reports and statements will continue to be issued and","page_number":236,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"ecc6b911-e575-43d9-879b-cbf52ae5cf84","block_type":"box","text":"may contain different perspectives on the City’s budget and economy and may engender public comment. comment.","page_number":236,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"811eace4-bcaf-45ac-be6f-d2732ceac568","block_type":"box","text":"Assumptions.","page_number":236,"box":{"x":101,"y":581,"width":98,"height":11}},{"id":"b04b2ddf-d58a-41f3-a7b7-805bde4250ee","block_type":"box","text":"The Financial Plan is based on numerous assumptions, including the condition of the City’s and","page_number":236,"box":{"x":205,"y":581,"width":681,"height":12}},{"id":"9ecd9df0-b8eb-410a-9d37-e4b4997c5391","block_type":"box","text":"the region’s economies and the concomitant receipt of economically sensitive tax revenues in the amounts projected.","page_number":236,"box":{"x":68,"y":596,"width":839,"height":12}},{"id":"2c720528-4b71-49bd-b7d1-ca5fa3e6aaac","block_type":"box","text":"As shown in the Forecast of Key Economic Indicators below, the Financial Plan assumes no economic recession","page_number":236,"box":{"x":68,"y":612,"width":797,"height":11}},{"id":"0057a936-64bf-4f00-bda6-7a1302dc6a0c","block_type":"box","text":"during the years of the Financial Plan. The Financial Plan is subject to various other uncertainties and contingencies","page_number":236,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"cce2d0b0-2e79-42e2-aea3-43364f106940","block_type":"box","text":"relating to, among other factors, the extent, if any, to which wage increases for City employees exceed the annual","page_number":236,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"ee132b30-17ca-4ca8-a39e-880f10a71224","block_type":"box","text":"wage costs assumed; realization of projected earnings for pension fund assets and current assumptions with respect","page_number":236,"box":{"x":68,"y":657,"width":840,"height":11}},{"id":"e928d432-12ed-44f6-aa25-3ef05c18eb18","block_type":"box","text":"to wages for City employees affecting the City’s required pension fund contributions; the willingness and ability of the","page_number":236,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"98bab42a-e25d-4b95-b239-a8021b21b528","block_type":"box","text":"State to provide the aid contemplated by the Financial Plan and to take various other actions to assist the City; the","page_number":236,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"5653f3e8-b292-4158-ba30-1e3b7f899250","block_type":"box","text":"ability of NYCHH and other such entities to maintain balanced budgets; the willingness of the federal government to","page_number":236,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"bf31ed23-d4a2-4b8b-8867-60ca193e1608","block_type":"box","text":"provide the amount of federal aid contemplated in the Financial Plan; the impact on City revenues and expenditures","page_number":236,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"1dfa4447-ec79-42a5-bd15-ad3a1db9d6f4","block_type":"box","text":"of federal and State legislation affecting Medicare or other entitlement programs; adoption of the City’s budgets by","page_number":236,"box":{"x":69,"y":732,"width":820,"height":12}},{"id":"ffa4b285-ff0a-485b-a3cc-84714623e1af","block_type":"box","text":"the City Council in substantially the forms submitted by the Mayor; the ability of the City to implement cost reduction","page_number":236,"box":{"x":68,"y":748,"width":830,"height":11}},{"id":"0c740820-e709-485a-ac17-e6cf60a51039","block_type":"box","text":"initiatives, and the success with which the City controls expenditures; the impact of conditions in the real estate","page_number":236,"box":{"x":70,"y":763,"width":799,"height":11}},{"id":"c97fbdd2-27ab-4dfd-8e35-a3963ffc4c82","block_type":"box","text":"market on real estate tax revenues; the ability of the City and other financing entities to market their securities","page_number":236,"box":{"x":69,"y":778,"width":789,"height":11}},{"id":"c68b7027-b5e4-4196-b01f-65eac2850e6c","block_type":"box","text":"successfully in the public credit markets; the impact of the outbreak of COVID-19; and the extension of the","page_number":236,"box":{"x":69,"y":793,"width":761,"height":11}},{"id":"ed52ba13-0db7-4b56-adec-e022d205ec57","block_type":"box","text":"authorization to sell real property tax liens.","page_number":236,"box":{"x":69,"y":808,"width":305,"height":11}},{"id":"a115bfcc-e324-44cf-9764-dbc26a250258","block_type":"box","text":"The projections and assumptions contained in the Financial Plan are subject to revision, which may be","page_number":236,"box":{"x":101,"y":831,"width":729,"height":11}},{"id":"87fd4fe5-9850-4d8e-9058-ee6d4480fcb0","block_type":"box","text":"substantial. No assurance can be given that these estimates and projections, which include actions the City expects","page_number":236,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"b5e0a419-cf47-4874-aa50-0ee0e2e53f01","block_type":"box","text":"will be taken but are not within the City’s control, will be realized.","page_number":236,"box":{"x":68,"y":861,"width":464,"height":11}},{"id":"3cd4f371-3f73-4f52-b1ef-e80ded68dd4e","block_type":"box","text":"Public Page 6 of 42","page_number":236,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"c6233376-faaa-4b38-bdad-1c2ec856b02f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"006aa63c-1ed9-4833-8b68-95b2c01257bc","block_type":"box","text":"Revenue Assumptions","page_number":237,"box":{"x":69,"y":75,"width":160,"height":11}},{"id":"efc081f6-d5b4-49e3-be2a-33fb7b27c0e9","block_type":"box","text":"Real Estate Tax","page_number":237,"box":{"x":102,"y":98,"width":114,"height":9}},{"id":"3143249d-85a1-4864-b27a-fcd51909481a","block_type":"box","text":". Projections of real estate tax revenues are based on a number of assumptions, including,","page_number":237,"box":{"x":218,"y":98,"width":647,"height":11}},{"id":"3e6f7e60-fb41-44a8-99bb-fc01dc40a1ce","block_type":"box","text":"among others, assumptions relating to the tax rate, the assessed valuation of the City’s taxable real estate, the","page_number":237,"box":{"x":69,"y":113,"width":800,"height":11}},{"id":"882aeff6-651a-4fe5-9263-2715874c37fe","block_type":"box","text":"delinquency rate, debt service needs, a reserve for uncollectible taxes, and the operating limit.","page_number":237,"box":{"x":69,"y":128,"width":676,"height":11}},{"id":"d6b74621-d25f-41b9-b030-0d02adcfa704","block_type":"box","text":"Projections of real estate tax revenues include net revenues from the sale of real property tax liens of","page_number":237,"box":{"x":102,"y":150,"width":727,"height":12}},{"id":"81df271c-271a-4849-bded-ff4d96e77f46","block_type":"box","text":"$80 million in each of fiscal years 2025 through 2029. The local law authorizing the City to sell real property tax","page_number":237,"box":{"x":69,"y":165,"width":802,"height":12}},{"id":"8ddd8ca8-1e00-4be2-9b66-1bd2467be321","block_type":"box","text":"liens expired on March 1, 2022 and a modified lien sale program was authorized on June 30, 2024. Projections of","page_number":237,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"344c3b0d-fe02-4cce-bb84-82fe2b9c70c7","block_type":"box","text":"real estate tax revenues include the effects of the STAR Program which will reduce the real estate tax revenues by an","page_number":237,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"cce6ef9b-b50c-4021-b81a-8409a3bb4ddf","block_type":"box","text":"estimated $107 million, $105 million, $103 million, $101 million and $99 million in fiscal years 2025 through 2029,","page_number":237,"box":{"x":69,"y":210,"width":838,"height":12}},{"id":"41d8ea3f-f9fc-4255-bb32-d3e020729228","block_type":"box","text":"respectively. Projections of real estate tax revenues reflect the estimated cost of extending the current tax reduction","page_number":237,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"99e2d525-3f23-4806-a8b2-62cf646e0d28","block_type":"box","text":"for owners of cooperative and condominium apartments amounting to $695 million, $695 million, $699 million,","page_number":237,"box":{"x":68,"y":241,"width":798,"height":11}},{"id":"78be71af-a1b3-496a-9093-2d37a9b2cf0b","block_type":"box","text":"$700 million and $710 million in fiscal years 2025 through 2029, respectively.","page_number":237,"box":{"x":69,"y":256,"width":563,"height":12}},{"id":"2e1a412f-79fa-4f2d-a7c4-6ee515a5f731","block_type":"box","text":"The delinquency rate was 1.8% in fiscal year 2020, 2.0% in fiscal year 2021, 1.8% in fiscal year 2022, 2.1% in","page_number":237,"box":{"x":101,"y":279,"width":791,"height":11}},{"id":"2a59e5e5-23a7-4750-a2b6-e1dcb6774804","block_type":"box","text":"fiscal year 2023 and 2.2% in fiscal year 2024. The Financial Plan projects delinquency rates being 2.0% in fiscal year","page_number":237,"box":{"x":68,"y":294,"width":838,"height":11}},{"id":"e54b1f7e-64b1-458e-ad4d-3085c63350de","block_type":"box","text":"2025 and averaging 2.0% from fiscal years 2026 through 2029.","page_number":237,"box":{"x":69,"y":309,"width":457,"height":11}},{"id":"61863d59-6147-4a24-9c21-37ed2580b3ef","block_type":"box","text":"On April 24, 2017, a lawsuit was filed challenging the City’s real property tax system and valuation methodology.","page_number":237,"box":{"x":102,"y":332,"width":802,"height":11}},{"id":"39ec199d-9b66-49c9-8275-865f0880460d","block_type":"box","text":"Other Taxes","page_number":237,"box":{"x":101,"y":355,"width":87,"height":9}},{"id":"c706912f-3565-4b57-922c-53a8aceb4219","block_type":"box","text":". The Financial Plan reflects the following assumptions regarding projected baseline revenues from","page_number":237,"box":{"x":190,"y":355,"width":700,"height":11}},{"id":"e50ff4e2-aeb6-4b1b-adba-cb78cc51f50a","block_type":"box","text":"Other Taxes: (i) with respect to the personal income tax, a large increase in fiscal year 2025 due to exceptionally","page_number":237,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"c61bc160-a265-4945-99b7-06b6425b1353","block_type":"box","text":"strong withholding and non-withholding income, followed by a decrease in fiscal year 2026 due to flat withholding and","page_number":237,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"f42067b2-f087-433a-aae3-7da0a10368f1","block_type":"box","text":"drops in non-withholding income, a slight increase in fiscal year 2027 as withholding income strengthens, offset by","page_number":237,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"a5fc6a8a-2998-48c6-975a-4b2cf8331b07","block_type":"box","text":"another drop in non-withholding income, followed by a return to historical growth averages in fiscal years 2028 and","page_number":237,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"254fb873-73cc-4fb4-bc41-ecef0b8d8ecf","block_type":"box","text":"2029; (ii) with respect to the business corporation tax, a moderate increase in fiscal year 2025 with equal","page_number":237,"box":{"x":69,"y":430,"width":757,"height":11}},{"id":"3e96674b-eb31-46b6-a368-138b1f6eddba","block_type":"box","text":"contributions from finance and non-finance sectors, increases in revenue in fiscal year 2026 reflecting continued","page_number":237,"box":{"x":69,"y":445,"width":803,"height":12}},{"id":"1b7729cf-c025-46fb-9189-a43191ff007e","block_type":"box","text":"growth in both finance and non-finance sectors, before a decrease in fiscal year 2027 as finance collections come","page_number":237,"box":{"x":68,"y":460,"width":816,"height":12}},{"id":"213aebb9-dee1-4216-9292-6e24e6223ad6","block_type":"box","text":"down from all-time highs, with growth returning to more historical levels in fiscal years 2028 and 2029; (iii) with","page_number":237,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"b6c0377d-4a87-4431-9070-b208112db0b6","block_type":"box","text":"respect to the unincorporated business income tax, unusually strong growth in both the finance and non-finance","page_number":237,"box":{"x":69,"y":491,"width":797,"height":11}},{"id":"68dc829a-6bd8-44f6-aeb4-91172543cf30","block_type":"box","text":"sectors in fiscal year 2025, weak growth in fiscal year 2026 reflecting strength in the non-finance sector but a drop in","page_number":237,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"b9ba9267-21d8-4e27-9aee-7d15846bae3a","block_type":"box","text":"the finance sector following exceptional growth in fiscal year 2025, with fiscal years 2027 through 2029 reflecting a","page_number":237,"box":{"x":68,"y":521,"width":827,"height":11}},{"id":"ec531ff5-d3b7-4feb-8967-98559cc9286f","block_type":"box","text":"flat average; (iv) with respect to the sales tax, growth is expected to be moderate in all of the fiscal years in the","page_number":237,"box":{"x":68,"y":536,"width":796,"height":11}},{"id":"2ae97acf-5632-48b2-90ec-14a64123da6e","block_type":"box","text":"forecast window as tax collections begin to stabilize post-pandemic, with growth averaging about 3.7 percent in fiscal","page_number":237,"box":{"x":68,"y":551,"width":835,"height":11}},{"id":"5cf45d53-a7b5-4d47-92a8-e2e7fae7d561","block_type":"box","text":"years 2025 through 2029; (v) with respect to the real property transfer tax, growth in fiscal year 2025 reflects higher","page_number":237,"box":{"x":68,"y":566,"width":836,"height":11}},{"id":"bc9fdabc-61c7-45ea-bebd-56d173a982d6","block_type":"box","text":"prices due to a lack of housing supply, as well as an increase in buying power due to a gradual decrease in interest","page_number":237,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"c829b8cc-1c9a-489e-bab3-e259ae839531","block_type":"box","text":"rates, with growth anticipated in fiscal years 2026 through 2029 due to a further decline in interest rates; (vi) with","page_number":237,"box":{"x":69,"y":596,"width":815,"height":12}},{"id":"e563a65c-71e9-43b2-a816-a42f94224fdd","block_type":"box","text":"respect to the mortgage recording tax, increases in fiscal year 2025 are projected, as interest rates begin to fall,","page_number":237,"box":{"x":69,"y":612,"width":806,"height":11}},{"id":"5a128794-0866-45e9-b375-cacb1ddd2ce3","block_type":"box","text":"with further growth expected in fiscal years 2026 through 2029 as interest rates continue to decrease; and","page_number":237,"box":{"x":68,"y":627,"width":767,"height":11}},{"id":"39350205-ae5c-443b-9a5e-84f165781053","block_type":"box","text":"(vii) increases in revenue throughout the forecast period reflect strong collections from high liability sectors and","page_number":237,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"bd54f8ef-166f-4858-86b7-91f3b32bd8d9","block_type":"box","text":"gradual improvement of Manhattan commercial office space leasing activity.","page_number":237,"box":{"x":68,"y":657,"width":542,"height":11}},{"id":"8f608984-99b7-42b0-bf4b-21e8cc012e72","block_type":"box","text":"Miscellaneous Revenues.","page_number":237,"box":{"x":102,"y":680,"width":183,"height":9}},{"id":"5feda74f-b722-465a-bfef-2f502fc74551","block_type":"box","text":"The Financial Plan reflects collections from Miscellaneous Revenues in the amounts","page_number":237,"box":{"x":291,"y":680,"width":600,"height":9}},{"id":"5c10ff28-58e1-42d3-a860-b213f9e1bf0e","block_type":"box","text":"of approximately $8.9 billion in fiscal year 2025, $8.1 billion in fiscal year 2026, $7.9 billion in fiscal year 2027,","page_number":237,"box":{"x":69,"y":694,"width":805,"height":12}},{"id":"baac81ff-73bf-4727-bdcb-65c7e5d00554","block_type":"box","text":"$7.9 billion in fiscal year 2028 and $8.0 billion in fiscal year 2029.","page_number":237,"box":{"x":69,"y":709,"width":479,"height":12}},{"id":"77e00718-9c71-4c50-b9f2-b78a0873981f","block_type":"box","text":"Federal and State Categorical Grants","page_number":237,"box":{"x":102,"y":733,"width":270,"height":11}},{"id":"65642e33-6def-40b9-ac3b-5dfaeb839a32","block_type":"box","text":". The Financial Plan assumes that all existing federal and State categorical","page_number":237,"box":{"x":374,"y":732,"width":531,"height":12}},{"id":"f574c1f8-4e4b-4e78-8c22-53053b69148e","block_type":"box","text":"grant programs will continue, unless specific legislation provides for their termination or adjustment, and assumes","page_number":237,"box":{"x":68,"y":748,"width":817,"height":11}},{"id":"5b467523-75f4-4983-864d-fae21b19473f","block_type":"box","text":"increases in aid where increased costs are projected for existing grant programs.","page_number":237,"box":{"x":70,"y":763,"width":576,"height":11}},{"id":"25d589d8-19df-4a7f-819b-e3afd3020ddf","block_type":"box","text":"As of November 30, 2024, approximately 17.4% of the City’s full-time and full-time equivalent employees","page_number":237,"box":{"x":101,"y":785,"width":748,"height":12}},{"id":"d3ba6189-68a6-484b-9bb2-072e5f85ee6c","block_type":"box","text":"(consisting of employees of the mayoral agencies and the DOE) were paid by Community Development funds, water","page_number":237,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"896241a3-b51e-4abe-89b7-5218702bf73d","block_type":"box","text":"and sewer funds and from other sources not funded by unrestricted revenues of the City.","page_number":237,"box":{"x":69,"y":816,"width":631,"height":11}},{"id":"06bacaf0-7cef-42e8-aab6-2b8a9473a9de","block_type":"box","text":"A major component of federal categorical aid to the City is the Community Development program. Pursuant to","page_number":237,"box":{"x":101,"y":838,"width":779,"height":12}},{"id":"5573a387-bb25-469b-9e0d-48f06f5384ff","block_type":"box","text":"federal legislation, Community Development grants are provided to cities primarily to aid low- and moderate-income","page_number":237,"box":{"x":68,"y":853,"width":820,"height":12}},{"id":"1f44b6ee-7bbf-4321-b8c5-7abf7109f758","block_type":"box","text":"persons by improving housing facilities, parks and other improvements, by providing certain social programs and by","page_number":237,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"3286aadb-5738-4bc4-9d48-c58850c863a2","block_type":"box","text":"promoting economic development. These grants are based on a formula that takes into consideration such factors as","page_number":237,"box":{"x":70,"y":884,"width":837,"height":11}},{"id":"c49d2216-674a-4df4-973c-f78481d5c7e7","block_type":"box","text":"population, age of housing and poverty.","page_number":237,"box":{"x":70,"y":899,"width":279,"height":11}},{"id":"4deac754-5f42-4d91-b499-12b2da828e46","block_type":"box","text":"Public Page 7 of 42","page_number":237,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"6d45dfcf-18db-4999-b541-332d9c6ada4c","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9fd8435-1e84-4704-bb71-862d9d0752a4","block_type":"box","text":"The City’s receipt of categorical aid is contingent upon the satisfaction of certain statutory conditions and is","page_number":238,"box":{"x":101,"y":75,"width":772,"height":11}},{"id":"840ce04e-8feb-4b25-ad50-3ebf6e74466d","block_type":"box","text":"subject to subsequent audits, possible disallowances and possible prior claims by the State or federal governments.","page_number":238,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"e969b03d-44cb-4b5e-9739-cfd0286bb33a","block_type":"box","text":"The general practice of the State and federal governments has been to deduct the amount of any disallowances","page_number":238,"box":{"x":68,"y":105,"width":798,"height":11}},{"id":"e1ae1b6f-1039-4bab-9f72-cd81f5fb7b07","block_type":"box","text":"against the current year’s payment, although in some cases the City remits payment for disallowed amounts to the","page_number":238,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"1f1b1546-5a34-411c-85f2-5b9a763040e9","block_type":"box","text":"grantor. Substantial disallowances of aid claims may be asserted during the course of the Financial Plan. The City","page_number":238,"box":{"x":68,"y":135,"width":812,"height":12}},{"id":"b1d33dfc-5414-49d6-a040-4fad837adfd9","block_type":"box","text":"estimates probable amounts of disallowances of recognized grant revenues and makes the appropriate adjustments","page_number":238,"box":{"x":69,"y":150,"width":829,"height":12}},{"id":"cc21922a-a039-4c06-84f6-5fb1387d8278","block_type":"box","text":"to recognized grant revenue for each fiscal year. In fiscal years 2013, 2014, 2015, 2016, 2020 and 2021,","page_number":238,"box":{"x":68,"y":166,"width":764,"height":11}},{"id":"a1d0a3a0-09fb-49d0-ba47-6b1f32daf9ac","block_type":"box","text":"downward adjustments of $59 million, $19 million, $110 million, $1 million, $5 million and $24 million, respectively,","page_number":238,"box":{"x":69,"y":180,"width":834,"height":12}},{"id":"f47df3c7-6686-441b-b9df-6d2487f1a02c","block_type":"box","text":"were made. In fiscal years 2017, 2018 and 2019, upward adjustments of $558 million, $139 million and","page_number":238,"box":{"x":68,"y":195,"width":755,"height":12}},{"id":"df5ea345-0136-4b20-8cc6-880c1c45d300","block_type":"box","text":"$113 million, respectively, were made. In fiscal year 2022, a downward adjustment of $35 million was made. In","page_number":238,"box":{"x":69,"y":210,"width":798,"height":12}},{"id":"71a64517-e827-4cef-b3d0-2d11c06b94a9","block_type":"box","text":"fiscal year 2023, a downward adjustment of $13 million was made. In fiscal year 2024, a downward adjustment of","page_number":238,"box":{"x":68,"y":225,"width":820,"height":12}},{"id":"17028e5d-b1ea-4bed-bc44-d43844f78bbe","block_type":"box","text":"$13 million was made. As of June 30, 2023, the City had an accumulated reserve of $331 million for all","page_number":238,"box":{"x":69,"y":241,"width":745,"height":11}},{"id":"8f652a3f-e776-4dbd-adc6-7a9a42c64bf7","block_type":"box","text":"disallowances of categorical aid. As of June 30, 2024, the City had an accumulated reserve of $33 million for","page_number":238,"box":{"x":69,"y":256,"width":784,"height":12}},{"id":"5ac88b95-aed5-42d2-822f-c0a0adcdc4e1","block_type":"box","text":"disallowances of categorical aid.","page_number":238,"box":{"x":69,"y":271,"width":230,"height":12}},{"id":"08b96961-873f-4578-a11c-82e8d8150be4","block_type":"box","text":"Expenditure Assumptions","page_number":238,"box":{"x":69,"y":302,"width":185,"height":11}},{"id":"583fdc3b-bbc9-40a6-bc74-2f1bad8702cf","block_type":"box","text":"Personal Service Costs","page_number":238,"box":{"x":102,"y":324,"width":168,"height":9}},{"id":"3baac5ed-4fa1-4602-9421-c901eb25e84e","block_type":"box","text":". The Financial Plan projects that the authorized number of City-funded full-time and full","page_number":238,"box":{"x":272,"y":324,"width":622,"height":11}},{"id":"1344b590-8a47-47be-af68-12a72ddf5794","block_type":"box","text":"time equivalent employees will increase from an estimated level of 268,761 as of June 30, 2025 to an estimated","page_number":238,"box":{"x":68,"y":339,"width":813,"height":12}},{"id":"f1e0fae9-9551-4ce5-9e5c-12cad5e6184d","block_type":"box","text":"level of 271,092 by June 30, 2029.","page_number":238,"box":{"x":70,"y":355,"width":253,"height":11}},{"id":"691ae15a-b8e7-4932-98de-aea74830dc73","block_type":"box","text":"Other Fringe Benefits includes $3.602 billion, $3.754 billion, $3.914 billion, $4.090 billion and $4.279 billion in","page_number":238,"box":{"x":102,"y":377,"width":804,"height":12}},{"id":"4ceb9d01-fcb1-4a29-a593-673bac9f8549","block_type":"box","text":"fiscal years 2025 through 2029, respectively, for post-employment benefits other than pensions (“OPEB”)","page_number":238,"box":{"x":68,"y":392,"width":755,"height":12}},{"id":"12309462-0172-4b7d-8a27-0373fdcec9ad","block_type":"box","text":"expenditures for current retirees, which costs are currently paid by the City on a pay-as-you-go basis.","page_number":238,"box":{"x":69,"y":407,"width":714,"height":12}},{"id":"64b17b9c-fbd5-441f-9120-4e0f74f4b0a8","block_type":"box","text":"The City has reached tentative or ratified contract agreements with DC 37, the PBA and others, which, together","page_number":238,"box":{"x":101,"y":430,"width":792,"height":11}},{"id":"d548a4c1-2096-4af2-af20-bf3243de66c2","block_type":"box","text":"represent approximately over 98% of the City’s unionized workforce for the 2021-2026 round of collective bargaining,","page_number":238,"box":{"x":69,"y":445,"width":835,"height":12}},{"id":"ae7fd57e-b906-4efb-8144-8bf1b5153771","block_type":"box","text":"the full cost of which is reflected in the Financial Plan. The Financial Plan also reflects the costs of labor settlements","page_number":238,"box":{"x":68,"y":460,"width":833,"height":9}},{"id":"2df86b65-42ed-4852-a386-b7471ea49736","block_type":"box","text":"for the rest of the City workforce for such round based on the pattern set by the DC 37 or the PBA framework. The","page_number":238,"box":{"x":68,"y":475,"width":813,"height":12}},{"id":"51979565-7e81-4d2a-8c35-c713db959ea2","block_type":"box","text":"respective pattern framework provides raises totaling 16.21% for civilian workers and 18.98% for uniformed workers","page_number":238,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"2ecf7d9d-9bbc-45c1-b98e-45592c339a84","block_type":"box","text":"over a 60-month contract term. The Financial Plan contains funding for annual 1.25% wage increases for the entire","page_number":238,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"e2b390d4-40bc-4371-9d74-ba973cdee00c","block_type":"box","text":"workforce beyond the current round of bargaining.","page_number":238,"box":{"x":68,"y":521,"width":354,"height":11}},{"id":"25496535-b971-4369-9c7a-92a9eb935a1f","block_type":"box","text":"Other Than Personal Services Costs (“OTPS”).","page_number":238,"box":{"x":69,"y":551,"width":338,"height":11}},{"id":"997ea352-b581-49ba-b2d2-282499eded3b","block_type":"box","text":"Administrative OTPS and Energy.","page_number":238,"box":{"x":101,"y":574,"width":230,"height":11}},{"id":"9797eb11-087c-4cb0-9aa4-a718a81cb067","block_type":"box","text":"The Financial Plan contains estimates of the City’s administrative OTPS","page_number":238,"box":{"x":337,"y":574,"width":509,"height":11}},{"id":"292f8eba-4e41-41fd-9895-c5c88115ccc6","block_type":"box","text":"expenditures for general supplies and materials, equipment and selected contractual services, and the impact of","page_number":238,"box":{"x":69,"y":589,"width":807,"height":11}},{"id":"03d166a7-a896-4f0d-8a30-0f4a03978e6a","block_type":"box","text":"agency gap-closing actions relating to such expenditures in the 2025 fiscal year. Energy costs for each of the 2025","page_number":238,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"6abfb49f-5577-410e-b802-b5d3b61fdf9b","block_type":"box","text":"through 2029 fiscal years are assumed to vary annually, with total energy expenditures projected at $1.16 billion in","page_number":238,"box":{"x":68,"y":618,"width":825,"height":12}},{"id":"14f7e4c9-a3b9-4595-9338-9d36f43ffffb","block_type":"box","text":"fiscal year 2025 and increasing to $1.30 billion by fiscal year 2029.","page_number":238,"box":{"x":68,"y":634,"width":486,"height":12}},{"id":"17410fb8-3964-403b-ba02-19a25ee609cf","block_type":"box","text":"Public Assistance","page_number":238,"box":{"x":102,"y":657,"width":125,"height":9}},{"id":"99f7b78c-8696-48b1-9956-62d8f001ac85","block_type":"box","text":". Of total cash assistance expenditures in the City, the City-funded portion is projected to be","page_number":238,"box":{"x":228,"y":657,"width":655,"height":11}},{"id":"488bb818-a9b3-49f3-825b-b484083512ed","block_type":"box","text":"$1.3 billion in fiscal year 2025, $875 million in fiscal year 2026, $1.2 billion in fiscal year 2027, $1.5 billion in fiscal","page_number":238,"box":{"x":69,"y":671,"width":839,"height":12}},{"id":"ce064706-e6d2-4577-9534-1a56c17053b4","block_type":"box","text":"year 2028 and $1.7 billion in fiscal year 2029.","page_number":238,"box":{"x":68,"y":687,"width":334,"height":11}},{"id":"ef33ed52-de33-49f1-ba2c-bf76fe2404f0","block_type":"box","text":"Medical Assistance.","page_number":238,"box":{"x":102,"y":710,"width":141,"height":9}},{"id":"762113a3-177b-4bff-8c26-6194573e04f3","block_type":"box","text":"Medical assistance payments projected in the Financial Plan consist of payments to","page_number":238,"box":{"x":250,"y":710,"width":597,"height":11}},{"id":"a5962987-e516-42b7-ae1a-aff10352b4d5","block_type":"box","text":"voluntary hospitals, skilled nursing facilities, intermediate care facilities, home care providers, pharmacies, managed","page_number":238,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"c84e7276-f5e7-4fb3-ad78-28c1b81ed8a2","block_type":"box","text":"care organizations, physicians and other medical practitioners.","page_number":238,"box":{"x":69,"y":740,"width":445,"height":11}},{"id":"f7317672-d522-4fa0-93c7-4a6ea5ac9f4f","block_type":"box","text":"The City-funded portion of medical assistance payments is expected to be $6.3 billion, $6.5 billion, $6.6 billion,","page_number":238,"box":{"x":101,"y":762,"width":800,"height":12}},{"id":"31c5efad-b622-4fff-a688-dece73925da1","block_type":"box","text":"$6.8 billion and $6.9 billion in fiscal years 2025 through 2029, respectively. Such payments primarily include the","page_number":238,"box":{"x":69,"y":777,"width":808,"height":12}},{"id":"474d3813-cc4d-4f7d-98a3-0e1f0cd737ee","block_type":"box","text":"City’s capped share of local Medicaid expenditures as well as Supplemental Medicaid payments to NYCHH.","page_number":238,"box":{"x":69,"y":793,"width":765,"height":11}},{"id":"fd7bf418-8807-4658-b3f0-013aacf5ce1d","block_type":"box","text":"New York City Health and Hospitals.","page_number":238,"box":{"x":102,"y":816,"width":253,"height":11}},{"id":"dc5c582d-d63e-479d-bf1a-ef045118cf8d","block_type":"box","text":"NYCHH, which provides essential services to over 1.1 million New Yorkers","page_number":238,"box":{"x":362,"y":816,"width":527,"height":11}},{"id":"05b4364d-0cd0-4613-adfc-323f8304968e","block_type":"box","text":"annually, faces near- and long-term financial challenges resulting from, among other things, changes in hospital","page_number":238,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"31e09360-4a87-4fed-98b1-a46aae1b2d8c","block_type":"box","text":"reimbursement and the rising cost of medical services.","page_number":238,"box":{"x":69,"y":846,"width":392,"height":11}},{"id":"83d94742-9623-4893-944c-fba9647b8786","block_type":"box","text":"In May 2025, NYCHH released a cash-based financial plan, which projected City-funded expenditures of","page_number":238,"box":{"x":102,"y":869,"width":738,"height":11}},{"id":"87c989c1-469a-4645-a00d-5fb7ec02d129","block_type":"box","text":"$3.8 billion in fiscal year 2025 and $1,7 billion in each of fiscal years 2026 through 2029, respectively, in addition","page_number":238,"box":{"x":69,"y":883,"width":821,"height":12}},{"id":"ca654bd2-0bd1-432c-b30a-7fb1f3a0b8d1","block_type":"box","text":"to the forgiveness of debt service for fiscal years 2025 through 2029 and the City’s contribution to supplemental","page_number":238,"box":{"x":68,"y":899,"width":809,"height":11}},{"id":"4867ea35-08bc-4dcc-89e2-84e33c3e3024","block_type":"box","text":"Public Page 8 of 42","page_number":238,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"7bd4d0b1-5dc6-402f-9694-033109f89482","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c97128a3-3710-41e4-83aa-7fe959e60995","block_type":"box","text":"Medicaid payments which is consistent with the City’s Financial Plan. NYCHH’s financial plan projected total receipts","page_number":239,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"66753609-e177-4fb3-b8b7-905ccd9cc7a8","block_type":"box","text":"of $13.5 billion, $12.1 billion, $12.3 billion, $12.4 billion and $12.5 billion, and total disbursements of","page_number":239,"box":{"x":69,"y":89,"width":741,"height":11}},{"id":"56029642-5299-4243-b209-e67cf80e288a","block_type":"box","text":"$13.5 billion, $12.1 billion, $12.3 billion, $12.6 billion and $12.8 billion in fiscal years 2025 through 2029,","page_number":239,"box":{"x":69,"y":104,"width":773,"height":12}},{"id":"d1b9af5d-3127-4b41-a5a9-b6108ab1ae25","block_type":"box","text":"respectively.","page_number":239,"box":{"x":69,"y":120,"width":86,"height":11}},{"id":"536052f4-c5f4-4870-ad94-85f434e682cb","block_type":"box","text":"NYCHH relies on significant projected revenue from Medicaid, Medicare and other third-party payor programs.","page_number":239,"box":{"x":102,"y":143,"width":778,"height":11}},{"id":"c004e3ef-56e3-4591-9d55-e206014dca03","block_type":"box","text":"Future changes to such programs could have adverse impacts on NYCHH’s financial condition.","page_number":239,"box":{"x":70,"y":158,"width":671,"height":11}},{"id":"cee74611-4d2e-4be9-90a8-04f2a66827e6","block_type":"box","text":"Other.","page_number":239,"box":{"x":102,"y":181,"width":41,"height":9}},{"id":"b3ca3dc7-16bd-4b34-922b-f6763bcef806","block_type":"box","text":"The projections set forth in the Financial Plan for OTPS-Other include the City’s contributions to NYCT,","page_number":239,"box":{"x":149,"y":181,"width":723,"height":11}},{"id":"f41da5ec-f238-4fe9-8340-ee00a8ec5e63","block_type":"box","text":"NYCHA and CUNY and subsidies to libraries and various cultural institutions. They also include projections for the","page_number":239,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"87905875-37f5-4683-b891-b3e2cb27a931","block_type":"box","text":"cost of future judgments and claims which are discussed below. In the past, the City has provided additional","page_number":239,"box":{"x":69,"y":211,"width":772,"height":11}},{"id":"832a0d23-bd64-4bdb-9510-2982752c7057","block_type":"box","text":"assistance to certain Covered Organizations which had exhausted their financial resources prior to the end of the","page_number":239,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"0ba0e21e-30fa-4966-8dbc-c6dca770504b","block_type":"box","text":"fiscal year. No assurance can be given that similar additional assistance will not be required in the future.","page_number":239,"box":{"x":68,"y":241,"width":754,"height":11}},{"id":"d95bc7e2-e22b-4f05-b6be-bc3fe78a3417","block_type":"box","text":"New York City Transit.","page_number":239,"box":{"x":102,"y":264,"width":151,"height":11}},{"id":"f100c52a-9bda-4b17-b48b-8214802c1316","block_type":"box","text":"NYCT operates under its own section of the Financial Plan as a Covered Organization. An","page_number":239,"box":{"x":261,"y":264,"width":630,"height":11}},{"id":"71fa26c0-941b-4ef8-a8ea-35a035e4d286","block_type":"box","text":"accrual-based financial plan for NYCT covering its 2025 through 2028 fiscal years was published in November 2024","page_number":239,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"d19d2388-8d9d-4082-8ede-afe117159185","block_type":"box","text":"(the “2025 NYCT Financial Plan”). The NYCT fiscal year coincides with the calendar year. The 2025 NYCT Financial","page_number":239,"box":{"x":69,"y":294,"width":815,"height":11}},{"id":"4842e8ad-b130-49a1-a3f8-6c85b74ed2d8","block_type":"box","text":"Plan reflects the negative impacts of the COVID-19 pandemic on MTA costs, ridership, and farebox revenue. The","page_number":239,"box":{"x":69,"y":309,"width":798,"height":11}},{"id":"8482614d-3392-4550-9e7a-20e6ba6eb778","block_type":"box","text":"2025 NYCT Financial Plan reflects City assistance to the NYCT operating budget of $700 million in 2025, increasing","page_number":239,"box":{"x":69,"y":324,"width":829,"height":12}},{"id":"7e4d069e-91b2-4ed7-900c-7b882c88a230","block_type":"box","text":"to $817 million in 2028. In addition, the 2025 NYCT Financial Plan projects real estate transfer tax revenue","page_number":239,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"2f25a720-51f2-4304-9edf-ee270e71e769","block_type":"box","text":"dedicated for NYCT use of $410 million in 2025, higher than 2024’s $372 million; that amount increases each year","page_number":239,"box":{"x":69,"y":354,"width":830,"height":12}},{"id":"066ba599-1751-41e1-bcd1-5c7e0655eebf","block_type":"box","text":"to reach $638 million by 2028. The 2025 NYCT Financial Plan reflects $12.6 billion in revenues and $15.5 billion in","page_number":239,"box":{"x":68,"y":369,"width":830,"height":12}},{"id":"f323a517-baa1-49ad-82a7-d5d4fb2825f3","block_type":"box","text":"expenses for 2025, leaving a budget gap of $2.9 billion. After accounting for accrual adjustments and cash carried","page_number":239,"box":{"x":69,"y":384,"width":819,"height":12}},{"id":"2ded9127-44eb-40d6-983a-881311c4eb3f","block_type":"box","text":"over from 2024 there is a projected operating gap of $490 million in 2025, followed by projected operating budget","page_number":239,"box":{"x":69,"y":399,"width":817,"height":12}},{"id":"0e36b3d8-52c3-4491-a7f9-4a5ad45ee431","block_type":"box","text":"gaps of $708 million in 2026, $1.9 billion in 2027, and $2.6 billion in 2028.","page_number":239,"box":{"x":68,"y":414,"width":550,"height":12}},{"id":"2b8b752b-42b6-422b-b52d-31bf12e72b88","block_type":"box","text":"In 2009, a Payroll Mobility Tax (“PMT”) was enacted into State law to provide $0.34 for every $100 of payroll in","page_number":239,"box":{"x":102,"y":437,"width":794,"height":12}},{"id":"aa9247ac-f6f0-45c3-868a-f3b3cd8995fd","block_type":"box","text":"the MTA’s twelve-county service area. This contribution was increased to $0.60 for every $100 of payroll in New York","page_number":239,"box":{"x":68,"y":452,"width":835,"height":12}},{"id":"4fbcd7b9-070f-4339-9451-2fe44d940649","block_type":"box","text":"City in the State 2024 Budget, and further increased to $0.895 for some large employers in the State 2026 Budget.","page_number":239,"box":{"x":69,"y":467,"width":831,"height":12}},{"id":"c5c95aba-41a9-4cc8-a97d-3f0879309eb0","block_type":"box","text":"The PMT is currently expected to generate revenues for NYCT in the amount of $1.9 billion in each of 2025 and","page_number":239,"box":{"x":68,"y":482,"width":796,"height":12}},{"id":"6bdfd74e-cf6a-47bf-9ac0-fb3db256e8a1","block_type":"box","text":"2026, $1.3 billion in 2027 and $1.9 billion in 2028. The 2026 increase is not reflected in the 2025 NYCT Financial","page_number":239,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"03f844b9-1a6b-4eae-a231-94c9cc317987","block_type":"box","text":"Plan.","page_number":239,"box":{"x":69,"y":514,"width":33,"height":8}},{"id":"6fd1a1fd-86a8-4288-af0e-6fd061c99e4c","block_type":"box","text":"The MTA’s 2025-29 Capital Program has been approved by the State and MTA Board. The program includes","page_number":239,"box":{"x":101,"y":536,"width":767,"height":11}},{"id":"7002f4e9-f55d-41aa-908c-f564fca15789","block_type":"box","text":"$68.4 billion for all MTA agencies, including $47.8 billion in the NYCT core system and $5.2 billion for major projects","page_number":239,"box":{"x":69,"y":550,"width":834,"height":12}},{"id":"4bde3060-6fdb-473b-bc94-b9defcc60c20","block_type":"box","text":"and expansion.","page_number":239,"box":{"x":69,"y":566,"width":106,"height":11}},{"id":"e3596a69-7563-4425-86d5-1e99306bcaab","block_type":"box","text":"On January 5, 2025, vehicles entering a designated congestion zone, located below 60","page_number":239,"box":{"x":102,"y":589,"width":622,"height":11}},{"id":"1f7fc49a-5af1-4c7a-886f-e81ebf8f4b20","block_type":"box","text":"th","page_number":239,"box":{"x":725,"y":589,"width":6,"height":5}},{"id":"31a339b9-5e80-4d6c-9197-2d296ad4007e","block_type":"box","text":"Street in Manhattan,","page_number":239,"box":{"x":737,"y":589,"width":146,"height":10}},{"id":"0a3e2150-32e8-49ef-8d61-73e0ea8176f8","block_type":"box","text":"began being charged a toll, the revenues from which will be directed to the MTA for transit improvements, including","page_number":239,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"18cb7fec-4a54-442a-81ca-364280e8e683","block_type":"box","text":"$15 billion for the 2020-2024 Capital Program. The program has operated uninterrupted for six months while the","page_number":239,"box":{"x":69,"y":618,"width":806,"height":12}},{"id":"668ab86f-c6e1-4a16-8c79-ac18d621a9af","block_type":"box","text":"United States Department of Transportation has sought to terminate it in federal court. Although the program has no","page_number":239,"box":{"x":70,"y":634,"width":833,"height":12}},{"id":"eb407ec9-2978-4095-961d-74e2f6737a91","block_type":"box","text":"direct impact on the City’s budget, if the DOT’s termination of the program is enacted and legally enforceable and","page_number":239,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"9b1c377c-198a-4bdc-80ce-c61675b1d816","block_type":"box","text":"MTA’s revenues are reduced, the City may be asked to increase its funding to the MTA.","page_number":239,"box":{"x":70,"y":664,"width":618,"height":12}},{"id":"f350badb-5596-4275-a797-1c0f73de05ed","block_type":"box","text":"In addition to the toll revenues, the State 2020 Budget included legislation authorizing the imposition of sales","page_number":239,"box":{"x":102,"y":687,"width":784,"height":11}},{"id":"bf97d625-deef-48fd-a6cc-60f5b7038ac2","block_type":"box","text":"tax on certain additional internet sales and providing that City sales tax revenues in the amount of $128 million in","page_number":239,"box":{"x":68,"y":702,"width":815,"height":12}},{"id":"aa265e05-efdc-4759-a2a5-c13e6cf26a56","block_type":"box","text":"State fiscal year 2020 (reflecting the portion of the year in which it is effective) and $170 million in State fiscal year","page_number":239,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"19ff62b8-6ca1-4917-bae9-d16a7bf3ea52","block_type":"box","text":"2021 and thereafter increasing by one percent per year, will be directed to the MTA for transit improvements.","page_number":239,"box":{"x":69,"y":732,"width":777,"height":12}},{"id":"6c764dff-effe-48d1-85d1-377aef5d74fa","block_type":"box","text":"Revenues from such additional sales tax are currently estimated to be approximately $170 million per year and are in","page_number":239,"box":{"x":70,"y":747,"width":838,"height":12}},{"id":"a60a28b1-8ef2-487e-b6b7-ced4e37e0ca3","block_type":"box","text":"addition to existing sales taxes attributable to certain other internet transactions. Additionally, such legislation","page_number":239,"box":{"x":69,"y":763,"width":786,"height":11}},{"id":"70464b62-a5b1-4657-904e-4a207fe4be78","block_type":"box","text":"provided that State sales tax revenues in the amount of $113 million in State fiscal year 2020 and $150 million in","page_number":239,"box":{"x":70,"y":777,"width":818,"height":12}},{"id":"6ec260e5-fb3f-4641-9073-fbbdf88b28a8","block_type":"box","text":"State fiscal year 2021 and thereafter increasing by one percent per year, will be directed to the MTA for transit","page_number":239,"box":{"x":69,"y":793,"width":788,"height":11}},{"id":"3f216cf8-b738-4802-b70c-27e86531b1a7","block_type":"box","text":"improvements. The State 2020 Budget also included legislation increasing real estate transfer taxes on properties","page_number":239,"box":{"x":70,"y":808,"width":818,"height":11}},{"id":"92e0579d-f001-46a1-9cfd-d57c4aca8816","block_type":"box","text":"valued at more than $2 million, which will also be directed to the MTA for transit improvements.","page_number":239,"box":{"x":68,"y":823,"width":681,"height":11}},{"id":"7a97f171-7c94-4104-81f7-162962b1ef44","block_type":"box","text":"The State fiscal year 2021 budget requires the City to contribute $3 billion towards the 2020-2024 Capital","page_number":239,"box":{"x":101,"y":845,"width":761,"height":12}},{"id":"09ccb734-b0ee-4846-8093-c0ede5a07c4e","block_type":"box","text":"Program concurrent with the State’s $3 billion contribution. Neither the City nor the State can use operating funds","page_number":239,"box":{"x":69,"y":860,"width":812,"height":12}},{"id":"ebbbe5c5-26bc-44b6-b77a-47aa83742d77","block_type":"box","text":"dedicated to the MTA to supplant their capital commitment and must pay on a schedule determined by the State","page_number":239,"box":{"x":69,"y":876,"width":802,"height":11}},{"id":"6fde08e4-32f3-458f-9337-917146e81962","block_type":"box","text":"Budget Director. The City has appropriated this $3 billion, which has been made available to the MTA, and it is","page_number":239,"box":{"x":70,"y":891,"width":785,"height":12}},{"id":"1e96f1d2-6689-4a63-a7e2-c6e78cc2c387","block_type":"box","text":"Public Page 9 of 42","page_number":239,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"f5a8dde5-3016-4e43-9f8a-d949cc231517","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c234b7b9-6535-44ce-b3bd-c1f50dc1005b","block_type":"box","text":"anticipated to be spent within the Ten-Year Capital Strategy. The State 2026 Budget also requires the City and State","page_number":240,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"a38829c5-dde2-498d-9881-6379e933d522","block_type":"box","text":"to each contribute $3 billion to the 2025-2029 Capital Program, of which the City has appropriated $1 billion.","page_number":240,"box":{"x":68,"y":89,"width":781,"height":12}},{"id":"64a3f1b7-8642-4222-81da-bf41c8788c7c","block_type":"box","text":"The State fiscal year 2021 budget included a requirement that the City increase its funding of the MTA’s net","page_number":240,"box":{"x":101,"y":113,"width":771,"height":11}},{"id":"45236f1e-243f-4de6-b6a7-3f2776c15fbd","block_type":"box","text":"paratransit operating deficit from 33% to 50%. The State 2024 Budget further requires the City to increase its","page_number":240,"box":{"x":70,"y":128,"width":782,"height":11}},{"id":"d48b9d17-8d9f-4646-8012-ad8678bc0c0d","block_type":"box","text":"funding in City fiscal years 2024 and 2025 from 50% to the lower of 80% of the deficit or 50% of the deficit plus","page_number":240,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"26a40c49-8bae-4cfe-9795-5a65120a9b79","block_type":"box","text":"$165 million, and the State 2026 Budget extended this requirement through City fiscal year 2027. The City’s","page_number":240,"box":{"x":69,"y":157,"width":778,"height":12}},{"id":"af14aeab-a105-4915-aef1-90ac7ef6bd7c","block_type":"box","text":"Financial Plan reflects $505 million in fiscal year 2025, $340 million in 2026 and 2027, and $175 million in 2028","page_number":240,"box":{"x":70,"y":172,"width":819,"height":12}},{"id":"152136ce-3936-4d27-b205-3d8436a1bd8e","block_type":"box","text":"and 2029 to cover the City’s contributions for paratransit services, compared to MTA’s estimates of $499 million,","page_number":240,"box":{"x":69,"y":188,"width":812,"height":11}},{"id":"b47ab4c9-7cbd-4ecb-8db7-30678f25b40d","block_type":"box","text":"$510 million, $550 million, $577 million, and $602 million in fiscal years 2025 through 2029, respectively. The","page_number":240,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"d0139989-8155-459c-a942-731aec8d6db9","block_type":"box","text":"MTA’s financial plan assumes that the State will renew the increased contribution rate for the City after fiscal year","page_number":240,"box":{"x":70,"y":218,"width":811,"height":12}},{"id":"643ab446-8703-4b9d-9dbf-089204ab3059","block_type":"box","text":"2027. The City continues to monitor anticipated paratransit costs for future years.","page_number":240,"box":{"x":69,"y":234,"width":584,"height":11}},{"id":"23e7fe53-6d32-4500-a4f6-1d0faaec61ec","block_type":"box","text":"Depar tment of Education.","page_number":240,"box":{"x":102,"y":256,"width":181,"height":11}},{"id":"b2d33ca0-b176-47cf-b5d7-21db37e71bc5","block_type":"box","text":"State law requires the City to provide City funds for the DOE each year in an amount","page_number":240,"box":{"x":290,"y":256,"width":599,"height":11}},{"id":"88455d7b-444f-48b9-af27-1a2cefa2ae05","block_type":"box","text":"not less than the amount appropriated for the preceding fiscal year, excluding amounts for debt service and pensions","page_number":240,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"c2db6a84-453e-4795-b0f6-1ee727f0c45f","block_type":"box","text":"for the DOE. Such City funding must be maintained, unless total City funds for the fiscal year are estimated to be","page_number":240,"box":{"x":68,"y":286,"width":806,"height":12}},{"id":"4d9a1c5b-d854-4a5e-8f05-c273a935b3bc","block_type":"box","text":"lower than in the preceding fiscal year, in which case the mandated City funding for the DOE may be reduced by an","page_number":240,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"bb1cdaa0-0f1a-43a4-b709-cd9d4dc4f2df","block_type":"box","text":"amount up to the percentage reduction in total City funds.","page_number":240,"box":{"x":69,"y":317,"width":411,"height":11}},{"id":"d44cb369-95f8-40e9-8174-c582f595fa83","block_type":"box","text":"Judgments and Claims.","page_number":240,"box":{"x":101,"y":340,"width":165,"height":11}},{"id":"fd662d34-9b66-4a9f-a465-e598bf0b5a93","block_type":"box","text":"In the fiscal year ended on June 30, 2024, the City expended $1.5 billion for judgments","page_number":240,"box":{"x":274,"y":339,"width":624,"height":12}},{"id":"820df175-dc2f-42ce-ba3b-d74231ff4751","block_type":"box","text":"and claims. Such expenses reflect, in part, payments made relating to a class action lawsuit against the Board of","page_number":240,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"3c0a6866-34de-4719-8acd-eb4eb61ed06b","block_type":"box","text":"Education. For further information on this litigation, see “Section X: Other Information—Litigation.” The Financial Plan","page_number":240,"box":{"x":70,"y":370,"width":835,"height":11}},{"id":"9edf9cf7-d0cd-49e3-8889-707aa66acc69","block_type":"box","text":"includes provisions for judgments and claims of $1.11 billion, $823.2 million, $840.2 million, $862.5 million and","page_number":240,"box":{"x":70,"y":384,"width":810,"height":12}},{"id":"d5ebfe6e-ca2c-45df-8ba2-d4f84f655d9a","block_type":"box","text":"$890.6 million for the 2025 through 2029 fiscal years, respectively. These projections incorporate a substantial","page_number":240,"box":{"x":69,"y":399,"width":799,"height":12}},{"id":"e3b7430c-a380-4112-9996-6f2eed0a9497","block_type":"box","text":"amount of claims costs attributed to NYCHH, estimated to be $140 million in each year of the Financial Plan, for","page_number":240,"box":{"x":69,"y":414,"width":803,"height":12}},{"id":"87353825-5145-4f9d-b843-6d6233fd924b","block_type":"box","text":"which NYCHH reimburses the City unless otherwise forgiven by the City, which was the case in fiscal years 2013 and","page_number":240,"box":{"x":68,"y":430,"width":834,"height":11}},{"id":"c921220d-47bd-423b-aa94-47f3d1af4de1","block_type":"box","text":"2016. The City is a party to numerous lawsuits and is the subject of numerous claims and investigations. The City","page_number":240,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"b5ae3d5c-9719-4bc0-b3e8-6407f1d51a15","block_type":"box","text":"has estimated that its potential future liability on account of outstanding claims against it amounted to approximately","page_number":240,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"78161b12-d551-4dcc-88cf-4401b3b90746","block_type":"box","text":"$7.5 billion as of June 30, 2024. This estimate was made by categorizing the various claims and applying a","page_number":240,"box":{"x":69,"y":475,"width":769,"height":12}},{"id":"b62e4ecc-1d27-412b-b9cc-2af3e2c65e6d","block_type":"box","text":"statistical model, based primarily on actual settlements by type of claim during the preceding ten fiscal years, and by","page_number":240,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"dd811612-45dc-410d-a1d3-97497593f22c","block_type":"box","text":"supplementing the estimated liability with information supplied by the City’s Corporation Counsel.","page_number":240,"box":{"x":69,"y":506,"width":693,"height":11}},{"id":"b62c0a8b-f179-4ab1-af0a-245e178af73b","block_type":"box","text":"In addition to the above claims, numerous real estate tax","page_number":240,"box":{"x":102,"y":529,"width":408,"height":10}},{"id":"000e08a3-5ae7-494d-bea3-650a6430373b","block_type":"box","text":"cer tiorari","page_number":240,"box":{"x":516,"y":529,"width":64,"height":8}},{"id":"eb251418-10a1-4217-9035-366b9aa1e011","block_type":"box","text":"proceedings involving allegations of","page_number":240,"box":{"x":586,"y":528,"width":252,"height":12}},{"id":"ade67ff9-7a46-451a-9e2a-5a8f82384f3d","block_type":"box","text":"inequality of assessment, illegality and overvaluation are currently pending against the City. Based on historical","page_number":240,"box":{"x":70,"y":543,"width":792,"height":12}},{"id":"bd3fd922-f6ca-4f18-b7a8-48c0eae58c96","block_type":"box","text":"settlement activity, and including an estimated premium for inequality of assessment, the City estimates its potential","page_number":240,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"1edf7798-daf2-4a74-9bba-ac164d389edc","block_type":"box","text":"future liability for outstanding","page_number":240,"box":{"x":68,"y":574,"width":209,"height":11}},{"id":"c3a39404-1e91-4c16-a649-a5fdef37abf4","block_type":"box","text":"cer tiorari","page_number":240,"box":{"x":283,"y":574,"width":64,"height":9}},{"id":"244b73e7-3953-4105-98f1-3482e5a74d4e","block_type":"box","text":"proceedings to be $1.61 billion and $1.47 billion for the fiscal years ended","page_number":240,"box":{"x":352,"y":573,"width":535,"height":12}},{"id":"5ef35c86-8672-4c76-8764-fb694c87c4a6","block_type":"box","text":"June 30, 2024 and June 30, 2023, respectively, as reported in the City’s Financial Statements. Provision has been","page_number":240,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"67af4f27-a831-4fbd-a4c4-2c9320e06c62","block_type":"box","text":"made in the Financial Plan for estimated refunds of $500 million in fiscal year 2025 and $550 million in each of","page_number":240,"box":{"x":69,"y":603,"width":802,"height":12}},{"id":"72d14640-027b-47e2-b787-a262348c05a4","block_type":"box","text":"fiscal years 2026 through 2029.","page_number":240,"box":{"x":68,"y":619,"width":232,"height":11}},{"id":"d22769a2-503a-44d2-9fb9-7e3a9020a50c","block_type":"box","text":"General Obligation, Lease and TFA Debt Service.","page_number":240,"box":{"x":101,"y":642,"width":353,"height":11}},{"id":"9e42cd7d-8c64-4185-b3e8-3a7b79e83913","block_type":"box","text":"Debt service estimates for fiscal years 2025 through 2029","page_number":240,"box":{"x":461,"y":642,"width":421,"height":11}},{"id":"87479e14-c09f-4e37-a320-029db3e9ade9","block_type":"box","text":"include debt service on outstanding general obligation bonds and conduit debt, the funding requirements associated","page_number":240,"box":{"x":70,"y":657,"width":829,"height":11}},{"id":"eb413bfa-1c76-4c4f-b20d-89bd3e76329f","block_type":"box","text":"with outstanding TFA Future Tax Secured Bonds, and estimates of debt service costs of, or funding requirements","page_number":240,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"832862ab-796b-48f7-9203-6b8a27b2ee51","block_type":"box","text":"associated with, future general obligation, conduit and TFA Future Tax Secured debt issuances based on projected","page_number":240,"box":{"x":69,"y":687,"width":813,"height":11}},{"id":"22a14172-cec9-4903-a8f3-563b9926071e","block_type":"box","text":"future market conditions. Such debt service estimates also include estimated payments pursuant to interest rate","page_number":240,"box":{"x":68,"y":702,"width":809,"height":11}},{"id":"afa47d69-424c-40ca-90db-19bb17fa42a4","block_type":"box","text":"exchange agreements but do not reflect receipts pursuant to such agreements.","page_number":240,"box":{"x":69,"y":717,"width":564,"height":12}},{"id":"db5ef11d-3e9d-4c43-b044-d0565d896a76","block_type":"box","text":"The New York City Transitional Finance Authority Act, as amended, permits TFA to have $30.5 billion of Future Tax","page_number":240,"box":{"x":101,"y":739,"width":808,"height":12}},{"id":"3c71f8dc-bb03-41da-bd18-2979f86e6b9e","block_type":"box","text":"Secured Bonds outstanding as of July 1, 2025, and also permits TFA to issue additional Future Tax Secured Bonds","page_number":240,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"dd6f90ec-7fb1-486a-86ca-768e8c7f9e72","block_type":"box","text":"provided that the amount of such additional bonds, together with the amount of indebtedness contracted by the City,","page_number":240,"box":{"x":70,"y":770,"width":829,"height":12}},{"id":"1201dfef-9da9-4d57-92f3-dac5a0720a35","block_type":"box","text":"does not exceed the debt limit of the City.","page_number":240,"box":{"x":69,"y":785,"width":296,"height":12}},{"id":"d8cdd5d4-996c-4cd5-9b7c-ad7386784c30","block_type":"box","text":"The City currently expects to continue to finance approximately half of its capital program through the TFA,","page_number":240,"box":{"x":101,"y":808,"width":755,"height":11}},{"id":"73047f88-aebf-42f3-a57e-c045973e36fd","block_type":"box","text":"exclusive of Department of Environmental Protection capital budget items financed by the Water Authority.","page_number":240,"box":{"x":69,"y":823,"width":753,"height":12}},{"id":"fd4dab48-cfd3-42dc-a406-14d662112ff9","block_type":"box","text":"The Financial Plan reflects general obligation debt service of $4.32 billion, $4.63 billion, $4.95 billion,","page_number":240,"box":{"x":101,"y":845,"width":731,"height":12}},{"id":"81360800-7739-4b8d-beb0-ba8b5eab62da","block_type":"box","text":"$5.42 billion and $5.87 billion in fiscal years 2025 through 2029, respectively, conduit debt service of $86 million,","page_number":240,"box":{"x":69,"y":860,"width":823,"height":12}},{"id":"fbda9215-086e-406d-9f3a-0563cc0001bc","block_type":"box","text":"$111 million, $108 million, $103 million and $112 million in fiscal years 2025 through 2029, respectively, and TFA","page_number":240,"box":{"x":69,"y":875,"width":827,"height":12}},{"id":"75ad7c61-28e8-48b3-b7b2-a5b039fdbc55","block_type":"box","text":"debt service of $3.22 billion, $3.93 billion, $4.49 billion, $4.99 billion and $5.42 billion in fiscal years 2025 through","page_number":240,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"6d2ec85e-1d16-496a-a503-d8e890b7a279","block_type":"box","text":"Public Page 10 of 42","page_number":240,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"6af3420a-4421-48d9-923a-560a379f0691","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6203cbb-bbc7-4aee-be3a-5562724b529f","block_type":"box","text":"2029, respectively, in each case prior to giving effect to prepayments. Such debt service requirements are projected","page_number":241,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"a2450c16-bc93-4963-a92f-df5dbfcc41d4","block_type":"box","text":"to be below 15% of projected City tax revenues for each year of the Financial Plan.","page_number":241,"box":{"x":68,"y":90,"width":586,"height":11}},{"id":"925ffb4a-fbac-48ec-865a-1bb55f8a67d4","block_type":"box","text":"Certain Reports.","page_number":241,"box":{"x":101,"y":113,"width":121,"height":11}},{"id":"a524cca6-b62a-431e-b44a-96deabafa54d","block_type":"box","text":"The reports by the City Comptroller and OSDC described below contain comments on the City’s","page_number":241,"box":{"x":228,"y":113,"width":678,"height":11}},{"id":"bedc1d49-e08e-4811-aef3-6308c36187db","block_type":"box","text":"Executive Budget for Fiscal Year 2026 and Financial Plan for Fiscal Years 2025-2029 (the “May Financial Plan”),","page_number":241,"box":{"x":70,"y":128,"width":796,"height":11}},{"id":"7bfbe4b7-3d37-40a9-bc93-71db60fabaa7","block_type":"box","text":"which was released by the City on May 1, 2025.","page_number":241,"box":{"x":68,"y":143,"width":343,"height":11}},{"id":"d819ebeb-dcce-47b7-ae9e-856cb2c9d922","block_type":"box","text":"On May 30, 2025, the City Comptroller released “Comments on New York City’s Executive Budget for Fiscal Year","page_number":241,"box":{"x":102,"y":166,"width":800,"height":11}},{"id":"73bfba68-6a1a-4b7a-8fc4-b00b3ea0b0b5","block_type":"box","text":"2026 and Financial Plan for Fiscal Years 2025 – 2029.” The report states that the May Financial Plan lacks the","page_number":241,"box":{"x":69,"y":181,"width":795,"height":11}},{"id":"8a249e9b-5e54-4c87-b78d-62fc8319593e","block_type":"box","text":"preparation to guard the City from risks of the potential impacts of the Trump administration’s policies and sweeping","page_number":241,"box":{"x":70,"y":196,"width":831,"height":11}},{"id":"360c733f-f47c-47bd-be12-93ae10d8a168","block_type":"box","text":"federal budget cuts. The Trump administration’s actions impact the MTA, public housing, and critically, the City’s","page_number":241,"box":{"x":68,"y":211,"width":801,"height":11}},{"id":"5893eb8c-355f-47ec-afec-9209bdf2f12b","block_type":"box","text":"healthcare system. The report recommends that the City act now by increasing long-term and budgeted reserves,","page_number":241,"box":{"x":69,"y":226,"width":807,"height":11}},{"id":"46934c4c-3b15-4f36-80b2-4bbbc448c118","block_type":"box","text":"begin efficiency planning as recommended in its suggested ‘fiscal framework’ and prepare New Yorkers to defend","page_number":241,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"aea7ae26-0f3e-4f26-8871-3cd2dac7fc67","block_type":"box","text":"looming threats posed by changed federal policies. While reflecting record high revenues, neither the enacted","page_number":241,"box":{"x":70,"y":256,"width":779,"height":12}},{"id":"6ec50180-1e6b-413c-804c-6db82e81f643","block_type":"box","text":"Executive Budget nor the May Financial Plan added funds to budgeted reserves or the ‘rainy day fund’. Additionally,","page_number":241,"box":{"x":70,"y":271,"width":817,"height":12}},{"id":"abc0fafc-bc48-48e0-9dc2-d443a9824e48","block_type":"box","text":"the May Financial Plan reflects larger out-year gaps and no real savings program to address these gaps.","page_number":241,"box":{"x":68,"y":286,"width":741,"height":12}},{"id":"8d38ccce-8f46-422b-8b43-0bf62010b8f2","block_type":"box","text":"The City Comptroller predicts larger budget gaps than those presented by the City in ‘no recession’ and","page_number":241,"box":{"x":101,"y":309,"width":736,"height":11}},{"id":"be31628a-0421-4aee-8b61-3b85385a464c","block_type":"box","text":"‘recession’ scenarios. If no recession is encountered by the City, budget gaps are projected to be $1.76 billion (1.5%","page_number":241,"box":{"x":70,"y":324,"width":835,"height":12}},{"id":"99a804ac-f9cf-42ba-b75b-81ef35836d74","block_type":"box","text":"of total revenues) in fiscal year 2025, $5.77 billion in fiscal year 2026 (5% of total revenues), then rising to","page_number":241,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"e2835bcf-df7b-4922-9dbb-8c2ea234a9b9","block_type":"box","text":"$8.82 billion (7.0% of total revenues) in fiscal year 2029. In a recession, these budget gaps are projected to","page_number":241,"box":{"x":69,"y":354,"width":775,"height":12}},{"id":"2de9a77b-2d60-4128-b5c0-44e0fd9d2788","block_type":"box","text":"increase modestly (assuming ‘rainy-day fund’ withdrawals of $1.65 billion in each of the next two years) resulting in","page_number":241,"box":{"x":70,"y":369,"width":821,"height":12}},{"id":"80634d5a-92ce-4a1b-a424-2073135b3826","block_type":"box","text":"budget gaps of $6.45 billion and $9.30 billion in fiscal years 2026 and 2027, respectively. However, budget gaps in","page_number":241,"box":{"x":69,"y":384,"width":827,"height":12}},{"id":"96612f83-794c-4eff-a678-c3e05f7915fb","block_type":"box","text":"a recession scenario in fiscal years 2028 and 2029 are projected to be similar to those projected in the ‘no","page_number":241,"box":{"x":69,"y":400,"width":770,"height":11}},{"id":"9e0957c1-3ac6-4682-b8ec-2035791c7540","block_type":"box","text":"recession’ scenario for the same years.","page_number":241,"box":{"x":69,"y":415,"width":281,"height":11}},{"id":"7629cb6c-b656-40c9-a2ad-45e953cc9490","block_type":"box","text":"Assuming ‘no recession,’ the City Comptroller projects net re-estimates of $304 million, $4.77 billion,","page_number":241,"box":{"x":101,"y":437,"width":728,"height":12}},{"id":"e6b614d8-a8fc-47d5-946a-2e5c3dc26edd","block_type":"box","text":"$4.20 billion, $4.28 billion and $3.16 billion in fiscal years 2025 through 2029, respectively. When added to the","page_number":241,"box":{"x":69,"y":452,"width":806,"height":12}},{"id":"62607371-7c47-4842-8a8e-f02208af31ff","block_type":"box","text":"results projected in the May Financial Plan, the City Comptroller projects budget gaps of $304 million, $4.77 billion,","page_number":241,"box":{"x":69,"y":467,"width":825,"height":12}},{"id":"87d5affb-366f-41d8-9518-ce3de0f49656","block_type":"box","text":"$8.83 billion, $10.09 billion and $8.82 billion in fiscal years 2025 through 2029, respectively (excluding reserve","page_number":241,"box":{"x":69,"y":482,"width":806,"height":12}},{"id":"e881e95d-9594-447c-9fc3-f2b0b03d5ae1","block_type":"box","text":"fund increases). Including reserve fund increases, the City Comptroller projects budget gaps of $1.76 billion,","page_number":241,"box":{"x":68,"y":498,"width":777,"height":11}},{"id":"3c1ee6e3-320f-4924-9632-9357da86e788","block_type":"box","text":"$5.77 billion, $8.83 billion, $10.09 billion and $8.82 billion in fiscal years 2025 through 2029, respectively. In a","page_number":241,"box":{"x":69,"y":513,"width":808,"height":12}},{"id":"41bdbea3-7a36-47bc-8b49-aa7167b6b2f2","block_type":"box","text":"‘mild recession,’ budget gaps (including reserve fund increases) are projected to be $1.87 billion, $6.45 billion,","page_number":241,"box":{"x":70,"y":528,"width":797,"height":12}},{"id":"4493695d-a4e9-45f3-846b-acf410cf6881","block_type":"box","text":"$9.30 billion, $10.44 billion and $8.59 billion in fiscal years 2025 through 2029, respectively.","page_number":241,"box":{"x":69,"y":543,"width":674,"height":12}},{"id":"e2469e7d-bdcf-4fc6-9f70-b57256b69f5f","block_type":"box","text":"The City Comptroller’s net revenue projections are higher than the May Financial Plan projections by","page_number":241,"box":{"x":101,"y":566,"width":712,"height":11}},{"id":"e6019f26-ab3d-4bd1-9559-fdf45b23f0a4","block_type":"box","text":"$292 million, $108 million, $1.15 billion, $1.81 billion and $2.95 billion in fiscal years 2025 through 2029,","page_number":241,"box":{"x":69,"y":581,"width":773,"height":12}},{"id":"ef01d92e-e1a8-4f8a-8159-abea100ae9e4","block_type":"box","text":"respectively. The report projects that: (i) property tax revenues will be higher by $2 million in fiscal year 2025 and","page_number":241,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"c0111261-b549-4e79-9e88-788294279737","block_type":"box","text":"$113 million and $409 million in each of fiscal years 2028 and 2029, respectively and lower by $143 million and","page_number":241,"box":{"x":69,"y":611,"width":811,"height":12}},{"id":"542a53d5-ad9b-4393-9b3c-ed68c8866c81","block_type":"box","text":"$194 million in fiscal years 2026 and 2027, respectively; (ii) personal income tax revenues will be higher by","page_number":241,"box":{"x":69,"y":626,"width":772,"height":12}},{"id":"e1e28b63-03ef-431c-96ba-1d1220523326","block_type":"box","text":"$218 million, $285 million, $616 million, $545 million and $1.03 billion in fiscal years 2025 through 2029,","page_number":241,"box":{"x":69,"y":641,"width":772,"height":12}},{"id":"eab0fcdd-4f8d-4e78-9563-0711819cb8b7","block_type":"box","text":"respectively; (iii) business tax revenues will be lower by $105 million and $353 million in fiscal years 2025 and","page_number":241,"box":{"x":69,"y":656,"width":793,"height":12}},{"id":"dcb973e0-0eff-4c30-b93c-2f3fbf165db9","block_type":"box","text":"2026, respectively, and increase by $165 million, $446 million and $451 million in fiscal years 2027 through 2029,","page_number":241,"box":{"x":69,"y":671,"width":830,"height":12}},{"id":"24cab2bd-95ca-410d-9184-6938512dc277","block_type":"box","text":"respectively; (iv) sales tax revenues will be lower by $20 million and $84 million in fiscal years 2025 and 2026,","page_number":241,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"7ac9f625-bb47-454d-a439-2f3c76b0d05d","block_type":"box","text":"respectively, and higher by $56 million, $170 million and $462 million in fiscal years 2027 through 2029,","page_number":241,"box":{"x":69,"y":702,"width":754,"height":12}},{"id":"b9187721-6a55-4126-8bf7-74667cc86ffc","block_type":"box","text":"respectively; (v) real estate transaction-related tax revenues will be higher by $31 million, $151 million, $198 million,","page_number":241,"box":{"x":69,"y":717,"width":835,"height":12}},{"id":"8b11f22c-1de5-426a-81a1-dedc0f533464","block_type":"box","text":"$204 million and $256 million in fiscal years 2025 through 2029, respectively; (vi) tax audit and all other tax revenue","page_number":241,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"ebaad404-cda0-44b1-8f15-db0b816ca121","block_type":"box","text":"will be higher by $166 million, $226 million, $290 million, $301 million and $323 million in fiscal years 2025","page_number":241,"box":{"x":68,"y":747,"width":785,"height":12}},{"id":"b1e73d45-4e3e-4689-bef1-7f9953ccdfd0","block_type":"box","text":"through 2029, respectively; and (vii) non-tax revenues will be higher by $26 million, $20 million, $29 million and","page_number":241,"box":{"x":68,"y":762,"width":800,"height":12}},{"id":"aeb761a2-c7ca-495c-a8d9-6a24a7800943","block_type":"box","text":"$23 million in fiscal years 2026 through 2029, respectively.","page_number":241,"box":{"x":69,"y":777,"width":427,"height":12}},{"id":"6c169b7e-beb3-4000-8381-5d52b990a758","block_type":"box","text":"The City Comptroller’s net expenditure projections are higher by $596 million, $4.87 billion, $5.36 billion,","page_number":241,"box":{"x":101,"y":800,"width":754,"height":12}},{"id":"51fab7bf-5580-4754-b794-b3666a71afb2","block_type":"box","text":"$6.09 billion and $6.11 billion in fiscal years 2025 through 2029, respectively, as a result of: (i) additional overtime","page_number":241,"box":{"x":69,"y":815,"width":830,"height":12}},{"id":"4eaad2a8-f84c-44ea-8c17-79383e5d415c","block_type":"box","text":"expenditures of $367 million and $875 million in fiscal years 2025 and 2026, respectively, and $690 million in each","page_number":241,"box":{"x":69,"y":830,"width":835,"height":12}},{"id":"d26c825e-29a0-42b4-a288-8d1598e67e47","block_type":"box","text":"of fiscal years 2027 through 2029; (ii) higher expenditures for special education (Carter cases) of $351 million in","page_number":241,"box":{"x":69,"y":845,"width":810,"height":12}},{"id":"f2a16f47-6e70-47ed-aa99-ef351f5ea43a","block_type":"box","text":"fiscal year 2026 and $281 million in each of fiscal years 2027 through 2029; (iii) higher expenditures associated","page_number":241,"box":{"x":68,"y":860,"width":810,"height":12}},{"id":"e9153df2-4c15-4849-a460-a8b639b31d7e","block_type":"box","text":"with rental assistance of $1.15 billion in each of fiscal years 2026 through 2029; (iv) higher costs of contributions to","page_number":241,"box":{"x":68,"y":875,"width":837,"height":12}},{"id":"ac833c8a-f48f-4f66-9396-a6cfdc6e28cf","block_type":"box","text":"the MTA of $290 million, $470 million, $365 million and $359 million in fiscal years 2026 through 2029,","page_number":241,"box":{"x":68,"y":891,"width":753,"height":12}},{"id":"f20c8184-6723-4f5c-b7ca-024772c8146d","block_type":"box","text":"respectively; (v) higher non-asylum seeker shelter costs of $730 million in each of fiscal years 2026 through 2029;","page_number":241,"box":{"x":69,"y":906,"width":820,"height":12}},{"id":"7cf689ed-20c0-4fbe-b2fd-d8f9e08d0db1","block_type":"box","text":"Public Page 11 of 42","page_number":241,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"5f4ba2ac-d73d-455d-8310-2a382d81b30d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f609ac1c-1b28-4a73-9aac-d38f6cf43d2f","block_type":"box","text":"(vi) lower public assistance costs of $28 million in fiscal year 2025 and higher such costs of $569 million and","page_number":242,"box":{"x":69,"y":74,"width":786,"height":12}},{"id":"969e5fe8-23eb-46c2-8b6e-48f46d6ef649","block_type":"box","text":"$219 million in fiscal years 2026 and 2027, respectively; (vii) higher expenditures for DOE custodial costs of","page_number":242,"box":{"x":69,"y":89,"width":778,"height":12}},{"id":"4acb4ab4-2a94-441e-9d05-0f503f82722b","block_type":"box","text":"$154 million in each of fiscal years 2027 through 2029; (viii) higher expenditures for DOE charter leases of","page_number":242,"box":{"x":69,"y":104,"width":768,"height":12}},{"id":"f3d12984-3266-4d4c-88fd-c1cc57099ab0","block_type":"box","text":"$38 million and $37 million in fiscal years 2026 and 2027, respectively; (ix) higher expenditures resulting from fiscal","page_number":242,"box":{"x":69,"y":120,"width":835,"height":12}},{"id":"979a037b-c066-467d-9612-b874cc40a29a","block_type":"box","text":"cliffs of $80 million in fiscal year 2026 and $223 million in each of fiscal years 2027 through 2029; (x) higher","page_number":242,"box":{"x":69,"y":135,"width":788,"height":12}},{"id":"167d5856-fed4-4430-946c-c3edd56be3f7","block_type":"box","text":"expenditures associated with the State’s foster care reimbursement rate of $200 million in each of fiscal years 2026","page_number":242,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"02b5f32b-5c0a-4d18-ad4a-8accdc91af36","block_type":"box","text":"through 2029; (xi) higher expenditures for temporary and professional services of $45 million and $100 million in","page_number":242,"box":{"x":68,"y":165,"width":812,"height":12}},{"id":"3b3daabf-e673-43c5-aaab-c22114e779a4","block_type":"box","text":"fiscal years 2026 and 2027, respectively, and $110 million in each of fiscal years 2028 and 2029; (xii) higher","page_number":242,"box":{"x":68,"y":180,"width":789,"height":12}},{"id":"0d681bb1-6edc-4981-9609-49b2aa836541","block_type":"box","text":"expenditures for the Promise NYC shortfall of $25 million in each of fiscal years 2027 through 2029; (xiii) increased","page_number":242,"box":{"x":69,"y":195,"width":829,"height":12}},{"id":"36113937-e339-4c66-84b8-12bb1ca9b941","block_type":"box","text":"expenditures for DOE relating to the provision of special education services of $52 million in each of fiscal years","page_number":242,"box":{"x":69,"y":210,"width":802,"height":12}},{"id":"ef7c1456-466a-46f7-a613-7593ed1d23e5","block_type":"box","text":"2027 and 2029; (xiv) higher expenditures related to reimbursement from the Health Insurance Stabilization Fund of","page_number":242,"box":{"x":69,"y":226,"width":824,"height":11}},{"id":"c9da07a9-bc37-4341-a426-ee2c799575fc","block_type":"box","text":"$612 million in fiscal year 2025 and $112 million in each of fiscal years 2026 through 2029; (xv) lower asylum","page_number":242,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"57f0303a-755d-4805-a1ad-1a73ef609d6f","block_type":"box","text":"seeker expenses of $297 million, $192 million, $559 million, $64 million and $159 million in fiscal years 2025","page_number":242,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"6fe92aa4-6138-4d57-bf42-f5f53c3cf8e5","block_type":"box","text":"through 2029, respectively; (xvi) lower expenditures due to prior-year payable adjustments of $400 million in each of","page_number":242,"box":{"x":68,"y":271,"width":832,"height":12}},{"id":"ba54e853-24b9-44be-983d-c66eca023f57","block_type":"box","text":"fiscal years 2026 through 2029; (xvii) higher costs of pension payments resulting from impact of the new state","page_number":242,"box":{"x":68,"y":286,"width":793,"height":12}},{"id":"4a3b382f-edc9-46b0-8df8-ac581a2e4d4f","block_type":"box","text":"budget of $17 million, $22 million, $27 million and $32 million in fiscal years 2026 through 2029, respectively on","page_number":242,"box":{"x":69,"y":301,"width":816,"height":12}},{"id":"d7a2d94b-bed2-4f44-b9b9-de407953a3a6","block_type":"box","text":"pension payments; (xviii) higher expenditures for child care vouchers resulting from impact of the new state budget of","page_number":242,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"4a0e6df6-cda0-45b3-8995-51b2c77cd6b2","block_type":"box","text":"$275 million in fiscal year 2026 and $625 million in each of fiscal years 2027 through 2029; (xix) higher payments","page_number":242,"box":{"x":69,"y":331,"width":823,"height":12}},{"id":"16b984e3-e3bc-42e5-a59d-00a66a7984da","block_type":"box","text":"to New York City Health and Hospitals resulting from impact of the new state budget of $14 million in fiscal year","page_number":242,"box":{"x":68,"y":346,"width":800,"height":12}},{"id":"a28a0d84-2be5-4366-8c9c-412789b441bd","block_type":"box","text":"2025 and $57 million in each of fiscal years 2026 through 2029; (xx) higher costs of debt payments on MTA capital","page_number":242,"box":{"x":69,"y":361,"width":827,"height":12}},{"id":"06a58730-75d9-434c-af32-6d1104456987","block_type":"box","text":"contributions of $2 million, $11 million, $30 million and $61 million in fiscal years 2026 through 2029, respectively;","page_number":242,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"84760aa6-4be7-49e7-b497-11695bc88ecd","block_type":"box","text":"(xxi) higher expenditures for the class size mandate of $467 million, $1.01 billion and $1.05 billion in each of fiscal","page_number":242,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"2a006944-63de-4bb1-aa88-2f55ab6506cc","block_type":"box","text":"years 2027 through 2029; (xxii) higher expenditures from Health Insurance Rate increases of $500 million,","page_number":242,"box":{"x":68,"y":407,"width":765,"height":12}},{"id":"dded17f5-769e-4416-b8e9-671cba063052","block_type":"box","text":"$530 million, $560 million and $600 million in fiscal years 2026 through 2029, respectively; and (xxiii) higher","page_number":242,"box":{"x":69,"y":422,"width":787,"height":12}},{"id":"9402d856-5bb8-40de-8544-36052d2451bc","block_type":"box","text":"expenditures for the City’s Pre-kindergarten and 3K programs of $128 million, $174 million, $159 million,","page_number":242,"box":{"x":69,"y":437,"width":756,"height":12}},{"id":"1128aff4-5b43-4fda-bde8-4a51c8663598","block_type":"box","text":"$158 million and $158 million in fiscal years 2025 through 2029, respectively.","page_number":242,"box":{"x":69,"y":452,"width":563,"height":12}},{"id":"1bc367a5-8b3c-41cd-9a96-39bf6f76370a","block_type":"box","text":"The City Comptroller expects to release a report on the Financial Plan on or about August 13, 2025.","page_number":242,"box":{"x":101,"y":476,"width":713,"height":11}},{"id":"2137c8a5-a790-459b-97a1-e43bbab39c58","block_type":"box","text":"In June 2025, the OSDC released “Review of the Financial Plan of the City of New York – Report 6-2026”,","page_number":242,"box":{"x":102,"y":498,"width":751,"height":11}},{"id":"b3d05430-5015-41ad-8e5d-68d5643549df","block_type":"box","text":"commenting on the May Financial Plan. The report notes the City’s increased expectations of a surplus in fiscal year","page_number":242,"box":{"x":69,"y":513,"width":829,"height":12}},{"id":"6e28cae6-f60a-4514-ae5b-0e6af8749673","block_type":"box","text":"2025 to $2.95 billion, to be used to fund prepayments to help balance the fiscal year 2026 budget (adjusting for","page_number":242,"box":{"x":69,"y":528,"width":807,"height":12}},{"id":"a0066133-4521-4c4f-ab4d-c4666f9ae173","block_type":"box","text":"prepayments). According to OSDC, the City’s upward revisions of out-year revenues and additional discretionary","page_number":242,"box":{"x":70,"y":543,"width":794,"height":12}},{"id":"63e91145-c9dc-44c0-971e-3a28ccf0be5b","block_type":"box","text":"program spending leave the City with fewer options to maintain programming should anticipated fiscal challenges","page_number":242,"box":{"x":70,"y":559,"width":805,"height":11}},{"id":"dad6aade-80a7-4471-8e8f-e968e9832405","block_type":"box","text":"emerge. OSDC suggests fiscal caution by the City at the present time as substantial resources accumulated from","page_number":242,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"3450e084-e865-4d2c-b6b8-c382b31b9f19","block_type":"box","text":"savings on asylum seeker spending over the past two years may not be reflective in future and shifts in revenue","page_number":242,"box":{"x":69,"y":589,"width":797,"height":11}},{"id":"76a5e60e-a4f1-4fdc-b75b-5736545d05cb","block_type":"box","text":"forecasting coupled with higher probability of recession indicate continued slower growth over the course of the May","page_number":242,"box":{"x":68,"y":604,"width":828,"height":11}},{"id":"4ee5b1cb-d53f-43a9-b296-57c864a99985","block_type":"box","text":"Financial Plan. The City anticipates a balanced budget in fiscal year 2026 and budget gaps of $4.6 billion,","page_number":242,"box":{"x":70,"y":618,"width":754,"height":12}},{"id":"89d39f48-4a52-4324-91a9-2e404afdece4","block_type":"box","text":"$5,8 billion and $5.7 billion in fiscal years 2027 through 2029, respectively; budget gaps, according to OSDC, which","page_number":242,"box":{"x":69,"y":634,"width":832,"height":12}},{"id":"54ea8d5d-a08c-4b7d-b95e-a91af6bc82aa","block_type":"box","text":"should be manageable based on historical standards. OSDC suggests that though some revenue upside is possible","page_number":242,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"a14113e2-9a4f-4b16-9a01-f25fbeba4815","block_type":"box","text":"even with slow growth, underbudgeted items leave the City facing potential budget gaps of $5 billion in fiscal year","page_number":242,"box":{"x":69,"y":664,"width":809,"height":12}},{"id":"c77cac71-ec0d-4042-9346-ae2fa32d48fa","block_type":"box","text":"2026 (far exceeding the $1.45 billion planned contingency) and $10.6 billion, $13 billion and $12.9 billion in fiscal","page_number":242,"box":{"x":69,"y":679,"width":821,"height":12}},{"id":"34201ccb-f1d4-4cea-be81-8338ce7bcd0d","block_type":"box","text":"years 2027 through 2029, respectively. The City has not set additional money aside for contingencies nor increased","page_number":242,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"ca9aa979-d25b-4c02-8a68-b3075d52a640","block_type":"box","text":"contributions to the rainy-day fund in three years, leaving each reserve smaller as a share of expenses. OSDC","page_number":242,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"41db39e6-ef73-4578-a19e-feb317ef6f76","block_type":"box","text":"believes the City’s continued economic growth relies on its ability to provide high quality fundamental public services","page_number":242,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"8a499499-de70-40e2-a5d9-335bc691ebeb","block_type":"box","text":"while also adapting and responding to emerging fiscal challenges. OSDC advises the City to improve on and continue","page_number":242,"box":{"x":68,"y":740,"width":835,"height":11}},{"id":"a349a386-cbea-4e58-9b30-30553ecf6936","block_type":"box","text":"to provide these high quality fundamental services by funding underbudgeted expenses, formalizing its reserve policy","page_number":242,"box":{"x":68,"y":755,"width":836,"height":11}},{"id":"08b915a2-7a5c-4e7f-8d2e-89fe97085d59","block_type":"box","text":"and increasing budgetary flexibility to weather potential fiscal challenges.","page_number":242,"box":{"x":69,"y":770,"width":520,"height":12}},{"id":"fba08b2f-17a9-44d0-9b4d-9ab39cbaa21b","block_type":"box","text":"The OSDC report identifies net risks to the May Financial Plan of $244 million, $5.11 billion, $5.94 billion,","page_number":242,"box":{"x":101,"y":792,"width":761,"height":12}},{"id":"1ca3429c-67e4-4b09-bdb3-5689fd054ee4","block_type":"box","text":"$7.15 billion and $7.19 billion in fiscal years 2025 through 2029, respectively. Combined with the results projected","page_number":242,"box":{"x":69,"y":807,"width":827,"height":12}},{"id":"c67ff077-1296-4303-8439-fd577edc292a","block_type":"box","text":"in the May Financial Plan, OSDC estimates potential budget gaps of $244 million, $5.11 billion, $10.57 billion,","page_number":242,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"3fd88619-4927-4fe7-80e8-6ada3f6d5132","block_type":"box","text":"$12.96 billion and $12.86 billion in fiscal years 2025 through 2029, respectively.","page_number":242,"box":{"x":69,"y":838,"width":583,"height":12}},{"id":"2e3c1677-e73a-41db-b3c9-12c52ffe7b9f","block_type":"box","text":"The specific risks to the May Financial Plan noted in the OSDC report include: (i) increased costs of operating","page_number":242,"box":{"x":101,"y":861,"width":781,"height":11}},{"id":"45841248-f269-4c57-ad18-608c0ebcd015","block_type":"box","text":"subsidies to the MTA of $290 million and $479 million in fiscal years 2026 and 2027, respectively, and $539 million","page_number":242,"box":{"x":69,"y":875,"width":836,"height":12}},{"id":"1bb08358-f311-4cc4-83c9-7a734c9286c0","block_type":"box","text":"in each of fiscal years 2028 and 2029; (ii) increased expenditures for various social services (including those","page_number":242,"box":{"x":70,"y":891,"width":781,"height":12}},{"id":"7caedc4b-a568-4a33-888a-f42350429746","block_type":"box","text":"associated with programs providing prevailing wages for Department of Homeless Services security guards, foster","page_number":242,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"ec90f485-ab69-4d59-ac75-d13a00b51c47","block_type":"box","text":"Public Page 12 of 42","page_number":242,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"d61e8ea4-4a2c-4dd8-9566-17cccc26f892","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f5ae5e2-a6af-456f-b8be-77f798feea7e","block_type":"box","text":"care, emergency family and rental assistance and access to legal counsel in housing court) of $2.24 billion,","page_number":243,"box":{"x":69,"y":74,"width":771,"height":12}},{"id":"18b93788-528a-4844-a675-3df2391c7f88","block_type":"box","text":"$2.53 billion, $2.68 billion and $2.81 billion in fiscal years 2026 through 2029, respectively; (iii) increased uniform","page_number":243,"box":{"x":69,"y":89,"width":826,"height":12}},{"id":"88d39b7a-25ed-4e97-9f9c-e7961af93470","block_type":"box","text":"services overtime costs of $98 million, $765 million and $749 million, in fiscal years 2025 through 2027,","page_number":243,"box":{"x":69,"y":104,"width":761,"height":12}},{"id":"808366c7-9ed1-4b64-aa0c-3ddd208e7972","block_type":"box","text":"respectively and $752 million in fiscal years 2028 and 2029; (iv) increased expenditures for programs associated","page_number":243,"box":{"x":69,"y":120,"width":812,"height":12}},{"id":"fd3e944b-5ddd-471b-b408-e16d5798d8e1","block_type":"box","text":"with the DOE (such as providing services to students with disabilities, increases in charter school tuition rates,","page_number":243,"box":{"x":68,"y":135,"width":793,"height":12}},{"id":"d5b83ddb-c43a-46ce-985d-381433008798","block_type":"box","text":"universal early childhood education for three-year-olds and certain other education initiatives) of $675 million,","page_number":243,"box":{"x":69,"y":150,"width":780,"height":12}},{"id":"3e7d197c-435d-4918-80f8-63596bce0210","block_type":"box","text":"$1.49 billion, $2.17 billion and $2.29 billion in fiscal years 2026 through 2029, respectively; (v) increased","page_number":243,"box":{"x":69,"y":165,"width":762,"height":12}},{"id":"9f20fba6-ffb7-46ab-b312-390527ff30a1","block_type":"box","text":"expenditures related to the early childhood intervention program of $65 million in fiscal year 2026 and $76 million in","page_number":243,"box":{"x":69,"y":180,"width":834,"height":12}},{"id":"2355841a-84a1-4e07-9ef8-1a11a46496f4","block_type":"box","text":"each of fiscal years 2027 through 2029; (vi) increased expenditures for supportive housing of $64 million in each of","page_number":243,"box":{"x":69,"y":195,"width":832,"height":12}},{"id":"8be68e70-7f24-4595-b038-ae142033623c","block_type":"box","text":"fiscal years 2026 through 2029; (vii) increased expenditures to fund the Department of Youth and Community","page_number":243,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"c376807b-8691-48eb-9163-2529d0ad8214","block_type":"box","text":"Development Summer Rising program of $20 million in each of fiscal years 2027 through 2029; (viii) increased","page_number":243,"box":{"x":70,"y":225,"width":792,"height":12}},{"id":"f3f8db6c-cff2-457f-9e5e-5c846f79c4f3","block_type":"box","text":"expenditures related to reimbursement from the Health Insurance Stabilization Fund of $587 million, $742 million,","page_number":243,"box":{"x":69,"y":241,"width":818,"height":11}},{"id":"fb1c6015-86b0-4735-9a2e-5c0815d664ef","block_type":"box","text":"$652 million, $682 million and $712 million in fiscal years 2025 through 2029, respectively; and (ix) decreased","page_number":243,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"2b9902fd-9457-4ca2-8a75-5837a59f1002","block_type":"box","text":"expenditures of $203 million and $154 million in fiscal years 2025 and 2027, respectively, and increased","page_number":243,"box":{"x":69,"y":271,"width":757,"height":12}},{"id":"07428dbe-81ad-4c29-a055-9049b1a112f3","block_type":"box","text":"expenditures for residual services for asylum seekers of $157 million, $286 million and $152 million in fiscal years","page_number":243,"box":{"x":69,"y":286,"width":826,"height":12}},{"id":"b2a3a95a-8d72-4560-a00c-527079a89205","block_type":"box","text":"2026, 2028 and 2029, respectively.","page_number":243,"box":{"x":69,"y":302,"width":259,"height":11}},{"id":"fb0e0196-f744-4c0f-a2ec-3e7c2271e663","block_type":"box","text":"The OSDC report also identifies (i) variable rate debt service savings of $75 million in fiscal year 2026;","page_number":243,"box":{"x":101,"y":324,"width":737,"height":12}},{"id":"e1f21b78-bc07-4ae1-b261-df8b0d478b18","block_type":"box","text":"(ii) decreased tax revenues of $152 million in fiscal year 2026 and increased tax revenues of $160 million,","page_number":243,"box":{"x":69,"y":339,"width":765,"height":12}},{"id":"b2889902-076c-4984-ad74-17f6f41d319f","block_type":"box","text":"$304 million, $465 million and $575 million in fiscal years 2027 through 2029, respectively; (iii) debt refunding","page_number":243,"box":{"x":69,"y":354,"width":800,"height":12}},{"id":"62f7123f-1751-42ba-9c8c-5ac2b1f2cd2d","block_type":"box","text":"savings of $7 million in fiscal year 2025 and $14 million in each of fiscal years 2026 through 2029; (iv) pay roll","page_number":243,"box":{"x":69,"y":369,"width":797,"height":12}},{"id":"a493d55d-9dc0-40dd-839d-ca4c77a8a335","block_type":"box","text":"savings of $100 million in fiscal year 2025; and (v) impacts of the State budget increasing expenditures by $9 million","page_number":243,"box":{"x":69,"y":384,"width":838,"height":12}},{"id":"8ed1e74e-d146-436c-8ace-4b43f1e6c653","block_type":"box","text":"in fiscal year 2025 and $354 million, $359 million and $364 million in fiscal years 2027 through 2029, respectively","page_number":243,"box":{"x":70,"y":399,"width":831,"height":12}},{"id":"37dc83af-2da1-4738-a813-5f3127630209","block_type":"box","text":"and decreasing expenditures by $104 million in fiscal year 2026.","page_number":243,"box":{"x":69,"y":414,"width":464,"height":12}},{"id":"01fb7306-ae96-45c8-b9c0-9ba07af1a9d7","block_type":"box","text":"The OSDC expects to release a report on the Financial Plan on or about August 13, 2025.","page_number":243,"box":{"x":101,"y":438,"width":642,"height":11}},{"id":"4432bd2f-e15c-46d1-8416-3ce32832d94b","block_type":"box","text":"On August 6, 2025, the Control Board released its staff report, “FY 2026 Adopted Budget and Financial Plan”","page_number":243,"box":{"x":102,"y":460,"width":784,"height":12}},{"id":"a269e102-2d4e-440f-9751-0c49da5bf9c7","block_type":"box","text":"commenting on the Financial Plan. The report notes that the City’s economic growth is slowing but maintains key","page_number":243,"box":{"x":69,"y":476,"width":805,"height":11}},{"id":"7ad19b45-125c-4035-abe9-56dad10b17c3","block_type":"box","text":"local indicators reflecting moderate resilience and some underlying strength. Non-farm payroll employment reached","page_number":243,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"14956841-f3c8-4239-9fbb-6616ff56b47d","block_type":"box","text":"4.8 million jobs in the first six months of 2025, a 1.6% year-over-year increase, and the unemployment rate declined","page_number":243,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"3ab2bcfc-49fa-480f-b33d-94054a180086","block_type":"box","text":"from 4.9% in the first six months of 2024 to 4.6% over the same period in 2025. Wages, however, lag inflation, rising","page_number":243,"box":{"x":68,"y":521,"width":839,"height":11}},{"id":"46df2202-bcdd-4be7-872b-af71327dcd16","block_type":"box","text":"2.1% in the first half of 2025 against a 3.8% rise in the metro area CPI inflation rate. Stricter federal immigration","page_number":243,"box":{"x":69,"y":536,"width":804,"height":11}},{"id":"9ba655a8-dc8b-49e6-99b4-ef0ab1623b2c","block_type":"box","text":"enforcement and shifting international sentiment toward the United States are forecasted to slow the robust post","page_number":243,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"75ea3b0a-5353-4e57-a396-e4fb1a8f8e59","block_type":"box","text":"pandemic recovery in tourism, with visitor forecasts for 2025 revised downward, below 2024 levels. The commercial","page_number":243,"box":{"x":70,"y":566,"width":829,"height":11}},{"id":"fba57670-d65b-4dc8-84b6-b3ec0bdc5ec5","block_type":"box","text":"real estate sector continues its slow recovery, with office vacancy rates declining from a record high of 23.6% in the","page_number":243,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"3fe4afa9-2b51-4547-943c-27151be56716","block_type":"box","text":"second quarter of 2024 to 22.6% in the second quarter of 2025. The Control Board projects that the City, as a","page_number":243,"box":{"x":69,"y":596,"width":793,"height":12}},{"id":"2c11edd7-ce13-455b-bd69-ca0ebf4f245a","block_type":"box","text":"sanctuary city, potentially faces additional federal funding cuts from the Trump administration immigration policies.","page_number":243,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"f15a229e-e3c9-416a-bd1b-2af776403b0e","block_type":"box","text":"National economic uncertainty, driven by tariffs, inflation risks, and slowing global economic growth are dynamics","page_number":243,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"d57fcb3d-bf41-4ba0-a9e7-4f327dfbca0f","block_type":"box","text":"which could weigh on the City’s economy and fiscal outlook.","page_number":243,"box":{"x":68,"y":642,"width":426,"height":11}},{"id":"d019098d-63df-47db-8acd-223ae1a1e462","block_type":"box","text":"The Control Board report identified net risks to the Financial Plan of $1.16 billion, $1.20 billion, $1.67 billion","page_number":243,"box":{"x":101,"y":664,"width":779,"height":11}},{"id":"6c1f9a16-4cf0-43b8-a07a-df0d4b62a3ce","block_type":"box","text":"and $951 million in fiscal years 2026 through 2029, respectively, resulting in projected budget gaps of $1.16 billion,","page_number":243,"box":{"x":69,"y":679,"width":835,"height":12}},{"id":"da6f68fd-3544-487f-a416-5d0003754c17","block_type":"box","text":"$6.25 billion, $7.67 billion and $6.92 billion in fiscal years 2026 through 2029, respectively. Such net risks result","page_number":243,"box":{"x":69,"y":694,"width":819,"height":12}},{"id":"c6936e76-09ed-4d33-95f3-e44ce7a9af50","block_type":"box","text":"from: (i) increased paratransit expenditures of $61 million, $93 million, $15 million and $27 million in fiscal years","page_number":243,"box":{"x":68,"y":709,"width":815,"height":12}},{"id":"1ade6c3d-373f-4e62-9632-d51a3f75a0a5","block_type":"box","text":"2026 through 2029, respectively, resulting from decreased reimbursements for paratransit services; (ii) increased","page_number":243,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"4d715ca3-d6f8-44dd-b79c-7b2f9b01e246","block_type":"box","text":"expenditures for MTA Bus operations of $114 million, $242 million, $287 million and $315 million in fiscal years","page_number":243,"box":{"x":69,"y":739,"width":807,"height":12}},{"id":"7438a174-9025-410c-98cd-6dd1bcf0a5bf","block_type":"box","text":"2026 through 2029, respectively; (iii) increased expenditures associated with the State’s foster care reimbursement","page_number":243,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"acf8b585-b9f3-46de-9208-853a25404e7c","block_type":"box","text":"rate of $139 million in each of fiscal years 2026 through 2029; (iv) increased expenditures associated with the State","page_number":243,"box":{"x":69,"y":770,"width":838,"height":12}},{"id":"c156fea2-5c7b-413d-a236-88f251a86766","block_type":"box","text":"class size mandate of $568 million in fiscal year 2027 and $1.22 billion in each of fiscal years 2028 and 2029;","page_number":243,"box":{"x":69,"y":785,"width":801,"height":12}},{"id":"f8858138-56ee-4d50-9740-350418d30d6d","block_type":"box","text":"(v) increases in uniformed services overtime expenses of $692 million and $682 million in fiscal years 2026 and","page_number":243,"box":{"x":69,"y":800,"width":809,"height":12}},{"id":"d58e2744-d76c-479b-8397-9efb3203a08e","block_type":"box","text":"2027, respectively, and $686 million in each of fiscal years 2028 and 2029; and (vi) increased expenditures and for","page_number":243,"box":{"x":69,"y":815,"width":832,"height":12}},{"id":"639d4b3f-a2ea-452a-b2bd-ee1b85fa45ee","block_type":"box","text":"due process cases of $401 million in fiscal year 2026 and $331 million in each of fiscal years 2027 through 2029.","page_number":243,"box":{"x":69,"y":830,"width":826,"height":12}},{"id":"82303616-832f-4a30-a5dd-a58df95fbdd0","block_type":"box","text":"The report also identifies (i) increases in property tax revenues of $153 million, $326 million, $302 million and","page_number":243,"box":{"x":68,"y":845,"width":796,"height":12}},{"id":"108f1355-3fce-4ac9-a165-96fecfb0b676","block_type":"box","text":"$370 million in fiscal years 2026 through 2029, respectively; (ii) increases in non-property tax revenues of","page_number":243,"box":{"x":69,"y":860,"width":763,"height":12}},{"id":"fcdcf3b1-22d1-4ba2-9afb-fd5cf6a9ac6a","block_type":"box","text":"$97 million, $336 million, $376 million and $733 million in fiscal years 2026 through 2029, respectively; and","page_number":243,"box":{"x":69,"y":875,"width":787,"height":12}},{"id":"66e804e0-a0c7-48ad-b232-8ad6b6e8547a","block_type":"box","text":"(iii) increased pension investment returns of $190 million, $433 million and $633 million in fiscal years 2027","page_number":243,"box":{"x":69,"y":891,"width":784,"height":11}},{"id":"227eb747-8fb2-4527-94f8-b51d4ef24785","block_type":"box","text":"through 2029, respectively.","page_number":243,"box":{"x":68,"y":906,"width":194,"height":12}},{"id":"4881dec3-8742-4f61-9616-cdd2877a0e0d","block_type":"box","text":"Public Page 13 of 42","page_number":243,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"aad6cd62-91e5-436c-a28b-a531823929f1","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":243,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a4d3fa8-4d51-4bf5-872b-40f256031d18","block_type":"box","text":"Indebtedness of the City and Certain Other Entities.","page_number":244,"box":{"x":69,"y":75,"width":378,"height":11}},{"id":"2650b99a-5639-4922-8127-e44970f60084","block_type":"box","text":"Indebtedness of the City and Related Issuers.","page_number":244,"box":{"x":102,"y":98,"width":325,"height":11}},{"id":"c48b9bd3-1bb6-45bc-ba5d-84cc151b387f","block_type":"box","text":"As of June 30, 2025, approximately $46.72 billion of City general","page_number":244,"box":{"x":433,"y":97,"width":467,"height":12}},{"id":"23488463-cc22-4410-b908-583e08aa4694","block_type":"box","text":"obligation bonds were outstanding.","page_number":244,"box":{"x":69,"y":113,"width":248,"height":11}},{"id":"859ff47a-8843-4d2d-98d9-884cf7ba90f9","block_type":"box","text":"As of June 30, 2025, HYIC has outstanding approximately $2.4 billion aggregate principal amount of bonds. In","page_number":244,"box":{"x":101,"y":135,"width":788,"height":12}},{"id":"4dfa4605-4dfc-4682-a5d4-0828c5a82c20","block_type":"box","text":"addition, HYIC has entered into a term loan facility with Bank of America, N.A. pursuant to which HYIC may draw up to","page_number":244,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"6d30c295-b908-44a8-9e2d-a23e4fe36c6f","block_type":"box","text":"an aggregate amount of $380 million, approximately $108.5 million of which has been drawn as of June 30, 2025.","page_number":244,"box":{"x":69,"y":165,"width":821,"height":12}},{"id":"0b0b4643-6827-432d-af53-e3e585042525","block_type":"box","text":"The term loan facility has a scheduled maturity of June 30, 2027. HYIC expects to issue bonds to repay such term","page_number":244,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"d178377e-5a76-40cd-b5bf-d690e9aed511","block_type":"box","text":"loan facility or further extend the maturity date prior to the scheduled maturity. The bonds financed the extension of","page_number":244,"box":{"x":70,"y":196,"width":823,"height":11}},{"id":"77afbe91-3cf1-49a4-a69f-dd56fb0e4ee9","block_type":"box","text":"the Number 7 subway line and other public improvements in the Hudson Yards area, and the term loan will be used","page_number":244,"box":{"x":68,"y":211,"width":823,"height":11}},{"id":"f2acbaf1-4267-4b52-8df2-e7548d367ece","block_type":"box","text":"to finance any remaining costs of completion of the original project and the expansion of the park in the Hudson","page_number":244,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"84482b2a-8dea-4905-b952-badb35957aa1","block_type":"box","text":"Yards area. HYIC’s bonds and, on a subordinate basis, draws under the term loan facility are secured by and payable","page_number":244,"box":{"x":68,"y":241,"width":836,"height":11}},{"id":"ede1305f-6af5-439c-8ecd-ae4ff2b4c39d","block_type":"box","text":"from payments in lieu of taxes and other revenues generated by development in the Hudson Yards area. To the extent","page_number":244,"box":{"x":68,"y":256,"width":840,"height":12}},{"id":"7aac7017-a847-426b-bdfd-76b8adc369df","block_type":"box","text":"payments in lieu of taxes and other HYIC revenues are insufficient to pay interest on the HYIC bonds or the term","page_number":244,"box":{"x":70,"y":271,"width":801,"height":12}},{"id":"6dce7894-daef-40ca-8245-9af26a81b704","block_type":"box","text":"loan, the City has agreed to pay the amount of any shortfall in interest, subject to appropriation. No such payments","page_number":244,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"ca963a0a-d169-4d2c-b52e-83cc7a65c9ec","block_type":"box","text":"have been required since fiscal year 2015. The City has no obligation to pay the principal of such bonds or of such","page_number":244,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"f4f8c954-1e2b-4c66-9583-375eac3c206b","block_type":"box","text":"term loan.","page_number":244,"box":{"x":68,"y":317,"width":72,"height":9}},{"id":"75a4b0de-1c18-4194-baf1-ad77d34a3bf4","block_type":"box","text":"2025-2029 Financing Program.","page_number":244,"box":{"x":69,"y":347,"width":227,"height":11}},{"id":"a80bfd19-a9b9-4337-8b01-582e885fda2f","block_type":"box","text":"Water Authority.","page_number":244,"box":{"x":103,"y":370,"width":108,"height":11}},{"id":"e6b9f24e-e80d-4123-b13d-b821215b9e06","block_type":"box","text":"The City’s financing program includes the issuance of water and sewer revenue bonds by the","page_number":244,"box":{"x":217,"y":370,"width":662,"height":11}},{"id":"0def4a6d-6743-40a3-9ede-c9c4a146b0a8","block_type":"box","text":"Water Authority which is authorized to issue bonds to finance capital investment in the City’s water and sewer","page_number":244,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"b2b388e9-8702-4cc7-9f2f-f0bf8812f323","block_type":"box","text":"system. Pursuant to State law, debt service on Water Authority indebtedness is secured by water and sewer fees paid","page_number":244,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"feae09f5-a240-4cb5-aec6-7e011597c149","block_type":"box","text":"by users of the water and sewer system. Such fees are revenues of the Water Board, which holds a lease interest in","page_number":244,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"0eaadd5b-7ef9-41a5-a2ad-e442688fef83","block_type":"box","text":"the City’s water and sewer system. After providing for debt service on obligations of the Water Authority and certain","page_number":244,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"9aecb743-57d2-4dfb-b130-ae1e060bfd67","block_type":"box","text":"incidental costs, the revenues of the Water Board are paid to the City to cover the City’s costs of operating the water","page_number":244,"box":{"x":70,"y":445,"width":832,"height":12}},{"id":"2db13ee5-8357-40e2-86d4-88a99a615141","block_type":"box","text":"and sewer system and as rental for the system. In fiscal years 2019, 2022 and 2023, the City did not request the","page_number":244,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"3ad4ed8c-a922-4cf9-b55a-5499d237af60","block_type":"box","text":"rental payment due to the City from the Water Board. In fiscal years 2020 and 2021, on account of the outbreak of","page_number":244,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"973beaa2-fbfb-426d-a611-7b996e06aaa6","block_type":"box","text":"COVID-19, the City requested rental payments of $128 million and $137 million, respectively. The Financial Plan","page_number":244,"box":{"x":69,"y":490,"width":799,"height":12}},{"id":"9bad1ef9-2664-41b4-aa19-2f0d0e092f2a","block_type":"box","text":"reflects rental payment requests of $289 million in fiscal year 2025, $303 million in fiscal year 2026, $315 million","page_number":244,"box":{"x":69,"y":505,"width":823,"height":12}},{"id":"000d3154-e957-419d-bf19-ae02a19166f5","block_type":"box","text":"in fiscal year 2027, $365 million in fiscal year 2028 and $397 million in fiscal year 2029. The City’s Ten-Year Capital","page_number":244,"box":{"x":70,"y":520,"width":834,"height":12}},{"id":"8e81f1e3-27bb-4ab2-946e-8b02e851ce80","block_type":"box","text":"Strategy applicable to the City’s water and sewer system covering fiscal years 2026 through 2035 projects City","page_number":244,"box":{"x":69,"y":536,"width":797,"height":11}},{"id":"66bcc98d-44ce-48ed-a9f2-0931a2b503e6","block_type":"box","text":"funded water and sewer investment (which is expected to be financed with proceeds of Water Authority debt) at","page_number":244,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"9729daea-d33a-4ce0-9fbf-f50fd268062f","block_type":"box","text":"approximately $32.8 billion. The 2025-2029 Capital Commitment Plan reflects total anticipated City-funded water and","page_number":244,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"ebae1964-df7c-4b7c-a220-52f96f171c8f","block_type":"box","text":"sewer commitments of $19.7 billion which are expected to be financed with the proceeds of Water Authority debt.","page_number":244,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"3285a375-91ee-4c23-9e47-466094c8fae5","block_type":"box","text":"New York City Transitional Finance Authority.","page_number":244,"box":{"x":102,"y":604,"width":310,"height":11}},{"id":"837388d1-3c90-4d4b-bde4-5ef76ac4f0e9","block_type":"box","text":"y. The TFA is authorized to have outstanding $30.5 billion of Future Tax","page_number":244,"box":{"x":412,"y":603,"width":498,"height":12}},{"id":"4ecf18c5-d11d-4cd7-a82f-962fc74179f4","block_type":"box","text":"Secured Bonds as of July 1, 2025. The TFA may have outstanding Future Tax Secured Bonds in excess of","page_number":244,"box":{"x":69,"y":619,"width":751,"height":11}},{"id":"e7eeee2a-d09f-4e2b-9d5a-d879d6f70947","block_type":"box","text":"$30.5 billion provided that the amount of the Future Tax Secured Bonds, together with the amount of indebtedness","page_number":244,"box":{"x":69,"y":634,"width":820,"height":12}},{"id":"28c97394-ee55-4393-a94a-a3cecb4e6bf3","block_type":"box","text":"contracted by the City, do not exceed the debt limit of the City. Future Tax Secured Bonds are issued for general City","page_number":244,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"f71c5da8-4825-4e34-b20d-348c6768e168","block_type":"box","text":"capital purposes and are secured by the City’s personal income tax revenues and, to the extent such revenues do","page_number":244,"box":{"x":69,"y":665,"width":813,"height":11}},{"id":"4f6f88ca-de68-486a-911d-cad1658a39b0","block_type":"box","text":"not satisfy specified debt ratios, sales tax revenues.","page_number":244,"box":{"x":69,"y":680,"width":372,"height":11}},{"id":"879ce612-1269-4ebf-a57c-38abbc555da7","block_type":"box","text":"In addition, the TFA is authorized to have outstanding $9.4 billion of Building Aid Revenue Bonds to pay for a","page_number":244,"box":{"x":102,"y":702,"width":772,"height":12}},{"id":"f6b83a0b-61b3-4d12-a1d3-4bf25a392f9d","block_type":"box","text":"portion of the City’s five-year educational facilities capital plan. Building Aid Revenue Bonds are secured by State","page_number":244,"box":{"x":70,"y":717,"width":804,"height":12}},{"id":"f31cc8a0-00e7-4e5e-833c-d24b8a805aef","block_type":"box","text":"building aid, which the Mayor has assigned to the TFA.","page_number":244,"box":{"x":69,"y":733,"width":386,"height":11}},{"id":"7cbbdd8a-8c09-4194-bbf1-953995fb2ffc","block_type":"box","text":"Implementation of the financing program is dependent upon the ability of the City and other financing entities to","page_number":244,"box":{"x":102,"y":755,"width":796,"height":11}},{"id":"ab603ec1-b932-4f93-9c4a-c83967afff01","block_type":"box","text":"market their securities successfully in the public credit markets which will be subject to prevailing market conditions","page_number":244,"box":{"x":69,"y":770,"width":827,"height":12}},{"id":"cc05be35-e57b-4a03-9d04-a0f5d1d069c4","block_type":"box","text":"at the times of sale. No assurance can be given that the credit markets will absorb the projected amounts of public","page_number":244,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"8238cc90-ed5a-48aa-970e-7a5285567677","block_type":"box","text":"bond sales. A significant portion of bond financing is used to reimburse the City’s General Fund for capital","page_number":244,"box":{"x":69,"y":801,"width":756,"height":11}},{"id":"03037c20-01ed-4bf7-b3a4-1d84c86508e4","block_type":"box","text":"expenditures already incurred. If the City and such other entities are unable to sell such amounts of bonds, it would","page_number":244,"box":{"x":69,"y":816,"width":825,"height":11}},{"id":"63f1d8d5-1a80-4593-aaaa-e13afada7095","block_type":"box","text":"have an adverse effect on the City’s cash position. In addition, the need of the City to fund future debt service costs","page_number":244,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"d9009f25-8b09-4fec-a747-4cc7dd6cd268","block_type":"box","text":"from current operations may also limit the City’s capital program. The Ten-Year Capital Strategy for fiscal years 2026","page_number":244,"box":{"x":68,"y":846,"width":830,"height":11}},{"id":"c84e0624-572d-42c4-a095-7a3fc0f3b7f7","block_type":"box","text":"through 2035 totals $173.4 billion, of which approximately 97.4% is to be financed with funds borrowed by the City","page_number":244,"box":{"x":68,"y":860,"width":825,"height":12}},{"id":"0e9771aa-cc9f-432c-98f1-b6660c9078ad","block_type":"box","text":"and such other entities.","page_number":244,"box":{"x":69,"y":876,"width":168,"height":9}},{"id":"446d3ff6-a276-46e5-9988-d5a26f1e84aa","block_type":"box","text":"Public Page 14 of 42","page_number":244,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"d5a85e06-1a6c-4c0d-9e32-ab5e6da20eed","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b64bb1bc-2071-4734-86a3-7a5a55c333e1","block_type":"box","text":"Environmental Matters","page_number":245,"box":{"x":69,"y":75,"width":166,"height":9}},{"id":"715d8a54-cda5-4c24-8ac3-091b4c2c626d","block_type":"box","text":"Climate Change: Storms, Strategic Planning and Resiliency.","page_number":245,"box":{"x":102,"y":98,"width":420,"height":11}},{"id":"dd907de9-55b6-449b-ab62-343e760a6439","block_type":"box","text":"y. The City has 520 miles of coastline, bordering the","page_number":245,"box":{"x":522,"y":98,"width":365,"height":11}},{"id":"6958a5f3-baef-4b5f-8307-81592f823f73","block_type":"box","text":"Atlantic Ocean as well as rivers, bays, and inlets. Four of its five Boroughs, Manhattan, Staten Island, Brooklyn, and","page_number":245,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"0b0a9e7d-76c8-4516-8875-9e396abfd1d2","block_type":"box","text":"Queens, are on islands and water also forms the principal boundary of the Bronx. As a result, the City is directly","page_number":245,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"2734f5ac-7071-4335-b095-48cab71f465a","block_type":"box","text":"affected by rising sea levels, inland flooding, and exposed to intensifying coastal storms.","page_number":245,"box":{"x":69,"y":143,"width":633,"height":11}},{"id":"a498452f-642a-4e0b-9ff3-7cdfa6413942","block_type":"box","text":"Storms","page_number":245,"box":{"x":102,"y":166,"width":50,"height":9}},{"id":"d7118e03-e2a1-490a-b448-0ebbf99a88b7","block_type":"box","text":".","page_number":245,"box":{"x":154,"y":173,"width":2,"height":1}},{"id":"e8d66d67-232e-454c-a25c-a9485e8e0f08","block_type":"box","text":"On Monday, October 29, 2012, Superstorm Sandy hit the Mid-Atlantic East Coast. The storm caused widespread","page_number":245,"box":{"x":102,"y":188,"width":802,"height":11}},{"id":"b52c3bb0-548b-45b6-8bf9-664218f85d8a","block_type":"box","text":"damage to the coastal and other low-lying areas of the City and power failures in various parts of the City, including","page_number":245,"box":{"x":69,"y":203,"width":820,"height":12}},{"id":"5c63dbed-c90e-498f-bd92-dc8a3f7fb357","block_type":"box","text":"most of downtown Manhattan, the south shore of Staten Island, and the communities surrounding Jamaica Bay in","page_number":245,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"495f8004-1e4e-46a0-aaf4-3fa3daf6b8c8","block_type":"box","text":"Brooklyn and Queens. On January 29, 2013, President Obama signed legislation providing for approximately","page_number":245,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"4973c81b-a48a-4e38-925a-918e135b5fb9","block_type":"box","text":"$50.5 billion in storm-related aid for the region affected by the storm. Although it is not possible for the City to","page_number":245,"box":{"x":69,"y":248,"width":789,"height":12}},{"id":"4a3d77a2-9d43-4bfc-a9f2-d35bfca2042e","block_type":"box","text":"quantify the full, long-term impact of the storm on the City and its economy, the current estimate of the direct costs","page_number":245,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"ec6300ec-9494-4957-865d-a19131225beb","block_type":"box","text":"to the City, NYCHH and NYCHA is approximately $10.7 billion (comprised of approximately $1.8 billion of expense","page_number":245,"box":{"x":68,"y":278,"width":811,"height":12}},{"id":"fcb8bcc9-61dd-4afa-b00c-5d3f19425fdb","block_type":"box","text":"costs and approximately $8.9 billion of capital project costs). Such direct costs represent funding for emergency","page_number":245,"box":{"x":69,"y":293,"width":802,"height":12}},{"id":"20c7d7b8-4a32-4806-aa3e-d63abb0c926f","block_type":"box","text":"response, debris removal, emergency protective measures, repair of damaged infrastructure and long-term hazard","page_number":245,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"ab1d6083-0dd3-44ac-8faa-4ffb94e2c243","block_type":"box","text":"mitigation investments.","page_number":245,"box":{"x":69,"y":325,"width":165,"height":11}},{"id":"e57fc6e6-9e1c-4760-ad6c-08e65c67ad49","block_type":"box","text":"The Financial Plan assumes that the direct costs described above will largely be paid from non-City sources,","page_number":245,"box":{"x":101,"y":347,"width":769,"height":11}},{"id":"f15ba781-70b8-4960-8d86-11297e50ae3a","block_type":"box","text":"primarily the federal government, and that the Community Costs described above will be primarily reimbursed by","page_number":245,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"15a6af23-415e-48b3-93b2-9c218932aa8f","block_type":"box","text":"federal funds. The City expects reimbursements to come from two separate federal sources of funding, FEMA and","page_number":245,"box":{"x":68,"y":377,"width":810,"height":12}},{"id":"2c71d868-7341-4a4a-9a79-2d23432dc713","block_type":"box","text":"HUD. The City has secured approximately $10.8 billion in FEMA assistance and other federal emergency response","page_number":245,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"a1918a1b-b762-42dd-b8eb-e7cb3b822c88","block_type":"box","text":"grants (“FEMA Funding”). The maximum reimbursement rate from FEMA is 90% of total costs. Other federal","page_number":245,"box":{"x":68,"y":407,"width":764,"height":12}},{"id":"7b57f7b3-7732-4f07-bb20-07764f003ab6","block_type":"box","text":"emergency response grants may have larger local share percentages. The City expects to use $730 million of","page_number":245,"box":{"x":69,"y":422,"width":783,"height":12}},{"id":"ae2cf439-7491-4ff8-855b-02557ce2ba9a","block_type":"box","text":"Community Development Block Grant Disaster Recovery funding allocated by HUD to meet the local share","page_number":245,"box":{"x":69,"y":438,"width":753,"height":11}},{"id":"6218e357-af53-45c2-9768-4feb811c0050","block_type":"box","text":"requirements of the FEMA Funding, as well as recovery work not funded by FEMA or other federal emergency","page_number":245,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"ca320873-88bd-4b05-87cf-54bc1b1281e1","block_type":"box","text":"response grants for the direct costs described above. This allocation would be available to fill gaps in such FEMA","page_number":245,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"0d95a868-641b-469e-9534-26baf179add1","block_type":"box","text":"Funding. As of March 20, 2025, the City, NYCHH and NYCHA have received $5.8 billion in reimbursements from","page_number":245,"box":{"x":70,"y":482,"width":796,"height":12}},{"id":"ae4dc1cd-04b5-4c66-a1e5-a0e8d714f303","block_type":"box","text":"FEMA Funding for the direct costs described above. In addition to the FEMA Funding described above, HUD has made","page_number":245,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"fd227f69-137d-45e9-a9aa-bf1cda6d70c4","block_type":"box","text":"available approximately $4.4 billion for Community Costs, of which approximately $4 billion has been received","page_number":245,"box":{"x":69,"y":513,"width":784,"height":11}},{"id":"481766e3-35a0-4eed-8c1a-fbc24001d87e","block_type":"box","text":"through January 1, 2025. No assurance can be given that the City will be reimbursed for all of its costs or that such","page_number":245,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"0bf9fe46-c33d-4038-9f94-1dc1034cb4d5","block_type":"box","text":"reimbursements will be received within the time periods assumed in the Financial Plan. There is no assurance, if the","page_number":245,"box":{"x":69,"y":543,"width":831,"height":11}},{"id":"a290db06-c437-44b3-bfba-accafba1a220","block_type":"box","text":"City were to experience a similar storm in the future, that non-City sources, including the federal government, would","page_number":245,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"eef0f775-42a0-4e61-8fd9-0d89e40c0b32","block_type":"box","text":"pay the costs.","page_number":245,"box":{"x":70,"y":574,"width":98,"height":11}},{"id":"34cf132b-9ea6-4663-ace7-534a1a19f86f","block_type":"box","text":"On September 1, 2021, Hurricane Ida hit the Mid-Atlantic East Coast as a post-tropical cyclone (“Ida”), bringing","page_number":245,"box":{"x":102,"y":597,"width":794,"height":11}},{"id":"7ac33334-6eb4-4184-bc80-7fa8d9771d48","block_type":"box","text":"significant rainfall and resulting in severe flooding in parts of the City, including primarily inland areas. Rainfall from","page_number":245,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"a60f247b-ef54-40af-a94d-ef840aa42c4f","block_type":"box","text":"Ida exceeded the previous record for the most single-hour rainfall in the City and for the first time the National","page_number":245,"box":{"x":70,"y":627,"width":782,"height":11}},{"id":"b3f6f71d-0ed1-445f-bddc-58bd086ea183","block_type":"box","text":"Weather Service declared a flash flood emergency in the City. Ida resulted in the deaths of 13 people in the City, 11","page_number":245,"box":{"x":68,"y":642,"width":828,"height":11}},{"id":"ca848a8e-a2bf-45bb-919e-c49af4a845e1","block_type":"box","text":"of which occurred in basement housing units.","page_number":245,"box":{"x":69,"y":657,"width":323,"height":11}},{"id":"7df04c45-4d79-4e26-a815-6aedd6989763","block_type":"box","text":"Strategic Planning and Resiliency.","page_number":245,"box":{"x":102,"y":680,"width":237,"height":11}},{"id":"8a7c5bd4-c4e5-4899-b082-67731491f244","block_type":"box","text":"Since 2007, the City has been engaged in strategic planning for climate change, recognizing the challenges it","page_number":245,"box":{"x":102,"y":702,"width":780,"height":12}},{"id":"8dc4a39d-4dcc-4ffb-af79-804883e48670","block_type":"box","text":"presents for City operations and infrastructure. Among other things, the City created the New York City Panel on","page_number":245,"box":{"x":70,"y":717,"width":793,"height":12}},{"id":"f95238a6-b733-42c5-a029-ddf9073b5e90","block_type":"box","text":"Climate Change (the “NPCC”), a body of more than a dozen leading independent climate and social scientists. Since","page_number":245,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"6b4b83ee-43f5-4273-a50d-d851da4a2342","block_type":"box","text":"2008, NPCC has analyzed climate trends, developed projections, explored key impacts, issued reports (the “NPCC","page_number":245,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"3f199b5e-b203-4b20-93c8-b797a7c6aa27","block_type":"box","text":"Reports”) and advised on response strategies for the City. The NPCC determined that the City is already experiencing","page_number":245,"box":{"x":70,"y":763,"width":835,"height":11}},{"id":"cdc276fd-cd2c-461f-be53-79c904e491c5","block_type":"box","text":"the impacts of climate change and projects dramatic impacts on the City in the future. Climate change is causing","page_number":245,"box":{"x":68,"y":778,"width":807,"height":11}},{"id":"da3dda1c-073f-4f38-86ce-42be432564b0","block_type":"box","text":"more extreme heat, extreme rainfall, coastal storm surge, and chronic tidal and compound flooding, poor air quality","page_number":245,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"a06551c2-c01e-4c43-afae-e6c925c3cf97","block_type":"box","text":"and drought. NPCC projections form the basis for the City’s climate resiliency planning, which involves coordination","page_number":245,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"d95678cf-ca00-4b7f-a2cd-2df23d57e443","block_type":"box","text":"and cooperation among multiple public and private stakeholders, and expansion of ongoing maintenance and","page_number":245,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"179440c6-5749-43b4-9be3-b913c688be1e","block_type":"box","text":"development of municipal infrastructure as well as specific initiatives such as those described below.","page_number":245,"box":{"x":69,"y":838,"width":721,"height":11}},{"id":"29c3ae9f-2038-41dc-95d8-89e940303aab","block_type":"box","text":"Reducing risk from extreme rainfall requires a multi-layered strategy with investments in infrastructure","page_number":245,"box":{"x":102,"y":861,"width":725,"height":11}},{"id":"f1080c1c-4dc0-4306-8483-6c9907402d33","block_type":"box","text":"adaptation, building level protection, data collection, and community engagement. In July 2022, the City released the","page_number":245,"box":{"x":69,"y":876,"width":834,"height":11}},{"id":"453f1f69-b848-4e30-ad89-7f684b02067b","block_type":"box","text":"Rainfall Ready NYC action plan, a plan to prepare the City for more extreme rainfall in the future. The City continues","page_number":245,"box":{"x":70,"y":891,"width":822,"height":11}},{"id":"edd90e35-18bb-4ac6-b65f-92f59369c205","block_type":"box","text":"to install grey infrastructure, such as building out a comprehensive storm sewer system in Southeast Queens, and","page_number":245,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"8adb3d43-9775-40f2-81a3-6fb6c0c3f0cd","block_type":"box","text":"Public Page 15 of 42","page_number":245,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"2be85a3f-5e68-4187-9905-dc58bc678ea9","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99797a52-c0b0-4de8-af93-3343dd393ce9","block_type":"box","text":"green infrastructure, such as rain gardens and bluebelt wetlands, to manage stormwater and protect water quality.","page_number":246,"box":{"x":68,"y":75,"width":817,"height":11}},{"id":"01b9cc3b-6e96-41eb-a52a-55b57e77a327","block_type":"box","text":"This work is being carried out by DEP and funding is included in the City’s capital budget. The City is also working to","page_number":246,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"4ba432b0-f596-4347-91ce-19a382443124","block_type":"box","text":"develop Cloudburst management projects that will use grey and green infrastructure to absorb, store and transfer","page_number":246,"box":{"x":69,"y":105,"width":809,"height":11}},{"id":"2c20b43d-fcbd-4dd0-8708-a9e04c5f5bb4","block_type":"box","text":"rainwater during extreme storm events.","page_number":246,"box":{"x":69,"y":120,"width":278,"height":12}},{"id":"1a55aa9e-4269-455c-9a89-1636f62ec35c","block_type":"box","text":"Building on NPCC’s recommendations, prior recommendations released after Ida hit the City and the City’s","page_number":246,"box":{"x":102,"y":143,"width":759,"height":11}},{"id":"6dee8b66-7b38-4e1a-8563-25cffc4e50e0","block_type":"box","text":"strategic planning, the City released PlaNYC: Getting Sustainability Done (“PlaNYC 2023”) in April 2023. PlaNYC","page_number":246,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"6f8f45e2-ad66-403c-90c6-b24760fa1f6b","block_type":"box","text":"2023 addresses some of the risks identified in the NPCC Reports. Among other things, PlaNYC 2023 includes","page_number":246,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"90038798-7fb1-4735-8f34-1889423b5389","block_type":"box","text":"measures to address the biggest risks to the City associated with climate change, including extreme heat and","page_number":246,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"a723ad9f-6163-4899-ad10-b4c1744f5de1","block_type":"box","text":"flooding from extreme rainfall, coastal storms and tidal flooding due to sea level rise. PlaNYC 2023 also describes","page_number":246,"box":{"x":68,"y":203,"width":818,"height":12}},{"id":"712ec7af-90bc-470f-bf79-bf53b8df2ad1","block_type":"box","text":"measures to reduce economy-wide greenhouse gas emissions and initiatives to transition away from polluting fossil","page_number":246,"box":{"x":69,"y":218,"width":823,"height":12}},{"id":"a9521249-a04a-4272-ac45-8932ceb40e2a","block_type":"box","text":"fuels to clean energy. The total costs of implementing all of PlaNYC 2023’s recommendations, including those","page_number":246,"box":{"x":68,"y":234,"width":788,"height":11}},{"id":"ac948c75-e2da-46d2-97f5-4526a0012503","block_type":"box","text":"relating to extreme rainfall, would be substantial and in some cases would require State, federal or other non-City","page_number":246,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"b63bcb8e-d2b6-4fb7-9a5d-e822e55d5c0c","block_type":"box","text":"funding alongside additional City funding.","page_number":246,"box":{"x":68,"y":264,"width":292,"height":11}},{"id":"243ba7cb-13d6-48ff-b9e0-5b0291127d75","block_type":"box","text":"In 2023, the City launched Climate Strong Communities (“CSC”), an initiative of the New York City Mayor’s Office","page_number":246,"box":{"x":102,"y":286,"width":805,"height":12}},{"id":"3cb1b0ea-e538-4167-8839-fc39e595f91a","block_type":"box","text":"of Climate and Environmental Justice that aims to build resiliency and sustainability infrastructure to reduce risks","page_number":246,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"1ac2af8b-c433-4e7d-9bd9-5d88a2da9dfe","block_type":"box","text":"from climate change in environmental justice areas. CSC is grounded in environmental justice and guided by three","page_number":246,"box":{"x":68,"y":317,"width":814,"height":11}},{"id":"dfe3a05e-f033-4268-bb6b-937d547f629c","block_type":"box","text":"pillars: collaborating with communities, working across government, and unlocking new funding. CSC is an equitable","page_number":246,"box":{"x":70,"y":332,"width":825,"height":11}},{"id":"3f6770fa-d771-4aad-baed-1fd095199026","block_type":"box","text":"multi-hazard planning framework that leverages infrastructure and climate funding opportunities.","page_number":246,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"aaa77d6e-79c7-47a8-a559-7995a784ce9a","block_type":"box","text":"The City is in the process of implementing infrastructure projects to protect areas of the City from flooding","page_number":246,"box":{"x":101,"y":370,"width":758,"height":11}},{"id":"f304605b-0258-45e8-a33b-622632d98045","block_type":"box","text":"associated with extreme rainfall, storm surge, and tidal flooding due to sea level rise. (See below for additional","page_number":246,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"fbefcd65-5de2-48f3-8dcc-c0b06d0d1bd0","block_type":"box","text":"information on the impacts of flooding.) These projects and initiatives are in various stages of feasibility review,","page_number":246,"box":{"x":70,"y":400,"width":792,"height":11}},{"id":"a237136d-34c9-4b6d-854e-c361e4c1cf37","block_type":"box","text":"design, construction, and implementation. Funding for these projects is expected to come from City, State and","page_number":246,"box":{"x":69,"y":415,"width":786,"height":11}},{"id":"beddb8af-f2c8-4a98-85e6-14e1a1ff8fc7","block_type":"box","text":"federal sources. Some projects are expected to require additional funding to the extent that they are in the planning","page_number":246,"box":{"x":68,"y":430,"width":828,"height":11}},{"id":"ef0653e8-dcee-4d3c-9b5f-b1fb658a18d3","block_type":"box","text":"stages or current funding does not provide for the costs of construction.","page_number":246,"box":{"x":69,"y":445,"width":513,"height":12}},{"id":"eecfe78a-ea31-47d2-a86d-068db295fb61","block_type":"box","text":"In 2023, the City created a new Bureau of Coastal Resilience led by a Deputy Commissioner at the Department","page_number":246,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"6268dc62-6e9f-4ff6-a604-b82539af659d","block_type":"box","text":"of Environmental Protection to coordinate the City’s coastal resiliency work. Several major coastal resiliency projects","page_number":246,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"c6ccd079-94d6-4cb5-ad4f-4479b06508bf","block_type":"box","text":"are currently underway throughout the City, including the East Side Coastal Resiliency Project (“ESCR”). ESCR, which","page_number":246,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"06741845-0e86-4a04-ac55-6b96a7af16d8","block_type":"box","text":"broke ground in 2021, is an integrated coastal flood protection system which will create resilient open spaces and","page_number":246,"box":{"x":69,"y":513,"width":816,"height":12}},{"id":"959a1322-dc7e-41a1-9a0b-0171f6cef4f1","block_type":"box","text":"improve waterfront access on Manhattan’s east side, from East 25th Street at the north to Montgomery Street at","page_number":246,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"ce275d04-bd0c-4fb2-bfe1-6a588af362cc","block_type":"box","text":"the south. The City anticipates the entire flood protection system will be in place and operational by the end of 2026.","page_number":246,"box":{"x":68,"y":543,"width":837,"height":12}},{"id":"2684f969-1321-4c26-9f64-2bc884b85fa1","block_type":"box","text":"The total expected cost of ESCR is $1.97 billion, with remaining costs fully funded through a combination of City,","page_number":246,"box":{"x":68,"y":558,"width":804,"height":12}},{"id":"d3df7f0a-21c3-48b2-a39d-e4ed9e16cd12","block_type":"box","text":"federal and other funding sources.","page_number":246,"box":{"x":68,"y":574,"width":245,"height":11}},{"id":"09bf62c5-63db-40d1-8a8e-2ffce6fc449d","block_type":"box","text":"Other projects in Lower Manhattan include constructing flood walls and deployable flip-up barriers to protect the","page_number":246,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"24216188-9f1a-49fe-a2b2-98b570246bf9","block_type":"box","text":"Two Bridges neighborhood, developing a plan to extend the Manhattan shoreline from the Brooklyn Bridge to the","page_number":246,"box":{"x":68,"y":612,"width":801,"height":11}},{"id":"4a8a51b4-ef6b-4bb3-acca-0ee60c76d301","block_type":"box","text":"Battery into the East River to protect the Seaport and Financial District area, and constructing an elevated waterfront","page_number":246,"box":{"x":70,"y":627,"width":835,"height":11}},{"id":"d309c4e2-9897-48a1-a7dd-3d97c133fa1a","block_type":"box","text":"esplanade in the Battery and flood barriers in Battery Park City. Coastal resilience projects are also underway in the","page_number":246,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"336674a7-d04b-4396-8d54-993203d83c82","block_type":"box","text":"Tottenville and Red Hook neighborhoods, and an energy resilience project is underway in Hunts Point, with shoreline","page_number":246,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"9d8cf9ef-6d47-4cf5-8727-536e4a6dfd5e","block_type":"box","text":"reinforcement projects also happening in other identified areas of the City. These projects are in various stages of","page_number":246,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"6bb7b1bf-237a-498f-8e5a-0ccb7e94480a","block_type":"box","text":"feasibility review, design, construction, and implementation. Funding for these projects is coming from City and","page_number":246,"box":{"x":68,"y":687,"width":790,"height":11}},{"id":"5b356e6c-cadd-4980-92e7-662f1efe06db","block_type":"box","text":"federal sources, and $561 million is included in the Ten-Year Capital Strategy. As the projects proceed, the City","page_number":246,"box":{"x":68,"y":702,"width":793,"height":12}},{"id":"bc308e1d-a1ec-4ad6-b098-fa97c7016832","block_type":"box","text":"continues to monitor anticipated costs and reflects updates in the capital plan as needed.","page_number":246,"box":{"x":69,"y":717,"width":642,"height":11}},{"id":"a316ebec-2830-427a-98b1-9cf485c8289c","block_type":"box","text":"The U.S. Army Corps of Engineers (“USACE”) is pursuing the South Shore of Staten Island Coastal Storm Risk","page_number":246,"box":{"x":101,"y":740,"width":785,"height":11}},{"id":"bc03e2a7-5368-4b33-95f1-27f3f52ac1fc","block_type":"box","text":"Management Project (the “Staten Island Project”) and the Rockaways Atlantic Shorefront and Bayside Projects (the","page_number":246,"box":{"x":70,"y":755,"width":817,"height":11}},{"id":"b73a7a5e-9dcc-44e0-a93c-00bf7267730d","block_type":"box","text":"“Rockaways Projects”). The Staten Island Project is expected to create a 5.5-mile line of coastal protection on Staten","page_number":246,"box":{"x":70,"y":770,"width":835,"height":11}},{"id":"f37e04f9-e51f-43f5-9c64-ee5b1cf7cc78","block_type":"box","text":"Island between Fort Wadsworth and Oakwood Beach. USACE currently estimates that the project will cost","page_number":246,"box":{"x":70,"y":786,"width":751,"height":11}},{"id":"7236984d-b460-407d-ac25-4169b8883e15","block_type":"box","text":"$1.7 billion. The City is responsible for 10.5% of the project costs, and the remaining project costs are to be paid for","page_number":246,"box":{"x":69,"y":800,"width":834,"height":12}},{"id":"26c18fc5-81d3-414f-b4d8-47f16a953851","block_type":"box","text":"with federal and State funds. Approximately half of the City’s share of such project costs is currently reflected in the","page_number":246,"box":{"x":68,"y":816,"width":828,"height":11}},{"id":"1be5f043-22e1-4823-9e0a-b1f1665f7152","block_type":"box","text":"Ten-Year Capital Strategy. The Rockaways Projects consist of coastal protection elements on the Atlantic shorefront","page_number":246,"box":{"x":68,"y":831,"width":822,"height":11}},{"id":"0c221ff8-e7f2-44f4-9224-6faf12103c52","block_type":"box","text":"and on the Jamaica Bay side of the Rockaways. Construction has begun on the Atlantic Shorefront Project, which is","page_number":246,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"110158ae-dbcf-4fe2-888c-649355182655","block_type":"box","text":"fully funded by the federal government, with an expected cost of approximately $590 million. Design has started on","page_number":246,"box":{"x":68,"y":860,"width":824,"height":12}},{"id":"1d5b2443-ebe5-4c58-8578-5d56ca20cced","block_type":"box","text":"the Bayside Project, which is fully funded by the federal government, with a current expected cost of $253 million.","page_number":246,"box":{"x":68,"y":875,"width":812,"height":12}},{"id":"43fa06a1-af4c-44dc-a9f3-a208eeb024d8","block_type":"box","text":"Public Page 16 of 42","page_number":246,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"f522b0a2-98cd-44ce-b584-25a33eab4d0d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":246,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ee8cc22-3540-4a05-af25-fd324de2a802","block_type":"box","text":"In addition to site-specific resiliency projects, the City is taking steps to integrate climate resiliency into capital","page_number":247,"box":{"x":102,"y":75,"width":787,"height":11}},{"id":"38a48c6c-a283-49e4-8b2c-d8073a643d4c","block_type":"box","text":"planning through the NYC Climate Resiliency Design Guidelines, which translate future-looking climate change","page_number":247,"box":{"x":70,"y":90,"width":780,"height":11}},{"id":"7656c37a-36e2-46cb-b9f5-a44171894269","block_type":"box","text":"projections into technical guidance to inform the design of roads, buildings, sewer systems, hospitals, public","page_number":247,"box":{"x":70,"y":105,"width":775,"height":11}},{"id":"4afe0f88-2788-482b-9bb0-7029578c7d3e","block_type":"box","text":"housing, and other pieces of critical public infrastructure. In 2021, the City began a five-year pilot program through","page_number":247,"box":{"x":69,"y":120,"width":815,"height":12}},{"id":"98fa919e-84dd-4134-8260-ed6082bc6aa9","block_type":"box","text":"which dozens of new projects will be designed and constructed using the standards in the NYC Climate Resiliency","page_number":247,"box":{"x":68,"y":135,"width":812,"height":12}},{"id":"9d083a9e-b55c-4de5-a274-d160de5fb93b","block_type":"box","text":"Design Guidelines. Starting in 2027, all City projects will be required to meet a stringent set of requirements that will","page_number":247,"box":{"x":70,"y":150,"width":834,"height":12}},{"id":"12235760-79bb-4c7e-ade6-f5b9501396cf","block_type":"box","text":"certify their preparedness for extreme weather threats.","page_number":247,"box":{"x":69,"y":166,"width":390,"height":11}},{"id":"e7f38183-4f77-413e-9376-d67d1a03fdae","block_type":"box","text":"In 2015, FEMA issued preliminary updated flood insurance rate maps, which would have expanded the 100-year","page_number":247,"box":{"x":102,"y":188,"width":799,"height":11}},{"id":"0611c02e-0dbc-4bfb-8bd1-d335f26f1a2f","block_type":"box","text":"floodplain beyond the areas designated in the flood maps issued in 2007. The City appealed the 2015 preliminary","page_number":247,"box":{"x":68,"y":203,"width":818,"height":12}},{"id":"8cb75029-b812-4fe2-8c9c-6f5387367c83","block_type":"box","text":"flood maps challenging the modeling FEMA used to develop them. The 2015 preliminary flood maps were adopted","page_number":247,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"6e098879-59b2-4aff-a25d-1919412895f2","block_type":"box","text":"into the building code, but the prior 2007 flood maps remain in effect for flood insurance purposes. In 2016, FEMA","page_number":247,"box":{"x":70,"y":234,"width":821,"height":11}},{"id":"e8b24e22-87f8-4427-b2a0-599ca03d11cb","block_type":"box","text":"agreed with the City’s appeal, and the City is currently working with FEMA to update the maps. FEMA’s new maps are","page_number":247,"box":{"x":69,"y":249,"width":834,"height":11}},{"id":"6379d2ba-5c35-4feb-b997-230e2d2f397a","block_type":"box","text":"expected to generally expand the 100-year floodplain from the 2007 flood maps and may cover different areas than","page_number":247,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"82150808-04d8-4c87-ac31-10b95d7e6a1b","block_type":"box","text":"the 2015 preliminary flood maps. FEMA expects to release preliminary flood maps in 2025 and expects the new","page_number":247,"box":{"x":68,"y":279,"width":804,"height":11}},{"id":"cebe53b5-1b9e-4da2-a722-d20f7283c4b9","block_type":"box","text":"flood maps to become effective in 2026 or 2027. Such expansion could negatively impact property values in those","page_number":247,"box":{"x":68,"y":294,"width":822,"height":11}},{"id":"424925f1-8b31-4641-9a93-0b60785655d3","block_type":"box","text":"newly designated areas. In addition, an increase in areas of the City susceptible to flooding resulting from climate","page_number":247,"box":{"x":69,"y":309,"width":812,"height":11}},{"id":"a9d11782-3124-4856-98e8-01b6909fc1e6","block_type":"box","text":"change could result in greater recovery costs to the City if flooding were to occur within such larger areas.","page_number":247,"box":{"x":69,"y":324,"width":754,"height":12}},{"id":"3227d518-ac86-4b16-b55a-25b110fd4d4c","block_type":"box","text":"The City is committed to minimizing its own greenhouse gas emissions by reaching carbon neutrality by 2050.","page_number":247,"box":{"x":101,"y":347,"width":783,"height":11}},{"id":"d7ccae85-d5cc-4366-82e1-7596a4e648ba","block_type":"box","text":"The City’s efforts to reach such goal include promoting and investing in electrification, clean energy, energy","page_number":247,"box":{"x":68,"y":362,"width":767,"height":11}},{"id":"dd7d25f6-c639-4c71-8e71-9786e0d58e2c","block_type":"box","text":"efficiency, and sustainable transportation, and reducing energy use. Since 2014, the City has invested over","page_number":247,"box":{"x":69,"y":377,"width":769,"height":12}},{"id":"344c426a-7e49-48a9-974b-013ada5086cc","block_type":"box","text":"$900 million in more than 14,000 energy conservation measures across almost 2,900 buildings, comprising more","page_number":247,"box":{"x":69,"y":392,"width":820,"height":12}},{"id":"d1cd9a2a-e4dc-4243-afb4-f06df3241e31","block_type":"box","text":"than 70 percent of City government’s building square footage. The investments have decreased energy use and","page_number":247,"box":{"x":68,"y":407,"width":797,"height":12}},{"id":"c9ef02fd-8882-4eb2-9221-82662eea3e80","block_type":"box","text":"reduced emissions by nearly 372,000 metric tons. The Ten-Year Capital Strategy includes $3.3 billion to continue this","page_number":247,"box":{"x":69,"y":422,"width":838,"height":12}},{"id":"691249c4-7a80-441b-b508-b907c3c03739","block_type":"box","text":"work to reduce energy use and greenhouse gas emissions.","page_number":247,"box":{"x":68,"y":438,"width":420,"height":11}},{"id":"cff55fd4-61a0-4678-a317-185f1d4821a3","block_type":"box","text":"Despite the efforts described above, the magnitude of the impact on the City’s operations, economy, or financial","page_number":247,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"913530cb-b4f5-4ea5-873a-b4e33067eb54","block_type":"box","text":"condition from climate change is indeterminate and unpredictable. No assurance can be given that the City will not","page_number":247,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"decb8f74-d315-4567-930f-78f4f1bf0509","block_type":"box","text":"encounter more frequent and intense climate impacts such as hurricanes, tropical storms, cloudbursts, droughts,","page_number":247,"box":{"x":69,"y":491,"width":810,"height":11}},{"id":"40652995-2cb4-46c3-9e44-b42e4cff4604","block_type":"box","text":"heatwaves or catastrophic sea level rise, as well as potential cascading impacts and tipping points in the future, or","page_number":247,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"358733ac-f85a-4666-a3a5-7bb6eb402e2b","block_type":"box","text":"that such risks will not have an adverse effect on the operations or financial condition of the City.","page_number":247,"box":{"x":68,"y":521,"width":693,"height":11}},{"id":"8446b47a-11c9-401c-a8f3-8ee66a3ef0a3","block_type":"box","text":"Cybersecurity","page_number":247,"box":{"x":69,"y":551,"width":99,"height":11}},{"id":"65c1fe13-c041-445c-ac88-45613eeec2c1","block_type":"box","text":"The City relies on a large and complex technology environment to conduct its operations. As a recipient and","page_number":247,"box":{"x":101,"y":574,"width":767,"height":11}},{"id":"5c03bf3f-ef65-4f98-a0d1-00a6118c89e2","block_type":"box","text":"provider of personal, private or sensitive information, the City and its agencies and offices face multiple cyber threats","page_number":247,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"995179ff-3b0a-4930-9385-61d59194ed02","block_type":"box","text":"including, but not limited to, hacking, viruses, malware and other attacks on computers and other sensitive digital","page_number":247,"box":{"x":70,"y":604,"width":809,"height":11}},{"id":"ba1a9ed5-82e0-4885-9042-d86523b9542c","block_type":"box","text":"networks and systems. The City’s Office of Cyber Command (“Cyber Command”), which was created in 2017, is","page_number":247,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"0e299fcc-1d2e-4c61-a3f2-f4847d014872","block_type":"box","text":"charged with setting information security policies and standards for the City, directing the City’s citywide cyber","page_number":247,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"51b01de5-9cc8-43be-9cfe-3de9ec2b5e6b","block_type":"box","text":"defense and incident response, deploying defensive technical and administrative controls and providing guidance to","page_number":247,"box":{"x":69,"y":649,"width":825,"height":12}},{"id":"6fa2c9f5-bf1d-4b18-b2c5-8922a019c024","block_type":"box","text":"the Mayor and City agencies on cyber defense. In January 2022, Cyber Command became part of the City’s Office of","page_number":247,"box":{"x":68,"y":664,"width":835,"height":12}},{"id":"632cd441-d9ef-4fc9-b0d2-9d6e80897836","block_type":"box","text":"Technology and Innovation (formerly the Department of Information Technology and Telecommunications).","page_number":247,"box":{"x":68,"y":680,"width":750,"height":11}},{"id":"e9ecbb1f-f40f-4e5f-871d-a14bba82f1b6","block_type":"box","text":"Cyber Command has over 100 full-time employees and works with designated cybersecurity contacts at each City","page_number":247,"box":{"x":102,"y":702,"width":806,"height":12}},{"id":"84a70721-7d3c-40fb-8323-556917c9e76e","block_type":"box","text":"agency as part of the Citywide Cybersecurity Program. The Financial Plan reflects funding for Cyber Command of","page_number":247,"box":{"x":69,"y":717,"width":797,"height":12}},{"id":"d69a2b65-efe8-495d-87ab-c61f15bff9d7","block_type":"box","text":"$111 million in fiscal year 2025 and approximately $107 million in fiscal years 2026 and 2027. Such funding does","page_number":247,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"21a121e8-5a14-4a63-afe2-c5ec0350ff04","block_type":"box","text":"not account for cybersecurity funding at other City agencies. Cyber Command is built around two core cybersecurity","page_number":247,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"52a89679-f161-4f4e-bcde-e1e1b84a24cd","block_type":"box","text":"functions: (1) threat management, which manages incident response and cyber threat intelligence and vulnerability","page_number":247,"box":{"x":68,"y":763,"width":819,"height":11}},{"id":"5411e4c7-6160-4c0f-8002-65799c47bdad","block_type":"box","text":"management, which helps agencies prioritize remediation efforts on identified unpatched systems in the City’s","page_number":247,"box":{"x":69,"y":778,"width":789,"height":11}},{"id":"27d912b9-02e1-44db-9306-f9377d0d2e5d","block_type":"box","text":"networks; and (2) security sciences, which manages strategic and tactical cyber defense technologies and initiatives.","page_number":247,"box":{"x":69,"y":793,"width":834,"height":11}},{"id":"f601d8a1-080a-4f91-8074-7dc607f44c4c","block_type":"box","text":"In carrying out its functions, Cyber Command works with a range of City, State, and federal law enforcement","page_number":247,"box":{"x":102,"y":816,"width":769,"height":11}},{"id":"4cedc6e9-3101-478b-978d-0a8242291431","block_type":"box","text":"agencies, including the New York City Police Department and the Federal Bureau of Investigation’s Joint Terrorism","page_number":247,"box":{"x":69,"y":831,"width":809,"height":11}},{"id":"9b0b130b-d39b-4e2a-8d32-6c6bc02a3b46","block_type":"box","text":"Task Force. In February 2022, the City and the State, along with the mayors of Albany, Buffalo, Rochester, Syracuse,","page_number":247,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"e1f75988-1603-4095-9ce3-e3e1294ba6cd","block_type":"box","text":"and Yonkers, unveiled the Joint Security Operations Center. The center has enhanced coordination of cybersecurity","page_number":247,"box":{"x":69,"y":861,"width":816,"height":11}},{"id":"55bbe11c-9e66-40eb-b6b1-8109a85bebcc","block_type":"box","text":"efforts across the State, helping to foster collaboration among city, State, and federal entities. Cyber Command also","page_number":247,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"8b01da9c-b3fe-4093-bd2f-7041ceb4f4f2","block_type":"box","text":"regularly works with other states and municipalities throughout the country to share cybersecurity threat intelligence","page_number":247,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"cdc5d4ea-03cd-4a79-bef0-8d7686e854f4","block_type":"box","text":"and best practices, as well as with non-governmental entities such as utilities, telecommunications providers and","page_number":247,"box":{"x":69,"y":907,"width":808,"height":11}},{"id":"18315292-e565-4263-8da5-7ec177631a80","block_type":"box","text":"Public Page 17 of 42","page_number":247,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"f91085d3-a75e-469d-add3-0c60fc62384f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":247,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8cc4e66-85b1-42be-a703-64eaa7a3b009","block_type":"box","text":"financial services companies for the purpose of enhancing collective cyber defenses. The City has developed","page_number":248,"box":{"x":68,"y":75,"width":776,"height":11}},{"id":"01e2f8d7-8fa8-44d1-b01f-f36863fab5f5","block_type":"box","text":"standard cybersecurity policies and standards for third party vendors of the City to follow, and security provisions for","page_number":248,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"b5b15ef8-c5bb-4f1d-bd88-8fc5bcb51ded","block_type":"box","text":"contracts with vendors, which help ensure that the City is notified of cyber breaches and suspected cyber breaches of","page_number":248,"box":{"x":69,"y":105,"width":840,"height":11}},{"id":"c59372a1-a884-4770-b033-24802b0107d6","block_type":"box","text":"a vendor’s network environment. The City has also developed a Citywide Incident Response Policy, which requires City","page_number":248,"box":{"x":69,"y":120,"width":840,"height":11}},{"id":"fa6ef731-e0ed-4467-8ba3-3fe0c13f4283","block_type":"box","text":"agencies to develop incident response plans in accordance with Cyber Command policies and standards.","page_number":248,"box":{"x":69,"y":135,"width":748,"height":12}},{"id":"58db5e46-c7c3-49fd-b03a-0ef92f06ef71","block_type":"box","text":"While the City conducts periodic tests and reviews of its networks, no assurances can be given that such","page_number":248,"box":{"x":101,"y":158,"width":749,"height":11}},{"id":"142e9073-aeaa-4183-9e17-bb9fccb3aba8","block_type":"box","text":"security and operational control measures will be successful in guarding against all cyber threats and attacks. New","page_number":248,"box":{"x":69,"y":173,"width":820,"height":11}},{"id":"a46ce9a1-137c-44ba-ac92-88104a82fa37","block_type":"box","text":"technical cyber vulnerabilities are discovered in the United States daily. In addition, cyber attacks have become more","page_number":248,"box":{"x":68,"y":188,"width":833,"height":11}},{"id":"ef2c8e7c-4999-4e1a-8b40-54c1bdc6b558","block_type":"box","text":"sophisticated and are increasingly capable of impacting municipal control systems and components. The techniques","page_number":248,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"344f400d-a062-45d3-8174-9d1fb95e0303","block_type":"box","text":"used to obtain unauthorized access to, or to disable or degrade, electronic networks, computers, systems and","page_number":248,"box":{"x":69,"y":219,"width":786,"height":11}},{"id":"a834ad5b-e2a8-4a77-937c-8ba7f0170b65","block_type":"box","text":"solutions are rapidly evolving and have become increasingly complex and sophisticated. In addition, there is","page_number":248,"box":{"x":69,"y":234,"width":769,"height":11}},{"id":"5944a578-3b1a-49dc-9143-114351a60665","block_type":"box","text":"heightened risk due to an increase in remote access to City systems by City employees as a result of the outbreak of","page_number":248,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"5bc7f6f7-e9be-448a-ba5e-c0921e6f8d7b","block_type":"box","text":"COVID-19. As cybersecurity threats continue to evolve, the City may be required to expend significant additional","page_number":248,"box":{"x":69,"y":264,"width":792,"height":11}},{"id":"f2f3b542-5432-4db3-9e5c-05ed24de5e0c","block_type":"box","text":"resources to continue to modify and strengthen security measures, investigate and remediate any vulnerabilities, or","page_number":248,"box":{"x":69,"y":279,"width":826,"height":11}},{"id":"0f8d00f2-21c8-4c32-9797-2b4bbef716a3","block_type":"box","text":"invest in new technology designed to mitigate security risks. The results of any successful attack on the City’s","page_number":248,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"2f23f82e-a5c7-49a9-9f7b-26479eedf747","block_type":"box","text":"computer and information technology systems could impact its operations and damage the City’s digital networks and","page_number":248,"box":{"x":69,"y":309,"width":840,"height":11}},{"id":"eaed5403-c5f0-41f9-aadf-011652125eb0","block_type":"box","text":"systems, and the costs of remedying any such damage could be substantial. Consistent with the City’s general policy","page_number":248,"box":{"x":69,"y":324,"width":837,"height":12}},{"id":"0a3d7a4d-eeb6-44cb-b099-ffa23926970e","block_type":"box","text":"to self-insure, the City does not carry insurance against cyber attacks.","page_number":248,"box":{"x":68,"y":339,"width":500,"height":12}},{"id":"134e15d9-f375-4e93-88c5-79239151d48e","block_type":"box","text":"The NYC Vulnerability Disclosure Program (VDP) was expanded in October 2023. This program, developed in","page_number":248,"box":{"x":101,"y":362,"width":769,"height":11}},{"id":"6517ff2f-0d54-48b6-b5a1-290c601d39f2","block_type":"box","text":"partnership with a security testing platform, broadens the scope of the City’s efforts to identify and address","page_number":248,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"7c51e1c3-d5d3-4636-b59a-d8a88236cc78","block_type":"box","text":"vulnerabilities within its publicly accessible digital resources. By establishing guidelines, rules of engagement, and a","page_number":248,"box":{"x":68,"y":392,"width":830,"height":12}},{"id":"c2229e53-31a9-42f7-a936-6f06fc884531","block_type":"box","text":"secure channel for security researchers to send vulnerability submissions, the program complements existing Cyber","page_number":248,"box":{"x":69,"y":407,"width":826,"height":12}},{"id":"60294ec6-5b96-4e10-9ecc-fa5937a797a9","block_type":"box","text":"Command initiatives, facilitating timely remediation of identified risks.","page_number":248,"box":{"x":69,"y":423,"width":496,"height":11}},{"id":"54269ee9-c55f-4e41-809a-9bc3b4e9cced","block_type":"box","text":"NEW YORK STATE","page_number":248,"box":{"x":69,"y":453,"width":130,"height":9}},{"id":"f7818c12-389c-4d38-9d57-90698eca6f37","block_type":"box","text":"New York is the fourth most populous state in the nation, after California, Texas, and Florida, and has a relatively","page_number":248,"box":{"x":102,"y":475,"width":806,"height":12}},{"id":"69f23bdb-aada-4c7a-96c3-f9138193c45e","block_type":"box","text":"high level of personal wealth. The State’s economy is diverse, with a large share of the nation’s financial activities,","page_number":248,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"39149903-d7f6-4377-a5ab-6aa277aa02a9","block_type":"box","text":"information, education, and health services employment, and a small share of the nation’s farming and mining","page_number":248,"box":{"x":70,"y":506,"width":790,"height":11}},{"id":"41f50ab3-ed14-48b0-862e-8bba65e2d1c3","block_type":"box","text":"activity. The State’s location, air transport facilities, and natural harbors have made it an important hub for","page_number":248,"box":{"x":69,"y":521,"width":762,"height":11}},{"id":"9668a618-e460-462e-bd33-76e5d96cb3dd","block_type":"box","text":"international commerce. Travel and tourism constitute an important part of the economy. Like the rest of the nation,","page_number":248,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"018cd839-4722-4dc0-a559-cfff6e510f88","block_type":"box","text":"New York has a declining proportion of its workforce engaged in manufacturing and an increasing proportion engaged","page_number":248,"box":{"x":70,"y":551,"width":833,"height":11}},{"id":"0f291652-df38-471b-b405-7da9e0444a0f","block_type":"box","text":"in service industries.","page_number":248,"box":{"x":70,"y":566,"width":146,"height":9}},{"id":"22ee942f-fb1d-4813-98c9-b228baeb5a39","block_type":"box","text":"Manufacturing employment continues to stagnate as a share of total State nonfarm employment, as in most","page_number":248,"box":{"x":102,"y":589,"width":773,"height":11}},{"id":"e63f9ac6-fd82-4759-8add-5db42951f0b7","block_type":"box","text":"other states. As a result, New York’s economy is less reliant on this sector than in the past. However, it remains an","page_number":248,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"54cebd90-5531-4dad-bf8a-985196cb1425","block_type":"box","text":"important sector of the State economy, particularly for the upstate region, which hosts higher concentrations of","page_number":248,"box":{"x":70,"y":619,"width":794,"height":11}},{"id":"d8d0b44c-f162-4292-a602-31d58b6f8a75","block_type":"box","text":"manufacturers.","page_number":248,"box":{"x":69,"y":634,"width":106,"height":9}},{"id":"6cbb535f-385e-4010-9fca-bb31a8c1961c","block_type":"box","text":"As defined under the North American Industry Classification System (NAICS), the trade, transportation, and","page_number":248,"box":{"x":101,"y":657,"width":765,"height":11}},{"id":"26fd8c3a-a63a-4807-a3ab-bbf4d45ddaf4","block_type":"box","text":"utilities supersector accounts for the second largest component of State nonfarm employment but only the fifth","page_number":248,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"6b20436c-fba9-48fa-bcf2-80dd1aa0872c","block_type":"box","text":"largest when measured by wage share. This sector accounts for a smaller share of employment and wages for the","page_number":248,"box":{"x":70,"y":687,"width":813,"height":11}},{"id":"e2d8095d-e38d-4592-bf70-36d4d17e154f","block_type":"box","text":"State than for the nation.","page_number":248,"box":{"x":69,"y":702,"width":178,"height":9}},{"id":"8210ef47-b583-4a42-957e-ec0420dde4ef","block_type":"box","text":"The City of New York is the nation’s leading center for banking and finance. For this reason, this sector is far","page_number":248,"box":{"x":101,"y":725,"width":774,"height":11}},{"id":"67627a83-7cab-4d6b-a3eb-880238f8c908","block_type":"box","text":"more important for the State than for the nation. Although this sector accounts for less than one-tenth of all nonfarm","page_number":248,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"d676558b-78b0-4067-887a-c3911abffc6e","block_type":"box","text":"jobs in the State, it accounts for one-fifth of total wages.","page_number":248,"box":{"x":67,"y":755,"width":403,"height":11}},{"id":"fde2de83-570f-426b-a2ca-2af24cf995a5","block_type":"box","text":"The remaining service-producing sectors include information, professional and business services, private","page_number":248,"box":{"x":101,"y":778,"width":750,"height":11}},{"id":"bb5cdd45-f192-4004-9e84-4192ca05c95d","block_type":"box","text":"education and health care, leisure and hospitality services, and other services. When combined, these industries","page_number":248,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"ccccdb73-5542-4aad-8e55-c2d22a82fe86","block_type":"box","text":"account for over half of all nonfarm jobs in New York. Information, education and health, and other services account","page_number":248,"box":{"x":69,"y":808,"width":827,"height":11}},{"id":"c51e3526-e778-4429-8b0c-f8ab18c7a190","block_type":"box","text":"for a higher percentage of total State employment than for the nation.","page_number":248,"box":{"x":68,"y":823,"width":497,"height":12}},{"id":"33286a4d-15ee-40ce-b9b7-fc8d0627a212","block_type":"box","text":"Farming is an important part of the State’s rural economy, although it constitutes only 0.2 percent of the total","page_number":248,"box":{"x":102,"y":846,"width":784,"height":11}},{"id":"a0b444a8-2254-4154-8934-ed6f2215370b","block_type":"box","text":"State GDP. According to the New York State Department of Agriculture and Markets, New York is the fifth largest dairy","page_number":248,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"0a9ec04c-e2ef-4d94-9dd9-65ae31c8e807","block_type":"box","text":"producer in the nation.","page_number":248,"box":{"x":70,"y":876,"width":159,"height":11}},{"id":"c850787c-2c00-4265-8729-6417986f5189","block_type":"box","text":"Public Page 18 of 42","page_number":248,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"07a351d9-4307-49c0-bbf1-fe3cf1cbd47d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":248,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c40ed8cf-82f5-4a64-a450-5be258ed289c","block_type":"box","text":"Federal, State, and local governments comprise the third largest sector in terms of nonfarm jobs. Public","page_number":249,"box":{"x":102,"y":75,"width":741,"height":11}},{"id":"52250382-68d1-4e7a-9617-346cbbd6006d","block_type":"box","text":"education is the source of over 40 percent of total State and local government employment.","page_number":249,"box":{"x":69,"y":90,"width":655,"height":11}},{"id":"a197aafd-7166-4522-8435-4bfb2c38b0c0","block_type":"box","text":"Annual Information Statement","page_number":249,"box":{"x":101,"y":113,"width":219,"height":9}},{"id":"f669775c-728a-436e-a029-a047503fa1ea","block_type":"box","text":". The Annual Information Statement, dated June 12, 2025 (“AIS”), reflects the","page_number":249,"box":{"x":322,"y":113,"width":558,"height":11}},{"id":"8eb42d01-a8fa-45f7-980e-8595ca74a9fe","block_type":"box","text":"State’s Enacted Budget Financial Plan (the “Financial Plan”) for Fiscal Year (“FY”) 2026 issued by the Division of the","page_number":249,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"b4c99800-70f2-4678-b97b-933c26b8f337","block_type":"box","text":"Budget (the “DOB”) and sets forth the State’s official Financial Plan projections for FY 2026 through FY 2029 (the","page_number":249,"box":{"x":70,"y":143,"width":814,"height":11}},{"id":"74c68d70-4629-40dd-b247-3612deb56821","block_type":"box","text":"“Financial Plan period”). DOB released its first quarter update to the AIS in July 2025 (the “AIS Update”) and","page_number":249,"box":{"x":70,"y":158,"width":775,"height":11}},{"id":"044376b9-f1f1-47e9-ad78-f2811e227c26","block_type":"box","text":"contains information only through that date, unless otherwise noted in the AIS Update. The AIS Update includes on","page_number":249,"box":{"x":69,"y":173,"width":820,"height":11}},{"id":"e1af2d5c-53c9-408d-824b-2b139643b2f4","block_type":"box","text":"the State’s current financial projections, including summaries and extracts from the State’s fiscal year 2026 (FY","page_number":249,"box":{"x":68,"y":188,"width":802,"height":12}},{"id":"6f0b2639-f97a-4387-a3da-cfdc39a14403","block_type":"box","text":"2026)1 Enacted Budget Financial Plan (the “Enacted Budget Financial Plan” or “Financial Plan”) issued by DOB on","page_number":249,"box":{"x":69,"y":203,"width":813,"height":12}},{"id":"62d4c908-c9c4-4c57-bca8-c1b3857c22ef","block_type":"box","text":"June 12, 2025. The Financial Plan (which is available on the DOB website, www.budget.ny.gov) sets forth the State’s","page_number":249,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"40a0a11b-a323-4b4f-96a0-596c6acb4f4c","block_type":"box","text":"official financial projections for FY 2026 through FY 2029 (the “Financial Plan period”). It includes, among other","page_number":249,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"8270bfef-e53d-4648-b6cf-70dda56ee33e","block_type":"box","text":"things, information on the major components of the FY 2026 General Fund gap-closing plan, future potential General","page_number":249,"box":{"x":68,"y":249,"width":830,"height":11}},{"id":"b37dfcb2-e4c2-4ccb-94d0-ca0e9a952d64","block_type":"box","text":"Fund budget gaps, multi-year projections of receipts and disbursements for the State’s operating funds, the impact","page_number":249,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"50728f56-e9ea-4d5e-afb6-a2ae99c20359","block_type":"box","text":"on debt measures, and the anticipated debt issuances required to support planned capital spending. This AIS is","page_number":249,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"6c9e68f4-d443-4f42-ba73-b01ab499dfd4","block_type":"box","text":"dated the same date as the release date of the Financial Plan and contains information only through this date,","page_number":249,"box":{"x":69,"y":294,"width":788,"height":11}},{"id":"c342df8f-569e-4702-a2d2-c4d29080cb2e","block_type":"box","text":"except for certain explanatory information not contained in the Financial Plan which DOB has determined does not","page_number":249,"box":{"x":69,"y":309,"width":815,"height":11}},{"id":"c0f1492c-ceec-4e90-ab7f-c89fd183b42e","block_type":"box","text":"materially change the projections contained in the Financial Plan.","page_number":249,"box":{"x":69,"y":325,"width":462,"height":11}},{"id":"a1169c48-3e0a-4323-b25e-96d9e8f6f967","block_type":"box","text":"DOB expects to complete the first quarterly update to the FY 2026 Enacted Budget Financial Plan in July 2025.","page_number":249,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"e3e2da48-7d16-4890-9774-bca37b471abb","block_type":"box","text":"However, given (i) the relatively short period of time since the release date of the FY 2026 Enacted Budget Financial","page_number":249,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"4f9dd8a4-aa49-412d-a253-b6f7d4349b39","block_type":"box","text":"Plan, and (ii) DOB’s current analysis of preliminary operating results for the first quarter of FY 2026, DOB does not","page_number":249,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"3f1df222-4a49-4f5e-82ca-232d40dba954","block_type":"box","text":"anticipate that there will be material changes in the State’s financial condition to mandate the release of a first","page_number":249,"box":{"x":69,"y":392,"width":795,"height":12}},{"id":"5d7c6362-50aa-4228-aca8-2c7e1848a8bc","block_type":"box","text":"quarterly update to the AIS. Accordingly, DOB does not anticipate that it will be preparing and releasing a first","page_number":249,"box":{"x":69,"y":407,"width":780,"height":12}},{"id":"231b40d2-a9a2-4e71-b7be-dd4e746e9054","block_type":"box","text":"quarterly update to this AIS and instead expects the next update of this AIS to be released following the mid-year","page_number":249,"box":{"x":69,"y":423,"width":806,"height":11}},{"id":"af1b2b4b-66d5-4c76-9bb1-945feb3baae5","block_type":"box","text":"update to the Enacted Budget Financial Plan..","page_number":249,"box":{"x":69,"y":438,"width":324,"height":11}},{"id":"ab691d5f-8974-4644-9271-956bd10755f4","block_type":"box","text":"The annual State budget process and financial reporting cycle begins with the start of a new State fiscal year on","page_number":249,"box":{"x":101,"y":460,"width":802,"height":12}},{"id":"1000d59b-f469-4e98-bba1-72892a22c962","block_type":"box","text":"April 1 and the enactment of the State’s annual budget (the “Enacted Budget”), which may occur after the start of","page_number":249,"box":{"x":68,"y":475,"width":815,"height":12}},{"id":"9c62db97-9348-4f78-b039-e1d5fd226d96","block_type":"box","text":"the fiscal year. Following the Enacted Budget, DOB publishes the State’s Enacted Budget Financial Plan and generally","page_number":249,"box":{"x":68,"y":491,"width":838,"height":11}},{"id":"0dcf921a-319b-4aaf-9087-704386d53ef6","block_type":"box","text":"updates it quarterly to reflect results through June 30 (the “First Quarterly Update to the Financial Plan”), September","page_number":249,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"4d576de1-7cf6-4733-85ef-b7d2b3e1fc4e","block_type":"box","text":"30 (the “Mid-Year Update to the Financial Plan”), and December 31 (the “Executive Budget Financial Plan”). In","page_number":249,"box":{"x":69,"y":521,"width":783,"height":11}},{"id":"f1a740c1-9981-4cf1-b28b-8d777d1be636","block_type":"box","text":"addition, the Governor’s Executive Budget proposal (the “Executive Budget”) is typically submitted to the Legislature","page_number":249,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"9c69f39f-6b8f-406b-83d3-0c01db7093e7","block_type":"box","text":"in January and the Governor’s amendments are due within thirty days following the submission of the Executive","page_number":249,"box":{"x":70,"y":551,"width":794,"height":11}},{"id":"61c3ec1b-9d7c-48dd-b6da-518b37f9fcab","block_type":"box","text":"Budget, at which time the Executive Budget Financial Plan may be amended (the “Updated Executive Budget Financial","page_number":249,"box":{"x":70,"y":566,"width":835,"height":11}},{"id":"995e4e4b-178b-4875-8eee-9b3bf01707e7","block_type":"box","text":"Plan”). However, in State fiscal years when a gubernatorial election occurs, the Governor’s Executive Budget proposal","page_number":249,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"5fb0692c-6d6d-4a1b-8a43-b077ec8b5fee","block_type":"box","text":"is due on or before the first day of February and amendments are due in early March.","page_number":249,"box":{"x":70,"y":596,"width":607,"height":12}},{"id":"256f6c1c-d3b2-41d0-876f-239c04a4f858","block_type":"box","text":"FINANCIAL PLAN OVERVIEW","page_number":249,"box":{"x":69,"y":627,"width":208,"height":9}},{"id":"dd06f76a-7267-451b-ab68-a17b660fc980","block_type":"box","text":"Governor’s Amendments to the FY 2026 Executive Budget","page_number":249,"box":{"x":101,"y":649,"width":428,"height":11}},{"id":"34dbea21-00ec-443d-9601-9d7387a10b1e","block_type":"box","text":"The New York State Governor submitted the Executive Budget for FY 2026 to the Legislature on","page_number":249,"box":{"x":101,"y":672,"width":679,"height":11}},{"id":"575d9d1d-8b4b-4da4-9904-761e007a7ccf","block_type":"box","text":"January 21, 2025. In accordance with the State Constitution, the Governor submitted amendments to the Executive","page_number":249,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"731b8a4a-c1d0-427e-ae9b-f17c3fa0f6c1","block_type":"box","text":"Budget on February 20, 2025. The amendments are summarized in the Governor’s Amendments to the FY 2026","page_number":249,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"b75ff563-d089-4290-b06b-adeb227bd861","block_type":"box","text":"Executive Budget.","page_number":249,"box":{"x":70,"y":718,"width":123,"height":11}},{"id":"10e96780-c4d9-4249-aa1d-b1a5ae5336e0","block_type":"box","text":"The amendments to the FY 2026 Executive Budget were generally technical in nature and are not expected to","page_number":249,"box":{"x":101,"y":740,"width":781,"height":11}},{"id":"fabe0557-ef46-4f09-8eb6-a8f13f60ee49","block_type":"box","text":"have a materially adverse impact on the Executive Budget Financial Plan. Accordingly, the multi-year (FY 2025 through","page_number":249,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"f40b45f8-bcf9-4cd8-ac8e-eafaee18a963","block_type":"box","text":"FY 2029) forecasts of receipts and disbursements remained unchanged. The Economic Outlook section herein has","page_number":249,"box":{"x":70,"y":770,"width":817,"height":12}},{"id":"67031995-c9a7-4167-ae65-5b6ee40bc17b","block_type":"box","text":"been revised to reflect actual 2023-2024 data published after the Executive Budget Financial Plan was released in","page_number":249,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"98e2a4cb-b4e5-46dc-bb88-78e7a75c5996","block_type":"box","text":"January 2025.","page_number":249,"box":{"x":69,"y":801,"width":102,"height":11}},{"id":"51ec656f-1f14-443a-a4d9-f52a94b14267","block_type":"box","text":"On or before March 1, 2025, as required by law, the Executive and Legislature are expected to issue a joint","page_number":249,"box":{"x":102,"y":823,"width":766,"height":12}},{"id":"cb82465e-a7b3-4e07-8fc0-5b6ac40cc109","block_type":"box","text":"report containing a consensus forecast for the economy and projections of certain receipts for the current and","page_number":249,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"3424af34-3972-4522-b12d-ed44c156db7f","block_type":"box","text":"upcoming fiscal years. In the consensus forecast report, the parties are expected to forecast the level of receipts","page_number":249,"box":{"x":69,"y":853,"width":811,"height":12}},{"id":"fda08166-10a0-4194-9399-8d2f077951b9","block_type":"box","text":"over the two-year period (FY 2025 and FY 2026).","page_number":249,"box":{"x":69,"y":869,"width":345,"height":11}},{"id":"c097194e-de96-4a23-a7f0-a1a3b81a9314","block_type":"box","text":"Public Page 19 of 42","page_number":249,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"68800d9c-8a41-428d-93ea-5b1626ade8bd","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":249,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2120f163-9f5f-483f-a480-5d90b8ddd845","block_type":"box","text":"Any revisions to the Executive Budget Financial Plan receipts forecast from the consensus forecast process, as","page_number":250,"box":{"x":101,"y":75,"width":793,"height":11}},{"id":"789bdfc5-3122-4388-9ac8-d4c1a00c0eab","block_type":"box","text":"well as necessary spending revisions associated with new costs and amendments to the Executive Budget Financial","page_number":250,"box":{"x":68,"y":90,"width":829,"height":11}},{"id":"7c68f14d-5fe7-483f-8477-6a02748f4ad7","block_type":"box","text":"Plan will be reflected in the FY 2026 Enacted Budget.","page_number":250,"box":{"x":69,"y":105,"width":379,"height":11}},{"id":"1e3cad96-228b-4293-8c1b-6d905a107eda","block_type":"box","text":"Financial Plan Overview","page_number":250,"box":{"x":102,"y":128,"width":172,"height":9}},{"id":"bad2f4ae-f920-42a6-b064-188915ea54fc","block_type":"box","text":"The State’s financial position remains strong, with favorable operating results recorded through the first nine","page_number":250,"box":{"x":101,"y":150,"width":776,"height":12}},{"id":"b93da320-8215-4172-a8ea-048a3023d64b","block_type":"box","text":"months of FY 2025 and a positive economic outlook. Forecast revisions since the FY 2025 Mid-Year Update have","page_number":250,"box":{"x":69,"y":166,"width":807,"height":11}},{"id":"fd3bfa97-7901-42de-b7ea-383c934d4356","block_type":"box","text":"created new projected surpluses, resulting in a favorable baseline forecast. The FY 2026 Executive Budget leverages","page_number":250,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"b90a4299-47f3-4cf5-b89c-8d99b0f1dccc","block_type":"box","text":"these resources to include a package of tax reforms and initiatives aimed at addressing affordability issues that","page_number":250,"box":{"x":68,"y":196,"width":803,"height":11}},{"id":"7b450856-7005-462b-b477-1d728c7516d7","block_type":"box","text":"continue to impact many New Yorkers while preserving reserves at the highest levels in history. In addition, debt","page_number":250,"box":{"x":69,"y":211,"width":802,"height":11}},{"id":"0c308585-005f-41cf-8a77-4fb23c1a7636","block_type":"box","text":"levels remain nearly flat at less than 1 percent growth over the past decade, historic liquidity levels continue to","page_number":250,"box":{"x":70,"y":226,"width":790,"height":11}},{"id":"e534693d-81fb-46e6-9d82-ab33c50059a1","block_type":"box","text":"deliver high investment returns, and other reserves are available to manage risks to the Financial Plan. The State","page_number":250,"box":{"x":69,"y":241,"width":808,"height":11}},{"id":"4104a783-33a0-4f39-8309-abb07613c7dc","block_type":"box","text":"continues to manage projected budget gaps in future years with the use of prior year cash management actions and","page_number":250,"box":{"x":69,"y":256,"width":826,"height":12}},{"id":"307fa5c3-36a4-4997-9550-cfe5f73412df","block_type":"box","text":"resources, including the prepayment of future obligations (e.g., debt service and pension costs), as well as reserves","page_number":250,"box":{"x":69,"y":271,"width":831,"height":12}},{"id":"e64123a2-cfe6-43e0-90e1-d7472e3971a1","block_type":"box","text":"for transaction risks.","page_number":250,"box":{"x":68,"y":286,"width":147,"height":10}},{"id":"167b02c9-82c4-4ebe-9ca3-56f404bdbc0d","block_type":"box","text":"At the same time, uncertainty looms. Risk as varied as policies and plans of the new Federal administration, the","page_number":250,"box":{"x":101,"y":309,"width":802,"height":11}},{"id":"0aae372f-b847-449b-a742-2f8da050bd86","block_type":"box","text":"potential for a slowdown in economic growth, geopolitical risks, the ongoing implications of climate change, and","page_number":250,"box":{"x":70,"y":324,"width":795,"height":12}},{"id":"95bf2a31-25cf-4a63-9a5c-3b8cb0e8862d","block_type":"box","text":"sustained trends of rising enrollment and costs in public health insurance programs all present the potential for fiscal","page_number":250,"box":{"x":69,"y":339,"width":838,"height":12}},{"id":"8db42cc8-9b70-43c9-b526-2d101f18ec9e","block_type":"box","text":"challenges in the future. While DOB expects economic growth to remain strong in the near term, inflation remains","page_number":250,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"da69397a-274c-4cf2-afdd-8c8057dd726d","block_type":"box","text":"stubbornly high, increasing to 2.7 percent from the previous 2.2 percent forecast for 2025; housing prices and","page_number":250,"box":{"x":69,"y":370,"width":790,"height":11}},{"id":"527b6cbe-7108-4ef9-8de6-4e668f6d4565","block_type":"box","text":"borrowing costs remain elevated; and labor market growth appears to be easing. Potential Federal changes to trade,","page_number":250,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"1bdfef69-d9b5-4809-9d3d-a4c8f494a8ea","block_type":"box","text":"immigration and tax policies could drive further inflation increases. Likewise, possible reductions in Federal","page_number":250,"box":{"x":70,"y":400,"width":763,"height":11}},{"id":"1d2690c9-48d0-4764-a410-adeff1dadb06","block_type":"box","text":"assistance that support vital New York programs, including health care delivery, social services, and public safety,","page_number":250,"box":{"x":69,"y":415,"width":813,"height":11}},{"id":"cb5dcde5-8099-4b64-b422-69f48ae14e2f","block_type":"box","text":"could negatively impact the State and New Yorkers who depend on these programs.","page_number":250,"box":{"x":69,"y":430,"width":594,"height":11}},{"id":"492f7467-7c84-4457-818a-3bc022b1ea54","block_type":"box","text":"In light of these uncertainties and risks, the Executive Budget maintains the existing level of Principal Reserves","page_number":250,"box":{"x":102,"y":453,"width":794,"height":11}},{"id":"76298ea4-3d04-4814-9cf5-6d2237bcd11e","block_type":"box","text":"to protect essential services in the event of an economic downturn or other future fiscal challenges. To further","page_number":250,"box":{"x":68,"y":468,"width":788,"height":11}},{"id":"22676223-0094-43bc-aaad-039b6f471666","block_type":"box","text":"protect these important reserves, the Governor has directed the transfer of funds held in the reserve for economic","page_number":250,"box":{"x":70,"y":483,"width":818,"height":11}},{"id":"337d9538-a978-4faf-9950-a8aa76f3e275","block_type":"box","text":"uncertainties to the statutory Rainy Day Reserve to increase the balance by $1 billion annually over the next four","page_number":250,"box":{"x":69,"y":498,"width":806,"height":11}},{"id":"6446ab42-e068-4c7f-9623-1b3ac33d3e4d","block_type":"box","text":"years, as fiscal conditions permit.","page_number":250,"box":{"x":68,"y":513,"width":241,"height":11}},{"id":"c72602b8-43d7-44ca-a6e2-b6f60c7c4aa2","block_type":"box","text":"Updated Financial Plan Estimates","page_number":250,"box":{"x":102,"y":536,"width":245,"height":11}},{"id":"77cd7f30-667a-4288-ad00-9b2d1cae192c","block_type":"box","text":"Through December 2024, General Fund tax receipts, including transfers from other funds, were $1.1 billion","page_number":250,"box":{"x":101,"y":558,"width":764,"height":12}},{"id":"c8e8100d-eeb7-4358-bba6-3c017c8b93a8","block_type":"box","text":"higher than estimated in the Mid-Year Update, driven mainly by strength in personal income tax and PTET collections.","page_number":250,"box":{"x":69,"y":574,"width":831,"height":11}},{"id":"67246272-22d9-4e7d-be34-dbe8b7fe36fe","block_type":"box","text":"Consumption and use tax receipts remain on track with projections, however, business tax collections to date","page_number":250,"box":{"x":69,"y":589,"width":781,"height":11}},{"id":"ad9825ea-cb84-4077-8c11-d0b4767bb790","block_type":"box","text":"continue to fall below expectations. Non-tax receipts exceeded estimates by $3.6 billion, almost entirely due to the","page_number":250,"box":{"x":69,"y":603,"width":820,"height":12}},{"id":"86187854-d136-4003-b52d-e0f6da4aafa9","block_type":"box","text":"earlier than planned transfer of Federal State and Local Fiscal Recovery Fund (SLFRF) moneys to the General Fund.","page_number":250,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"e8dabf1a-7c95-473c-8c67-11f0eb463308","block_type":"box","text":"General Fund disbursements, including transfers to other funds, were nearly $3 billion below the most recent cash","page_number":250,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"c91992af-6fcc-423f-9c09-2afb5283cfb0","block_type":"box","text":"flow estimate, due to lower spending across many local aid programs and capital projects.","page_number":250,"box":{"x":68,"y":649,"width":644,"height":12}},{"id":"a0664189-3510-47c6-a466-9849125148a4","block_type":"box","text":"On the strength of collections experienced to date, the baseline forecast for General Fund tax receipts has been","page_number":250,"box":{"x":102,"y":672,"width":798,"height":11}},{"id":"8313b22f-97c0-437f-bda3-69803892f68c","block_type":"box","text":"increased by an average of over $1.7 billion annually, resulting in an $8.3 billion cumulative increase through FY","page_number":250,"box":{"x":70,"y":687,"width":799,"height":11}},{"id":"446f9a1d-546b-448e-81f4-3c56ee958820","block_type":"box","text":"2029 compared to the Mid-Year Update. In addition, downward revisions to STAR and debt service spending, which","page_number":250,"box":{"x":69,"y":702,"width":819,"height":12}},{"id":"98af9f67-d32c-435c-acab-7528028cdd30","block_type":"box","text":"are supported by tax receipts, increased General Fund receipts by a cumulative $2.8 billion through FY 2029","page_number":250,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"b57c6b02-7140-4c1c-9c03-7b74b122737b","block_type":"box","text":"compared to the prior forecast. Other non-tax receipts have also been increased, including upward revisions to","page_number":250,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"58280d5e-c026-4678-bc75-615f37d275da","block_type":"box","text":"investment income projections in FY 2027 based on the revised interest rates, and additional mental hygiene Federal","page_number":250,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"b0805bc2-1d59-464f-ba3b-c40f45aa5fec","block_type":"box","text":"revenue related to retroactive rate increases under the Home and Community-Based Services (HCBS) waiver that","page_number":250,"box":{"x":69,"y":763,"width":806,"height":11}},{"id":"38d505da-774a-4ed7-9436-f7794d683900","block_type":"box","text":"support continued investments and service expansion.","page_number":250,"box":{"x":69,"y":778,"width":390,"height":11}},{"id":"e2918d5d-fdc1-4ed3-af8a-db5e042a37c7","block_type":"box","text":"At the same time, the baseline forecast for spending has been increased by a cumulative $6.1 billion through FY","page_number":250,"box":{"x":101,"y":800,"width":805,"height":12}},{"id":"1a22728f-4b40-41a3-b038-959987b9de38","block_type":"box","text":"2029 compared to the MidYear Update. Medicaid and School Aid spending estimates across the plan have been","page_number":250,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"152f0d7e-533d-40ef-8607-bac528054761","block_type":"box","text":"increased by $6.1 billion and $3.1 billion, respectively. The higher spending reflects costs related to updated","page_number":250,"box":{"x":70,"y":830,"width":776,"height":12}},{"id":"38ced801-79fd-4965-8b05-9c5cd5a546a3","block_type":"box","text":"Medicaid enrollment and utilization data, particularly for Medicaid long-term care services, and inflationary growth in","page_number":250,"box":{"x":70,"y":846,"width":827,"height":11}},{"id":"4f9cf2d2-3c72-4ece-b556-1d166ec7f970","block_type":"box","text":"the Foundation Aid formula. In addition, higher pension costs are expected across all years of the Financial Plan due","page_number":250,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"d457dce4-edd5-4435-8c7f-19cede5654f6","block_type":"box","text":"to workforce and salary increases, benefit expansion, and fund losses that drive higher rates for State and local","page_number":250,"box":{"x":68,"y":876,"width":799,"height":11}},{"id":"2078faf8-c7a3-49b5-a810-b0bcb3f1b868","block_type":"box","text":"governments. These increases are partly offset by downward revisions to spending estimates across nearly all other","page_number":250,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"f7aa426e-adac-4824-8d14-f45410f19d21","block_type":"box","text":"assistance and grant programs based on results to date, various updated assumptions, and timing-related","page_number":250,"box":{"x":69,"y":907,"width":759,"height":11}},{"id":"268291e7-cf64-441d-8b07-2bd499bcb835","block_type":"box","text":"Public Page 20 of 42","page_number":250,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"73a6eccd-42b3-4479-a9ae-50370b89e5b1","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":250,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c31b6a13-7989-4cb1-b3a8-079a724d1f84","block_type":"box","text":"adjustments. In addition, spending is reduced to reflect lower employee health insurance costs pursuant to a","page_number":251,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"fe8fa3c3-9a20-49a3-ad8b-4991fadc1f85","block_type":"box","text":"reduction in negotiated health insurance premium rates, and upward revisions to lottery and gaming revenue that","page_number":251,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"8410f7d6-0632-4252-be2d-bd9a70dce6af","block_type":"box","text":"support education spending.","page_number":251,"box":{"x":69,"y":105,"width":202,"height":11}},{"id":"540bfbce-c247-4c00-bdf9-7eb2d896f746","block_type":"box","text":"The aggregate baseline forecast revisions leave General Fund surpluses of $3.5 billion in FY 2025 and","page_number":251,"box":{"x":101,"y":127,"width":732,"height":12}},{"id":"f696f396-759d-4352-8cce-87be61169668","block_type":"box","text":"$1.8 billion in FY 2026 prior to the new proposals included in the Governor’s FY 2026 Executive Budget. Projected","page_number":251,"box":{"x":69,"y":142,"width":815,"height":12}},{"id":"7fa588f1-f93d-45ed-aca6-2db4688d01bb","block_type":"box","text":"baseline gaps for FY 2027 and FY 2028 are lowered compared to the Mid-Year Update to $4 billion and $7.4 billion,","page_number":251,"box":{"x":69,"y":157,"width":828,"height":12}},{"id":"a984a7f7-e7db-401b-a4f1-ebbcacfe9e10","block_type":"box","text":"respectively. The FY 2029 baseline gap is estimated at $11.8 billion. The annual gaps through FY 2029 include the","page_number":251,"box":{"x":69,"y":172,"width":823,"height":12}},{"id":"e024a756-a9af-4f16-b17c-92de24474388","block_type":"box","text":"use of prior year cash management actions and resources, including the prepayment of future obligations (e.g., debt","page_number":251,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"30945c2c-314e-4a70-b912-32336a27e041","block_type":"box","text":"service and pension costs), as well as cautious estimates and reserves for transaction risks.","page_number":251,"box":{"x":69,"y":203,"width":665,"height":11}},{"id":"497f9c53-d9c7-4a87-8dd4-de869c72d84e","block_type":"box","text":"Other revisions that do not impact General Fund balance include PTET related revisions to receipts estimates","page_number":251,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"f817692e-7458-45e8-aa35-860b24da46cd","block_type":"box","text":"and adjustments to reserves, including the planned shift of funds into the statutory Rainy Day Reserve over the next","page_number":251,"box":{"x":69,"y":241,"width":831,"height":11}},{"id":"ffb9475c-616c-421c-aef2-ec35e844ac6e","block_type":"box","text":"four years, as fiscal conditions permit.","page_number":251,"box":{"x":68,"y":256,"width":273,"height":11}},{"id":"46a5dafc-8605-4320-a6fb-817f6cdf4093","block_type":"box","text":"Since the implementation of the PTET program in FY 2022, increases to tax receipts related to PTET have been","page_number":251,"box":{"x":102,"y":279,"width":791,"height":11}},{"id":"3bcdf173-b7bf-4900-904b-332eca813afb","block_type":"box","text":"set aside in the PTET reserve to cover credits claimed in subsequent years. Previously the PTET program was","page_number":251,"box":{"x":69,"y":294,"width":778,"height":11}},{"id":"6d0b641a-788f-42d5-832d-e2d87bd7e2f8","block_type":"box","text":"expected to cease to be utilized after tax year 2025, aligning with the expected expiration of the State and Local Tax","page_number":251,"box":{"x":69,"y":309,"width":829,"height":11}},{"id":"839c862e-6181-41e6-9a5c-ce89c70e106d","block_type":"box","text":"(SALT) deduction cap under current Federal law. The Executive Budget Financial Plan revises this assumption to","page_number":251,"box":{"x":69,"y":324,"width":792,"height":12}},{"id":"8dba16b9-172d-43fc-b83d-5bbd05a583d9","block_type":"box","text":"reflect the continuation of the PTET program in perpetuity, absent amendments to current State law or Federal","page_number":251,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"378e9c57-5747-45b3-879b-d73b1efa559e","block_type":"box","text":"actions to end the program. The change reflects the likelihood that the Federal government will extend the SALT","page_number":251,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"fbff0021-a71f-4367-bd60-10ca0a46f0b0","block_type":"box","text":"deduction cap and the widespread use of the similar taxes on pass-through income, which are utilized in 36 states","page_number":251,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"7b1ef456-c921-4c34-b809-967bff0e55ee","block_type":"box","text":"and the City of New York (NYC). In addition, PIT estimated tax projections have been lowered by $3.2 billion in FY","page_number":251,"box":{"x":69,"y":384,"width":804,"height":12}},{"id":"20da2021-a2c6-44ec-92c4-553f20e3a1a5","block_type":"box","text":"2027 to reflect the assumed continuation of the SALT cap under the new Federal administration. This downward","page_number":251,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"7bdf0886-6818-4835-ae20-bb3df39fabe8","block_type":"box","text":"revision to tax estimates is entirely offset by the reserve previously set aside for this purpose, resulting in no net","page_number":251,"box":{"x":69,"y":415,"width":808,"height":11}},{"id":"00efe27a-6991-49e8-8fa2-5702ca20b891","block_type":"box","text":"Financial Plan impact.","page_number":251,"box":{"x":70,"y":430,"width":153,"height":11}},{"id":"3d5daac1-c140-4f3a-a8f7-f1514896e0d9","block_type":"box","text":"FY 2026 Executive Budget Financial Plan Summary","page_number":251,"box":{"x":102,"y":453,"width":375,"height":11}},{"id":"12bfe380-cf60-4349-a5fa-003fb1a39963","block_type":"box","text":"Consistent with statutory requirements, the Governor’s FY 2026 Executive Budget proposal provides for","page_number":251,"box":{"x":102,"y":475,"width":741,"height":12}},{"id":"a735c370-e9a1-4b57-83b5-894669bca479","block_type":"box","text":"balanced operations in the General Fund in FY 2026 due to surplus resources available in FY 2025 and FY 2026.","page_number":251,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"c5b73cd5-f168-48a6-9d61-b1a5d99f2c40","block_type":"box","text":"However, the recurring cost of the FY 2026 Executive Budget proposals and upward revisions to baseline forecasts","page_number":251,"box":{"x":70,"y":506,"width":819,"height":11}},{"id":"c6020cfb-77aa-40cc-85af-6d97205d6855","block_type":"box","text":"increase budget gaps in FY 2027 and beyond. Outyear budget gaps are projected to total $6.5 billion in FY 2027,","page_number":251,"box":{"x":70,"y":520,"width":807,"height":12}},{"id":"79bb0afe-70c5-4929-9630-110cee3ab9a5","block_type":"box","text":"$9.8 billion in FY 2028, and $11 billion in FY 2029 – cumulatively the outyear budget gaps are roughly $4 billion","page_number":251,"box":{"x":69,"y":535,"width":802,"height":12}},{"id":"495b3337-80b5-4aeb-9b0c-aede2ce7df58","block_type":"box","text":"higher than the Mid-Year Update projections.","page_number":251,"box":{"x":69,"y":551,"width":315,"height":11}},{"id":"a9c691f0-18aa-4fe9-a1ef-6ada4d4b6700","block_type":"box","text":"Receipts.","page_number":251,"box":{"x":102,"y":574,"width":67,"height":11}},{"id":"935609c6-4d17-44fd-8ad2-42139b35d7ae","block_type":"box","text":"The FY 2026 Executive Budget includes a package of tax reforms and initiatives aimed at addressing","page_number":251,"box":{"x":175,"y":574,"width":721,"height":11}},{"id":"ae87a82e-6adf-4eaa-ad9f-8e250eafbb6e","block_type":"box","text":"affordability issues that continue to impact many New Yorkers. In December 2024, the Governor announced her plan","page_number":251,"box":{"x":69,"y":589,"width":831,"height":11}},{"id":"77a55340-1e41-4771-b7d6-9d2ffee314d4","block_type":"box","text":"to deliver inflation refund payments to New York tax filers. The rebates are subject to legislative approval and are","page_number":251,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"9718eb51-8b82-4867-82e1-a90a9baeb1cc","block_type":"box","text":"expected to be issued in FY 2026 at a cost of roughly $3 billion.","page_number":251,"box":{"x":69,"y":618,"width":457,"height":12}},{"id":"d00c21bf-58a4-4cc8-be83-12c396b989c5","block_type":"box","text":"In addition, the Executive Budget proposes lowering the tax rates for all joint tax filers making under $323,200","page_number":251,"box":{"x":102,"y":641,"width":789,"height":12}},{"id":"55de6a04-08d1-4962-ad9a-294ec77d3795","block_type":"box","text":"and providing an enhanced Empire State child tax credit for children under 4 years old in FY 2026 and children ages","page_number":251,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"2dfe7274-9c80-4124-b9c8-dde9093ce184","block_type":"box","text":"4 through 16 in both FY 2027 and FY 2028. The Executive Budget also includes proposals to extend, increase, and","page_number":251,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"fa7fe99c-c9ef-4a2e-8f6d-5473cccde6ea","block_type":"box","text":"add various tax credits, and proposes expanding flexibility for businesses to opt into the PTET program by extending","page_number":251,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"3b7d2833-ea33-45be-a6e1-06e78a234856","block_type":"box","text":"the deadline. Proposed extensions include tax credits to support independent film productions, low-income housing,","page_number":251,"box":{"x":68,"y":702,"width":828,"height":12}},{"id":"90afea04-88fa-455c-aece-6aadd6329030","block_type":"box","text":"musical and theater productions, clean heating fuel, and alternative fuel and electric vehicle recharging property. In","page_number":251,"box":{"x":69,"y":717,"width":820,"height":12}},{"id":"838e0f7a-3d04-4662-9586-7ebd33dc99c9","block_type":"box","text":"addition, a new credit is established for living organ donors. To offset these changes, the top tax rates for tax filers","page_number":251,"box":{"x":69,"y":732,"width":821,"height":12}},{"id":"d404fd69-9fa0-4833-8fc1-507fe5b4e925","block_type":"box","text":"making over $2,155,350 annually which otherwise expires at the end of tax year 2027 are instead extended for","page_number":251,"box":{"x":69,"y":747,"width":799,"height":12}},{"id":"b8741e2e-0d63-496d-933a-ef840fc1e844","block_type":"box","text":"fiveyears through tax year 2032.","page_number":251,"box":{"x":68,"y":763,"width":230,"height":11}},{"id":"b34ed97c-5015-4133-9e44-97b1594752ad","block_type":"box","text":"The Executive Budget proposal reduces General Fund receipts by a cumulative $1.3 billion through FY 2029","page_number":251,"box":{"x":101,"y":785,"width":768,"height":12}},{"id":"fe4c6fc9-46b3-462b-9f14-00b5ecee28b2","block_type":"box","text":"compared to the baseline forecast, excluding the cost neutral proposal to extend the opt-in deadline for businesses","page_number":251,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"c4710de1-7d6f-40c3-bf31-aee7937a4fb0","block_type":"box","text":"to opt into the PTET program and the proposed one-time inflation refund payments supported by projected surplus","page_number":251,"box":{"x":68,"y":816,"width":814,"height":11}},{"id":"1cc3047c-9361-49be-927f-601412422155","block_type":"box","text":"resources carried forward from FY 2025. Excluding the inflation refund payments, All Funds tax receipts are projected","page_number":251,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"94b0d848-3b9c-4f74-9f7e-f303fbd047b2","block_type":"box","text":"to total $117.8 billion in FY 2026, which results in an annual increase of 4.1 percent compared to revised FY 2025","page_number":251,"box":{"x":68,"y":845,"width":825,"height":12}},{"id":"7e2542e3-0436-422d-ba6c-0295feb7b360","block_type":"box","text":"estimates.","page_number":251,"box":{"x":69,"y":861,"width":74,"height":9}},{"id":"be4adbfc-65ba-4b3c-ab78-384cc1c90332","block_type":"box","text":"Public Page 21 of 42","page_number":251,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"21e9f438-2276-4f99-96a6-e21f89408003","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":251,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"159f14c7-ed39-41f6-ae72-e6b4ed0f9887","block_type":"box","text":"Disbursements.","page_number":252,"box":{"x":102,"y":75,"width":111,"height":9}},{"id":"06441e87-9436-4df4-841f-8f741e337ecf","block_type":"box","text":"The Executive Budget proposes $5 billion in cumulative General Fund spending increases","page_number":252,"box":{"x":219,"y":74,"width":636,"height":12}},{"id":"7f98ab42-e426-41ac-9832-8ebe94a5ffea","block_type":"box","text":"through FY 2029 to support agency operations increases and addresses the State’s many continuing challenges,","page_number":252,"box":{"x":68,"y":90,"width":809,"height":11}},{"id":"050018f9-6c81-4126-8883-1b5c79591993","block_type":"box","text":"including access to mental health care, public safety, and the health care delivery system.","page_number":252,"box":{"x":70,"y":105,"width":641,"height":11}},{"id":"9212a074-72fe-4d85-a4bf-97aaeea0f5e4","block_type":"box","text":"Operational spending is increased to support staffing increases, investments in cybersecurity and information","page_number":252,"box":{"x":102,"y":128,"width":783,"height":11}},{"id":"b4340e0b-1f6f-4118-933b-40ad9c96b4e4","block_type":"box","text":"technology, expanded access to mental health services, public safety enhancements, and Judiciary spending","page_number":252,"box":{"x":68,"y":143,"width":779,"height":11}},{"id":"5123473b-0d08-4dfa-8ee6-0f0e53e48d7e","block_type":"box","text":"increases to support staffing levels to address case backlogs and provide operational support to various courts.","page_number":252,"box":{"x":70,"y":158,"width":803,"height":11}},{"id":"a97d2fd4-bb76-44d6-8a33-06a5b10a0aa0","block_type":"box","text":"State Spending","page_number":252,"box":{"x":101,"y":181,"width":112,"height":11}},{"id":"1b145d08-5901-4155-82b1-8b4cb1a0a8e1","block_type":"box","text":"All Funds spending is projected to total $252 billion in FY 2026, an increase of $8.6 billion or 3.6 percent from","page_number":252,"box":{"x":101,"y":203,"width":793,"height":12}},{"id":"66a26f20-75e4-4dea-a259-3360cc0bac10","block_type":"box","text":"revised FY 2025 estimates.","page_number":252,"box":{"x":69,"y":219,"width":196,"height":8}},{"id":"a12bc13b-b40c-4056-9975-8a6282e80aab","block_type":"box","text":"Spending growth is largely driven by continued high levels of enrollment in the Medicaid program, as well as prior","page_number":252,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"4ee11426-4376-46e0-b71e-38f43f4f1677","block_type":"box","text":"year expansion of benefits, increases in reimbursement rates, and expanded utilization of the State’s Managed Long","page_number":252,"box":{"x":68,"y":256,"width":838,"height":12}},{"id":"bea825e7-9cbe-421e-af8c-e472c72f9bcd","block_type":"box","text":"Term Care (MLTC) program by the State’s aging population. The State expects to develop proposals to provide","page_number":252,"box":{"x":68,"y":272,"width":784,"height":11}},{"id":"0df0d6ec-cd8c-48c7-9b98-9974b7e43ad3","block_type":"box","text":"recurring savings in future budgets to ensure long-term Medicaid spending levels are sustainable. The MCO tax","page_number":252,"box":{"x":69,"y":286,"width":792,"height":12}},{"id":"f86ed13a-9138-4dd2-bffc-be8803d8ee01","block_type":"box","text":"transaction also increases Medicaid spending by nearly $1.2 billion through State share tax offsets.","page_number":252,"box":{"x":68,"y":301,"width":714,"height":12}},{"id":"f5eba8b2-b206-4e8e-bf9f-d0e444d7e8e2","block_type":"box","text":"Over the past three years, the State has made historic investments in nearly all program areas, including: fully","page_number":252,"box":{"x":102,"y":324,"width":786,"height":12}},{"id":"781620ae-2960-4a1b-a7ff-1ea09561c064","block_type":"box","text":"funding Foundation Aid to schools; expanding access to mental health services, child care, and housing; providing","page_number":252,"box":{"x":68,"y":339,"width":815,"height":12}},{"id":"e8821b46-ea29-476a-b5db-312b72152ddb","block_type":"box","text":"assistance to distressed hospitals, other health care providers and workers; supporting health care delivery","page_number":252,"box":{"x":69,"y":355,"width":771,"height":11}},{"id":"85985fe4-0092-46e8-aee5-b01536947473","block_type":"box","text":"improvements; increasing support for higher education; addressing gun crime and violence; expanding access to","page_number":252,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"d25df72d-34d7-47ff-a15e-25434abe4465","block_type":"box","text":"school meals; protecting the environment, and energy affordability.","page_number":252,"box":{"x":69,"y":385,"width":475,"height":11}},{"id":"61800e32-51b2-4b0a-a30b-c369b531d66f","block_type":"box","text":"These investments have increased projected spending for assistance and grants to nearly $105 billion projected","page_number":252,"box":{"x":101,"y":407,"width":803,"height":12}},{"id":"d742988d-3d51-494c-bd19-5f94e5f6faa0","block_type":"box","text":"in FY 2026, an increase of nearly $30 billion (40 percent) compared to the $75 billion level recorded in FY 2022.","page_number":252,"box":{"x":70,"y":422,"width":805,"height":12}},{"id":"5bf8a9db-de17-4240-a9ec-37a22398b7a7","block_type":"box","text":"Nearly three-quarters of the estimated $30 billion of growth in assistance and grants programs since FY 2022 is","page_number":252,"box":{"x":70,"y":437,"width":801,"height":12}},{"id":"14040d83-bc07-40ee-af6b-5318582bb962","block_type":"box","text":"concentrated in School Aid and Medicaid, reflecting historic, recurring funding increases for schools and the health","page_number":252,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"e3cba528-f4af-47d0-b26f-0f2addb572a6","block_type":"box","text":"care system. New York continues to spend significantly more on these two programs than any other state in the","page_number":252,"box":{"x":69,"y":468,"width":795,"height":11}},{"id":"2e538366-2d43-466d-9456-f66c55003af1","block_type":"box","text":"nation.","page_number":252,"box":{"x":69,"y":483,"width":47,"height":9}},{"id":"0ea14512-738f-4f41-93b7-a3d85ea31a85","block_type":"box","text":"School Aid.","page_number":252,"box":{"x":101,"y":506,"width":81,"height":9}},{"id":"2dcae8a7-be2d-4837-a819-aef6f9329215","block_type":"box","text":"The State provides a substantial amount of financial support for public schools through State","page_number":252,"box":{"x":188,"y":506,"width":666,"height":11}},{"id":"d4508ccb-bd1a-4c55-b1ba-f7fd69b6265d","block_type":"box","text":"formula aids and grants. Currently, approximately 2.5 million kindergarten through 12th grade students are enrolled","page_number":252,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"20daa37d-05f7-479d-b6a7-33ea4c4b9854","block_type":"box","text":"in the State’s public schools, including 186,000 students enrolled in charter schools. For over a decade, New York","page_number":252,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"a333f256-2ca0-44e4-97e3-e983fb4bce55","block_type":"box","text":"has ranked the highest in the nation for per pupil spending. In SY 2022, New York spent $29,873 per pupil, almost","page_number":252,"box":{"x":69,"y":550,"width":822,"height":12}},{"id":"11024aac-6d37-421a-b808-ca04c8b133c8","block_type":"box","text":"double the national average of $15,633 per pupil and approximately 19 percent higher than second ranked New","page_number":252,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"f5ef8b28-c08e-415d-9a20-eff67c9e40ec","block_type":"box","text":"Jersey.","page_number":252,"box":{"x":69,"y":582,"width":46,"height":10}},{"id":"6d3f2a83-9132-4cb5-94fe-f6be7396b7a4","block_type":"box","text":"Over the past decade, New York’s per-pupil spending has increased from roughly $20,000 to $30,000. This","page_number":252,"box":{"x":102,"y":603,"width":767,"height":12}},{"id":"f597aa93-7f41-4e13-9448-d6fa37a7d317","block_type":"box","text":"increase was driven by the three-year phase-in of full funding of the Foundation Aid formula completed in SY 2024,","page_number":252,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"d5fdb156-577a-45b2-9138-1dbd3216ad37","block_type":"box","text":"which aided in adding over $6.6 billion (23 percent) to State-funded School Aid between SY 2022 and SY 2025. In","page_number":252,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"1eb10f2c-b185-4d94-bd32-b22048080273","block_type":"box","text":"addition to State aid, school districts have continued to raise revenue through local property tax increases, which","page_number":252,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"706871f1-8836-4b1d-b5d6-bce99a769946","block_type":"box","text":"when combined with State aid increases and Federal COVID-19 pandemic related assistance, have afforded many","page_number":252,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"819852f3-b5fc-416c-a261-d8c784e83dab","block_type":"box","text":"districts the ability to amass substantial reserves and surplus balances.","page_number":252,"box":{"x":69,"y":680,"width":515,"height":11}},{"id":"19cfb52c-fdb1-40db-84b0-26b17966bf7a","block_type":"box","text":"Adding to the historic increases in funding over the past several years, the Executive Budget proposes","page_number":252,"box":{"x":101,"y":702,"width":728,"height":12}},{"id":"fa25dc1d-0754-43bf-89f8-3b7b9d4a125d","block_type":"box","text":"$37.4 billion for School Aid in SY 2026, an increase of $1.7 billion (4.7 percent), inclusive of a $1.5 billion (5.9","page_number":252,"box":{"x":69,"y":717,"width":799,"height":11}},{"id":"caf0f857-df30-4588-a8eb-37cc6af61fa1","block_type":"box","text":"percent) Foundation Aid increase","page_number":252,"box":{"x":70,"y":733,"width":232,"height":11}},{"id":"8946953f-77df-4e89-b47c-8bc379bf9df3","block_type":"box","text":"Medicaid.","page_number":252,"box":{"x":102,"y":755,"width":69,"height":9}},{"id":"2c809416-0db7-4452-9acd-328970384ea2","block_type":"box","text":"The New York State Medicaid Program provides health and long-term care coverage to lower-income","page_number":252,"box":{"x":178,"y":755,"width":708,"height":11}},{"id":"6ab9eeff-f531-46e1-9358-f70ee2d14671","block_type":"box","text":"children, pregnant women, adults, seniors, and people with disabilities. The Medicaid program also funds a portion of","page_number":252,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"b49e8069-1ee8-4cd8-8e85-31856842200d","block_type":"box","text":"wages for home care workers and caregivers self-directed by consumers under the Consumer Directed Personal","page_number":252,"box":{"x":68,"y":785,"width":795,"height":12}},{"id":"f15e4471-e96f-454d-a396-dd7a09a7693d","block_type":"box","text":"Assistance Program (CDPAP) and is a large contributor of funding to public and private hospitals and nursing homes","page_number":252,"box":{"x":68,"y":801,"width":824,"height":11}},{"id":"3551904d-16c3-42b9-b0eb-4360b5c4d6b6","block_type":"box","text":"through various supplemental programs. Medicaid spending growth continues to escalate as utilization of the system,","page_number":252,"box":{"x":68,"y":816,"width":839,"height":11}},{"id":"73e356e9-eb26-47dc-b0eb-138415f0a622","block_type":"box","text":"primarily MLTC, which includes the CDPAP, rises with an aging population.","page_number":252,"box":{"x":70,"y":831,"width":520,"height":11}},{"id":"088783e1-a1dc-4989-a91f-ddbc2098ac76","block_type":"box","text":"Nearly 7 million New Yorkers (36 percent) are currently covered by Medicaid. When combined with other public","page_number":252,"box":{"x":102,"y":854,"width":784,"height":11}},{"id":"f2275c6e-ece1-4388-b0b2-f175e0b48228","block_type":"box","text":"insurance coverage, such as Child Health Plus (CHP) and Essential Plan (EP), New York has the highest percent of","page_number":252,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"f4a5d941-26bd-43df-8e46-b1dbd20daa3d","block_type":"box","text":"people covered by publicly funded medical insurance in the nation with a total of 9 million enrolled. The State offers","page_number":252,"box":{"x":70,"y":884,"width":824,"height":11}},{"id":"e06be609-b7c1-4cd1-8181-70b783aac358","block_type":"box","text":"some of the most comprehensive and extensive Medicaid benefits in the nation, including optional services such as","page_number":252,"box":{"x":69,"y":899,"width":828,"height":11}},{"id":"01b64962-2082-49cd-adc8-e8c4333ac2ca","block_type":"box","text":"Public Page 22 of 42","page_number":252,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"35f64816-1e67-435f-a30e-622ee56d9fa6","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":252,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93cd35e9-d73d-45b9-a6e2-c6a88a51e4c2","block_type":"box","text":"coverage for pharmacy and personal care services, spending $4,724 per capita based on the latest Centers for","page_number":253,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"6ab1a6d7-a8a5-428e-8d87-5caf77138ed0","block_type":"box","text":"Medicare & Medicaid Services (CMS) data (Federal Fiscal Year 2023) . New York’s per capita spending was more","page_number":253,"box":{"x":70,"y":90,"width":804,"height":11}},{"id":"f9d237a4-5b6a-458a-9f3e-571098f3f8ee","block_type":"box","text":"than 46 percent above the national average of $2,554 per capita and over 19 percent higher than the next highest","page_number":253,"box":{"x":68,"y":104,"width":820,"height":12}},{"id":"fc21b802-3e50-4696-bfe1-71da9ab47b82","block_type":"box","text":"spending state -- New Mexico which spent $3,824 per capita.","page_number":253,"box":{"x":69,"y":120,"width":435,"height":12}},{"id":"846efcb2-cce7-4217-b9e8-c94c2a0f46b3","block_type":"box","text":"Medicaid costs are financed jointly by the Federal, State, and Local governments. New York receives the","page_number":253,"box":{"x":102,"y":143,"width":741,"height":11}},{"id":"7612bd25-bc2d-49fe-9b0d-d244576b549d","block_type":"box","text":"minimum Federal Medicaid matching share of roughly 50 percent. Local districts’ costs have been capped at","page_number":253,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"5426d229-5761-4506-a1db-3e3217763a6d","block_type":"box","text":"calendar year 2015 levels, shifting the increased costs of the program to the State and saving the City of New York","page_number":253,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"e16ebd31-3316-4c58-909f-3e8ee70cb0e1","block_type":"box","text":"and counties billions of dollars annually. In FY 2026, local governments will save an estimated $8.3 billion and have","page_number":253,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"52c72e8c-ce87-4c39-977b-21107b7c7ae6","block_type":"box","text":"saved nearly $54 billion since 2015.","page_number":253,"box":{"x":69,"y":203,"width":260,"height":12}},{"id":"a9056595-afad-4d69-bb4b-c0f4346fb90f","block_type":"box","text":"In FY 2026, Medicaid spending (excluding operational costs) is projected to total $35.4 billion, an increase of","page_number":253,"box":{"x":102,"y":225,"width":783,"height":12}},{"id":"f20c8b08-10b4-468a-839a-8f6281f7636c","block_type":"box","text":"$4.3 billion (14 percent) from the revised FY 2025 levels. State spending for Medicaid has tripled over the past 15","page_number":253,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"d3b27af6-dd34-404b-835b-85202226724a","block_type":"box","text":"years. The growth is due to medical cost increases, enrollment remaining at elevated levels, expansion of benefits,","page_number":253,"box":{"x":68,"y":256,"width":821,"height":12}},{"id":"7adc34c4-84da-4451-84f8-725d4bb08e19","block_type":"box","text":"increases to reimbursement rates, and continued growth in aging and high utilization populations. Other factors that","page_number":253,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"d49a3797-7083-4995-9588-505ca5227802","block_type":"box","text":"continue to place upward pressure on State-share Medicaid costs include, but are not limited to, provider","page_number":253,"box":{"x":69,"y":287,"width":751,"height":10}},{"id":"c045708e-d4e7-4b29-97f2-722a7365a83a","block_type":"box","text":"reimbursements to cover home health wage increases, the phase-out of enhanced Federal funding, increased costs","page_number":253,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"c9786883-1651-44fa-a2f5-0d335ba8c18f","block_type":"box","text":"and enrollment growth in MLTC, and the needs of financially distressed hospitals.","page_number":253,"box":{"x":69,"y":317,"width":579,"height":11}},{"id":"2ed88bed-83a1-438c-93fd-67f30ef9c2fb","block_type":"box","text":"Out year Budget Gaps","page_number":253,"box":{"x":101,"y":340,"width":160,"height":11}},{"id":"6a098912-256a-4ff1-b789-8858ae00349c","block_type":"box","text":"The FY 2026 Executive Budget Financial Plan General Fund outyear budget gaps are slightly higher than the gaps","page_number":253,"box":{"x":101,"y":362,"width":803,"height":11}},{"id":"337392b5-2f8d-4056-a3e4-d3bc8dbfa982","block_type":"box","text":"projected in the Mid-Year Update . If the FY 2027 Budget is balanced with recurring savings, the budget gaps for FY","page_number":253,"box":{"x":70,"y":377,"width":820,"height":12}},{"id":"be6ee059-7574-44e8-8191-a9209bf67402","block_type":"box","text":"2028 and FY 2029 would be in the range of $4 billion annually.","page_number":253,"box":{"x":69,"y":392,"width":450,"height":12}},{"id":"44e82226-8365-497b-82b2-5d8424ebd585","block_type":"box","text":"The outyear budget gaps are the result of a structural imbalance between forecasted levels of spending growth","page_number":253,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"bc6759fa-1072-4a29-b43b-2428ef4ca99c","block_type":"box","text":"and available resources. The estimated gaps include a $2 billion transaction risk reserve in each year. The projected","page_number":253,"box":{"x":69,"y":429,"width":832,"height":12}},{"id":"c80a971d-e7bf-44ea-a265-3a45eaa53ec4","block_type":"box","text":"budget gaps do not reflect the use of any Principal Reserves to balance operations but do include the use of prior","page_number":253,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"703c29c1-bcfb-4d51-9235-ed17d3740bfe","block_type":"box","text":"year surpluses carried forward into future years and cautious estimates of disbursements, a practice that provides a","page_number":253,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"1ab9adae-317d-4064-9b6f-f7b358b84ca3","block_type":"box","text":"cushion for potential receipts shortfalls and unanticipated costs that may materialize within a fiscal year.","page_number":253,"box":{"x":69,"y":475,"width":746,"height":12}},{"id":"0619142a-9e55-4faf-8e90-a0aebbdc9183","block_type":"box","text":"Reserves and Risks","page_number":253,"box":{"x":102,"y":498,"width":142,"height":9}},{"id":"53e2f18e-1858-4255-bee8-ba3e562231ea","block_type":"box","text":"The Financial Plan faces ongoing economic risks, including: slowing economic growth; continued price inflation;","page_number":253,"box":{"x":101,"y":521,"width":790,"height":11}},{"id":"fce28df6-c6e7-40ab-a051-b8903a69c6ca","block_type":"box","text":"geopolitical uncertainties; immigration policy; climate change and natural disasters; programmatic cost pressures;","page_number":253,"box":{"x":68,"y":536,"width":815,"height":11}},{"id":"bc557e1a-bd0a-403e-9970-9ec01208c89b","block_type":"box","text":"uncertainty about the fiscal conditions of outside entities relying on State assistance; risks due to the State’s","page_number":253,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"8569b781-0cba-49be-92a3-d1ba5160b535","block_type":"box","text":"dependence on Federal funding and approvals; and possible policy changes under the new Federal administration.","page_number":253,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"743bb177-758f-47ad-afa0-ca9b926afb78","block_type":"box","text":"While the DOB forecast of receipts and spending is primarily based on current law and reasonable assumptions","page_number":253,"box":{"x":101,"y":589,"width":796,"height":11}},{"id":"462700e8-dde4-4c08-a69f-de9cbff21778","block_type":"box","text":"as of the time it was prepared, economic uncertainties and the dependence of the State’s tax base on the financial","page_number":253,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"873f2d4c-c7aa-4ef9-9a6b-85fe9045f7b5","block_type":"box","text":"sector are embedded risks.","page_number":253,"box":{"x":69,"y":619,"width":194,"height":9}},{"id":"96d27f00-4547-47eb-a786-a9f77e57f18e","block_type":"box","text":"Reserves are the most practical and effective defense against such unpredictable risks. Outside experts view","page_number":253,"box":{"x":102,"y":642,"width":783,"height":11}},{"id":"418efa77-c75b-4c7d-b5a1-6dbcff17e2da","block_type":"box","text":"robust reserves as an essential tool for mitigating service reductions and public employee layoffs during periods of","page_number":253,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"53ce1ae9-5e17-4a4a-a06c-2163f3b6376a","block_type":"box","text":"slow or declining growth.","page_number":253,"box":{"x":69,"y":672,"width":173,"height":11}},{"id":"ee384c3b-7770-4dc9-9a32-047c8c0a1527","block_type":"box","text":"During a “typical” recession, declines in receipts could be significant. DOB estimates that tax receipts can be","page_number":253,"box":{"x":102,"y":695,"width":780,"height":11}},{"id":"98cdd3ba-7bf3-4b7c-b411-c4e36662f3ed","block_type":"box","text":"expected to fall between $35 billion and $50 billion over three years in a recession that resembles those","page_number":253,"box":{"x":69,"y":709,"width":750,"height":12}},{"id":"5c9f2001-6895-4913-81ec-9b645de5526b","block_type":"box","text":"experienced after 9/11 and during the Great Recession of 2008.","page_number":253,"box":{"x":69,"y":725,"width":462,"height":11}},{"id":"2d7ca98d-5f57-4a25-b99e-c4db7a9024bd","block_type":"box","text":"Over the past several years, the State has significantly increased reserves to ensure that it can honor its","page_number":253,"box":{"x":102,"y":748,"width":748,"height":11}},{"id":"ac582de3-a31f-4b52-b142-10a7fcacf680","block_type":"box","text":"commitments through good and bad times. The FY 2026 Executive Budget preserves these critical investments and,","page_number":253,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"b0cc5782-4973-42e4-ad3b-6094477e1414","block_type":"box","text":"financial conditions permitting, plans to shift funds from the Reserve for Economic Uncertainties into the statutory","page_number":253,"box":{"x":68,"y":778,"width":818,"height":11}},{"id":"65a48168-6259-4f22-a660-ac878a32c91e","block_type":"box","text":"Rainy Day Reserve.","page_number":253,"box":{"x":70,"y":793,"width":135,"height":11}},{"id":"dfe1a724-a387-48fd-ae23-45ebbb692ec6","block_type":"box","text":"Receipts","page_number":253,"box":{"x":102,"y":816,"width":63,"height":11}},{"id":"ba984a6d-ce37-4b15-8ccd-51c7b605c21f","block_type":"box","text":"Tax Receipts.","page_number":253,"box":{"x":101,"y":838,"width":98,"height":11}},{"id":"5940d48c-5778-4b62-af77-f4b7dd061655","block_type":"box","text":"In addition to revisions to the tax receipts forecast based on FY 2025 results and the updated","page_number":253,"box":{"x":207,"y":838,"width":671,"height":11}},{"id":"b3f24a03-3a5f-47e7-a448-cae79efcb547","block_type":"box","text":"economic forecast, the Enacted Budget includes the following tax law changes:","page_number":253,"box":{"x":69,"y":853,"width":561,"height":12}},{"id":"825f86a9-3b52-46af-9d8a-927377701020","block_type":"box","text":"•","page_number":253,"box":{"x":69,"y":877,"width":6,"height":4}},{"id":"21c33588-72be-4d3b-9da6-7e3a4a1fd732","block_type":"box","text":"Inflation Tax Refund. Funding is included for direct payments to approximately 8.2 million New York taxpayers","page_number":253,"box":{"x":102,"y":874,"width":774,"height":11}},{"id":"90459c9f-07bf-4dfd-a193-7f7b4629f033","block_type":"box","text":"statewide. Married joint filers with incomes up to $150,000 will receive $400 and filers with incomes between","page_number":253,"box":{"x":102,"y":888,"width":786,"height":12}},{"id":"7ba19bf7-80f1-4f6a-b162-2c1a0ffe0baa","block_type":"box","text":"$150,000 and $300,000 will receive $300. Single filers who are not claimed as dependents of another filer with","page_number":253,"box":{"x":102,"y":903,"width":805,"height":12}},{"id":"d2b5aacf-e840-453f-b31c-19a7e397d0a6","block_type":"box","text":"Public Page 23 of 42","page_number":253,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"b14a8d1d-1a7b-4f1f-ab78-5149317ef680","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":253,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6fd17b4a-7993-476e-8641-0f8a99c9a60a","block_type":"box","text":"income up to $75,000 will receive $200 and filers with incomes between $75,000 and $150,000 will receive","page_number":254,"box":{"x":102,"y":74,"width":782,"height":12}},{"id":"815b9b81-0292-40e9-8b34-bcf6b2103403","block_type":"box","text":"$150. These payments reduce tax receipts and are not counted as spending.","page_number":254,"box":{"x":102,"y":89,"width":550,"height":12}},{"id":"cddbfb4a-81e1-446b-abcf-dc34990992e7","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"96f27a4f-b2d6-4af0-aef1-fad724c625ab","block_type":"box","text":"Middle Class Tax Cut. PIT rates for the State’s first five tax brackets will each be reduced by 20 basis points,","page_number":254,"box":{"x":102,"y":110,"width":775,"height":11}},{"id":"14322d82-87ce-4461-b383-ad3b351a87b7","block_type":"box","text":"phased-in over two years beginning tax year 2026. Once fully phased- in, the tax cut is estimated to provide","page_number":254,"box":{"x":102,"y":125,"width":765,"height":12}},{"id":"e0ec0033-d170-4626-89dc-d68be61cb590","block_type":"box","text":"roughly $1 billion in annual relief to 8.3 million filers (77 percent of all filers). For example, joint tax filers with","page_number":254,"box":{"x":102,"y":140,"width":780,"height":12}},{"id":"0a36969d-118b-48c3-ba3a-f4094c4f6fb9","block_type":"box","text":"income below $323,200 will experience up t","page_number":254,"box":{"x":102,"y":155,"width":316,"height":11}},{"id":"27650396-c317-41df-9df9-a66a6ff067df","block_type":"box","text":"o a 5 percent reduction in tax rates.","page_number":254,"box":{"x":419,"y":156,"width":255,"height":10}},{"id":"1f2d8eb5-67ac-4812-91e2-56bda2750c29","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":179,"width":6,"height":4}},{"id":"71a5b08f-36d6-4b85-8526-59e4c514d75a","block_type":"box","text":"Enhanced Empire State Child Credit. The Empire State child tax credit is enhanced, temporarily increasing the","page_number":254,"box":{"x":102,"y":176,"width":781,"height":11}},{"id":"f408998b-2bca-45c4-ac77-545792cbcda0","block_type":"box","text":"maximum credit for qualifying children for three years and permanently eliminating the restrictive earned income","page_number":254,"box":{"x":102,"y":191,"width":798,"height":11}},{"id":"03de840a-8c86-4902-9f3e-17ca1db79d01","block_type":"box","text":"requirement. The maximum credit increases from $330 to $1,000 for children under age 4 in tax years 2025","page_number":254,"box":{"x":102,"y":205,"width":778,"height":12}},{"id":"9ebef8ee-7c3f-41ce-8bed-2f2d9db2e301","block_type":"box","text":"through 2027 and to $500 for children ages 4 through 16 in tax years 2026 and 2027.","page_number":254,"box":{"x":101,"y":220,"width":624,"height":12}},{"id":"798a8349-abd7-48e6-950c-51c95fc7b284","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":244,"width":6,"height":5}},{"id":"53224006-e6a0-4b38-97b6-525b2d0023bf","block_type":"box","text":"High-Income PIT Rate Extension. The tax rates for high-income tax filers, such as joint filers making over","page_number":254,"box":{"x":102,"y":241,"width":739,"height":11}},{"id":"48a8ecb5-2fc6-47df-a8e4-4d2f4445da35","block_type":"box","text":"$2,155,350 annually, that currently expire at the end of tax year 2027 are extended for five years through tax","page_number":254,"box":{"x":102,"y":256,"width":782,"height":12}},{"id":"7e386bb2-6fba-46d1-a726-29a26e4d7896","block_type":"box","text":"year 2032.","page_number":254,"box":{"x":101,"y":272,"width":77,"height":11}},{"id":"7657a419-1035-402d-8c01-fd23d8321568","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":294,"width":6,"height":5}},{"id":"f530fd63-4ded-4794-8acf-f41f7e6ef0fb","block_type":"box","text":"Film Tax Credit. The film tax credit program is extended an additional two years through 2036 and amended to","page_number":254,"box":{"x":102,"y":292,"width":784,"height":11}},{"id":"23809c71-f33b-4ab7-8e13-657a3e2014bf","block_type":"box","text":"remove the tiered payout structure for new applicants, provide a $100 million incentive for independent studio","page_number":254,"box":{"x":102,"y":306,"width":786,"height":12}},{"id":"cbbdb70c-621a-4a48-acd1-1434a1c954c7","block_type":"box","text":"productions, and establish a “production plus program” to provide an enhanced benefit to eligible filers with two","page_number":254,"box":{"x":102,"y":322,"width":799,"height":11}},{"id":"52cff515-46e8-4f55-8720-93a773d39158","block_type":"box","text":"or more initial applications.","page_number":254,"box":{"x":102,"y":337,"width":192,"height":11}},{"id":"357726cb-ec9b-4ec3-8c86-608cf7e4ebe7","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"266720cd-7310-4d4d-b690-9bf43d0c86c8","block_type":"box","text":"Other Tax Actions. Other actions include increases to the Article 9A estimated payment threshold from $1,000 to","page_number":254,"box":{"x":102,"y":356,"width":806,"height":12}},{"id":"c3f148e5-0ebc-4398-ad78-00ef3d0c3336","block_type":"box","text":"$5,000, and extensions of various tax credits, including credits for alternate fuels and electric vehicle recharging","page_number":254,"box":{"x":102,"y":372,"width":805,"height":11}},{"id":"07d2fe8e-ae0d-4391-bae6-7359fd3a59ba","block_type":"box","text":"property, clean heating fuel, musical and theatrical production, low-income housing, farm workforce retention,","page_number":254,"box":{"x":102,"y":387,"width":779,"height":12}},{"id":"1262b43f-b0d8-4221-be2e-9a4bb6cf87b8","block_type":"box","text":"and hiring veterans and workers with disabilities.","page_number":254,"box":{"x":102,"y":403,"width":346,"height":11}},{"id":"66af9df8-15a5-4a89-8288-d90ab0610a1c","block_type":"box","text":"In addition, the Governor signed legislation to impose sales tax on short-term rentals statewide, requiring all","page_number":254,"box":{"x":102,"y":425,"width":772,"height":11}},{"id":"22094a82-179e-4911-a8bd-f5ef5bea8406","block_type":"box","text":"short-term rental market place providers to collect and remit sales taxes on all rentals facilitated by their platforms,","page_number":254,"box":{"x":69,"y":440,"width":825,"height":11}},{"id":"1d769067-afc8-4a49-9b50-f6561b49818b","block_type":"box","text":"and to expand the tax definition of crops, livestock, and livestock products to include cannabis.","page_number":254,"box":{"x":69,"y":455,"width":678,"height":11}},{"id":"89003728-02a1-435e-b0d9-a58ba3f57a0c","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":478,"width":6,"height":5}},{"id":"2b52cbf7-f45e-4478-981b-6540fb5b89db","block_type":"box","text":"PTET Flexibility. The Executive Budget proposes extending the annual election deadline from March 15 to","page_number":254,"box":{"x":102,"y":475,"width":745,"height":12}},{"id":"1baf77a5-15e1-4112-984c-1d9780d63db5","block_type":"box","text":"September 15 (for New York and City of New York PTET) and requiring “catch-up” payments for elections after","page_number":254,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"fa352bf6-35fc-4732-b1da-3404e5b40061","block_type":"box","text":"March 15. This proposal is supported by the PTET reserve and is cost neutral.","page_number":254,"box":{"x":102,"y":506,"width":557,"height":11}},{"id":"989f80e0-7d12-4393-9390-8743df40b129","block_type":"box","text":"Non-Tax Receipts.","page_number":254,"box":{"x":102,"y":529,"width":130,"height":10}},{"id":"8fc01dd8-a1f9-407c-a453-2bb1f17f8183","block_type":"box","text":"Receipts available in the General Fund are increased due to changes in debt service costs","page_number":254,"box":{"x":239,"y":529,"width":644,"height":11}},{"id":"e82c2403-0b19-4efd-a4a8-67888bb03f54","block_type":"box","text":"inclusive of the FY 2025 prepayment of debt service costs that were due in FY 2026, refundings, ongoing debt","page_number":254,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"07c96a25-1a4d-448e-aecc-fee1514d3ee6","block_type":"box","text":"management, and lower bonded capital spending estimates. These revisions are offset in the later years by the costs","page_number":254,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"623f496a-76fd-4cfa-a95b-bd2a40f68943","block_type":"box","text":"of bond financing for new capital commitments added in the Enacted Budget.","page_number":254,"box":{"x":69,"y":574,"width":548,"height":11}},{"id":"c2327cd2-6596-4243-a401-04ff46ca3a41","block_type":"box","text":"Other non-tax receipts and transfers from other funds reflect available resources in other funds, including patient","page_number":254,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"4d2916fc-52d3-4945-ae0d-a18b821f1ab1","block_type":"box","text":"income and unprogrammed fund balances, to support spending in the General Fund, which are partly offset by lower","page_number":254,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"6c743e0f-4257-4e68-a69c-b3131aad73cf","block_type":"box","text":"investment income projections due to the planned reduction in fund balances..","page_number":254,"box":{"x":70,"y":627,"width":559,"height":11}},{"id":"4cfc608b-814e-4b8d-b1a5-7b2625f77bd3","block_type":"box","text":"Disbursements","page_number":254,"box":{"x":102,"y":649,"width":107,"height":9}},{"id":"ceea7119-aa07-4965-921a-a78019217813","block_type":"box","text":"Assistance and Grants.","page_number":254,"box":{"x":101,"y":672,"width":169,"height":9}},{"id":"0565f974-3491-4512-b16d-d05f9976b3f1","block_type":"box","text":"General Fund spending for assistance and grants is projected to total $84.0 billion in FY","page_number":254,"box":{"x":276,"y":671,"width":630,"height":12}},{"id":"b95d4e9d-f47f-4939-a6c4-168f8278c504","block_type":"box","text":"2026, an increase of $9.2 billion (12.3 percent). This spending is impacted by the level of resources available","page_number":254,"box":{"x":69,"y":687,"width":787,"height":11}},{"id":"e937cbd1-011c-427f-9c04-e3870eeb115e","block_type":"box","text":"outside of the General Fund to support spending, particularly in education and health programs. Compared to the last","page_number":254,"box":{"x":69,"y":702,"width":840,"height":12}},{"id":"e83ad97b-11d5-43b9-99f4-cb295ca4c2d4","block_type":"box","text":"baseline estimate, assistance and grants spending is increased in the aggregate over the multi-year Financial Plan","page_number":254,"box":{"x":69,"y":718,"width":815,"height":11}},{"id":"04b3215e-98cf-4ddb-b783-7ba15b84ba88","block_type":"box","text":"mainly due to continued new investments, initiatives, and increased funding, which is partly offset by lower estimates","page_number":254,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"8062940c-dcbf-4d59-9abf-d199b4e04006","block_type":"box","text":"of spending across nearly all functional areas based on programmatic experience.","page_number":254,"box":{"x":69,"y":748,"width":583,"height":11}},{"id":"9f6ee950-6224-432b-8786-e8f56bdf6ac9","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":771,"width":6,"height":4}},{"id":"a028ea1b-3530-476f-a8f8-541703756677","block_type":"box","text":"School Aid. Financial Plan projections for SY 2026 and beyond have been updated to reflect updated data, as","page_number":254,"box":{"x":102,"y":768,"width":780,"height":11}},{"id":"c92801f3-a49f-4d37-9d22-ab7bffac3fac","block_type":"box","text":"well as estimated growth in Foundation Aid and expense-based aids based on DOB’s revised inflation forecast","page_number":254,"box":{"x":101,"y":783,"width":786,"height":11}},{"id":"fcbc51f6-900b-4e45-9b86-9e9df263278e","block_type":"box","text":"that result in higher projected outyear spending. Higher spending also reflects costs associated with changes to","page_number":254,"box":{"x":101,"y":798,"width":798,"height":11}},{"id":"038656f5-3f17-4df9-83b3-737e7603f557","block_type":"box","text":"the Foundation Aid formula beginning in SY 2026, enhancements to Special Services Aid and BOCES Aid,","page_number":254,"box":{"x":101,"y":813,"width":752,"height":11}},{"id":"c78cc7ce-c12c-496a-a1cf-7db58d7e335b","block_type":"box","text":"additional aid to school districts with large portions of their enrollment attending charter schools, and the","page_number":254,"box":{"x":102,"y":828,"width":753,"height":12}},{"id":"16f72386-c44a-4a7e-a7f9-bfd1f99c9e90","block_type":"box","text":"creation of a new College in High School Opportunity Fund. These increases are partly offset by upward revisions","page_number":254,"box":{"x":101,"y":843,"width":806,"height":12}},{"id":"a05b3e1e-d903-411c-92ad-fafb68c16342","block_type":"box","text":"to estimated resources available to finance School Aid spending in the State’s Lottery, Mobile Sports Wagering","page_number":254,"box":{"x":101,"y":858,"width":794,"height":12}},{"id":"d05f7ad6-12b2-4254-9ce3-ee8f0adcfd60","block_type":"box","text":"and Commercial Gaming Funds which lower the need for General Fund spending for School Aid.","page_number":254,"box":{"x":102,"y":874,"width":676,"height":11}},{"id":"815a056f-5b1e-4cbc-9214-675987e70557","block_type":"box","text":"•","page_number":254,"box":{"x":69,"y":897,"width":6,"height":4}},{"id":"0c0e0052-72c4-4504-a753-3f9c91b92407","block_type":"box","text":"Medicaid. In FY 2026, General Fund Medicaid spending is increased to reflect an additional $500 million in","page_number":254,"box":{"x":102,"y":893,"width":764,"height":12}},{"id":"2bb1307c-807c-4266-bc0b-e3a652bcfb81","block_type":"box","text":"funding to distressed hospitals and restorations of certain proposed savings actions, which are partly offset by","page_number":254,"box":{"x":101,"y":909,"width":795,"height":11}},{"id":"2156d4db-46bd-48a8-9214-5ece65b1c581","block_type":"box","text":"Public Page 24 of 42","page_number":254,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"ab6b4d40-193e-4cb3-b04a-ec65351365d2","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":254,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a22c166e-50da-4a9d-bc9a-5c98cae0fdd9","block_type":"box","text":"timing and revisions of Federal credits and offsets through the Mental Hygiene Stabilization Fund. 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In FY 2027 and beyond, spending is","page_number":255,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"91a91310-4d76-4e56-8f10-7a9d06fa8ccf","block_type":"box","text":"lowered in the General Fund due to increased HCRA receipts and savings actions, which include adjustments to","page_number":255,"box":{"x":102,"y":105,"width":794,"height":11}},{"id":"72a676bf-4321-4d05-a8be-87aec57c4a15","block_type":"box","text":"the Indigent Care Pools for public general hospitals in the City of New York, funding shifts for quality pool","page_number":255,"box":{"x":101,"y":120,"width":745,"height":12}},{"id":"4d0558ad-202c-489d-8f89-7c260c0ba4f3","block_type":"box","text":"payments, and reforms to the administration of the Nursing Home Transition Diversion (NHTD) waiver and","page_number":255,"box":{"x":102,"y":135,"width":750,"height":12}},{"id":"bde44202-a024-4155-9f9f-91e04701735d","block_type":"box","text":"Applied Behavioral Analysis.","page_number":255,"box":{"x":101,"y":151,"width":198,"height":11}},{"id":"84ffec67-f57a-4cea-a67f-924ddcba9313","block_type":"box","text":"•","page_number":255,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"5c745e87-0683-48e1-8d90-6a92f4d2d534","block_type":"box","text":"MCO Tax Offset. 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Additional one-time funding is included for child care subsidies, ensuring stable","page_number":255,"box":{"x":102,"y":352,"width":750,"height":11}},{"id":"4fba9c56-49ab-4716-b4a6-6d20c03e6f8f","block_type":"box","text":"housing for vulnerable populations, launching Get Offline Get Outside 2.0, providing additional support to","page_number":255,"box":{"x":102,"y":367,"width":749,"height":11}},{"id":"15430aee-e485-45a2-9b74-894f66f48543","block_type":"box","text":"families when babies are born, digitizing youth working papers, expanding worker protection resources, and","page_number":255,"box":{"x":101,"y":382,"width":764,"height":12}},{"id":"29dfa7f5-8d53-4b55-b4bd-fdd9cfa5a53f","block_type":"box","text":"supporting investigations to combat discrimination. 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Increased funding will support free community college for high-demand fields, artificial","page_number":255,"box":{"x":102,"y":493,"width":743,"height":11}},{"id":"ead63b82-8895-4356-ad90-7083ebd17da5","block_type":"box","text":"intelligence investments, student support programs, expanded eligibility for the part-time Tuition Assistance","page_number":255,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"a75068cb-554d-4c90-b8ff-153a11e44e8d","block_type":"box","text":"Program (TAP) and the expansion of Veteran’s Tuition Awards (VTA) program to include non-combat veterans. In","page_number":255,"box":{"x":102,"y":523,"width":787,"height":12}},{"id":"ab1f92ca-4d06-449b-8b7d-2558402b2e1e","block_type":"box","text":"addition, a one-time increase is provided for CUNY operating assistance.","page_number":255,"box":{"x":102,"y":538,"width":516,"height":12}},{"id":"d065a300-ace3-4909-8638-ada5f50b4b85","block_type":"box","text":"•","page_number":255,"box":{"x":69,"y":562,"width":6,"height":4}},{"id":"ae2c09ca-d5f0-4ec0-8acc-f683610a4466","block_type":"box","text":"Public Safety. In FY 2026, increased funding will support increased police presence in the subway in the City of","page_number":255,"box":{"x":102,"y":559,"width":793,"height":11}},{"id":"4d04490d-19f7-4c97-a096-fbc9e338d373","block_type":"box","text":"New York, rape crisis and intimate partner violence programs and various other programs. 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Increased spending will support the cost of providing free breakfast and lunch meals to all","page_number":255,"box":{"x":102,"y":609,"width":761,"height":11}},{"id":"0f4a9cab-b71e-437f-8f6a-3060007b9379","block_type":"box","text":"students regardless of family income, as all school districts, charter schools, and nonpublic schools that","page_number":255,"box":{"x":102,"y":624,"width":749,"height":11}},{"id":"76266359-171f-41cf-9dc7-f01ce6aec4d6","block_type":"box","text":"participate in the national school lunch and breakfast program will be required to provide free meals. 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Other spending increases reflect added costs across several agencies to support","page_number":256,"box":{"x":101,"y":105,"width":801,"height":11}},{"id":"04d49334-54a2-41ce-b012-9161d00fef63","block_type":"box","text":"staffing increases; investments in cybersecurity and information technology; and expanded access to inpatient","page_number":256,"box":{"x":102,"y":120,"width":788,"height":12}},{"id":"22a20a5c-2c0b-49f6-b8b1-03a9296e6640","block_type":"box","text":"psychiatric and mental health services. 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The Financial Plan includes spending estimates equal to the appropriations of each branch.","page_number":256,"box":{"x":101,"y":246,"width":767,"height":11}},{"id":"d28882f5-c76a-4324-b4f2-0e9fb48d4f1b","block_type":"box","text":"Judiciary operating spending, including fringe benefits, is increased by $302 million to support general salary","page_number":256,"box":{"x":101,"y":268,"width":781,"height":12}},{"id":"707b6fae-7d53-44f2-8c04-30c1e966ea9a","block_type":"box","text":"increases and other non-judicial staffing initiatives, including new court clerks and attorneys, costs associated with","page_number":256,"box":{"x":70,"y":284,"width":819,"height":11}},{"id":"c414ffdf-f54c-46ac-9cb7-894fe3b500d2","block_type":"box","text":"four court officer academy classes, increased staffing levels to address case backlogs and provide operational","page_number":256,"box":{"x":68,"y":299,"width":793,"height":11}},{"id":"0f70180b-0e0b-4722-838c-828122ffb742","block_type":"box","text":"support to various courts, and new judgeships -- ten for the City of New York Civil Court Judges; five for the Court of","page_number":256,"box":{"x":69,"y":314,"width":825,"height":12}},{"id":"49e159ae-749d-412b-a99e-30b76ba3ca60","block_type":"box","text":"Claims; and ten for the City of New York Family Court Support Magistrates. Other increases support non-judicial staff","page_number":256,"box":{"x":69,"y":329,"width":835,"height":12}},{"id":"c95db25c-cba4-413d-8b31-8762b4fdba10","block_type":"box","text":"to assist the new judges; civil legal services increases; various technology initiatives; a cost of living adjustment for","page_number":256,"box":{"x":68,"y":344,"width":826,"height":12}},{"id":"b73bc2fa-408e-470a-a271-871c7390272b","block_type":"box","text":"contractual providers of the Attorney for Child program; expansion of various programs including Alternative Dispute","page_number":256,"box":{"x":69,"y":360,"width":822,"height":11}},{"id":"0683df9a-89b3-42f6-9f5f-bb770eebb694","block_type":"box","text":"Resolution and Alternatives to Incarceration; and health insurance and pension cost increases.","page_number":256,"box":{"x":70,"y":375,"width":676,"height":11}},{"id":"776cf203-b965-4b3b-9bee-8c090c4c6461","block_type":"box","text":"Operating spending for the Legislature is increased by nearly $10 million annually to fund general salary","page_number":256,"box":{"x":102,"y":397,"width":742,"height":12}},{"id":"072e2a7f-ae66-4809-b5cc-ad7c7b338d4d","block_type":"box","text":"increases for legislative staff and operational costs.","page_number":256,"box":{"x":70,"y":412,"width":369,"height":12}},{"id":"cc9cc883-ef7a-446c-9e02-63886f5b406e","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":436,"width":6,"height":4}},{"id":"80d19601-62a3-42bb-8851-f0d18a3e13d4","block_type":"box","text":"Other Elected Officials. Attorney General (AG) operational spending is increased by nearly $17 million annually to","page_number":256,"box":{"x":102,"y":432,"width":803,"height":12}},{"id":"3a2312e7-d218-49bc-9289-953493df6864","block_type":"box","text":"support new general salary increases for operational/legal staff and inflationary growth in operational expenses.","page_number":256,"box":{"x":102,"y":448,"width":803,"height":11}},{"id":"1e9555b1-e62e-41d2-a530-95e6ddf26bee","block_type":"box","text":"OSC spending is increased by approximately $10 million annually to fund new operational staff, general salary","page_number":256,"box":{"x":102,"y":470,"width":787,"height":12}},{"id":"38a87ac4-741d-47a0-86f1-598baeb6c7b1","block_type":"box","text":"increases and maintenance and repair costs at the Albany office location.","page_number":256,"box":{"x":70,"y":486,"width":524,"height":11}},{"id":"65c239d6-1546-4c56-9275-8d4d4359ec74","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":509,"width":6,"height":4}},{"id":"94054961-3d26-45aa-95c7-40c4e55cd189","block_type":"box","text":"Fringe Benefit/Fixed Costs. Savings reflect proposed legislation that would provide relief for local governments","page_number":256,"box":{"x":102,"y":506,"width":787,"height":11}},{"id":"1e2a0fc7-63f8-4519-8577-d01b431ec7d5","block_type":"box","text":"and lower State taxpayer costs by lowering the interest rate charge on judgments against the State and local","page_number":256,"box":{"x":102,"y":521,"width":773,"height":11}},{"id":"280263d2-08ba-49f8-bc23-90440be4ab28","block_type":"box","text":"governments from as high as 9 percent (currently authorized) to a fair market-based interest rate. The current","page_number":256,"box":{"x":101,"y":536,"width":782,"height":11}},{"id":"e696270b-885c-49fc-9286-304977d3d5dd","block_type":"box","text":"rate was established in 1982 when interest rates were at 12 percent, to avoid unnecessary taxpayer costs. The","page_number":256,"box":{"x":102,"y":551,"width":798,"height":11}},{"id":"e17c59a3-a1e8-4683-a6f8-b70d25e4a7d0","block_type":"box","text":"recommended rate is in line with the interest rate applied to judgments in Federal courts and would ensure that","page_number":256,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"c7fdcb07-8d7a-492a-9c87-ffd1a195aa90","block_type":"box","text":"neither side in a lawsuit will be disadvantaged by an interest rate above or below what otherwise could be","page_number":256,"box":{"x":102,"y":582,"width":754,"height":11}},{"id":"ca32fab1-b528-400b-ae60-395f5287f102","block_type":"box","text":"earned while cases are being adjudicated.","page_number":256,"box":{"x":101,"y":597,"width":300,"height":11}},{"id":"846b9e86-2ec7-4e36-9c13-a9ae85a0a76d","block_type":"box","text":"Transfers to Other Funds.","page_number":256,"box":{"x":101,"y":619,"width":184,"height":9}},{"id":"deaa75e2-077e-46e6-b1b1-116b8354e706","block_type":"box","text":"General Fund transfers to other funds support capital projects, debt service costs,","page_number":256,"box":{"x":292,"y":619,"width":587,"height":11}},{"id":"52544325-2fe1-4e53-8196-7a6c9262a814","block_type":"box","text":"SUNY, and a variety of other programs.","page_number":256,"box":{"x":69,"y":634,"width":275,"height":12}},{"id":"7d88c291-32a8-4a2a-8835-09d0cecbc632","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"315507ee-ff56-4abf-a497-6c8d63ec9a98","block_type":"box","text":"Capital Projects. General Fund support for capital projects is increased to fund new capital initiatives including:","page_number":256,"box":{"x":102,"y":654,"width":790,"height":12}},{"id":"67cfad44-ceaa-44d8-884b-fdd1f0e85275","block_type":"box","text":"the safety net transformation program, technology infrastructure, Hudson Valley rail improvement, highway","page_number":256,"box":{"x":101,"y":669,"width":758,"height":12}},{"id":"ce00b0ee-3d0f-4601-a4d0-56b4944b279d","block_type":"box","text":"redesign studies, and replacement of vehicles utilized to provide transportation services to individuals receiving","page_number":256,"box":{"x":102,"y":685,"width":797,"height":11}},{"id":"ac5f4719-43a5-45df-b7d1-1395e8ea4dd8","block_type":"box","text":"OPWDD services.","page_number":256,"box":{"x":102,"y":700,"width":122,"height":9}},{"id":"edcbc5ef-98d6-42c0-ac30-1807c9cec210","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"cfb23d89-8a91-4b1d-a575-85aeb74c3688","block_type":"box","text":"SUNY Operating Assistance. Increased General Fund transfers support additional one-time funding in Academic","page_number":256,"box":{"x":102,"y":720,"width":792,"height":11}},{"id":"99c7ce19-ff49-47f8-b96c-24dfc36ca3cb","block_type":"box","text":"Year (AY) 2026, as well as recurring funding for artificial intelligence investments and other programs.","page_number":256,"box":{"x":101,"y":735,"width":724,"height":11}},{"id":"6301d7c1-d023-4c78-9ce4-fd389bc9013b","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":758,"width":6,"height":5}},{"id":"b6d731ec-3ffe-4276-821a-8ff2d7242904","block_type":"box","text":"All Other Transfers to Other Funds. Other transfers are increased consistent with the authorization to transfer up","page_number":256,"box":{"x":101,"y":755,"width":800,"height":11}},{"id":"de67c103-c7f0-4e43-a31d-720ab41e3b8f","block_type":"box","text":"to $7.2 billion to the Unemployment Insurance Enterprise Fund to repay the outstanding Federal Unemployment","page_number":256,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"0acaa006-082a-41ae-b311-76d64cc6f884","block_type":"box","text":"Account loan and restore the solvency of New York’s unemployment program, provide one-time operating","page_number":256,"box":{"x":101,"y":785,"width":745,"height":12}},{"id":"7831eaaf-f288-48f6-ac3a-c6905ff21de0","block_type":"box","text":"assistance for SUNY Downstate Hospital, and make other revisions to various transfers based on updated","page_number":256,"box":{"x":102,"y":801,"width":757,"height":11}},{"id":"3991d19b-f666-445c-9679-cd1477951864","block_type":"box","text":"projections.","page_number":256,"box":{"x":102,"y":816,"width":81,"height":11}},{"id":"06ca7501-9f4a-482c-9066-e484ffd1e63e","block_type":"box","text":"Use of/(Deposit to) Reserves.","page_number":256,"box":{"x":102,"y":838,"width":219,"height":11}},{"id":"af42447f-2fd7-4bd4-bba6-d3841f16f430","block_type":"box","text":"Changes to reserves include planned uses to support one-time costs related to","page_number":256,"box":{"x":328,"y":838,"width":566,"height":12}},{"id":"e03b53d4-ed9c-4971-9498-a3064830a8b2","block_type":"box","text":"the CO strike and staffing shortage, repayment of Federal unemployment insurance loan, PTET/PIT credits, and the","page_number":256,"box":{"x":68,"y":853,"width":823,"height":12}},{"id":"5aa4d051-0a82-4631-b4a3-b67a2217fb8b","block_type":"box","text":"use of prior year fund balances carried forward to offset delayed payments, operational costs, and capital projects","page_number":256,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"7ff5d1a8-0c1e-4606-be17-68649843c4ea","block_type":"box","text":"spending.","page_number":256,"box":{"x":69,"y":884,"width":67,"height":11}},{"id":"d162f0e4-48e7-4d59-8dda-fdb8b705cd9d","block_type":"box","text":"Public Page 26 of 42","page_number":256,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"aeb5de25-8672-4456-b6db-1347fe98ac2b","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":256,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ae43503-f63d-4e6c-bf4c-a5469b96bb7f","block_type":"box","text":"General Fund Financial Plan Overview","page_number":257,"box":{"x":101,"y":75,"width":274,"height":9}},{"id":"4c3b4258-dbf1-4535-9ef5-46714389966e","block_type":"box","text":"The State’s General Fund receives most State taxes and other income not earmarked for a specified program or","page_number":257,"box":{"x":101,"y":98,"width":800,"height":11}},{"id":"d2655f76-0bdf-4f50-b3d0-5319b699d665","block_type":"box","text":"activity and is required by law to be balanced.","page_number":257,"box":{"x":69,"y":113,"width":324,"height":11}},{"id":"d18e423e-44cd-4a94-989a-74799c9a3b0c","block_type":"box","text":"General Fund receipts are affected by the deposit of dedicated taxes in other funds for debt service and other","page_number":257,"box":{"x":102,"y":135,"width":784,"height":11}},{"id":"6359a568-7340-41c3-9a42-1d354b795359","block_type":"box","text":"purposes, the transfer of balances between funds of the State, and other factors. Three significant factors affect","page_number":257,"box":{"x":70,"y":150,"width":804,"height":12}},{"id":"d9b00dfe-b57b-453c-9e1e-600836c4f52d","block_type":"box","text":"reported General Fund tax receipts, as described below.","page_number":257,"box":{"x":69,"y":166,"width":398,"height":11}},{"id":"31fd079b-52c3-4850-aca5-900104c14fb3","block_type":"box","text":"•","page_number":257,"box":{"x":69,"y":189,"width":6,"height":4}},{"id":"3bbf6e02-c94f-4673-9e8c-ba9d93722b72","block_type":"box","text":"Changes in debt service on State-supported revenue bonds affect General Fund tax receipts. The State utilizes","page_number":257,"box":{"x":102,"y":186,"width":790,"height":11}},{"id":"119ac2a3-9fbb-463d-925e-213323ae2d39","block_type":"box","text":"bonding programs where tax receipts are deposited into dedicated Debt Service Funds (outside the General","page_number":257,"box":{"x":102,"y":201,"width":766,"height":11}},{"id":"faa823ad-0876-43e0-bd6f-6e246a1967a5","block_type":"box","text":"Fund) and used to make debt service payments. After satisfying debt service requirements for these bonding","page_number":257,"box":{"x":102,"y":216,"width":777,"height":11}},{"id":"4e992838-e416-41b1-ab7f-9f0056323f91","block_type":"box","text":"programs, the balance is transferred to the General Fund.","page_number":257,"box":{"x":102,"y":231,"width":410,"height":11}},{"id":"248f0d72-b2cd-43bb-905a-f3dda44cb2fb","block_type":"box","text":"•","page_number":257,"box":{"x":69,"y":254,"width":6,"height":5}},{"id":"0815d246-6c80-4890-ad29-92187bcf20c3","block_type":"box","text":"The STAR program is funded from PIT receipts, with changes in the State-supported cost of the program affecting","page_number":257,"box":{"x":101,"y":251,"width":808,"height":12}},{"id":"a8cb2465-a656-4146-a59f-e9a4d1553627","block_type":"box","text":"reported PIT receipts.","page_number":257,"box":{"x":102,"y":267,"width":152,"height":10}},{"id":"0e3a4ee3-4da1-47f0-a79e-ba7bc9932602","block_type":"box","text":"•","page_number":257,"box":{"x":69,"y":289,"width":6,"height":5}},{"id":"eca57f5f-5f05-4da1-bb6b-0b3bc97115de","block_type":"box","text":"The PTET program affects reported tax collections within each fiscal year, but does not impact General Fund","page_number":257,"box":{"x":101,"y":286,"width":770,"height":12}},{"id":"7b116295-48d8-4fe2-bffd-d8ade517bedf","block_type":"box","text":"balance or operations, because it is expected to be Financial Plan neutral over multiple years. The discussion","page_number":257,"box":{"x":102,"y":302,"width":779,"height":11}},{"id":"7e622b0a-7202-49f4-8839-d97a6be53250","block_type":"box","text":"and tables summarizing annual changes below generally exclude the impact of the PTET or show it distinctly. The","page_number":257,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"0e1eda4b-fda6-44f6-aabe-0134f3078493","block_type":"box","text":"operation of the PTET program is described in more detail under the heading “PTET Financial Plan Impact” at the","page_number":257,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"a53ebd42-f26a-49a3-8fba-afc32605af45","block_type":"box","text":"end of this section.","page_number":257,"box":{"x":101,"y":347,"width":136,"height":9}},{"id":"508f09cb-93b1-4f0d-bc92-00114084f812","block_type":"box","text":"General Fund disbursements represent more than two-thirds of total State Operating Funds spending and are","page_number":257,"box":{"x":102,"y":370,"width":777,"height":11}},{"id":"9b4e1af1-9b7f-4864-bf20-d062834a4447","block_type":"box","text":"affected by the level of financing sources available in other funds, transfers of balances between funds of the State,","page_number":257,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"97acebcc-076e-4dd7-bc22-7bf4fe8116f2","block_type":"box","text":"and other factors that may change annually. For example, education and health care programs are affected by the","page_number":257,"box":{"x":69,"y":400,"width":811,"height":11}},{"id":"6ff09e38-a6e8-444e-ab08-85e2a42954a8","block_type":"box","text":"level of financing sources (i.e., HCRA and lottery/gaming receipts) available in other funds. Projected spending also","page_number":257,"box":{"x":70,"y":415,"width":822,"height":11}},{"id":"3c9a569e-c66a-4ae7-baca-edf52468133d","block_type":"box","text":"reflects DOB’s cautious estimates of disbursements, a practice that provides a cushion for potential receipts","page_number":257,"box":{"x":69,"y":430,"width":778,"height":11}},{"id":"daf680ab-c9b6-4792-bd92-af8ae8b75cfe","block_type":"box","text":"shortfalls and unanticipated costs.","page_number":257,"box":{"x":69,"y":445,"width":247,"height":11}},{"id":"69b8b36d-9f79-4c14-9bf6-7fe6cdb6007e","block_type":"box","text":"Receipts","page_number":257,"box":{"x":102,"y":468,"width":63,"height":11}},{"id":"72d1b0f1-4635-4bb5-8ac1-e8523d0575db","block_type":"box","text":"Excluding the impact of debt prepayments and PTET, total General Fund tax receipts, including transfers after the","page_number":257,"box":{"x":102,"y":491,"width":803,"height":11}},{"id":"bfd0e480-35ab-48bd-8657-8a0be7eb4f6b","block_type":"box","text":"payment of debt service, are estimated to total $103.9 billion in FY 2026, an increase of $4.3 billion (4.3 percent)","page_number":257,"box":{"x":70,"y":505,"width":819,"height":12}},{"id":"c86dd8db-edcc-4040-96c0-b2c7e3689a53","block_type":"box","text":"from FY 2025. The following discussion of annual changes in tax receipts exclude the impact of PTET and debt","page_number":257,"box":{"x":68,"y":521,"width":789,"height":11}},{"id":"c3b2dfab-6dbb-4276-b9bb-52507e2f1493","block_type":"box","text":"prepayments.","page_number":257,"box":{"x":70,"y":537,"width":94,"height":10}},{"id":"29274e2c-db69-4ab4-9424-d9bffd486eed","block_type":"box","text":"PIT receipts are estimated to total $72.6 billion in FY 2026, an increase of $3.7 billion from the prior year. The","page_number":257,"box":{"x":102,"y":558,"width":790,"height":12}},{"id":"b0211ce1-1942-46b5-8d80-99c862e78b92","block_type":"box","text":"increase reflects expected growth in all gross receipt components partially offset by an increase in total refunds.","page_number":257,"box":{"x":70,"y":574,"width":803,"height":11}},{"id":"376cbe8a-8f95-43d3-8724-b6ea00ad8eb5","block_type":"box","text":"Consumption/use tax receipts are estimated to total $18.7 billion in FY 2026, an increase of","page_number":257,"box":{"x":102,"y":596,"width":667,"height":11}},{"id":"bc8143ae-846e-4157-8a1e-706d1d67fee1","block_type":"box","text":"$389 million (2.1 percent) from FY 2025. This increase reflects the estimated growth of taxable consumption in","page_number":257,"box":{"x":102,"y":618,"width":798,"height":12}},{"id":"80e7d9f1-643e-4041-b3ed-a8349931c08b","block_type":"box","text":"the sales tax base.","page_number":257,"box":{"x":68,"y":634,"width":136,"height":9}},{"id":"4bc3809d-c084-43f0-9840-a88d5a9950b7","block_type":"box","text":"Business tax receipts are estimated to remain virtually unchanged, primarily reflecting a projected increase in","page_number":257,"box":{"x":102,"y":657,"width":780,"height":11}},{"id":"6bb31b71-0480-423a-b0d5-a485d780380b","block_type":"box","text":"Corporate Franchise Tax (CFT) refunds and a projected decrease in bank audits, offset by increases in CFT gross","page_number":257,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"a978d88a-c994-4b2e-8f81-61137e18afff","block_type":"box","text":"receipts, audits, and gross insurance receipts.","page_number":257,"box":{"x":69,"y":687,"width":331,"height":11}},{"id":"0d1f1f81-dc18-41dc-8f10-52123263d9c7","block_type":"box","text":"Other tax receipts are estimated to total $2.5 billion in FY 2026, an increase of $163 million from FY 2025. This","page_number":257,"box":{"x":102,"y":709,"width":804,"height":12}},{"id":"40c2414c-6f2c-43d0-985f-a4d89a34c8ac","block_type":"box","text":"is primarily due to estimated increases in both estate tax and real estate transfer tax receipts. These increases","page_number":257,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"5cd485d2-f9ea-4802-9ff3-f344359e058f","block_type":"box","text":"reflect an expected decrease in estate tax refunds, as well as estimated growth in household net worth, housing","page_number":257,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"88153615-fe63-4757-a510-a1a80234077f","block_type":"box","text":"starts, and the average housing price, partially offset by estimated declines in the S&P 500 and finance and","page_number":257,"box":{"x":69,"y":755,"width":775,"height":11}},{"id":"f1fbc97c-a3e9-48a5-a992-aa77deaf30da","block_type":"box","text":"insurance sector bonuses.","page_number":257,"box":{"x":70,"y":771,"width":186,"height":8}},{"id":"f8d46886-ade6-4e68-85c6-b6fc65a0138b","block_type":"box","text":"The reduction in non-tax receipts reflects the final planned use of State and Local Fiscal Recovery Fund","page_number":257,"box":{"x":101,"y":793,"width":736,"height":11}},{"id":"58a70e15-7bdc-466e-a82a-8fbec58b19d4","block_type":"box","text":"(SLFRF) resources in FY 2025 consistent with Federal treasury rules and the continued practice of budgeting for a","page_number":257,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"2f7499e1-d5bc-42b7-9390-13a24398cd27","block_type":"box","text":"$2 billion transaction risk reserve that partially offsets total projected transfers from other funds and provides a","page_number":257,"box":{"x":69,"y":823,"width":801,"height":11}},{"id":"27a530c5-3a9a-41eb-9e74-dc24839b9bdc","block_type":"box","text":"hedge against risks to receipts that may materialize later in the fiscal year. Other year-to-year reductions include lower","page_number":257,"box":{"x":69,"y":838,"width":840,"height":12}},{"id":"8295f8b9-4654-4318-a282-0bd750d65b6b","block_type":"box","text":"FY 2026 estimates for abandoned property receipts and investment income commensurate with projected fund","page_number":257,"box":{"x":70,"y":853,"width":792,"height":12}},{"id":"de69ba5b-ed8c-4b06-83f8-7a6701eba962","block_type":"box","text":"balance declines. These decreases are partly offset by available resources in other funds, including interest earned","page_number":257,"box":{"x":69,"y":869,"width":825,"height":11}},{"id":"89cb9139-a8a2-4a39-a9b0-34f65194d3fc","block_type":"box","text":"on monies awarded under the SLFRF program which will be transferred to the General Fund over several years.","page_number":257,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"c3717b5a-b72f-4247-b092-081dd411aa9e","block_type":"box","text":"Public Page 27 of 42","page_number":257,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"12ea657e-c1ea-47e5-b6d3-d3dd63f50520","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":257,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ae9ff0e-a17b-4de6-af2c-cf1bb9d19c18","block_type":"box","text":"Disbursements","page_number":258,"box":{"x":102,"y":75,"width":107,"height":9}},{"id":"de1f0253-5f92-42be-8142-193dab52d057","block_type":"box","text":"General Fund disbursements, including transfers to other funds, are expected to grow by$16.8 billion (15.5","page_number":258,"box":{"x":102,"y":97,"width":764,"height":12}},{"id":"a8ebe266-7fdd-4db1-8322-d3904d30e916","block_type":"box","text":"percent), totaling $125.5 billion in FY 2026, mostly driven by increased funding for Foundation Aid, Medicaid and","page_number":258,"box":{"x":70,"y":112,"width":803,"height":12}},{"id":"90cec9ae-e792-4188-89ca-17709799c9eb","block_type":"box","text":"extraordinary transfers to the Federal Unemployment Account; excluding these transfers, General Fund spending","page_number":258,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"267aa904-2273-490a-9d24-8b705dfc6ecd","block_type":"box","text":"grows by 8.9 percent. .","page_number":258,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"ceeb955b-5f51-4ff0-9b70-23cc6d8b16f3","block_type":"box","text":"Assistance and grants spending supported by the General Fund is estimated to total $84 billion in FY 2026, an","page_number":258,"box":{"x":101,"y":165,"width":794,"height":12}},{"id":"93cf37fa-d1e2-44e3-bf9e-e0c0aacd6111","block_type":"box","text":"increase of $9.2 billion (12.3 percent) from FY 2025. General Fund spending for education, health care, and","page_number":258,"box":{"x":70,"y":180,"width":772,"height":12}},{"id":"b14ea0f3-496f-414a-86de-450d3e912268","block_type":"box","text":"continued time-limited support to the City of New York for asylum seeker assistance represents nearly all the","page_number":258,"box":{"x":69,"y":196,"width":776,"height":11}},{"id":"cc3a823a-ecf4-49ca-9227-0b1f47bc041d","block_type":"box","text":"assistance and grants spending growth. General Fund support for these programs is also affected by the level of","page_number":258,"box":{"x":69,"y":211,"width":806,"height":11}},{"id":"02f3b5cc-42eb-4a9c-85a2-089de84a26e6","block_type":"box","text":"financing sources (i.e., HCRA and lottery/gaming receipts) available in other funds.","page_number":258,"box":{"x":68,"y":226,"width":592,"height":11}},{"id":"90b94b83-8487-4565-aa65-8a1c5162d5c8","block_type":"box","text":"General Fund support for School Aid is estimated to increase by $1.4 billion (4.8 percent) on a State fiscal year","page_number":258,"box":{"x":102,"y":248,"width":796,"height":12}},{"id":"614003d7-e136-4074-a936-bb0da50a525d","block_type":"box","text":"basis. This growth reflects enacted reforms to the Foundation Aid formula, including updates to the formula’s two","page_number":258,"box":{"x":69,"y":264,"width":809,"height":11}},{"id":"93c10823-b0c8-4145-b7c8-525050d58f56","block_type":"box","text":"measures of the percentage of low-income-students in a district, an increase in aid for English Language Learners,","page_number":258,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"6b06d4fd-5ce2-453f-b052-683d57ee059e","block_type":"box","text":"additional aid to low-wealth school districts, modifications to the Regional Cost index and a minimum 2 percent","page_number":258,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"78182791-7ab6-46e2-9e72-e09154855087","block_type":"box","text":"annual increase in aid to districts. In addition, the annual increase in School Aid spending reflects enhancements to","page_number":258,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"b06f6516-e450-4390-94ee-c6d6ea3baf67","block_type":"box","text":"Special Services Aid and BOCES Aid and provides additional aid to school districts with large portions of their","page_number":258,"box":{"x":69,"y":324,"width":782,"height":12}},{"id":"ad1ac4c5-8ddd-4385-a71f-da0963c263a5","block_type":"box","text":"enrollment attending charter schools.","page_number":258,"box":{"x":69,"y":340,"width":266,"height":11}},{"id":"e10d221a-cceb-404e-bce5-7c26a6e6ebd2","block_type":"box","text":"Medicaid spending is projected to grow by $1.5 billion, primarily due to the additional Global Cap spending","page_number":258,"box":{"x":102,"y":361,"width":759,"height":12}},{"id":"fde7a982-a0aa-48e5-a0d3-fcb4ecc70f6b","block_type":"box","text":"allowance that supports enrollment and escalating MLTC growth offset by $500 million in expected MCO assessment","page_number":258,"box":{"x":69,"y":377,"width":838,"height":12}},{"id":"0bd409ff-3387-4d29-94fa-da6b1ccb7e32","block_type":"box","text":"resources to support existing Global cap investments. Beginning in FY 2026, costs reported under the DOH Medicaid","page_number":258,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"cc043f14-a4e7-441e-8390-d92121f079a8","block_type":"box","text":"budget exclude OSA local Medicaid expenses which were included under the Global Cap. These costs, previously","page_number":258,"box":{"x":69,"y":408,"width":803,"height":11}},{"id":"f6482fc3-79ef-4c69-92e9-a21965b4bbf1","block_type":"box","text":"reported in the DOH budget, will now be reported in the respective agencies, including OPWDD and OMH.","page_number":258,"box":{"x":69,"y":423,"width":750,"height":11}},{"id":"8f814884-b19b-4b4f-b486-be0f003ed700","block_type":"box","text":"Other assistance and grants growth is primarily the result of continued State support of an expanded level and","page_number":258,"box":{"x":102,"y":445,"width":788,"height":12}},{"id":"f0cc9304-a9a9-4524-b82e-005e32e96e6d","block_type":"box","text":"eligibility of child care subsidies, hunger prevention and nutrition assistance, programs for older adults, City of New","page_number":258,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"9f7c97eb-f811-4382-a725-2aa751bcdfac","block_type":"box","text":"York subway safety initiatives, funding to offset county costs related to the assigned counsel rate for attorneys","page_number":258,"box":{"x":68,"y":475,"width":789,"height":12}},{"id":"c79fec9a-573f-41a0-ae3d-2fe80da970db","block_type":"box","text":"providing services to low-income individuals, CUNY operational support, asylum seeker assistance, and new","page_number":258,"box":{"x":70,"y":491,"width":770,"height":11}},{"id":"9dd08a00-9c5b-4159-8bb8-22889122a979","block_type":"box","text":"initiatives to provide universal free school meals and free community college for high-demand fields.","page_number":258,"box":{"x":70,"y":506,"width":711,"height":11}},{"id":"6ec05181-0c9a-4d67-a27b-8433d042e7b1","block_type":"box","text":"The General Fund support of agency operations and fringe benefits is impacted by the Federal Emergency","page_number":258,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"7406d8d1-1422-457a-9704-609d976ea318","block_type":"box","text":"Management Agency (FEMA) reimbursements for prior year COVID-19 pandemic related eligible spending. Excluding","page_number":258,"box":{"x":70,"y":543,"width":819,"height":12}},{"id":"f8823bdb-f9ba-4054-bb8a-53ecc7597e76","block_type":"box","text":"this transaction, General Fund State Operations spending growth is expected to increase by roughly 11 percent. The","page_number":258,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"307fbcc2-f496-41a2-b6cf-7ca4fc85c83f","block_type":"box","text":"largest drivers of growth include rising health insurance costs for State employees, Judicial staffing and operational","page_number":258,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"0d81a2cb-8345-48b4-b78a-1641aab92be1","block_type":"box","text":"increases, general salary increases consistent with existing collective bargaining agreements, investments in","page_number":258,"box":{"x":70,"y":589,"width":778,"height":11}},{"id":"685af2d4-b4f4-41e3-bab0-16b47c7d948b","block_type":"box","text":"cybersecurity and information technology, and continued staffing increases across various agencies. In addition,","page_number":258,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"083eae07-5596-4077-9c0f-6b97fa727072","block_type":"box","text":"spending has been increased for the MAT Program which provides treatment for incarcerated individuals in state","page_number":258,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"0af89436-2aee-416b-a845-aa9f984bc280","block_type":"box","text":"prisons with substance use disorder, enhanced security measures for correctional facilities, and an increase in the","page_number":258,"box":{"x":70,"y":634,"width":818,"height":11}},{"id":"329290e7-2084-4d34-9046-7258834cc9b2","block_type":"box","text":"National Guard members assigned to the Joint Task Force Empire Shield Mission, which provides support to deter","page_number":258,"box":{"x":70,"y":649,"width":812,"height":12}},{"id":"58bda1ec-aa50-4d86-bd50-133aa9042d28","block_type":"box","text":"and prevent terrorist activity in the City of New York area, including transit and commuter hubs.","page_number":258,"box":{"x":69,"y":664,"width":675,"height":12}},{"id":"69dba320-16d8-44d7-83ff-2c1c9b81e3e5","block_type":"box","text":"Agency operations and fringe benefits growth is impacted by the Federal Emergency Management Agency","page_number":258,"box":{"x":101,"y":687,"width":748,"height":11}},{"id":"12405b1c-1573-40bc-ae01-f31aba30e603","block_type":"box","text":"(FEMA) reimbursements for prior year COVID-19 pandemic related eligible spending. Excluding these reimbursements,","page_number":258,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"6e4acbcb-dfe6-4d3a-bb96-a2494dbadf90","block_type":"box","text":"the largest drivers of growth include rising health insurance costs for State employees, Judicial staffing and","page_number":258,"box":{"x":68,"y":717,"width":767,"height":12}},{"id":"22c903ec-21df-45dc-9c95-499cb51b542d","block_type":"box","text":"operational increases, general salary increases consistent with existing collective bargaining agreements,","page_number":258,"box":{"x":69,"y":733,"width":753,"height":11}},{"id":"91e5a2ae-68cf-449e-b410-ea97d5d93763","block_type":"box","text":"investments in cybersecurity and information technology, and continued staffing increases across various agencies.","page_number":258,"box":{"x":70,"y":748,"width":823,"height":11}},{"id":"7284a398-11f6-432f-9497-aa59f4e61c65","block_type":"box","text":"In addition, spending has been increased for the MAT Program which provides treatment for incarcerated individuals","page_number":258,"box":{"x":70,"y":763,"width":824,"height":11}},{"id":"1956fcc3-a16f-4343-ba39-ed4be8dcdd30","block_type":"box","text":"in State correctional facilities with substance use disorder, enhanced security measures for correctional facilities,","page_number":258,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"2b070e1a-3eb0-4b47-a6c8-d96beed04083","block_type":"box","text":"and an increase in the National Guard members assigned to the Joint Task Force Empire Shield Mission, which","page_number":258,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"4593c202-2873-4f5d-bb05-f4d9db3030dd","block_type":"box","text":"provides support to deter and prevent terrorist activity in the City of New York area, including transit and commuter","page_number":258,"box":{"x":70,"y":808,"width":817,"height":11}},{"id":"837e3def-19cd-403a-8751-dc403795179b","block_type":"box","text":"hubs. In response to the CO strike, spending has been increased to support the deployment of the National Guard","page_number":258,"box":{"x":69,"y":823,"width":816,"height":12}},{"id":"f0c64e64-7063-47bb-8083-808f8cb6ddb1","block_type":"box","text":"members to staff prisons, enhanced overtime rates, and expanded recruitment efforts.","page_number":258,"box":{"x":69,"y":838,"width":623,"height":11}},{"id":"305af0c5-4b3f-46cb-be43-3c5db96ce8c5","block_type":"box","text":"The Judiciary spending plan includes a substantial increase in FY 2026 to support general salary increases and","page_number":258,"box":{"x":101,"y":861,"width":798,"height":11}},{"id":"642894cd-f377-4ed2-a3f2-6c6ab6926ac3","block_type":"box","text":"other non-judicial staffing initiatives, including new court clerks and attorneys, costs associated with four court","page_number":258,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"df96f99b-67e1-4666-91a7-df72ce8684ae","block_type":"box","text":"officer academy classes, and increased staffing levels to address case backlogs. The Judiciary’s budget also","page_number":258,"box":{"x":69,"y":891,"width":780,"height":12}},{"id":"879e8798-23c2-477d-8541-7e5250a9b1ce","block_type":"box","text":"includes funding for: ten City of New York Family Court Support Magistrates, ten City of New York Civil Court judges,","page_number":258,"box":{"x":70,"y":906,"width":821,"height":12}},{"id":"40c4f2f3-6165-4cf6-a273-81d3b54d4d7e","block_type":"box","text":"Public Page 28 of 42","page_number":258,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"fd0a6423-10fb-4559-bbda-1d71af8e2e11","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":258,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d9e6074-0845-4a2e-9e22-17ddb2886137","block_type":"box","text":"and five Court of Claims judges; increases for various technology initiatives; cost of living adjustment for contractual","page_number":259,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"888fc735-ce21-4651-9cb7-d184eb619da0","block_type":"box","text":"providers of the Attorney for Child program; expansion of various programs including Alternative Dispute Resolution","page_number":259,"box":{"x":70,"y":90,"width":817,"height":11}},{"id":"ba10ad72-1b3b-45ad-b7aa-11e3790fa345","block_type":"box","text":"and Alternatives to Incarceration; and providing for health insurance and pension cost increases.","page_number":259,"box":{"x":69,"y":105,"width":689,"height":11}},{"id":"281fcbf9-6baf-48ee-be9e-3b5eb02e2605","block_type":"box","text":"The increase in General Fund transfers is attributable to $7.2 billion of extraordinary one-time transfers to the","page_number":259,"box":{"x":101,"y":127,"width":783,"height":12}},{"id":"e7a35016-23ea-4ab7-868f-b087faa3f8ae","block_type":"box","text":"Federal Unemployment Account planned in FY 2026, which is partly offset by a decline in transfers to support capital","page_number":259,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"a511328d-9e93-459c-bad5-45cc0fbe76f7","block_type":"box","text":"projects due to the timing of bond proceed reimbursements and one-time funding for HSF in FY 2025. Other transfer","page_number":259,"box":{"x":70,"y":158,"width":828,"height":11}},{"id":"dc2b50ce-2952-4e2e-bfcd-7f12d05e1348","block_type":"box","text":"changes include additional State general operating aid for SUNY four-year campuses and Downstate Hospital, funding","page_number":259,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"0435ad21-6f11-4b8a-b61a-68887d5b8ab4","block_type":"box","text":"to support targeted engineering pay increases and revised projections across various programs and funds.","page_number":259,"box":{"x":68,"y":188,"width":761,"height":12}},{"id":"c7eb2f06-70fd-45eb-b766-cc9a96eef7a4","block_type":"box","text":"General Fund Closing Balance","page_number":259,"box":{"x":101,"y":211,"width":218,"height":11}},{"id":"39eeaf1c-76c9-493d-b97e-6a02317993e2","block_type":"box","text":"The General Fund closing balance is comprised of Principal Reserves to protect essential services in the event","page_number":259,"box":{"x":101,"y":234,"width":790,"height":11}},{"id":"6de86ce2-c23b-410e-a519-b8d6966dc4da","block_type":"box","text":"of a significant economic downturn and other reserves that are programmed for the timing of payments and to reduce","page_number":259,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"8e3d1698-30f2-4a0a-8248-ddf5358b3f7a","block_type":"box","text":"outyear gaps, manage risks, and support future costs that include tax refunds and liabilities, capital projects, and","page_number":259,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"274ca5e2-b673-46f7-b727-b8f33d53a9d9","block_type":"box","text":"operational needs.","page_number":259,"box":{"x":69,"y":279,"width":131,"height":11}},{"id":"d78c8cd8-3a8f-4af0-aa70-70afb46cc168","block_type":"box","text":"DOB expects the General Fund to end FY 2026 with a balance of $44.9 billion, nearly $12 billion below the FY","page_number":259,"box":{"x":102,"y":301,"width":785,"height":12}},{"id":"35fa293d-f256-4bfa-aafd-9f68369866d8","block_type":"box","text":"2025 closing balance. The decrease is comprised of the expected use of resources to support extraordinary","page_number":259,"box":{"x":69,"y":317,"width":775,"height":11}},{"id":"e62d426c-46b1-4c78-a65a-51175f7ad7dc","block_type":"box","text":"transfers to the Federal Unemployment Account, one-time costs related to the CO strike and staffing shortage, PTET","page_number":259,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"590e99d5-c420-4c5c-87e5-ef285cb71517","block_type":"box","text":"related credits and offsets, debt management, existing capital commitments and projects, and the timing of","page_number":259,"box":{"x":69,"y":347,"width":771,"height":11}},{"id":"b7768fd4-23ad-49d0-b58b-3959b2a44488","block_type":"box","text":"payments delayed from prior years.","page_number":259,"box":{"x":70,"y":362,"width":248,"height":11}},{"id":"2d37bca3-c2cc-43b1-983f-2bb8892162d4","block_type":"box","text":"Cash Flow","page_number":259,"box":{"x":101,"y":385,"width":75,"height":9}},{"id":"a5777fda-c7c1-4ffb-9779-b01fa578a609","block_type":"box","text":"DOB expects that the General Fund will maintain sufficient liquidity in FY 2026 to make all planned payments as","page_number":259,"box":{"x":102,"y":407,"width":800,"height":12}},{"id":"2199f8de-5254-4dbf-b4e8-82e3ab8586de","block_type":"box","text":"they become due. The State continues to reserve money on a quarterly basis for debt service payments financed","page_number":259,"box":{"x":68,"y":423,"width":808,"height":11}},{"id":"dafc7f96-3aee-4f13-a975-a3f78f4806ca","block_type":"box","text":"with General Fund resources. Money to pay debt service on bonds secured by dedicated receipts, including PIT bonds","page_number":259,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"a3480758-e29e-4769-ac47-05779dc6714d","block_type":"box","text":"and Sales Tax Revenue bonds, continues to be set aside as required by law and bond covenants.","page_number":259,"box":{"x":69,"y":453,"width":692,"height":11}},{"id":"8373511d-b308-4093-b478-1e30661c57de","block_type":"box","text":"The Enacted Budget continues to authorize short-term financing for liquidity purposes during the fiscal year, and,","page_number":259,"box":{"x":101,"y":475,"width":801,"height":12}},{"id":"d68a59e8-9407-4c05-80bd-00033cbc1d6a","block_type":"box","text":"in doing so, retains a cashflow management tool to manage unanticipated financial disruptions. Specifically, the","page_number":259,"box":{"x":70,"y":491,"width":798,"height":11}},{"id":"23af7201-b909-4ecf-834d-a95524d7b88a","block_type":"box","text":"authorization allows for the issuance of up to $3 billion of PIT revenue anticipation notes which mature no later than","page_number":259,"box":{"x":69,"y":505,"width":827,"height":12}},{"id":"6d8b6c6c-9d6c-4345-bc3a-6e3bfa45b0fc","block_type":"box","text":"March 31, 2026. Borrowed amounts cannot be extended or refinanced beyond the initial maturity. The Financial Plan","page_number":259,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"2e0ed136-891d-4639-b284-cee7f9445ad9","block_type":"box","text":"does not assume the use of short-term financing for liquidity purposes. DOB evaluates operating results and liquidity","page_number":259,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"e45cd3dd-156f-49f9-a40b-8e2b26527d58","block_type":"box","text":"levels regularly and may adjust the use of notes based on liquidity needs, market considerations, and other factors.","page_number":259,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"b08ca055-961a-475e-8f60-6765d4d923f4","block_type":"box","text":"PTET Financial Plan Impact","page_number":259,"box":{"x":102,"y":574,"width":199,"height":11}},{"id":"2109f1f7-356f-4d11-9e11-65d1a4af4ff9","block_type":"box","text":"The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have determined that","page_number":259,"box":{"x":101,"y":596,"width":778,"height":12}},{"id":"fcf50a26-62a3-4aaf-aea2-52288977c279","block_type":"box","text":"State and local income taxes imposed on and paid by a partnership or an S corporation on its income, such as the","page_number":259,"box":{"x":69,"y":612,"width":819,"height":11}},{"id":"470d77eb-a71b-485a-a2f0-0b8178982dc6","block_type":"box","text":"PTET, are allowable as a Federal deduction to taxable income. As part of the State’s response to Federal tax law","page_number":259,"box":{"x":69,"y":627,"width":802,"height":11}},{"id":"08eb0ffa-d18a-4357-b429-ebe2b6e71327","block_type":"box","text":"changes, legislation was enacted in FY 2022 to allow an optional PTET on the New York-sourced income of","page_number":259,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"0c53a02c-24d3-4f29-8fe9-51f51c1d7b26","block_type":"box","text":"partnerships and S corporations. Qualifying entities that elect to pay PTET pay a tax of up to 10.9 percent on their","page_number":259,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"53d17479-c2f7-45c2-88a3-564e97708120","block_type":"box","text":"taxable income at the partnership or corporation level, and their individual partners, members and shareholders","page_number":259,"box":{"x":68,"y":672,"width":799,"height":11}},{"id":"17b19891-2f39-4fce-a174-6b0c6ea7d9ba","block_type":"box","text":"receive a refundable PIT credit equal to the proportionate or pro rata share of taxes paid by the electing entity.","page_number":259,"box":{"x":69,"y":687,"width":785,"height":11}},{"id":"f08461fc-cc73-44c2-8074-09ea2cd8c4c0","block_type":"box","text":"Additionally, the program includes a resident tax credit that allows for reciprocity with other states that have","page_number":259,"box":{"x":68,"y":702,"width":768,"height":12}},{"id":"ed77c71a-e5f0-4f3b-b58e-13c8fbd80f3c","block_type":"box","text":"implemented similar taxes, which currently include Connecticut and New Jersey.","page_number":259,"box":{"x":70,"y":718,"width":566,"height":11}},{"id":"8b064e80-762f-41b1-b7a7-d15b7e1b8f35","block_type":"box","text":"The Financial Plan includes an estimate for PTET within business taxes and the corresponding decrease in PIT","page_number":259,"box":{"x":101,"y":740,"width":785,"height":11}},{"id":"defd9a34-c538-4557-abbc-fafcb3dc382a","block_type":"box","text":"receipts and is expected to be cost neutral to the State on a multi-year basis. However, because the PTET credits are","page_number":259,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"7cc14b41-0f54-42a7-97a4-06b50249d298","block_type":"box","text":"not necessarily realized by taxpayers within the same fiscal year that PTET revenue is received by the State, the PTET","page_number":259,"box":{"x":69,"y":770,"width":835,"height":11}},{"id":"5ce0c9a6-0efe-44ed-ab57-d1d098114695","block_type":"box","text":"will not be revenue-neutral to the State within each fiscal year. At the onset of the PTET program, the State expected","page_number":259,"box":{"x":68,"y":785,"width":829,"height":12}},{"id":"670cac5b-5d0a-40b4-bd6c-01d02e3b32ec","block_type":"box","text":"the utilization would cease after tax year 2025, consistent with the expected expiration of other Federal tax law","page_number":259,"box":{"x":68,"y":801,"width":793,"height":11}},{"id":"258fb476-a123-49ee-8b75-6c154d61e786","block_type":"box","text":"changes, including the SALT deduction cap. DOB now assumes the PTET program will continue to be utilized,","page_number":259,"box":{"x":69,"y":816,"width":772,"height":11}},{"id":"2e22fc43-ba5a-4774-8601-e049a47238eb","block_type":"box","text":"consistent with current State law. However, PTET utilization assumptions may be reevaluated pending the outcome of","page_number":259,"box":{"x":69,"y":831,"width":836,"height":11}},{"id":"54e7c530-908e-4ce5-b1bb-11d501a4cb63","block_type":"box","text":"the extension and/or modification to the SALT deduction cap and potential PTET-related changes currently being","page_number":259,"box":{"x":68,"y":846,"width":798,"height":11}},{"id":"d1174d50-1e13-44ba-bd45-798207da2d1c","block_type":"box","text":"negotiated in the U.S. Congress. DOB is closely monitoring the evolving Federal law and regulation changes under","page_number":259,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"10c80391-fedd-4a0e-8497-8acba555db51","block_type":"box","text":"consideration.","page_number":259,"box":{"x":69,"y":876,"width":99,"height":9}},{"id":"48349f33-d2f9-4627-8d76-f37fbae83d72","block_type":"box","text":"Public Page 29 of 42","page_number":259,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"13ff2ce7-e69f-4b38-a780-a1ae9c7869d4","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":259,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42d274d1-2d5f-4dee-a30c-61471b56db3c","block_type":"box","text":"State Operating Funds Spending Summary","page_number":260,"box":{"x":101,"y":75,"width":309,"height":11}},{"id":"1ae42524-0815-4a0b-8769-f098fd2008b0","block_type":"box","text":"State Operating Funds encompass the General Fund, and a wide range of State activities funded from dedicated","page_number":260,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"735ccccb-42b0-46af-a6ca-f8db9fa329d5","block_type":"box","text":"revenue sources that are received outside the General Fund, including tax revenues, tuition, income, fees, and","page_number":260,"box":{"x":69,"y":113,"width":788,"height":11}},{"id":"77206c22-1741-43a2-91e9-7c14ebaeff63","block_type":"box","text":"assessments. Many programs, services and activities funded with these dedicated revenue sources often have no","page_number":260,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"ca78a289-a6fe-48a4-beae-7df8585fa762","block_type":"box","text":"direct bearing on the State’s ability to maintain a balanced budget in the General Fund but are captured in State","page_number":260,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"ebbe3ff8-705a-45bd-975d-6095744ea752","block_type":"box","text":"Operating Funds. However, certain dedicated revenue sources support spending that impacts General Fund spending","page_number":260,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"ee633669-7678-4bb8-a5cd-68d12f2b140c","block_type":"box","text":"as revenues fluctuate. For example, education and health care programs are affected by the level of financing","page_number":260,"box":{"x":69,"y":173,"width":783,"height":11}},{"id":"0b8c2548-8cf8-4ca6-be81-08d47fee8afb","block_type":"box","text":"sources (i.e., HCRA and lottery/gaming receipts) available in other funds.","page_number":260,"box":{"x":69,"y":188,"width":522,"height":12}},{"id":"e6fe249c-8bbc-42a6-a394-962669c57509","block_type":"box","text":"Assistance and Grants","page_number":260,"box":{"x":101,"y":211,"width":164,"height":9}},{"id":"3d4abc28-f609-4d7d-bd58-edeaa3e106e4","block_type":"box","text":"Most State spending is for assistance and grants that include payments to school districts, health care","page_number":260,"box":{"x":102,"y":234,"width":736,"height":11}},{"id":"260adbe4-8d66-4380-b213-e032ce4e2a85","block_type":"box","text":"providers, MCOs, local governments, and other entities, as well as financial assistance to, or on behalf of,","page_number":260,"box":{"x":70,"y":249,"width":757,"height":11}},{"id":"f067404a-95be-4e4a-818c-c4750d41189b","block_type":"box","text":"individuals, families, and not-for-profit organizations. School Aid and Medicaid account for nearly 70 percent of","page_number":260,"box":{"x":70,"y":264,"width":786,"height":11}},{"id":"a8380042-7664-4ac8-b177-461bea1ae078","block_type":"box","text":"assistance and grants spending and roughly half of total State Operating Funds spending.","page_number":260,"box":{"x":69,"y":279,"width":638,"height":11}},{"id":"d9e650a8-b88d-413b-80d0-135054d03ff1","block_type":"box","text":"Over the past three years, assistance and grants funding has increased substantially with increased funding for","page_number":260,"box":{"x":102,"y":302,"width":795,"height":11}},{"id":"a8a2c263-a09e-49f7-9d18-40ca3780b54b","block_type":"box","text":"education, health care, and nearly all other major program areas.","page_number":260,"box":{"x":69,"y":317,"width":462,"height":11}},{"id":"e05823e3-369f-4774-ac17-d4851e514584","block_type":"box","text":"The Enacted Budget provides $37.6 billion in total School Aid for SY 2026, representing an annual increase of","page_number":260,"box":{"x":101,"y":339,"width":789,"height":12}},{"id":"71ecc675-5057-4d3c-8803-8b74861a6234","block_type":"box","text":"$1.7 billion (4.9 percent). This includes a $1.4 billion (5.7 percent) increase in Foundation Aid. The FY 2026 Enacted","page_number":260,"box":{"x":69,"y":354,"width":835,"height":12}},{"id":"3be43ab7-29dc-4fd4-922b-f495c92e7d47","block_type":"box","text":"Budget reforms the Foundation Aid formula by updating the formula’s two measures of the percentage of low-income","page_number":260,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"06f3edab-7e7b-46c6-81ba-21fb10cdab17","block_type":"box","text":"students in a school district, increasing aid for English language learners, providing additional aid to low-wealth","page_number":260,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"ae6bb86d-386e-4e30-92e3-c93aed9c6715","block_type":"box","text":"school districts, modifying the Regional Cost Index, and ensuring that each district receives at least a 2 percent","page_number":260,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"357d68e4-6bbd-4f7c-b36a-83417627868d","block_type":"box","text":"annual increase in aid. The Enacted Budget also provides enhancements to Special Services Aid and BOCES Aid to","page_number":260,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"bab826c3-cfb0-43ff-9a47-60f4f2243884","block_type":"box","text":"better support career and technical education. The Budget further provides additional aid to school districts with","page_number":260,"box":{"x":69,"y":430,"width":801,"height":11}},{"id":"657e3fb0-999f-431d-9608-13bf7de71d0d","block_type":"box","text":"large portions of their enrollment attending charter schools.","page_number":260,"box":{"x":70,"y":445,"width":425,"height":12}},{"id":"f0dca352-8881-4496-9771-c50b91478b42","block_type":"box","text":"DOH Medicaid assistance and grants spending is estimated at $35.4 billion in FY 2026, an annual increase of","page_number":260,"box":{"x":102,"y":467,"width":790,"height":12}},{"id":"5992e2d2-7d4e-44a9-b4d5-9c299ec65d95","block_type":"box","text":"$4.2 billion (13.5 percent). The growth is due to medical cost increases; enrollment remaining at elevated levels;","page_number":260,"box":{"x":69,"y":482,"width":807,"height":12}},{"id":"41b4b637-5e07-46a0-b995-114030bae8c0","block_type":"box","text":"expansion of benefits; increases to reimbursement rates; and continued growth in aging and high utilization","page_number":260,"box":{"x":69,"y":498,"width":766,"height":11}},{"id":"1866bb9c-3889-47a0-aa7a-7eb221b69a76","block_type":"box","text":"populations. Other factors that continue to place upward pressure on State-share Medicaid costs include, but are not","page_number":260,"box":{"x":70,"y":513,"width":835,"height":11}},{"id":"88903ece-7820-431c-8191-face6c6b5ba2","block_type":"box","text":"limited to, provider reimbursements to cover home health wage increases; the phase-out of enhanced Federal","page_number":260,"box":{"x":70,"y":528,"width":781,"height":12}},{"id":"0f97a1e8-2672-42cf-b1a9-6bc457a0aa40","block_type":"box","text":"funding; increased costs and enrollment growth in MLTC; and the needs of financially distressed hospitals.","page_number":260,"box":{"x":68,"y":543,"width":760,"height":12}},{"id":"81719769-cb7c-4234-ac52-e4ec75362561","block_type":"box","text":"The HSF will receive and distribute the new MCO assessment and is estimated to provide resources totaling","page_number":260,"box":{"x":101,"y":566,"width":772,"height":11}},{"id":"37aecd21-51af-40a2-ae81-8b13e87f0844","block_type":"box","text":"$3.7 billion over two years. The FY 2026 Enacted Budget reflects the use of the funds over three years to support","page_number":260,"box":{"x":69,"y":581,"width":814,"height":12}},{"id":"6168c07e-0355-43cd-9aa6-04d81e3baa85","block_type":"box","text":"$1 billion in existing Global Cap commitments and the remaining $2.7 billion for new health care delivery","page_number":260,"box":{"x":69,"y":596,"width":749,"height":12}},{"id":"5c5416db-bb5e-477f-a8c6-93bc2d45519e","block_type":"box","text":"investments. These investments and funding are dependent on successful execution of the assessment, which is","page_number":260,"box":{"x":70,"y":612,"width":809,"height":11}},{"id":"92a12139-7153-4b6a-949a-447ba067b975","block_type":"box","text":"subject to continued Federal support. Absent assurance of continued Federal approval, the Financial Plan does not","page_number":260,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"b8991fdf-c3a9-4eec-ab0d-17e4eb016bc9","block_type":"box","text":"include any funding for these investments in the later years.","page_number":260,"box":{"x":70,"y":642,"width":425,"height":11}},{"id":"1e129fd2-4a91-4165-9766-1b26488e2a8f","block_type":"box","text":"Higher spending is attributable to increased MLTC enrollment and price growth as well as increased home and","page_number":260,"box":{"x":102,"y":665,"width":784,"height":11}},{"id":"c448be05-4224-47ff-9e23-a167fbe6c4a1","block_type":"box","text":"personal care utilization and costs, expanded access to health coverage, and higher provider reimbursements. The","page_number":260,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"47e71649-6035-43b1-b300-c854cdf0933d","block_type":"box","text":"remaining growth is attributable to other costs reported outside of the Global Cap to support home care and","page_number":260,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"7493aae9-680a-4f0f-ac6d-43f0bccadadb","block_type":"box","text":"minimum wage for health care providers ($4.2 billion) and financial relief to counties and the City of New York","page_number":260,"box":{"x":69,"y":709,"width":780,"height":12}},{"id":"76bb0870-37b7-4867-9d6b-e51523ea5538","block_type":"box","text":"associated with the State’s full coverage of the local share of spending growth ($2.2 billion).","page_number":260,"box":{"x":69,"y":724,"width":659,"height":12}},{"id":"fd29105d-bcaa-4d66-85a6-ccfe51e3ec7a","block_type":"box","text":"Mental Hygiene spending growth supports targeted investments in services to ensure individuals with","page_number":260,"box":{"x":102,"y":748,"width":724,"height":11}},{"id":"9ee912a1-8817-4134-afd5-8086933531aa","block_type":"box","text":"developmental disabilities, mental illness, substance use disorders, and problem gambling have appropriate access","page_number":260,"box":{"x":69,"y":763,"width":828,"height":11}},{"id":"3491969f-eece-4ef5-898c-a17e780978e4","block_type":"box","text":"to care. FY 2026 spending levels include the continued commitment to expand mental health access and care, a 2.6","page_number":260,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"2f3ba2fa-64df-4a4a-8c33-71014d3f9900","block_type":"box","text":"percent targeted inflationary increase for eligible programs, and expanding access to opioid treatment medications in","page_number":260,"box":{"x":70,"y":793,"width":835,"height":11}},{"id":"f43679aa-4191-43fa-ab7e-947a6d1f3cf4","block_type":"box","text":"underserved areas.","page_number":260,"box":{"x":69,"y":808,"width":137,"height":9}},{"id":"03ac1fff-1511-4fbb-9557-c13da44a606d","block_type":"box","text":"Social Services spending increases reflect continued investments and expansion of child care, inclusive of","page_number":260,"box":{"x":102,"y":831,"width":761,"height":11}},{"id":"4f36eddc-e6fa-474d-9804-1254b9866b1f","block_type":"box","text":"reduced amounts of Federal pandemic aid to support costs and child care subsidies, additional resources for the","page_number":260,"box":{"x":69,"y":846,"width":808,"height":11}},{"id":"258d11b9-306e-4b3f-93c3-8340ccecb812","block_type":"box","text":"Empire State Supportive Housing Initiative (ESSHI) and Safety Net Assistance program, in addition to new","page_number":260,"box":{"x":70,"y":861,"width":753,"height":11}},{"id":"216bd6e4-8a4a-473a-9bd5-20640173fe35","block_type":"box","text":"investments in youth programs, a 2.6 percent targeted inflationary increase for eligible programs and continued","page_number":260,"box":{"x":70,"y":876,"width":795,"height":11}},{"id":"9ce67ab1-1a12-4deb-9376-12731ccfecb2","block_type":"box","text":"funding for services and assistance to the City of New York for asylum seekers.","page_number":260,"box":{"x":68,"y":891,"width":565,"height":12}},{"id":"3b3a2bd6-4551-4ef8-8da8-04548467141b","block_type":"box","text":"Public Page 30 of 42","page_number":260,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"46fb453a-49b0-4e2c-bdbf-54be00b7e9a9","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":260,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ada79e12-2996-436f-898e-560c05654d1d","block_type":"box","text":"Transportation growth is commensurate with increases in dedicated transit revenue available to fund mass","page_number":261,"box":{"x":101,"y":75,"width":763,"height":11}},{"id":"0457d84a-c788-428b-be0f-6b1195c8d8ae","block_type":"box","text":"transit.","page_number":261,"box":{"x":68,"y":90,"width":49,"height":9}},{"id":"fbfc1978-3e43-4261-bbc0-46573a8720d9","block_type":"box","text":"Higher education spending is projected to grow due primarily to increases in operating aid for CUNY senior","page_number":261,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"f089e961-72b6-403c-83dd-2fcf6d19c60b","block_type":"box","text":"colleges and Enacted Budget legislation which provides for the remaining cost of tuition, fees, and books for students","page_number":261,"box":{"x":69,"y":128,"width":839,"height":11}},{"id":"bf4b5286-af02-4f4e-8430-d35f4cc5f98c","block_type":"box","text":"aged 25 to 55 who pursue studies in high-demand career fields at SUNY and CUNY community colleges. In addition,","page_number":261,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"cae9eb64-3637-4d64-8ba7-99b491fb0bbb","block_type":"box","text":"higher spending reflects the expansion of tuition assistance to non-combat veterans and the expansion of part-time","page_number":261,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"a6e310d1-b093-4254-bdea-f3e52c4d4447","block_type":"box","text":"TAP eligibility to students taking a minimum of three credits.","page_number":261,"box":{"x":68,"y":173,"width":428,"height":11}},{"id":"40e3a661-9d14-47d1-9215-c678df99b11d","block_type":"box","text":"Increased spending for All Other Education Programs in FY 2026 is largely driven by the adoption of universal","page_number":261,"box":{"x":102,"y":196,"width":776,"height":11}},{"id":"5f713c86-ff8a-4362-bb50-040073441ace","block_type":"box","text":"free school meals, under which the State will pay the student’s share of costs for all meals served to students not","page_number":261,"box":{"x":68,"y":211,"width":820,"height":11}},{"id":"28bd1372-da78-4dad-81fc-9114de3e8ff6","block_type":"box","text":"already receiving free meals; increased funding for nonpublic schools; and increased reimbursement to school","page_number":261,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"9c92ca10-5371-43eb-a44f-cedce21a4833","block_type":"box","text":"districts related to charter schools.","page_number":261,"box":{"x":69,"y":241,"width":250,"height":9}},{"id":"47695252-ee79-4024-83bf-d0416b28ac46","block_type":"box","text":"All other assistance and grants spending includes a reconciliation between school year and State fiscal year","page_number":261,"box":{"x":101,"y":264,"width":772,"height":11}},{"id":"d0b5ad96-c3f7-46e3-a243-55cc0badf9c1","block_type":"box","text":"spending for School Aid; reconciliation for the net impact of the Mental Hygiene Stabilization Fund related to the","page_number":261,"box":{"x":69,"y":279,"width":797,"height":11}},{"id":"4f064533-65a4-455a-8251-68cb6330183b","block_type":"box","text":"Medicaid Global Cap; and various other programs and functions including additional funding for abortion medication","page_number":261,"box":{"x":70,"y":294,"width":823,"height":11}},{"id":"9de8f892-ebeb-4e52-b2cd-5a3eb9a5f1dd","block_type":"box","text":"services, programs for the aging, the expansion of the Women, Infants, and Children program, additional funding to","page_number":261,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"417dbd12-3d08-42f2-a70e-73c4216c6175","block_type":"box","text":"support increases to Civil Legal Services and Attorney for Child programs; investment in targeted training pathways","page_number":261,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"8cf9e1e2-c9cb-4911-9585-7545ce3fd920","block_type":"box","text":"and apprenticeships for high-demand fields; funding for the Underserved Communities and Civic Engagement","page_number":261,"box":{"x":69,"y":339,"width":777,"height":12}},{"id":"2f103252-8180-4250-aa49-75be93812691","block_type":"box","text":"Program, support for a four-year pilot program for state-funded vouchers for homeless families or families at","page_number":261,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"57546d5b-f40d-4c0d-9dde-9a811ad41e7c","block_type":"box","text":"imminent risk of losing their housing, and an offset to county costs paid to lawyers assigned to represent low-income","page_number":261,"box":{"x":70,"y":370,"width":834,"height":11}},{"id":"a31e113c-8be7-4395-82fa-a9279e762cdf","block_type":"box","text":"individuals.","page_number":261,"box":{"x":70,"y":385,"width":77,"height":9}},{"id":"bc81ef24-ef15-4e26-ba87-6665f7900889","block_type":"box","text":"State Operations/General State Charges (GSCs)","page_number":261,"box":{"x":101,"y":408,"width":354,"height":11}},{"id":"211c83e2-38cf-43db-b67c-afa0b23bc37e","block_type":"box","text":"Operating costs for State agencies include salaries, wages, fringe benefits, and Non-Personal Service","page_number":261,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"1887cb9a-4de6-4ee6-acb1-9505b1ff6d49","block_type":"box","text":"(NPS) costs (e.g., supplies, utilities) and comprise about a quarter of State Operating Funds spending.","page_number":261,"box":{"x":69,"y":445,"width":729,"height":12}},{"id":"4cc1f38c-7761-4e2f-b6e5-7f7fe06804d5","block_type":"box","text":"Growth in operational spending for executive agencies is driven primarily by costs associated with stabilizing the","page_number":261,"box":{"x":102,"y":468,"width":797,"height":11}},{"id":"503f40da-76be-41ac-b0a1-13d556e0f65d","block_type":"box","text":"correctional system, as well as general salary increases consistent with existing collective bargaining agreements,","page_number":261,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"77db6af9-13b2-41b8-8dea-e8b208ef6307","block_type":"box","text":"investments in cybersecurity and Information Technology (IT), and staffing increases across various agencies. In","page_number":261,"box":{"x":70,"y":498,"width":796,"height":11}},{"id":"a50bc75e-34d1-420f-a883-1482200702ee","block_type":"box","text":"addition, Federal reimbursement for prior year State costs incurred for COVID-19 pandemic response and recovery","page_number":261,"box":{"x":69,"y":513,"width":815,"height":11}},{"id":"58a7afed-591b-445f-82a9-a858e45fec1f","block_type":"box","text":"efforts is projected to decline year over year.","page_number":261,"box":{"x":69,"y":528,"width":318,"height":12}},{"id":"71b8abb0-00c8-4ce8-974b-5721b2fdb379","block_type":"box","text":"SUNY operational spending growth reflects expenses for SUNY State-operated campuses and hospitals, inclusive","page_number":261,"box":{"x":102,"y":551,"width":806,"height":11}},{"id":"3e260c19-9045-4468-a3e6-454b607aa698","block_type":"box","text":"of additional State operating aid for those four-year campuses and for SUNY Downstate Hospital. SUNY operating","page_number":261,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"3b15ad25-d92d-4a09-a0dc-a8aa56baf3fa","block_type":"box","text":"costs are funded by a combination of tuition and fee revenue and General Fund transfers provided annually for direct","page_number":261,"box":{"x":69,"y":581,"width":831,"height":11}},{"id":"a21776b7-a6cd-45b4-9dbc-7ce49ffcdc99","block_type":"box","text":"State operating support and student financial aid support ($2.1 billion in FY 2026). In addition, the State pays the","page_number":261,"box":{"x":69,"y":596,"width":816,"height":12}},{"id":"278865a1-d0e0-43ed-aea2-5318bfae4cc6","block_type":"box","text":"fringe benefit costs of employees at SUNY State-operated campuses, projected to be roughly $2.0 billion in FY 2026,","page_number":261,"box":{"x":68,"y":611,"width":836,"height":12}},{"id":"941095bd-f69d-4b0f-848f-a3d708c9d286","block_type":"box","text":"which is excluded from operational spending growth. The State also continues to pay a share of the debt service","page_number":261,"box":{"x":68,"y":627,"width":803,"height":11}},{"id":"942d21a2-17ae-4c1a-b9ad-423b80682f21","block_type":"box","text":"costs on bond-financed capital projects at SUNY, totaling approximately $636 million in FY 2026.","page_number":261,"box":{"x":69,"y":641,"width":691,"height":12}},{"id":"518d131a-9d13-4a4c-8842-9e429a4c5436","block_type":"box","text":"The Judiciary increases in FY 2026 include funding to support non-judicial staffing initiatives including new court","page_number":261,"box":{"x":101,"y":664,"width":802,"height":12}},{"id":"f2bf75e3-4f98-4fab-9b47-5f8ee36dbf47","block_type":"box","text":"clerks and attorneys, costs associated with four court officer academy classes and increased staffing levels to","page_number":261,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"9f0971be-609e-4c20-b3c1-d7d3a6f07ae7","block_type":"box","text":"address case backlogs and provide operational support to various courts. The FY 2026 Enacted Budget also includes","page_number":261,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"65fcf672-62fb-4728-970f-875dee7341db","block_type":"box","text":"funding to support new judgeships, including: ten additional City of New York Civil Court Judges and five additional","page_number":261,"box":{"x":68,"y":710,"width":813,"height":11}},{"id":"a5a1fd40-c013-4883-a5ae-24d152dcc8f2","block_type":"box","text":"Court of Claims judges; ten additional City of New York Family Court Support Magistrates, including non-judicial staff","page_number":261,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"fe0146fb-6f90-4960-9af0-86c6ccdeb91c","block_type":"box","text":"supporting these new judges; civil legal services increases; additional funding for various technology initiatives; and","page_number":261,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"2101e70f-0447-4a5b-b866-af5c44f811f4","block_type":"box","text":"expansion of various programs including Alternative Dispute Resolution and Alternatives to Incarceration.","page_number":261,"box":{"x":69,"y":755,"width":746,"height":11}},{"id":"bb354b3d-e9cf-4d6c-a57c-48de0f14b2b1","block_type":"box","text":"The operating costs for the offices of independently elected officials (Attorney General, Comptroller, and","page_number":261,"box":{"x":101,"y":778,"width":742,"height":11}},{"id":"5254205a-35ce-4938-949a-75e208d0ea34","block_type":"box","text":"Legislature) are projected to grow by 12.8 percent. This growth is driven by payments for salary increases pursuant","page_number":261,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"8718b083-075e-41b0-8bc7-bb3da97ce0c9","block_type":"box","text":"to existing contracts, increased staffing, and general salary increases for legislative staff.","page_number":261,"box":{"x":68,"y":808,"width":641,"height":11}},{"id":"3f24a92c-0b51-4294-bccc-dd468c4e5c2d","block_type":"box","text":"The increase in GSCs is primarily a result of an increase in pension obligations as prior year market losses and","page_number":261,"box":{"x":101,"y":831,"width":793,"height":11}},{"id":"b00b7c3d-1cda-4d68-b3fc-abc58ce89bc4","block_type":"box","text":"benefit improvements continue to increase employer contribution rates. The FY 2026 Enacted Budget includes","page_number":261,"box":{"x":69,"y":846,"width":787,"height":11}},{"id":"be10e9d0-dc16-4283-bdf6-88723a94ee43","block_type":"box","text":"improvements in the retirement benefits for Division of Military and Naval Affairs (DMNA) airport firefighter titles and","page_number":261,"box":{"x":70,"y":861,"width":828,"height":11}},{"id":"f2bcba4e-64c8-4e6f-8eda-091ca77d354c","block_type":"box","text":"members of the PBANYS. Health insurance cost increases can be attributed to medical inflation which include the","page_number":261,"box":{"x":69,"y":876,"width":811,"height":9}},{"id":"53000f92-9dba-49ef-880d-93e80ebb5630","block_type":"box","text":"rising costs of prescription drugs. Increases in other fringe benefits and fixed costs can be attributed to higher","page_number":261,"box":{"x":69,"y":891,"width":787,"height":12}},{"id":"46161862-9dfc-40f5-92e9-2f341728ffa3","block_type":"box","text":"employer payroll taxes due to the continued growth in the State workforce and current spending trends.","page_number":261,"box":{"x":69,"y":906,"width":736,"height":12}},{"id":"b99df6a9-d25d-4260-a04f-49f4932caaec","block_type":"box","text":"Public Page 31 of 42","page_number":261,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"cf267745-7fe5-4e03-9713-b7cffb7b1f2a","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":261,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f29bf949-b345-4e73-8926-d4fc3a504291","block_type":"box","text":"Debt Service","page_number":262,"box":{"x":102,"y":75,"width":92,"height":9}},{"id":"b9a3685f-9129-4210-89b4-323287eba1ba","block_type":"box","text":"The State pays annual debt service on all outstanding State-supported debt issuances, which is affected by the","page_number":262,"box":{"x":101,"y":98,"width":798,"height":11}},{"id":"903e83fb-18d4-4de8-8103-251f41f99ac7","block_type":"box","text":"prepayment of future debt service costs in prior fiscal years. Adjusting for prepayments, State-related debt service is","page_number":262,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"0364a0f1-3d2b-45e2-9b73-b577153ee5dd","block_type":"box","text":"projected at $6.7 billion in FY 2026, an increase of 8.2 percent from FY 2025.","page_number":262,"box":{"x":70,"y":127,"width":559,"height":12}},{"id":"668d7263-28d2-4a0a-bc21-6c3df142705d","block_type":"box","text":"Extraordinary State Funding for Asylum Seeker Assistance","page_number":262,"box":{"x":102,"y":151,"width":426,"height":11}},{"id":"eef74308-1606-4641-b998-3678f94cd3b4","block_type":"box","text":"The FY 2026 Enacted Budget does not include any new funding for asylum seeker assistance but maintains the","page_number":262,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"d924853f-344c-4971-97ba-bdbafac6ba59","block_type":"box","text":"extraordinary funding and support approved in prior years to assist the City of New York with the humanitarian crisis","page_number":262,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"866b5ee0-70be-4d4a-b7a7-5a193b42cbdb","block_type":"box","text":"that has brought thousands of asylum seekers to the City of New York. To date, New York State has received little to","page_number":262,"box":{"x":68,"y":203,"width":829,"height":12}},{"id":"87bd7c0f-d6e9-4f97-af21-2443c69e03bc","block_type":"box","text":"no Federal funding assistance to manage thousands of asylum seekers despite repeated requests.","page_number":262,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"9a0d0326-dcd8-469e-9b59-a81d423c7fdf","block_type":"box","text":"State management and coordination of the funding and assistance spans multiple agencies. Reimbursement for","page_number":262,"box":{"x":102,"y":241,"width":801,"height":11}},{"id":"f880aa39-5088-4f55-9026-7e3c6088ec6f","block_type":"box","text":"short term shelter services for migrant individuals and families and Safety Net Assistance for asylum seekers who","page_number":262,"box":{"x":69,"y":256,"width":816,"height":12}},{"id":"fb50448f-366f-43c7-b37a-f7aa87692e3a","block_type":"box","text":"are eligible is administered by the Office of Temporary and Disability Assistance (OTDA). Infectious disease testing","page_number":262,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"982caf16-bb39-40c2-a4e2-1ed7c045f8ea","block_type":"box","text":"and vaccination activities, and the provision of coverage to eligible individuals through the State’s public health","page_number":262,"box":{"x":69,"y":286,"width":791,"height":12}},{"id":"836a26ec-4d1d-40e4-b4da-69c7f7391407","block_type":"box","text":"insurance programs is supported by the DOH. Other agencies of the State, including the Division of Homeland","page_number":262,"box":{"x":70,"y":302,"width":782,"height":11}},{"id":"09570fb7-3985-443c-b977-b7dff2f9af73","block_type":"box","text":"Security and Emergency Services (DHSES), the Department of State (DOS) and the Office of General Services","page_number":262,"box":{"x":69,"y":317,"width":783,"height":11}},{"id":"480ad40a-178f-4413-b394-064bdfc8f61f","block_type":"box","text":"(OGS) are assisting nonprofit organizations, providing reimbursement for shelter sites, and supporting case","page_number":262,"box":{"x":69,"y":332,"width":766,"height":11}},{"id":"1aaf5068-2a15-4d26-8a0d-f402d0d9c194","block_type":"box","text":"management and legal services.","page_number":262,"box":{"x":69,"y":347,"width":230,"height":11}},{"id":"9fac9d86-7598-4993-8ac7-588fbfad0a08","block_type":"box","text":"The State is covering the cost of the Humanitarian Emergency Response and Relief Center (HERRC) at three","page_number":262,"box":{"x":101,"y":370,"width":771,"height":11}},{"id":"63ba9efe-0f58-47e1-8e02-48b035f5ad9d","block_type":"box","text":"sites, has made multiple State-owned sites available for use as shelters and has committed a total of $4.3 billion in","page_number":262,"box":{"x":69,"y":384,"width":830,"height":12}},{"id":"cf06ad90-dbc8-480d-a551-dade48743301","block_type":"box","text":"extraordinary State Funding for asylum seeker assistance. The table below summarizes the extraordinary State","page_number":262,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"7ec1cec2-676b-4c0a-b7dc-3b2521477a3c","block_type":"box","text":"Funding for asylum seeker assistance spent through FY 2025 and planned over the multi-year Financial Plan period","page_number":262,"box":{"x":70,"y":415,"width":818,"height":11}},{"id":"12a91ff0-cdd7-48d2-a1fa-6e993e0b3973","block_type":"box","text":"OTHER MATTERS AFFECTING THE FINANCIAL PLAN","page_number":262,"box":{"x":69,"y":445,"width":376,"height":9}},{"id":"105315a0-167b-4cb9-95f9-b323357330b6","block_type":"box","text":"Federal Government Funding Risks","page_number":262,"box":{"x":102,"y":468,"width":252,"height":11}},{"id":"431db5f5-d78b-434b-9300-8fff4534c141","block_type":"box","text":"The amount and composition of Federal funding received by the State fluctuates over time, as legislative and","page_number":262,"box":{"x":101,"y":491,"width":776,"height":11}},{"id":"3e5d64e6-7a8c-4efb-91fa-f8fe0bb1434d","block_type":"box","text":"regulatory actions at the Federal level often change. Specific Federal government authority and rules that pose an","page_number":262,"box":{"x":69,"y":506,"width":810,"height":11}},{"id":"f8beb4cf-d305-4bf7-9bc1-bfc5fe4d8b07","block_type":"box","text":"ongoing risk to the Financial Plan include audits, disallowances, changes to Federal participation rates or other","page_number":262,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"80f2d77a-7387-4571-ad5d-779d796f2be9","block_type":"box","text":"Medicaid rules, discretionary spending reductions, and the expected need for Congress to increase or suspend the","page_number":262,"box":{"x":70,"y":536,"width":820,"height":11}},{"id":"bac55dd1-a2b8-41d4-be51-f841a47b7ab7","block_type":"box","text":"debt limit to avoid delaying payments and/or defaulting on debt obligations.","page_number":262,"box":{"x":69,"y":551,"width":538,"height":11}},{"id":"ffc2f437-a4fd-4af1-a3d2-8f752cb0dfde","block_type":"box","text":"Debt Limit.","page_number":262,"box":{"x":102,"y":574,"width":78,"height":9}},{"id":"e315d4a5-f045-4c4e-aeb5-4c73fa8f25b6","block_type":"box","text":"Absent an increase or suspension of the debt limit, a Federal government delay or default on","page_number":262,"box":{"x":186,"y":574,"width":662,"height":11}},{"id":"459b397b-937f-412d-8a4c-c23cd44bd111","block_type":"box","text":"payments, particularly for a prolonged period, could have a materially adverse effect on national and state","page_number":262,"box":{"x":70,"y":589,"width":756,"height":11}},{"id":"a261fbfc-9df4-4d05-989a-651c01d938a5","block_type":"box","text":"economies, financial markets, and intergovernmental aid payments. Specific effects on the Financial Plan resulting","page_number":262,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"4b4f4aeb-7920-41d3-bb36-16f231b971e0","block_type":"box","text":"from a potential Federal government delay in payments or default are unknown and impossible to predict. However,","page_number":262,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"9ec11e90-8f1c-415a-9d2d-0afa3c7ca512","block_type":"box","text":"data from past economic downturns suggests that the State’s revenue loss could be substantial if a Federal delay in","page_number":262,"box":{"x":69,"y":634,"width":832,"height":12}},{"id":"2ade7b1c-ee32-457a-bce8-aa281b246d40","block_type":"box","text":"payments or default triggered an economic downturn.","page_number":262,"box":{"x":70,"y":649,"width":377,"height":12}},{"id":"33189430-7502-4ddb-8162-21a1e3eda654","block_type":"box","text":"Federal Aid Reductions.","page_number":262,"box":{"x":102,"y":672,"width":172,"height":9}},{"id":"b5a29cde-f143-4b0e-bf5c-b7a099483355","block_type":"box","text":"The Federal government participates in funding a significant portion of programs that","page_number":262,"box":{"x":280,"y":672,"width":606,"height":11}},{"id":"69011027-8aa8-49e1-bbd9-9ef614433d83","block_type":"box","text":"provide health care and human services to New Yorkers. Any significant reduction in Federal aid or participation","page_number":262,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"b269bc63-6c14-4d9c-9f1c-09a9394d5efd","block_type":"box","text":"levels could have a materially adverse impact on the Financial Plan.","page_number":262,"box":{"x":70,"y":703,"width":479,"height":10}},{"id":"bbfaeeca-1bac-4899-b311-d3591216c282","block_type":"box","text":"Health Care. Changes in Federal funding levels or eligibility criteria for public health care programs, including","page_number":262,"box":{"x":102,"y":725,"width":772,"height":11}},{"id":"2a4dda29-2496-4b2d-9ff8-18d1b73736d6","block_type":"box","text":"Medicaid, EP, and CHP, could result in a reduction in public health coverage and could negatively impact the Financial","page_number":262,"box":{"x":70,"y":740,"width":833,"height":11}},{"id":"9a716b08-ca87-43c1-9d0e-b65b82ff1650","block_type":"box","text":"Plan. A majority of the State’s Medicaid program is operated under a Federal demonstration waiver, which is subject","page_number":262,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"d07fa1cd-7345-456f-b9ff-77c95ed1ef15","block_type":"box","text":"to review by CMS every five years and is currently extended through March 31, 2027. This authorization includes","page_number":262,"box":{"x":68,"y":770,"width":805,"height":12}},{"id":"cc83d7c0-4f23-4bc0-b0b9-f394a22bd7f9","block_type":"box","text":"funding for Medicaid Managed Care Programs, Managed Long Term Care programs, and Children’s Home and","page_number":262,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"bb011a07-2858-4392-8307-13a227a93262","block_type":"box","text":"Community-Based Services (HCBS).","page_number":262,"box":{"x":69,"y":801,"width":253,"height":11}},{"id":"8a0786bc-352d-4fda-9c9f-8c9446b5e7b5","block_type":"box","text":"Federal Medicaid funding also supports a variety of services, including CDPAP, that permit enrollees to manage","page_number":262,"box":{"x":102,"y":823,"width":791,"height":12}},{"id":"1119ea79-0b12-4882-96e7-cf3ddc193bc0","block_type":"box","text":"and self-direct providers of personal care services. In addition, the State operates the EP under a Federal waiver,","page_number":262,"box":{"x":69,"y":838,"width":804,"height":11}},{"id":"46ee1c42-1109-4178-a18b-75ca63f7c571","block_type":"box","text":"which receives Federal subsidies authorized through the ACA. EP enrollment currently provides coverage for lawfully","page_number":262,"box":{"x":68,"y":853,"width":823,"height":12}},{"id":"24de2171-efc6-48ab-b25e-785674a7fba4","block_type":"box","text":"present immigrants not eligible for Federal financial participation in Medicaid due to their immigration status.","page_number":262,"box":{"x":70,"y":869,"width":775,"height":11}},{"id":"3746a531-cd2a-4573-a2ff-d2a6c7be9223","block_type":"box","text":"Congress is currently considering legislation that would disqualify this population from receiving Federal EP benefits.","page_number":262,"box":{"x":69,"y":884,"width":827,"height":11}},{"id":"12360db4-3d57-4acd-a95e-ed8fba0c59f5","block_type":"box","text":"Those individuals who may qualify to move to the Medicaid program could cost the State approximately $3 billion","page_number":262,"box":{"x":68,"y":898,"width":806,"height":12}},{"id":"c0f635de-6bda-4e15-b9d8-0dbc8b00faff","block_type":"box","text":"Public Page 32 of 42","page_number":262,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"bfbc6e31-a3e0-43be-88cf-e6b567c2aef0","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":262,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"579db9fb-a257-411c-8f8d-c3ea3b27a8ff","block_type":"box","text":"annually. Similarly, Congress is considering legislation that would penalize states that elect to provide State-funded","page_number":263,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"58ae32ed-0093-4f26-bb0f-6070dbefcf76","block_type":"box","text":"health care coverage to non-citizens enrolled in the Medicaid, EP and CHP programs through reduced Federal","page_number":263,"box":{"x":69,"y":90,"width":775,"height":11}},{"id":"a2ae9457-b821-4992-9392-bf3880a27e26","block_type":"box","text":"participation for certain Medicaid populations. This penalty, if enacted, could cost the State up to $1 billion annually","page_number":263,"box":{"x":70,"y":104,"width":829,"height":12}},{"id":"80011ea8-4af0-4a2b-b949-d5103481b39c","block_type":"box","text":"in the later years of the Financial Plan.","page_number":263,"box":{"x":70,"y":120,"width":271,"height":11}},{"id":"83729067-e6f1-4425-a368-857c5d7fd038","block_type":"box","text":"The State is also utilizing a CMS approved three-year, $5.8 billion demonstration waiver through","page_number":263,"box":{"x":101,"y":142,"width":682,"height":12}},{"id":"60fdfb04-bbed-4c8f-ade0-24aa7d96fe05","block_type":"box","text":"March 31, 2027, to respond to the State’s request to address health disparities exacerbated by the COVID-19","page_number":263,"box":{"x":70,"y":158,"width":787,"height":11}},{"id":"1eb73953-aa05-42ba-b28e-0bb9702e8eb9","block_type":"box","text":"pandemic. This funding helps support social, physical, and behavioral health care services throughout the State and","page_number":263,"box":{"x":70,"y":173,"width":828,"height":11}},{"id":"0cb7d97b-826c-4b0c-b480-e5ba1a3b1275","block_type":"box","text":"requires a total of $1.7 billion in additional State resources, which have been assumed in the Financial Plan over the","page_number":263,"box":{"x":69,"y":188,"width":833,"height":11}},{"id":"6039f7cd-b209-432b-af99-4e12a9630735","block_type":"box","text":"same period. Given the time limit on the Federal funding, these services are expected to be discontinued at the end","page_number":263,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"11cc96eb-f59e-46ba-9f28-2c434a3ce7f3","block_type":"box","text":"of the term absent an extension by the Federal government. Accordingly, there is no State or Federal funding included","page_number":263,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"97835890-b8e8-4297-ad06-8604a6843806","block_type":"box","text":"in the Financial Plan projections beyond the term period.","page_number":263,"box":{"x":70,"y":234,"width":399,"height":11}},{"id":"d10eb65a-f2b6-49af-bfd4-730c8aedce0c","block_type":"box","text":"Human Services. Federal funding supports human services programs that serve the most vulnerable","page_number":263,"box":{"x":102,"y":256,"width":718,"height":12}},{"id":"367d8e61-a67d-4414-8af0-6309088a532a","block_type":"box","text":"populations, including through SNAP and the Home Energy Assistance Program (HEAP). Congress is currently","page_number":263,"box":{"x":70,"y":272,"width":775,"height":11}},{"id":"8ca45e3b-9a2d-4740-9f17-f0784262e099","block_type":"box","text":"considering legislation that would shift SNAP program costs to the states effective October 1, 2027. The Federal","page_number":263,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"d43dc773-60c2-4906-997a-5f12c6959659","block_type":"box","text":"legislation under consideration would shift an amount in the range of 5 percent to 25 percent of program and","page_number":263,"box":{"x":70,"y":302,"width":777,"height":11}},{"id":"2fa78bfe-5df6-496d-aa05-1da19bf60ed2","block_type":"box","text":"administrative expenses to the State. This shift could result in an annual cost of up to $2.1 billion shifted to the","page_number":263,"box":{"x":69,"y":316,"width":800,"height":12}},{"id":"08d0b5ee-0afb-4623-ac02-69daf0b4565e","block_type":"box","text":"State and local districts to maintain these services. In addition, Federal funding through the Office of Refugee","page_number":263,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"fd084896-d259-4eae-a964-dcf5c3096b9d","block_type":"box","text":"Resettlement contributes to the State’s response to the migrant crisis, and reductions would threaten the health,","page_number":263,"box":{"x":70,"y":347,"width":808,"height":11}},{"id":"77ccae4d-9920-4723-8e46-114295f3106c","block_type":"box","text":"well-being, and stability of refugees. The Commission for the Blind uses Federal funds to support mobility training,","page_number":263,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"958d5778-6661-40a8-80f8-7f8eae6f73b1","block_type":"box","text":"academic instruction, case management, and vocational training, and a reduction in Federal funds would result in a","page_number":263,"box":{"x":69,"y":377,"width":823,"height":12}},{"id":"c39ae57e-3b75-4dad-9f14-777a074d204a","block_type":"box","text":"reduction or elimination of services. The Financial Plan does not include State funding to backfill any Federal","page_number":263,"box":{"x":69,"y":392,"width":772,"height":12}},{"id":"a243b430-24af-471a-bd17-f992b94cc5dd","block_type":"box","text":"reduction to these programs.","page_number":263,"box":{"x":69,"y":408,"width":205,"height":11}},{"id":"a609e17f-7bb8-4e73-bf1b-172df68c8e5c","block_type":"box","text":"Likewise, a reduction in Federal funding from the Child Care Development Funds (CCDF) would reduce the size of","page_number":263,"box":{"x":102,"y":430,"width":803,"height":11}},{"id":"40901bd6-728c-4618-93dc-2a5f89179cd9","block_type":"box","text":"the State’s annual child care block grant allocations to local districts and result in waitlists for services. The Federal","page_number":263,"box":{"x":68,"y":445,"width":829,"height":12}},{"id":"786dd483-57f4-41bc-8b65-de1812218355","block_type":"box","text":"government has approved a State waiver to effect a delay of certain provisions of new CCDF rules for two years","page_number":263,"box":{"x":68,"y":460,"width":796,"height":12}},{"id":"93287060-c32a-4210-b34a-b7c1f2b4e756","block_type":"box","text":"through August 1, 2026. However, the waiver could be revoked at the discretion of the Federal government.","page_number":263,"box":{"x":68,"y":475,"width":766,"height":12}},{"id":"1a3a090f-969c-435b-8e86-5a5fbcbe6fcc","block_type":"box","text":"Reductions in Federal funding through Title IV-E and IV-B would threaten foster care placements, adoption","page_number":263,"box":{"x":102,"y":498,"width":749,"height":11}},{"id":"d72633f0-c1e1-4dc3-9f78-7e986d48be7d","block_type":"box","text":"subsidies, and kinship caregiver supports. Changes to Title XX funding would impact child welfare and domestic","page_number":263,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"931608b1-af81-46ad-afb3-2de6cdf8d1c8","block_type":"box","text":"violence services. The Office of Children and Family Services (OCFS) receives a variety of Federal grants for child","page_number":263,"box":{"x":68,"y":528,"width":804,"height":12}},{"id":"6d75f282-80f9-48b8-8cea-b194ddc84490","block_type":"box","text":"preventive services programs, domestic violence services, adoption incentive programs, and the Chafee Independent","page_number":263,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"6eb25048-07e9-4e87-a6dd-67d2bc2ef7ec","block_type":"box","text":"Living program. Any reduction in funds would likely result in the reduction or elimination of these programs.","page_number":263,"box":{"x":70,"y":559,"width":760,"height":11}},{"id":"1ddd2a1f-5b0f-42bb-a3bd-314734dca7b9","block_type":"box","text":"Financial Plan Projections","page_number":263,"box":{"x":102,"y":581,"width":188,"height":11}},{"id":"28a7e0a8-1ab6-4c27-80df-f651c81c2d96","block_type":"box","text":"The Financial Plan projections and its assumptions are made at a particular point in time and subject to a myriad","page_number":263,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"974cf1c2-580d-49bd-923b-afdc328042d9","block_type":"box","text":"of risks, including, but not limited to, economic, social, financial, political, public health, and environmental risks and","page_number":263,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"d31d1a02-4a8d-45f9-8961-985c429ca5a4","block_type":"box","text":"uncertainties. The projections of receipts and disbursements in the Financial Plan are based on reasonable","page_number":263,"box":{"x":69,"y":634,"width":766,"height":11}},{"id":"6cfd36f5-0009-4001-b4b5-8b77e7b35260","block_type":"box","text":"assumptions and data at the time they were prepared. DOB is unable to provide any assurance that actual results","page_number":263,"box":{"x":69,"y":649,"width":814,"height":12}},{"id":"30935d71-5e37-44a7-9f8b-dd61a1377fd7","block_type":"box","text":"will not differ materially and adversely from these projections.","page_number":263,"box":{"x":68,"y":664,"width":439,"height":12}},{"id":"406f6abf-904d-4019-af9d-4c32d4b758fb","block_type":"box","text":"Receipts. State tax collections are economically sensitive and are affected by the condition of the State and","page_number":263,"box":{"x":102,"y":687,"width":770,"height":11}},{"id":"2bd80763-0f44-45fb-8729-f165c3be5d0e","block_type":"box","text":"national economies, as well as State and Federal tax law changes, and related taxpayer behavior and migration.","page_number":263,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"c0cb2263-e6e6-45df-a609-d153b42c65e3","block_type":"box","text":"Uncertainties and risks that may affect the economic and receipts forecasts include, but are not limited to: national","page_number":263,"box":{"x":70,"y":717,"width":825,"height":12}},{"id":"544fbea0-9b3b-4bd1-a662-b29526f06a8b","block_type":"box","text":"and international events; inflation; consumer confidence; commodity prices; supply chain disruptions; major terrorist","page_number":263,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"16d92951-90db-470f-afd5-2693aa7372b4","block_type":"box","text":"events; hostilities or war; climate change and extreme weather events; severe epidemic or pandemic events;","page_number":263,"box":{"x":69,"y":748,"width":774,"height":11}},{"id":"b05e3209-dfa9-4ec7-9dec-da107d95ce5f","block_type":"box","text":"cybersecurity events; Federal laws and regulations; financial sector compensation; capital gains; and monetary policy","page_number":263,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"f4b3ac6b-0799-4212-a8b4-88f0bde25ac5","block_type":"box","text":"affecting interest rates and the financial markets.","page_number":263,"box":{"x":69,"y":778,"width":353,"height":11}},{"id":"55ea8445-3fc2-40e5-83de-7d21f80f9726","block_type":"box","text":"The largest component of State tax revenue comes from PIT. Beginning in tax year 2021, the State created three","page_number":263,"box":{"x":101,"y":801,"width":805,"height":11}},{"id":"e2883470-cc14-4ccd-b978-4e258d323f1f","block_type":"box","text":"new top PIT rates for taxpayers earning over $2.1 million annually creating a more progressive state income tax","page_number":263,"box":{"x":69,"y":815,"width":795,"height":12}},{"id":"98c20932-9d5a-4865-a72d-385e2b3d545e","block_type":"box","text":"system. The top PIT rate is currently 10.9 percent and includes less than 0.1 percent of taxpayers. These rates were","page_number":263,"box":{"x":69,"y":831,"width":833,"height":11}},{"id":"ea62f42e-bede-4ef5-82bb-0445ca2c8474","block_type":"box","text":"previously scheduled to expire at the end of tax year 2027, reverting to a single bracket with a rate of 8.82 percent.","page_number":263,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"d1c2c848-4069-4f9a-9bd7-904d791ff8a1","block_type":"box","text":"The FY 2026 Enacted Budget includes a five-year extension of these three PIT rates through tax year 2032.","page_number":263,"box":{"x":68,"y":861,"width":764,"height":11}},{"id":"9a9f1cd5-e229-4622-80c3-225238f6e58b","block_type":"box","text":"Tax Cuts and Jobs Act of 2017 (TCJA). The TCJA made extensive changes to the Federal individual income tax,","page_number":263,"box":{"x":101,"y":884,"width":784,"height":11}},{"id":"24bf8bc2-703c-49f4-8afa-e09ac673dd93","block_type":"box","text":"corporate income taxes, and estate taxes, most of which were effective in tax year 2018. Many provisions of the","page_number":263,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"d5f53784-0c18-4fdc-b5e2-8ed569df187b","block_type":"box","text":"Public Page 33 of 42","page_number":263,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"39795d29-4612-4ac1-83f3-13dc0d545307","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":263,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d944e14-94c1-4bda-aa3d-5aa4cba2e132","block_type":"box","text":"TCJA are scheduled to expire at the end of 2025, including the $10,000 limit on the deductibility of SALT payments.","page_number":264,"box":{"x":68,"y":74,"width":826,"height":12}},{"id":"4001053f-e6c9-4424-bfcf-5d6959d7f3d9","block_type":"box","text":"Congress is currently considering legislation to extend and modify many provisions of the TCJA. It should be noted","page_number":264,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"e6789999-f4b1-42ea-af0a-d4b240810664","block_type":"box","text":"that PTET and the Employer Compensation Expense Program (ECEP) are independent of the TCJA, not scheduled to","page_number":264,"box":{"x":68,"y":105,"width":820,"height":11}},{"id":"7154bfc6-eec4-47a2-ab39-4537db6c7f34","block_type":"box","text":"sunset, and taxpayer utilization of these programs may continue regardless of changes in Federal policies. However,","page_number":264,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"8fa5737b-64a1-4c7b-842c-3057a7f6331a","block_type":"box","text":"the Federal government could elect to bar or curtail utilization of these programs in the future, which could impact","page_number":264,"box":{"x":68,"y":135,"width":813,"height":12}},{"id":"67e291fe-f911-41b3-8d91-b45439251ae1","block_type":"box","text":"taxpayer migration and future State tax receipts. The multi-year tax revenue projections assume that eligible","page_number":264,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"e1552a65-7ea3-4aa3-b61b-314697311b5c","block_type":"box","text":"taxpayers will continue to utilize the PTET and participate in the ECEP beyond tax year 2025.","page_number":264,"box":{"x":68,"y":166,"width":659,"height":11}},{"id":"18498078-1ce3-4c55-aa83-dba55ed61c8e","block_type":"box","text":"The projection of non-tax receipts and other available resources assumes various transactions and outcomes will","page_number":264,"box":{"x":101,"y":188,"width":806,"height":11}},{"id":"259e7d1c-df99-4dfb-a621-9d4da56afbb3","block_type":"box","text":"occur as planned, including, but not limited to: receipt of Federal aid; certain payments from public authorities;","page_number":264,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"3ec16ba9-4539-4df1-bf2a-450fefbaad9a","block_type":"box","text":"revenue sharing payments under the Tribal-State Compacts; and the collection of fines, fees, and other receipts at","page_number":264,"box":{"x":69,"y":218,"width":816,"height":12}},{"id":"cbd5488f-3839-4ad6-addd-373f0e71c31b","block_type":"box","text":"levels to support operations, offset General Fund costs and enable transfers of available fund balances to the","page_number":264,"box":{"x":70,"y":234,"width":785,"height":11}},{"id":"ca3fe37f-b530-4068-9512-476694db59df","block_type":"box","text":"General Fund. It should be noted that General Fund Medicaid and School Aid spending remains sensitive to the","page_number":264,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"99e76be8-7973-413e-b95c-a0a91ca66dda","block_type":"box","text":"performance of dedicated revenue collections, such as HCRA and gaming receipts, used to finance a portion of these","page_number":264,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"18189714-88e0-460f-83e7-84399411f00e","block_type":"box","text":"program costs.","page_number":264,"box":{"x":70,"y":280,"width":104,"height":10}},{"id":"03270148-7d6a-4097-b043-5b9b64dc6e39","block_type":"box","text":"Disbursements. Projections and timing of disbursements are subject to many of the same risks listed above for","page_number":264,"box":{"x":102,"y":302,"width":795,"height":11}},{"id":"44ac859f-3874-4f9f-8a36-a5d9c03bb85b","block_type":"box","text":"receipts, as well as variations from assumptions, policy changes, and future labor agreements which may increase","page_number":264,"box":{"x":69,"y":317,"width":818,"height":11}},{"id":"c188a1e9-5dc5-4ce4-90d4-914cc345b4ec","block_type":"box","text":"spending, including, but not limited to: the level of wage and benefit increases for State employees; changes in the","page_number":264,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"cd4af730-7d2b-49c0-80cc-c73159441cc8","block_type":"box","text":"size of the State’s workforce; factors affecting the State’s required pension fund contributions; the receipt of Federal","page_number":264,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"89249f46-683f-4482-9621-5ed23323aa48","block_type":"box","text":"approvals necessary to implement the Medicaid savings actions; continued Federal participation in cost sharing for","page_number":264,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"6adec982-ee11-4ad0-9ea0-c68932d58d21","block_type":"box","text":"health care and human services programs; unanticipated growth in public assistance programs, including the","page_number":264,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"8b5aa882-6fd5-403f-9084-e9f7968f99dc","block_type":"box","text":"assumed level of utilization of newly expanded benefits; State payments and assistance to health care facilities and","page_number":264,"box":{"x":69,"y":392,"width":827,"height":12}},{"id":"f040c401-5362-4356-b9c4-167cf5786d06","block_type":"box","text":"providers beyond the typical rate reimbursement system; enrollment, utilization and availability of funding for certain","page_number":264,"box":{"x":70,"y":407,"width":826,"height":12}},{"id":"b685db74-18d7-4b83-a738-0a6ea768edd8","block_type":"box","text":"public health programs; adherence to statutorily limited growth caps; and the ability of the State and its public","page_number":264,"box":{"x":70,"y":423,"width":784,"height":11}},{"id":"4265a9f3-ba83-4ef5-89e9-16b036c56d61","block_type":"box","text":"authorities to issue securities successfully in public credit markets.","page_number":264,"box":{"x":69,"y":438,"width":480,"height":11}},{"id":"89f4834b-7dd3-4876-b56a-ded3a2f26476","block_type":"box","text":"Escalating health care costs and industry pressures present fiscal challenges for the State that will need to be","page_number":264,"box":{"x":102,"y":460,"width":790,"height":12}},{"id":"c975c498-7c1c-4256-8e85-242075dd5136","block_type":"box","text":"addressed to ensure long-term fiscal sustainability of these programs. A summary of these programs and pertinent","page_number":264,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"8762ebe6-9d4f-407f-89a5-bb5cde7a105c","block_type":"box","text":"issues are described in more detail below.","page_number":264,"box":{"x":70,"y":491,"width":299,"height":9}},{"id":"2a3173dc-5de9-4a1b-8f6c-af351051ee08","block_type":"box","text":"Public Health Insurance Programs/Public Assistance. Recent Medicaid spending growth is largely driven by the","page_number":264,"box":{"x":102,"y":514,"width":787,"height":11}},{"id":"c45a6fc2-b76e-4490-9ac1-fc0955f56127","block_type":"box","text":"expanded utilization of the State’s MLTC program and other programs serving seniors and individuals enrolled in both","page_number":264,"box":{"x":69,"y":528,"width":836,"height":12}},{"id":"ef6ef00b-150b-4508-8989-111906edc816","block_type":"box","text":"Medicaid and Medicare. These programs currently comprise roughly 60 percent of total Medicaid spending, which is","page_number":264,"box":{"x":70,"y":543,"width":825,"height":12}},{"id":"b0001ecc-682b-4946-986e-0bbb7d442a0b","block_type":"box","text":"expected to rise to nearly 70 percent by 2028 as the baby boomer population ages. By 2030, 23 percent of the","page_number":264,"box":{"x":69,"y":559,"width":797,"height":11}},{"id":"636b5832-5613-41c9-b363-a28e20305ef3","block_type":"box","text":"State’s population is expected to be over age 65, up from 9 percent in 2000. This is expected to place a substantial","page_number":264,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"47c1ed05-89a7-4b18-a745-aaa944488822","block_type":"box","text":"amount of pressure on health care funding needs, and as such there can be no assurance that costs will not exceed","page_number":264,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"d4e1186d-b10d-49ff-81d5-c42b026c9787","block_type":"box","text":"projections in the later years of the Financial Plan absent savings actions and/or rate reductions.","page_number":264,"box":{"x":70,"y":604,"width":690,"height":11}},{"id":"c2e37026-1088-40df-96e3-dc19fe2243ba","block_type":"box","text":"Historically, the State has experienced growth in Medicaid enrollment and public assistance caseloads during","page_number":264,"box":{"x":102,"y":627,"width":779,"height":11}},{"id":"76141b84-cf8a-46af-9311-7557abc49749","block_type":"box","text":"economic downturns due mainly to increases in unemployment. Most recently, the COVID-19 pandemic caused","page_number":264,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"2bb62654-b7de-44e1-b612-5ff6d3c598f3","block_type":"box","text":"significant jumps in enrollment and participation in public health insurance programs such as Medicaid, EP, and CHP.","page_number":264,"box":{"x":69,"y":657,"width":834,"height":11}},{"id":"2a4fbbcc-e1e4-456e-a3d8-0bc624ad2db2","block_type":"box","text":"Despite recent eligibility redeterminations performed in 2024, the State continues to retain a greater proportion of","page_number":264,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"5747d0d0-b6de-4fb5-8b82-8b0c35c5737c","block_type":"box","text":"COVID-19 era enrollees with approximately 9 million public health insurance enrollees driving higher Medicaid costs","page_number":264,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"1542f8c8-029a-4c4f-85d4-51717953031d","block_type":"box","text":"over the multi-year Financial Plan relative to pre- pandemic levels of enrollment.","page_number":264,"box":{"x":69,"y":702,"width":564,"height":11}},{"id":"a4f3dc16-1b99-4169-af8f-4d459cd1a285","block_type":"box","text":"CHP. The State’s CHP program is a jointly funded public health program that provides health insurance for","page_number":264,"box":{"x":102,"y":725,"width":753,"height":11}},{"id":"e7f3eb49-6202-4c8c-8129-f215d534851a","block_type":"box","text":"children under the age of 19 in families with incomes too high to qualify for Medicaid. Since its inception in 1990,","page_number":264,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"4c79be45-3f93-4982-a33a-3e12677c514f","block_type":"box","text":"CHP has provided free or subsidized health insurance coverage to thousands of children in New York State, including","page_number":264,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"c33a8309-4601-4557-9109-6c613bd6ca12","block_type":"box","text":"undocumented children at a 100 percent State cost. Since March 2023, CHP has experienced substantial program","page_number":264,"box":{"x":69,"y":770,"width":820,"height":12}},{"id":"e709c2ad-05b5-42e9-be3f-14c607fec959","block_type":"box","text":"growth due to the unwind of individuals from the Medicaid programs. CHP currently covers over 583,000 enrollees,","page_number":264,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"19341c59-2e3f-4adb-9a04-66af360f5503","block_type":"box","text":"an increase of over 212,000 from two years prior. Similarly, an unanticipated surge in the undocumented population","page_number":264,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"9d48a3a2-afa8-413a-bacd-65f56db3af64","block_type":"box","text":"continues to put pressures on the program. Prior to July 2021, growth in the undocumented population was stable","page_number":264,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"0b23d5a6-7ce8-4a43-a30b-d32c390e887a","block_type":"box","text":"and consistent, however, it escalated by 2,000 to 3,000 monthly enrollees between September 2023 and November","page_number":264,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"26d19276-28a3-4dc9-96c4-214c9c731471","block_type":"box","text":"2024 before plateauing through the end of FY 2025, resulting in greater State-share impacts. Currently, the State is","page_number":264,"box":{"x":69,"y":846,"width":827,"height":11}},{"id":"c9805d51-476b-4b6d-a3da-55e6674a5cc9","block_type":"box","text":"covering over 140,000 undocumented children, an increase of roughly 75,000 enrollees from January 2020,","page_number":264,"box":{"x":69,"y":861,"width":775,"height":11}},{"id":"d7d6c76a-ee0a-42fd-84ff-1626ec7eebab","block_type":"box","text":"representing 25 percent of total CHP enrollees. Undocumented children account for 50 percent of unfunded non","page_number":264,"box":{"x":69,"y":876,"width":804,"height":11}},{"id":"846b0258-8681-4e85-85a6-14019508bba3","block_type":"box","text":"Federal program costs and have consistently accounted for more spending than the remaining CHP population, which","page_number":264,"box":{"x":70,"y":891,"width":833,"height":12}},{"id":"20b32337-3387-4105-b13b-4ba128d17629","block_type":"box","text":"Public Page 34 of 42","page_number":264,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"d6be30bf-e4a7-4397-88ca-dbb6dc883688","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":264,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd2755d4-be62-4ad0-af8a-f3a4c9921366","block_type":"box","text":"is eligible to receive a 65 percent Federal match. Further growth in this population will increase State costs above","page_number":265,"box":{"x":70,"y":75,"width":811,"height":11}},{"id":"4e34a487-a955-4f1a-806a-2f207bdecae9","block_type":"box","text":"current projections.","page_number":265,"box":{"x":69,"y":90,"width":137,"height":11}},{"id":"3a872896-36bc-487f-984d-ce65b129d042","block_type":"box","text":"Hospital Assistance. The State provides a substantial amount of supplemental funding to private and not-for","page_number":265,"box":{"x":102,"y":113,"width":774,"height":11}},{"id":"8f17ebf9-a7e7-4c53-8c1c-9de08b0d1381","block_type":"box","text":"profit hospitals beyond traditional Medicaid reimbursement rates, which include payments through various programs","page_number":265,"box":{"x":70,"y":128,"width":827,"height":11}},{"id":"3995f006-8849-47a9-aa86-1f10879fafc9","block_type":"box","text":"and grants, including the Vital Access Provider Assurance Program (VAPAP), Vital Access Provider (VAP) Program,","page_number":265,"box":{"x":69,"y":143,"width":797,"height":11}},{"id":"c619b077-3dd7-4b03-a935-6ac7d5a9d087","block_type":"box","text":"Graduate Medical Education Incentive Program, and various other programs. Currently, 75 of 261 New York hospitals","page_number":265,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"8da4b8a1-9cde-4b86-b143-b829975b6c0e","block_type":"box","text":"(29 percent) are deemed financially distresse","page_number":265,"box":{"x":69,"y":173,"width":323,"height":11}},{"id":"f5f95a05-ab31-4e05-8d48-e654db4c9a16","block_type":"box","text":"d – a 200 percent increase from FY 2017 through FY 2025 that has","page_number":265,"box":{"x":394,"y":173,"width":485,"height":11}},{"id":"715d2ee0-b9f9-4741-8b23-2054a26a2543","block_type":"box","text":"driven a concomitant 504 percent increase in Federal/State fiscal assistance to these entities. Many hospitals","page_number":265,"box":{"x":69,"y":188,"width":792,"height":11}},{"id":"d6773a09-6a6b-48b7-a841-ca7c6ab03164","block_type":"box","text":"responsible for supporting medical needs in underserved communities across the State, including those with higher","page_number":265,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"16159a9c-c3a2-4007-be83-a16e5ad02832","block_type":"box","text":"rates of uninsured individuals and government payor mix, were further stressed financially due to the pandemic.","page_number":265,"box":{"x":69,"y":218,"width":798,"height":12}},{"id":"6ded70cc-ee7d-46ff-af11-7aca34051938","block_type":"box","text":"Despite hospitals in the State receiving roughly $11 billion in COVID- 19 pandemic related assistance from the","page_number":265,"box":{"x":70,"y":233,"width":787,"height":12}},{"id":"ef81eef8-1de0-4172-9420-b38acea2e174","block_type":"box","text":"Federal government, many continue to rely on and expect ongoing supplemental State assistance.","page_number":265,"box":{"x":70,"y":249,"width":697,"height":11}},{"id":"4cc36f02-5899-4a7f-9260-2ce67d93d775","block_type":"box","text":"Extraordinary Federal pandemic assistance was provided directly to hospitals and expired in 2022. Since then,","page_number":265,"box":{"x":102,"y":272,"width":788,"height":11}},{"id":"ff51a86e-4dc9-4b5f-8288-0b0574975600","block_type":"box","text":"the State has provided substantial targeted funding to certain facilities above the longstanding baseline annual","page_number":265,"box":{"x":68,"y":286,"width":794,"height":12}},{"id":"7df3192b-8ab9-4e4c-b7a6-8ed71817cc26","block_type":"box","text":"hospital assistance of $984 million provided in aggregate to all hospitals statewide. Since FY 2023, the State has","page_number":265,"box":{"x":69,"y":301,"width":816,"height":12}},{"id":"3dd42e5d-5d8d-4ac6-85b1-3c204014b081","block_type":"box","text":"provided $1.8 billion in supplemental State support to hospitals: $800 million in FY 2023, of which $100 million was","page_number":265,"box":{"x":70,"y":316,"width":837,"height":12}},{"id":"16507429-5327-4e47-9c74-85b2a2cb65b3","block_type":"box","text":"added to the recurring base support; and $500 million in both FY 2024 and FY 2025. The FY 2026 Enacted Budget","page_number":265,"box":{"x":69,"y":331,"width":825,"height":12}},{"id":"7fbcac6f-92b6-4a9a-8fa9-d8303656b101","block_type":"box","text":"provides another $500 million in new support and over $800 million in additional funding through FY 2028 in State","page_number":265,"box":{"x":70,"y":346,"width":821,"height":12}},{"id":"567213cc-fb6e-45ea-a9fc-bbd9a5edc0fd","block_type":"box","text":"support associated with the Safety Net Transformation program to fund projects and partnerships to promote","page_number":265,"box":{"x":69,"y":362,"width":780,"height":11}},{"id":"8e54a48f-b0ec-48ed-9837-b5e81403639c","block_type":"box","text":"financial sustainability of provider systems, subject to approval.","page_number":265,"box":{"x":68,"y":377,"width":453,"height":11}},{"id":"2363c6e3-dab5-4a33-a383-f954fc7df172","block_type":"box","text":"The importance of the hospital industry to local communities for purposes of accessing critical health care","page_number":265,"box":{"x":101,"y":400,"width":760,"height":11}},{"id":"daf0cef9-9ad9-4fdd-aa63-d37e03a70cb7","block_type":"box","text":"services, as well as other social and economic benefits, including employment opportunities and sustainability,","page_number":265,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"bfeb4c71-e03c-4522-92c0-6db02ecf863e","block_type":"box","text":"creates the potential for increased cost pressure within the Financial Plan should the State continue to provide","page_number":265,"box":{"x":69,"y":430,"width":790,"height":11}},{"id":"2b30ee0d-0c51-40c1-8320-f7b631d06a5f","block_type":"box","text":"supplemental payments to hospitals. There can be no assurance that the State will not continue to commit to","page_number":265,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"84f83d03-3017-46fc-a235-1f1c42f35f7b","block_type":"box","text":"additional funding, as many facilities, including those which are not currently fiscally distressed, continue to seek","page_number":265,"box":{"x":69,"y":460,"width":807,"height":12}},{"id":"db5ec8db-c3a7-4af3-a33a-49e04f126256","block_type":"box","text":"State financial support.","page_number":265,"box":{"x":69,"y":475,"width":166,"height":11}},{"id":"99701a21-d646-4cc1-a8ba-8e42df8a5954","block_type":"box","text":"CDPAP. New York’s CDPAP allows Medicaid enrollees that are determined eligible for personal care services to","page_number":265,"box":{"x":102,"y":498,"width":785,"height":11}},{"id":"61159e25-59ef-4318-9f70-8be1736f9273","block_type":"box","text":"select their own caregiver, which can include friends or family members. Utilization of CDPAP grew by 1,200 percent","page_number":265,"box":{"x":69,"y":513,"width":824,"height":12}},{"id":"17e50d89-397d-4b09-a234-79da5b351fd1","block_type":"box","text":"since 2016, and State costs were expected to continue to escalate at unsustainable levels. In response to this","page_number":265,"box":{"x":69,"y":529,"width":795,"height":10}},{"id":"b16e51f3-b755-451d-8898-1b761883a412","block_type":"box","text":"expansion, hundreds of for-profit private businesses, known as Fiscal Intermediaries (FIs), have emerged that provide","page_number":265,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"4a642004-fa80-47d5-9da0-9cc392b9b249","block_type":"box","text":"payroll functions and administrative support for an administrative fee that is paid by the Medicaid program. Nearly all","page_number":265,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"85dd2b86-7de2-4dd1-8bd5-142649056d87","block_type":"box","text":"other States with CDPAP programs utilize one or only a few FIs to limit administrative costs and prudently use","page_number":265,"box":{"x":69,"y":574,"width":779,"height":11}},{"id":"d85c1c49-71a7-4574-8653-81dde7fa6ed2","block_type":"box","text":"taxpayer funds. The State is in the process of finalizing its transition to a single FI administrator, consolidating the","page_number":265,"box":{"x":68,"y":589,"width":814,"height":11}},{"id":"f4ea9a88-3ef5-45d9-babe-ebb907820648","block_type":"box","text":"administrative and payroll functions from hundreds of existing FIs to administer the program in a more cost-effective","page_number":265,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"7d617729-2687-4e72-9c67-9e29e888ed95","block_type":"box","text":"manner. There is no change to care or services authorized and available through the CDPAP or any disruption to care","page_number":265,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"5d9ebb1c-8aaf-4102-8984-b81521588478","block_type":"box","text":"expected.","page_number":265,"box":{"x":69,"y":634,"width":67,"height":11}},{"id":"34a00cb3-c650-47c9-b150-d36ddbc69a49","block_type":"box","text":"Statutory Growth Caps for School Aid and Medicaid. Beginning in FY 2012, the State enacted spending growth","page_number":265,"box":{"x":102,"y":657,"width":785,"height":11}},{"id":"54cb73ce-39e7-4eb2-90fb-dff6b6aad0fe","block_type":"box","text":"caps intended to limit the year-to-year growth in the State’s two largest assistance and grants programs, School Aid","page_number":265,"box":{"x":69,"y":672,"width":824,"height":11}},{"id":"57d02218-d846-4e42-a977-03d176aac428","block_type":"box","text":"and Medicaid. Both caps, as well as the scope of the cap for Medicaid, have been modified since initial","page_number":265,"box":{"x":69,"y":687,"width":737,"height":11}},{"id":"133aa57c-1a19-416b-b768-8b1e584da2a3","block_type":"box","text":"implementation and have been impacted by administrative and other actions over the past several years.","page_number":265,"box":{"x":70,"y":703,"width":746,"height":10}},{"id":"ade084f1-0871-4e21-b5fa-50bf8f267995","block_type":"box","text":"The School Aid growth cap limits growth to the annual growth in State Personal Income, as calculated in the","page_number":265,"box":{"x":101,"y":725,"width":769,"height":11}},{"id":"06927004-f555-4427-b590-c9c91aed7bc0","block_type":"box","text":"Personal Income Growth Index (PIGI). The statutory PIGI for School Aid is based on the average annual income growth","page_number":265,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"e371c18f-d2e0-4305-9724-57b8e9ce899b","block_type":"box","text":"over a ten-year period. However, the authorized School Aid increases have exceeded the indexed levels in most years","page_number":265,"box":{"x":69,"y":755,"width":834,"height":11}},{"id":"bc112844-8366-4737-bb20-32c61b175241","block_type":"box","text":"since its inception. Recent School Aid increases in SY 2022 through SY 2024 substantially exceeded the PIGI, due to","page_number":265,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"a8623f71-b5f2-4920-9703-b2af36efaacf","block_type":"box","text":"the State’s commitment to phase in full funding of the Foundation Aid formula. The final year of this phase-in was","page_number":265,"box":{"x":68,"y":785,"width":810,"height":12}},{"id":"54e08e8b-df11-4c1d-a913-d268b4f16ca0","block_type":"box","text":"completed in SY 2024, driving an annual increase of $3.1 billion (9.7 percent) compared to the indexed PIGI rate of","page_number":265,"box":{"x":69,"y":800,"width":826,"height":12}},{"id":"6d17dfed-b81d-4955-8db9-e5162b3af6e3","block_type":"box","text":"4.2 percent. The increase in State funded School Aid for SY 2025 of $1.4 billion (4.1 percent) was slightly above the","page_number":265,"box":{"x":69,"y":815,"width":834,"height":12}},{"id":"d78ecd1b-ca03-45a8-8689-92f4242881e5","block_type":"box","text":"indexed PIGI rate of 3.7 percent. The Enacted Budget includes a School Aid increase for SY 2026 of $1.7 billion (4.9","page_number":265,"box":{"x":70,"y":830,"width":832,"height":12}},{"id":"49c6b8a2-6987-4b78-86b9-1bb249226227","block_type":"box","text":"percent), driven largely by a $1.4 billion (5.7 percent) increase in Foundation Aid. This increase is above the indexed","page_number":265,"box":{"x":70,"y":845,"width":828,"height":12}},{"id":"a62f919a-1893-4915-9281-09033e3a79ae","block_type":"box","text":"PIGI rate of 4.5 percent.","page_number":265,"box":{"x":69,"y":861,"width":171,"height":11}},{"id":"04094c30-855f-42d7-9114-a6a754eef158","block_type":"box","text":"The Financial Plan projections for SY 2027 and beyond assume that School Aid growth will be based on","page_number":265,"box":{"x":101,"y":884,"width":737,"height":11}},{"id":"bbd85deb-e820-4f70-8352-2377926051f6","block_type":"box","text":"estimated growth in Foundation Aid and expense-based aids and that growth will be below the PIGI rate.","page_number":265,"box":{"x":69,"y":899,"width":738,"height":11}},{"id":"feb41aa8-708e-4160-aaa0-fdf293a06988","block_type":"box","text":"Public Page 35 of 42","page_number":265,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"d9e0b682-f315-4ecd-aaa1-9f5b9bd7ff36","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":265,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51818963-0e37-4558-8039-061da2968114","block_type":"box","text":"Nearly three-quarters of DOH State Funds Medicaid spending growth is subject to the Global Cap that is intended","page_number":266,"box":{"x":102,"y":75,"width":805,"height":11}},{"id":"180e47ae-608c-47c9-9534-84ce91f1e7a2","block_type":"box","text":"to establish a limit for Medicaid growth. The amount of State- share Medicaid spending excluded from the Global Cap","page_number":266,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"6ffb6d21-b256-4aaf-89e1-cda36c7ab4a3","block_type":"box","text":"continues to increase and includes supplemental hospital payments, costs for the takeover of Medicaid growth from","page_number":266,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"065c12c3-3dd5-4728-8a94-ccd1ce9e7cd8","block_type":"box","text":"local governments, reimbursement to providers for increased minimum wage costs, and investments made from HSF.","page_number":266,"box":{"x":70,"y":120,"width":836,"height":12}},{"id":"290de00e-d218-4de9-9ab2-65a679282d74","block_type":"box","text":"Prior to FY 2023, the Global Cap was calculated using the ten-year rolling average of the medical component of CPI","page_number":266,"box":{"x":69,"y":135,"width":818,"height":12}},{"id":"3b89827b-3093-48fc-a1f8-b99e677792e9","block_type":"box","text":"for all urban consumers and thus allowed for growth attributable to increasing costs, though not increasing utilization.","page_number":266,"box":{"x":68,"y":150,"width":839,"height":12}},{"id":"b0763410-92bd-4ae4-85a9-bf3bc56b97e7","block_type":"box","text":"To accommodate growth in utilization, beginning in FY 2023 the Global Cap was amended to be calculated using the","page_number":266,"box":{"x":68,"y":166,"width":829,"height":11}},{"id":"9056bf02-7b94-430d-9565-7367dd2774b7","block_type":"box","text":"five-year rolling average of health care spending, using projections from the CMS Actuary. The CMS Actuary updates","page_number":266,"box":{"x":68,"y":181,"width":826,"height":11}},{"id":"2154d493-87af-4445-9d3a-7abb137a2d88","block_type":"box","text":"the projections annually and DOB incorporates the revisions into the multi-year forecast with the Enacted Budget, as","page_number":266,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"527bfdf6-ac81-46c8-a9eb-9ee0c5f50b09","block_type":"box","text":"applicable. The new Global Cap index added a substantial amount of allowable Medicaid growth – over $23 billion","page_number":266,"box":{"x":69,"y":210,"width":810,"height":12}},{"id":"a0985691-e590-4d49-a233-2a0786a03072","block_type":"box","text":"covering the six-year period from FY 2023 through FY 2029.","page_number":266,"box":{"x":69,"y":226,"width":424,"height":11}},{"id":"70536e42-98d3-4189-bd1e-965081285644","block_type":"box","text":"The statutory provisions of the Global Cap grant the Commissioner of Health (the Commissioner) certain powers","page_number":266,"box":{"x":101,"y":249,"width":801,"height":11}},{"id":"893e00e9-6d8c-45f7-9216-82da4ead7842","block_type":"box","text":"to limit Medicaid disbursements to the level authorized by the Global Cap and allow for flexibility in adjusting Medicaid","page_number":266,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"6ef8c735-d3c1-4a93-a14a-462d3a53baf6","block_type":"box","text":"projections to meet unanticipated costs resulting from a disaster. The Commissioner’s powers are intended to limit","page_number":266,"box":{"x":70,"y":279,"width":822,"height":11}},{"id":"2076a1d8-a1ce-46af-bca8-c63fd9de1c52","block_type":"box","text":"the annual growth rate to the levels set by the Global Cap for the then-current fiscal year through actions that may","page_number":266,"box":{"x":68,"y":294,"width":814,"height":11}},{"id":"daeae6d0-33ec-430f-9a3e-23ca9cd24e14","block_type":"box","text":"include reducing reimbursement rates to providers. These actions may be dependent upon timely Federal approvals","page_number":266,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"f453e2b9-8dbb-42c3-9219-c3aaf2cd1f5e","block_type":"box","text":"and other elements of the program that govern implementation.","page_number":266,"box":{"x":69,"y":324,"width":452,"height":12}},{"id":"8a334d1b-2c10-40a6-b67f-94e94ff5e59c","block_type":"box","text":"Since the enactment of the Global Cap, the portion of actual State Funds Medicaid spending subject to the","page_number":266,"box":{"x":102,"y":347,"width":762,"height":11}},{"id":"d1a4ffcf-1e36-457e-81dd-a2ca45f40d33","block_type":"box","text":"Global Cap has remained at or below indexed levels. However, in certain fiscal years, the General Fund has provided","page_number":266,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"87040551-6c8a-40f6-8b4b-fb35adb55bf2","block_type":"box","text":"relief to the Global Cap and DOH has taken management actions, including adjustments to the timing of Medicaid","page_number":266,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"dd76d2b2-4cd6-44d6-84dc-3a6f3e92cb4d","block_type":"box","text":"payments consistent with contractual terms, to ensure compliance with the Global Cap. Similarly, in response to","page_number":266,"box":{"x":70,"y":392,"width":799,"height":12}},{"id":"ce6042ac-b856-4a5a-8aaa-177464e85e45","block_type":"box","text":"initial delays in the Federal approval of planned FY 2022 through FY 2024 Managed Care Directed Payment Template","page_number":266,"box":{"x":70,"y":407,"width":834,"height":12}},{"id":"a3637bab-5616-4545-9540-1d33fbc0bfab","block_type":"box","text":"(DPT), the State advanced payments of over $2.2 billion in State-only payments to certain providers to help them","page_number":266,"box":{"x":69,"y":422,"width":804,"height":12}},{"id":"05a80714-7016-4807-9cc8-6663f4529918","block_type":"box","text":"cover their immediate cash flow needs. These advanced payments are expected to be remitted to the State by the","page_number":266,"box":{"x":69,"y":438,"width":814,"height":11}},{"id":"35d9a9f3-97e2-4045-8680-965605469b14","block_type":"box","text":"providers upon their receipt of federally approved DPT funds. While all prior year Federal approvals have been granted","page_number":266,"box":{"x":70,"y":453,"width":834,"height":11}},{"id":"e21c1f1b-9973-44fb-96e9-8218d36f5516","block_type":"box","text":"with respect to these DPT funds, approximately $1.3 billion in provider reimbursements to the State are in various","page_number":266,"box":{"x":68,"y":467,"width":815,"height":12}},{"id":"fbb93432-255c-4dfb-b81b-fc285c766232","block_type":"box","text":"phases of the administrative remittance process. Pursuant to the existing reimbursement structure, DOH assumed","page_number":266,"box":{"x":70,"y":483,"width":817,"height":11}},{"id":"80b18970-73e7-49bf-84d6-5f022716a294","block_type":"box","text":"full remittance of the advances in FY 2025; however, due to an inability by certain hospitals to repay advances","page_number":266,"box":{"x":68,"y":498,"width":789,"height":11}},{"id":"03088687-5729-4f5c-959c-9ddd8b4cfa67","block_type":"box","text":"resulting from a continuing erosion of their financial solvency, the General Fund provided relief to the Global Cap at","page_number":266,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"2eeaf411-67ce-4e31-93d5-0cdcf33981f2","block_type":"box","text":"the end of FY 2025 through the Mental Hygiene Stabilization Fund and spread repayments over several years.","page_number":266,"box":{"x":68,"y":528,"width":782,"height":12}},{"id":"a1e5bcab-68fa-4b27-a930-06d456502ec4","block_type":"box","text":"Medical Indemnity Fund (MIF). The MIF was created in 2011 and is administered by DOH to provide for the future","page_number":266,"box":{"x":102,"y":551,"width":804,"height":11}},{"id":"a317bb26-9edb-4b68-8331-84f712f278b0","block_type":"box","text":"health care costs of individuals who suffered birth-related neurological injuries because of medical malpractice during","page_number":266,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"53fefa70-fb87-4b4b-b671-4abb133c0426","block_type":"box","text":"delivery. The purpose of the MIF is to ensure qualified plaintiffs have their health care needs met throughout their","page_number":266,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"d1623746-7f11-4faf-8687-34ddd9b19bfc","block_type":"box","text":"lifetime and to protect hospitals by limiting their liabilities for medical malpractice expenses. The costs are supported","page_number":266,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"9dd767cd-194e-49a5-8685-1ba03c45b1c8","block_type":"box","text":"partially through an assessment on hospitals with the balance funded by the State. To date, the State has provided","page_number":266,"box":{"x":70,"y":612,"width":822,"height":11}},{"id":"9e786a4b-9879-407e-b22d-a28d8fa4645d","block_type":"box","text":"$717 million in funding for the MIF and another $211 million planned in FY 2026. In 2017, rates were increased, and","page_number":266,"box":{"x":69,"y":626,"width":839,"height":12}},{"id":"2ffbdfe7-04a2-4e1f-99c4-a6db9b9aaca9","block_type":"box","text":"eligibility expanded to births occurring at non-hospital facilities. Services covered by the MIF are expansive and can","page_number":266,"box":{"x":69,"y":642,"width":820,"height":11}},{"id":"c2d1870b-6266-4e65-b514-3763a70d09a4","block_type":"box","text":"include medical, dental, surgical, hospital, nursing, custodial, and rehabilitative care.","page_number":266,"box":{"x":70,"y":657,"width":604,"height":11}},{"id":"1e502559-c065-494e-b0f0-ba4914d35ba7","block_type":"box","text":"Pursuant to law, if the MIF’s total estimated liabilities reach or surpass 80 percent of its total assets, then the","page_number":266,"box":{"x":102,"y":680,"width":788,"height":11}},{"id":"7ad29e08-d5ef-4936-a0d5-b81e56d4da85","block_type":"box","text":"MIF will be closed to new enrollment to maintain solvency. The FY 2026 Enacted Budget includes provisions to","page_number":266,"box":{"x":70,"y":695,"width":786,"height":11}},{"id":"ecd8cbb8-6ed2-411f-8588-dedeb83e4d08","block_type":"box","text":"maintain MIF solvency and allow the program to remain open to new enrollees through FY 2026. However, due to","page_number":266,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"359ea739-908e-4424-aa57-113b73ca99fd","block_type":"box","text":"increased enrollment, escalating average medical costs per enrollee, and legislatively mandated average commercial","page_number":266,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"ddf13d14-4e04-4548-a485-862312a31de5","block_type":"box","text":"reimbursement requirements, which are in place until December 31, 2025, the MIF is expected to reach the","page_number":266,"box":{"x":69,"y":740,"width":771,"height":11}},{"id":"3496c435-4930-4244-92ac-587f07da4602","block_type":"box","text":"threshold for closure to new enrollees sometime in FY 2027. Absent policy changes to require hospitals and","page_number":266,"box":{"x":68,"y":755,"width":773,"height":11}},{"id":"357eeaef-e627-4ff6-9d13-282c06af25f0","block_type":"box","text":"providers to provide additional funding to the MIF and/or program reforms, additional State funding would be needed","page_number":266,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"f852109c-101a-4e23-be46-2b25160dd415","block_type":"box","text":"to prevent the potential closure of the MIF to new enrollees. If closed to new enrollees, those who would have been","page_number":266,"box":{"x":68,"y":785,"width":823,"height":11}},{"id":"d70cb60e-96ca-4152-8b50-721b9d5e3ade","block_type":"box","text":"considered qualified plaintiffs and automatically enrolled in the MIF will instead be able to seek legal recourse","page_number":266,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"030cc7c6-a444-4ff3-a127-25889af2450b","block_type":"box","text":"against hospitals and physicians.","page_number":266,"box":{"x":69,"y":816,"width":236,"height":11}},{"id":"8970eff7-b87e-4cb0-82f1-e8b1e4384e9d","block_type":"box","text":"Absent policy changes to require hospitals and providers to provide additional funding to the MIF and/or program","page_number":266,"box":{"x":101,"y":838,"width":805,"height":12}},{"id":"c64bee6a-9216-444f-bf7f-b5eb6df091fc","block_type":"box","text":"reforms, additional State funding would be needed to prevent the potential closure of MIF to new enrollees beginning","page_number":266,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"24b15a6f-9522-489f-8e84-8fa372632bc9","block_type":"box","text":"in FY 2026 and beyond.","page_number":266,"box":{"x":70,"y":869,"width":167,"height":11}},{"id":"d89570bb-cf49-40bf-bb54-cba34da97a05","block_type":"box","text":"Public Page 36 of 42","page_number":266,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"51160b79-9ce9-4157-89c3-b89fd6f1d8ac","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":266,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"412dec99-1f6e-4824-ba43-bd62ee19461a","block_type":"box","text":"Litigation Risk. The Financial Plan forecast is subject to litigation risk. Litigation against the State may challenge","page_number":267,"box":{"x":102,"y":75,"width":798,"height":11}},{"id":"1f4e9ad8-7e9a-4631-9524-55c6e10488a8","block_type":"box","text":"the constitutionality of various actions with fiscal implications. In the aggregate, these litigation matters could","page_number":267,"box":{"x":68,"y":90,"width":782,"height":11}},{"id":"52ae80a9-59ec-4dad-85cf-1fea60f5f906","block_type":"box","text":"negatively affect the forecasts and projections contained in the Financial Plan.","page_number":267,"box":{"x":69,"y":105,"width":557,"height":11}},{"id":"76ef9d3e-4145-4fd3-a13a-2db457b313bf","block_type":"box","text":"Financial Plan Risk Management. In developing the Financial Plan, DOB attempts to mitigate financial risks, with","page_number":267,"box":{"x":102,"y":128,"width":797,"height":11}},{"id":"49d57935-9bc9-4261-abaa-6a49a07a0e27","block_type":"box","text":"an emphasis on the General Fund. It does this by, among other things, exercising caution when calculating total","page_number":267,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"f52124b7-48f7-44a1-80fb-e1fa39ac4890","block_type":"box","text":"General Fund disbursements and managing the accumulation of financial resources. Such resources include but are","page_number":267,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"ad260f5e-9708-4c8f-bf82-3c7815af331b","block_type":"box","text":"not limited to: fund balances that are not needed each year; management of the timing of reimbursement for capital","page_number":267,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"fc24a4b7-23c4-4c09-a9d9-bbc77f178a22","block_type":"box","text":"advances; and prepayment of expenses, subject to available resources, to maintain budget flexibility. DOB routinely","page_number":267,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"8d4b822f-cb49-4167-8a59-6f0f5730cb98","block_type":"box","text":"executes cash management actions to manage the State’s large and complex budget. These actions are intended to","page_number":267,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"a56eb8a8-738b-4477-81a3-1947988a1883","block_type":"box","text":"improve the State’s cash flow, manage resources within and across State fiscal years, adhere to spending targets,","page_number":267,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"a00864ea-65c4-4664-a309-da398c171fe3","block_type":"box","text":"and better position the State to address unanticipated costs, including economic downturns, revenue deterioration,","page_number":267,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"0cca18f3-8e7f-4339-b47a-afd7b148dba4","block_type":"box","text":"and unplanned expenses. There is no guarantee that such financial resources or cash management actions will be","page_number":267,"box":{"x":69,"y":249,"width":817,"height":11}},{"id":"f0ab11ec-1c30-4364-927b-5b73d49fa902","block_type":"box","text":"sufficient to address risks that may materialize in a given fiscal year.","page_number":267,"box":{"x":69,"y":264,"width":489,"height":11}},{"id":"60bc34a6-aa7b-4071-b895-716687a8ed05","block_type":"box","text":"In addition, there can be no assurance that the State’s financial position will not change materially and adversely","page_number":267,"box":{"x":102,"y":286,"width":806,"height":12}},{"id":"5ed85f18-cf71-49f6-8ac5-9135c7914eee","block_type":"box","text":"from current projections. If this were to occur, the State may be required to take gap-closing actions to preserve","page_number":267,"box":{"x":68,"y":302,"width":800,"height":11}},{"id":"e8167ce2-f047-4029-adae-983560961621","block_type":"box","text":"General Fund balance. Such actions may include but are not limited to: reductions in State agency operations; delays","page_number":267,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"c9beee04-59ca-426d-8102-496122ec491c","block_type":"box","text":"or reductions in payments to local governments or other recipients of State aid; delays in or suspension of capital","page_number":267,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"7f6937e8-6db3-4337-aa8c-e9d8b8dfb96a","block_type":"box","text":"maintenance and construction; extraordinary financing of operating expenses; and use of non-recurring resources.","page_number":267,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"513ca881-dd92-4965-bcba-5cb983c3d020","block_type":"box","text":"In some cases, the ability of the State to implement such actions requires the approval of the Legislature and","page_number":267,"box":{"x":102,"y":370,"width":783,"height":11}},{"id":"09ebd9df-917f-4958-b07c-1e04e00059fb","block_type":"box","text":"cannot be implemented solely by the Governor. The FY 2026 Enacted Budget includes provisions designed to","page_number":267,"box":{"x":69,"y":385,"width":777,"height":11}},{"id":"61f5e0ae-8f08-4db7-98aa-352e59c39e23","block_type":"box","text":"maintain a balanced budget that authorize the Budget Director to reduce payments subject to a plan submitted to the","page_number":267,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"03beb1dc-59b0-4921-820b-b18b152cc802","block_type":"box","text":"Legislature for review, in the event of a General Fund imbalance exceeding $2 billion.","page_number":267,"box":{"x":70,"y":414,"width":603,"height":12}},{"id":"ccf6e0a5-faca-4df6-ae4c-eb484c91af4b","block_type":"box","text":"State Labor Costs","page_number":267,"box":{"x":101,"y":438,"width":131,"height":9}},{"id":"02945753-9cf9-45e3-8b20-6c8560568022","block_type":"box","text":"All State labor unions are now covered by a ratified contract through the end of FY 2026.","page_number":267,"box":{"x":101,"y":460,"width":632,"height":12}},{"id":"c276ca6a-4a17-4f80-9ed2-18a6ec3612b8","block_type":"box","text":"The State expects to continue to engage with unions to discuss future agreements for FY 2027 and beyond;","page_number":267,"box":{"x":101,"y":483,"width":770,"height":11}},{"id":"f77fff92-a936-4fb9-9c14-1f5f8ec75dff","block_type":"box","text":"however, there can be no assurance that amounts informally reserved in the Financial Plan for future operational","page_number":267,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"cca2d7ee-3ac0-4745-a49b-f70f2a9385e6","block_type":"box","text":"needs will be available or sufficient to fund the cost of future labor contracts.","page_number":267,"box":{"x":69,"y":513,"width":550,"height":9}},{"id":"f0ad6f34-d519-46d1-ba96-32d8fc21e93c","block_type":"box","text":"Employee Pension Benefits.","page_number":267,"box":{"x":102,"y":536,"width":201,"height":11}},{"id":"3ca1a169-0975-4791-a10a-749e5ac1ca63","block_type":"box","text":"1","page_number":267,"box":{"x":304,"y":536,"width":5,"height":5}},{"id":"5280f2eb-1984-4b69-a8b6-00d57a4bac56","block_type":"box","text":"The State makes annual contributions to the New York State and Local Retirement","page_number":267,"box":{"x":314,"y":536,"width":588,"height":9}},{"id":"fdf84ec1-fc25-408f-b7d1-9b1d77809e24","block_type":"box","text":"System (NYSLRS) for employees in the New York State and Local Employees’ Retirement System (ERS) and Police","page_number":267,"box":{"x":69,"y":551,"width":812,"height":11}},{"id":"5c9e2003-6da3-49be-b662-e83edbda2fe0","block_type":"box","text":"and Fire Retirement System (PFRS). This section discusses contributions to the NYSLRS, which account for most of","page_number":267,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"bbbd74a0-03ec-457e-8c17-5960783aaf0d","block_type":"box","text":"the State’s pension costs.9 All projections are based on estimated market returns and numerous actuarial","page_number":267,"box":{"x":68,"y":581,"width":763,"height":11}},{"id":"411fc66d-dc6e-476a-9801-87773aa33fe0","block_type":"box","text":"assumptions which, if unrealized, could have a materially adverse effect on these projections.","page_number":267,"box":{"x":69,"y":596,"width":668,"height":12}},{"id":"86646d25-2a1a-4b03-b9fd-c31b3f5447fd","block_type":"box","text":"New York State Retirement and Social Security Law (RSSL) Section 11 directs NYSLRS to provide regular reports","page_number":267,"box":{"x":102,"y":619,"width":802,"height":11}},{"id":"4904cb15-dabb-47c9-9d83-d94b66970efd","block_type":"box","text":"on the System’s experience and to propose assumptions and methods for the actuarial valuations. Employer","page_number":267,"box":{"x":69,"y":634,"width":776,"height":11}},{"id":"c895965b-dd99-4b85-ad43-7b7c4cf5d649","block_type":"box","text":"contribution rates for NYSLRS are determined based on investment performance in the Common Retirement Fund","page_number":267,"box":{"x":69,"y":649,"width":811,"height":11}},{"id":"d0830316-4539-473b-abe2-9edd7d02452b","block_type":"box","text":"(CRF) and actuarial assumptions recommended by the Retirement System’s Actuary and approved by the State","page_number":267,"box":{"x":69,"y":665,"width":791,"height":11}},{"id":"314f8b75-b957-421c-85e0-f9e56b4b786b","block_type":"box","text":"Comptroller. Pension estimates are based on the actuarial report issued in September 2024.","page_number":267,"box":{"x":69,"y":680,"width":665,"height":11}},{"id":"3b0f913d-e2b2-41dc-8e19-d591d4668b50","block_type":"box","text":"On September 3, 2024, NYSLRS announced an increase in employer contribution rates for both ERS and PFRS","page_number":267,"box":{"x":102,"y":702,"width":789,"height":11}},{"id":"30e353ee-e232-46b4-9aed-80ff89c7f177","block_type":"box","text":"which will impact expenses in FY 2026. The average employer contribution rate for ERS increased from 15.2 percent","page_number":267,"box":{"x":68,"y":717,"width":832,"height":12}},{"id":"690c21cf-ff42-4e98-8caa-359f3575e89d","block_type":"box","text":"to 16.5 percent of payroll, which is the highest level since FY 2016. The average employer contribution rate for PFRS","page_number":267,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"745abe50-6a75-4944-b4d2-0aac8d68195e","block_type":"box","text":"increased from 31.2 percent to 33.7 percent of payroll, which is the highest level since FY 1980. The increase is","page_number":267,"box":{"x":70,"y":748,"width":806,"height":11}},{"id":"5fc55ba0-3d15-4b23-b28d-d6d44317fbef","block_type":"box","text":"driven by recent enhancements to the retirement benefits for Tier 6 members, as well as prior year market losses in","page_number":267,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"42a4cab6-b206-4356-b7a3-22ebb3a74aa0","block_type":"box","text":"the CRF and a higher-than-expected number of service retirements. Since FY 2022, NYSLRS has utilized an 8-year","page_number":267,"box":{"x":68,"y":778,"width":813,"height":11}},{"id":"7965941e-6559-46c9-9bb2-2110bbb88c8d","block_type":"box","text":"smoothing methodology to reduce volatility in the employer contribution rates. Since then, market losses in FY 2023","page_number":267,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"5e0d69ee-e980-4aea-a79c-aa4d06cb7185","block_type":"box","text":"have negated the gains in FY 2022 and FY 2024, resulting in a net increase in contribution rates.","page_number":267,"box":{"x":69,"y":808,"width":694,"height":11}},{"id":"93bf945d-e128-43ba-87e0-87907f6d8a46","block_type":"box","text":"As a result of the increases in the employer contribution rates, participants in the Contribution Stabilization","page_number":267,"box":{"x":101,"y":831,"width":765,"height":11}},{"id":"959a5530-3721-4dbb-9383-f2421dc3974c","block_type":"box","text":"Program will have the option to amortize a portion of their FY 2026 ERS and PFRS liability over a period of ten years.","page_number":267,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"d001b3cd-7407-46bf-a684-313327ae6bdc","block_type":"box","text":"1 The information contained under this heading was prepared solely by DOB and reflects the budgetary aspects of","page_number":267,"box":{"x":70,"y":875,"width":812,"height":11}},{"id":"ca276f26-7fe4-4b51-a75d-35bc4ed4116e","block_type":"box","text":"pension amortization.","page_number":267,"box":{"x":70,"y":890,"width":152,"height":11}},{"id":"6cc928f4-4944-4d06-b5ec-b59037f333da","block_type":"box","text":"Public Page 37 of 42","page_number":267,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"2a8f3759-792e-4e57-aea1-991ba2eba669","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":267,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b43a1c3-00c5-448c-99fa-19b3e9f44547","block_type":"box","text":"The amounts eligible for amortization are to be determined by the System’s Actuary and will be reflected in the","page_number":268,"box":{"x":68,"y":75,"width":792,"height":11}},{"id":"09186cb8-75d0-46c7-b9f4-3693f4d5c91b","block_type":"box","text":"employer’s estimated bill. The Financial Plan does not currently assume the State will amortize its pension liability.","page_number":268,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"9b97b462-3f3f-4cec-b109-3844d501a8ef","block_type":"box","text":"In FY 2024 and FY 2025, the State prepaid pension obligations which were due the following fiscal year to","page_number":268,"box":{"x":102,"y":113,"width":758,"height":11}},{"id":"218607e4-9950-491c-b51b-22910ee90088","block_type":"box","text":"generate interest savings. The State expects to continue to prepay this expense as fiscal conditions permit.","page_number":268,"box":{"x":68,"y":128,"width":769,"height":11}},{"id":"bc6343e2-57c7-4244-90a6-d29c11513ad1","block_type":"box","text":"The Comptroller does not forecast pension liability estimates on a multi-year basis, requiring DOB to forecast","page_number":268,"box":{"x":101,"y":150,"width":778,"height":12}},{"id":"66d7002d-bde1-46bb-841d-9f6ebeaadfdc","block_type":"box","text":"cost for the three outyears. DOB’s multi-year pension forecast assumes growth in the salary base consistent with","page_number":268,"box":{"x":69,"y":166,"width":809,"height":11}},{"id":"a091d5ba-17c1-4848-ac03-b0f0132a8cdf","block_type":"box","text":"collective bargaining agreements and a lower rate of return compared to the current rate of return assumed by","page_number":268,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"9df2f65e-0323-4a32-9d35-1e68000372e2","block_type":"box","text":"NYSLRS.","page_number":268,"box":{"x":70,"y":196,"width":60,"height":9}},{"id":"e3fa07cd-e9cc-4200-ba39-73bdf324f291","block_type":"box","text":"The FY 2026 Enacted Budget includes legislation that enhances retirement benefits for certain groups of first","page_number":268,"box":{"x":101,"y":218,"width":782,"height":12}},{"id":"56c96369-7b1a-4508-8c9d-f86828ae2c41","block_type":"box","text":"responders and officers. Firefighters employed by DMNA will be eligible for a retirement benefit equal to 50 percent","page_number":268,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"06ee976f-b685-4ddb-b135-217d211ace01","block_type":"box","text":"of Final Average Salary (FAS) after twenty-five years of service. A new 20-year and 25-year retirement plan is","page_number":268,"box":{"x":69,"y":249,"width":768,"height":11}},{"id":"913aae33-0042-46c5-85d4-592443f0df2a","block_type":"box","text":"established for members of PBANYS which includes State Park Police, Department of Environmental Conversation","page_number":268,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"a283d408-f2fa-4cba-a849-9b284d3f9696","block_type":"box","text":"(DEC) Police, DEC Forest Rangers, and SUNY Police. The costs of these retirement enhancements are reflected in the","page_number":268,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"f13f397b-2130-453c-ad1c-5883c5cc0540","block_type":"box","text":"Financial Plan and are estimated to be $42 million in FY 2026 (inclusive of a past service cost of nearly $41 million)","page_number":268,"box":{"x":70,"y":293,"width":830,"height":12}},{"id":"273ff53a-0a1a-478f-8f66-d612e94487f1","block_type":"box","text":"and over $1 million each year thereafter.","page_number":268,"box":{"x":69,"y":309,"width":288,"height":11}},{"id":"b0b9e3b6-ea5a-40cd-b452-9ae804203308","block_type":"box","text":"Pension Contribution Stabilization Program. Under legislation enacted in August 2010, the State and local","page_number":268,"box":{"x":102,"y":332,"width":753,"height":11}},{"id":"373b7bb5-1348-4039-879f-12ec396c3bf7","block_type":"box","text":"governments may amortize (defer paying) a portion of their annual pension costs that exceed a fixed increase.","page_number":268,"box":{"x":68,"y":347,"width":787,"height":11}},{"id":"fd18e093-ff9b-45fa-9121-c25e1df87c68","block_type":"box","text":"Amortization temporarily reduces the pension costs that must be paid by public employers in a given fiscal year but","page_number":268,"box":{"x":68,"y":362,"width":823,"height":11}},{"id":"51123528-69d6-49b5-b8e0-c5c902347503","block_type":"box","text":"results in higher costs overall when repaid with interest. The full amount of each amortization must be repaid within","page_number":268,"box":{"x":69,"y":377,"width":825,"height":12}},{"id":"e27a494d-a643-4f22-923a-f557401e1c18","block_type":"box","text":"ten years at a fixed interest rate determined by OSC. The State and local governments are required to begin","page_number":268,"box":{"x":68,"y":392,"width":770,"height":12}},{"id":"4f4aec47-f249-4e0e-b28c-b5e6407dcfd6","block_type":"box","text":"repayment on new amortizations in the fiscal year immediately following the year in which the amortization was","page_number":268,"box":{"x":69,"y":407,"width":791,"height":12}},{"id":"e0ae7d45-808d-4b95-b60e-5bfc44a7c81f","block_type":"box","text":"initiated. The State currently has no outstanding pension amortization liability. The FY 2024 Enacted Budget included","page_number":268,"box":{"x":70,"y":423,"width":833,"height":11}},{"id":"dc7c0f03-8f1f-4bf5-adb9-bcf00875d0d5","block_type":"box","text":"legislation to allow public employers the option to terminate participation in the program provided they have paid in","page_number":268,"box":{"x":70,"y":438,"width":819,"height":11}},{"id":"891d0113-daf6-403c-90c8-a3d91a282519","block_type":"box","text":"full all prior year amortizations. The State currently has no plans to withdraw from the program.","page_number":268,"box":{"x":68,"y":453,"width":677,"height":11}},{"id":"c797ba98-8f6e-46e6-8c54-6817f4b6e1ca","block_type":"box","text":"Other Post-Employment Benefits (OPEB).","page_number":268,"box":{"x":101,"y":476,"width":299,"height":11}},{"id":"b94e14af-49f1-4f9e-b753-911a1bba6c94","block_type":"box","text":"State employees become eligible for post-employment benefits (e.g.,","page_number":268,"box":{"x":407,"y":475,"width":488,"height":12}},{"id":"2d9a2076-f510-44bf-b6b7-fdc34bae57aa","block_type":"box","text":"health insurance) if they reach retirement while working for the State; are enrolled in either the New York State Health","page_number":268,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"41265a24-8e28-4433-9708-3a7fc41bb619","block_type":"box","text":"Insurance Program (NYSHIP) or the NYSHIP opt-out program at the time they reach retirement; and have the required","page_number":268,"box":{"x":70,"y":506,"width":830,"height":11}},{"id":"385de6c4-41d4-43a3-bd6b-a1227cc889a0","block_type":"box","text":"years of eligible service. The cost of providing post-retirement health insurance is shared between the State and the","page_number":268,"box":{"x":68,"y":521,"width":829,"height":11}},{"id":"a4fd1517-e34e-43b2-8e99-148d1b70dd6b","block_type":"box","text":"retired employee. Contributions are established by law and may be amended by the Legislature. The State is not","page_number":268,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"dfa25ce6-0290-4dc5-801b-02f1b06966f6","block_type":"box","text":"required to provide funding above the Pay-As-You-Go (PAYGO) amount necessary to provide current benefits to","page_number":268,"box":{"x":69,"y":551,"width":778,"height":11}},{"id":"531b64da-0513-477e-94c6-3cea721adfa4","block_type":"box","text":"retirees. The State continues to fund these costs, along with all other employee health care expenses, on a PAYGO","page_number":268,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"e7362c3d-eec2-494d-aeba-6faa9a202df2","block_type":"box","text":"basis, meaning the State pays these costs as they become due.","page_number":268,"box":{"x":69,"y":581,"width":458,"height":12}},{"id":"b52c5bd2-94a9-440c-9370-041544885961","block_type":"box","text":"The State has deposited over $1.7 billion to the Retiree Health Benefit Trust Fund (RHBTF) which was created in","page_number":268,"box":{"x":101,"y":603,"width":800,"height":12}},{"id":"0858404b-e3fc-4c5a-9b02-ac89ec3510cc","block_type":"box","text":"FY 2018 as a qualified trust under Governmental Accounting Standards Board Statements (GASBS) No. 74 and is","page_number":268,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"3cab45ab-4cb2-4aba-b4e9-e612fad7b4b8","block_type":"box","text":"authorized to reserve money for the payment of health benefits of retired employees and their dependents. The","page_number":268,"box":{"x":69,"y":634,"width":794,"height":11}},{"id":"bfb9dbc9-b1b5-4659-9cdb-e80316d34713","block_type":"box","text":"RHBTF is a Fiduciary Fund and is excluded from All Governmental Funds. Under current law, the State may deposit","page_number":268,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"8f69bf63-55e2-4f80-ab0f-85df13cc0fae","block_type":"box","text":"into the RHBTF, in any given fiscal year, up to 1.5 percent of the total then-current unfunded actuarial accrued OPEB","page_number":268,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"40f3ca21-02fe-4412-9967-f00070ceca75","block_type":"box","text":"liability ($56.7 billion on March 31, 2024). The Financial Plan includes a continued $250 million annual deposit to","page_number":268,"box":{"x":70,"y":679,"width":814,"height":12}},{"id":"5a7fe206-1cdf-4908-85bd-3a405b74ec17","block_type":"box","text":"the RHBTF that will be dependent on fiscal conditions.","page_number":268,"box":{"x":68,"y":695,"width":385,"height":11}},{"id":"a14c038f-2490-4f2b-b529-40a0b1bf09db","block_type":"box","text":"State Debt","page_number":268,"box":{"x":101,"y":718,"width":79,"height":8}},{"id":"7f2e334d-36c6-4690-94c9-57b16e6c48d3","block_type":"box","text":"Bond Market and Credit Ratings.","page_number":268,"box":{"x":102,"y":740,"width":239,"height":11}},{"id":"ee1c2982-646a-4f14-b3ba-c561eac6f52e","block_type":"box","text":"Successful execution of the Financial Plan is dependent on the State’s ability","page_number":268,"box":{"x":348,"y":740,"width":550,"height":11}},{"id":"9b02e084-7152-4b8a-9762-47ef7e9ee4fb","block_type":"box","text":"to market bonds. The State pays for much of its capital spending, in the first instance, from the General Fund or STIP,","page_number":268,"box":{"x":68,"y":755,"width":839,"height":11}},{"id":"93799d11-6f3e-4888-81ca-1c86ef31afd9","block_type":"box","text":"and then reimburses itself with proceeds from the sale of bonds. An inability of the State to sell bonds or notes at","page_number":268,"box":{"x":69,"y":770,"width":815,"height":11}},{"id":"24c2ec48-6259-4fd7-b070-058255fe7c4f","block_type":"box","text":"the level or on the timetable it expects could have a material and adverse impact on the State’s financial position","page_number":268,"box":{"x":68,"y":785,"width":810,"height":11}},{"id":"68bc8507-20f7-4925-b70b-e64db78c8458","block_type":"box","text":"and the implementation of its Capital Plan. The success of projected public sales of municipal bonds is subject to","page_number":268,"box":{"x":69,"y":801,"width":811,"height":11}},{"id":"a7908095-65be-4c43-b2bd-89709cb7f90c","block_type":"box","text":"prevailing market conditions and related ratings issued by national credit rating agencies, among other factors. Future","page_number":268,"box":{"x":70,"y":816,"width":839,"height":11}},{"id":"c2f36c80-ebfd-48d4-80c0-5844e8749653","block_type":"box","text":"developments in the financial markets, including possible changes to the Internal Revenue Code relating to the","page_number":268,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"1756968a-df33-4cdc-8a45-b5dde6f8859b","block_type":"box","text":"taxation of interest on municipal bonds, may affect the market for outstanding State-supported and State-related","page_number":268,"box":{"x":68,"y":846,"width":806,"height":11}},{"id":"a24b9b9c-533c-4f39-b965-a75bdf90fa1a","block_type":"box","text":"debt.","page_number":268,"box":{"x":69,"y":861,"width":34,"height":9}},{"id":"c04c5850-b1d5-4967-97a4-8d252acd36b0","block_type":"box","text":"Public Page 38 of 42","page_number":268,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"13997ddf-5ee5-4fe3-a343-7afcdd90b345","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":268,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"789b1090-5470-4058-b82f-32fec6c351bb","block_type":"box","text":"The major rating agencies – Fitch, KBRA, Moody’s, and S&P – have assigned the State general credit ratings of","page_number":269,"box":{"x":101,"y":75,"width":792,"height":11}},{"id":"09f2f44b-3174-4ce8-a1bf-41501798b7c0","block_type":"box","text":"AA+, AA+, Aa1, and AA+, respectively. The State’s rating has a stable outlook from all four rating agencies. These","page_number":269,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"079e9f80-f72c-459c-88f9-0d59a2b6c443","block_type":"box","text":"ratings reflect the State’s economic recovery from the COVID-19 pandemic and commitment to strong reserve levels.","page_number":269,"box":{"x":69,"y":105,"width":834,"height":11}},{"id":"208cf9a4-0772-4cd7-9840-62a6fefacb99","block_type":"box","text":"Debt Reform Act Limit.","page_number":269,"box":{"x":102,"y":128,"width":166,"height":9}},{"id":"44e6cce4-cd2b-408a-8a8b-1f0dfe931585","block_type":"box","text":"The Debt Reform Act of 2000 (“Debt Reform Act”) restricts the issuance of State","page_number":269,"box":{"x":274,"y":128,"width":582,"height":11}},{"id":"67db40bb-8f38-4eb5-b415-6aa2859799e6","block_type":"box","text":"supported debt funding to capital purposes only and, with certain limited exceptions for long- lived Metropolitan","page_number":269,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"91efa979-f7b6-45b7-b9b7-b8de2aaf5452","block_type":"box","text":"Transportation Authority (MTA) projects, generally limits the maximum term of bonds to 30 years. The Debt Reform","page_number":269,"box":{"x":68,"y":158,"width":816,"height":11}},{"id":"b8332b36-8eee-4e04-b38a-2b892f8eaa62","block_type":"box","text":"Act limits the amount of new State-supported debt to 4 percent of State personal income, and new State-supported","page_number":269,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"b27f59e2-de7c-42da-b71e-cb576580f436","block_type":"box","text":"debt service costs to 5 percent of All Funds receipts. The restrictions apply to State-supported debt issued after","page_number":269,"box":{"x":69,"y":188,"width":802,"height":11}},{"id":"ed1f7485-1662-49cc-8547-d5d3860f02bd","block_type":"box","text":"April 1, 2000. DOB, as administrator of the Debt Reform Act, determined that the State complied with the statutory","page_number":269,"box":{"x":68,"y":203,"width":825,"height":12}},{"id":"aa6ee7f7-73a5-4dc1-97aa-6c118fa51aed","block_type":"box","text":"caps in the most recent calculation period (FY 2024).","page_number":269,"box":{"x":69,"y":219,"width":379,"height":11}},{"id":"4c3a064c-5649-410f-92e6-b42085bb1c26","block_type":"box","text":"The State enacted legislation that suspended certain provisions of the Debt Reform Act for FY 2021 and FY","page_number":269,"box":{"x":101,"y":241,"width":768,"height":11}},{"id":"b4a3883b-1f61-4536-8494-2f4974c37b36","block_type":"box","text":"2022 bond issuances as part of the State’s response to the COVID-19 pandemic. Accordingly, a total of $13 billion","page_number":269,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"67adfd4a-d722-4c5e-ba00-bec8d8b94d67","block_type":"box","text":"of State-supported debt issued in FY 2021 and FY 2022 and outstanding as of March 31, 2025, is not counted","page_number":269,"box":{"x":69,"y":271,"width":796,"height":12}},{"id":"6fb2b3b5-8b1d-4f97-8a74-4997379f8879","block_type":"box","text":"towards the statutory caps on debt outstanding and debt service.","page_number":269,"box":{"x":68,"y":287,"width":468,"height":11}},{"id":"0feddda8-b1c6-473d-be04-e95f5acb4802","block_type":"box","text":"Current projections anticipate that State-supported debt outstanding and State-supported debt service will","page_number":269,"box":{"x":102,"y":309,"width":758,"height":11}},{"id":"ef0ad6c2-c5dc-41f2-a675-3884dbbf1877","block_type":"box","text":"continue to remain below the limits imposed by the Debt Reform Act. Based on the most recent personal income and","page_number":269,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"dfb49a47-146c-4824-8941-eb479826348d","block_type":"box","text":"debt outstanding forecasts, the available debt capacity under the debt outstanding cap is expected to decline from","page_number":269,"box":{"x":69,"y":339,"width":817,"height":12}},{"id":"11e5788e-fc9d-4233-b237-ef11a7fd94bd","block_type":"box","text":"$26.2 billion in FY 2025 to a low point of $503 million in FY 2030. This calculation includes the estimated impact of","page_number":269,"box":{"x":69,"y":354,"width":833,"height":12}},{"id":"f7e8d1b4-c321-4af2-a13d-4951ed6ae230","block_type":"box","text":"funding capital commitments with State bonds. The debt service on State-supported debt subject to the statutory cap","page_number":269,"box":{"x":68,"y":370,"width":841,"height":11}},{"id":"45431224-d7cf-4a24-bc9f-17c80d65fa5f","block_type":"box","text":"is projected at $3.1 billion in FY 2026 inclusive of prior year prepayments, or roughly $9.3 billion below the statutory","page_number":269,"box":{"x":70,"y":384,"width":832,"height":12}},{"id":"377e218a-8269-4d6f-828e-60846542b3e1","block_type":"box","text":"debt service limit.","page_number":269,"box":{"x":69,"y":400,"width":126,"height":9}},{"id":"12b2e34a-b692-4ab6-8966-757ac41f4243","block_type":"box","text":"The State uses personal income estimates published by the Federal government, specifically the Bureau of","page_number":269,"box":{"x":101,"y":423,"width":765,"height":11}},{"id":"28ad2a14-968c-4676-b721-2896921317fd","block_type":"box","text":"Economic Analysis (BEA), to calculate the cap on debt outstanding, as required by statute. The BEA revises these","page_number":269,"box":{"x":70,"y":438,"width":807,"height":11}},{"id":"6e17d813-7f40-47ec-ac59-3bbf4c3881e5","block_type":"box","text":"estimates on a quarterly basis and such revisions can be significant. For Federal reporting purposes, BEA reassigns","page_number":269,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"f4159926-fa19-43cb-8cc8-3a8dc5815a77","block_type":"box","text":"income from the state where it was earned to the state in which a person resides, for situations where a person lives","page_number":269,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"f75e89df-300c-4b0f-858a-e0ad5bc5bc99","block_type":"box","text":"and earns income in different states (the “residency adjustment”). The BEA residency adjustment has the effect of","page_number":269,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"5c745e4c-8e96-49c5-ba56-705d13ebd9e9","block_type":"box","text":"reducing reported New York State personal income because income earned in New York by non-residents regularly","page_number":269,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"77ac37bc-379a-454d-85e1-f46f9f3a30ab","block_type":"box","text":"exceeds income earned in other states by New York residents. The State taxes all personal income earned in New","page_number":269,"box":{"x":69,"y":513,"width":814,"height":11}},{"id":"790f4e24-9788-4785-b7be-4ef31f8e0d52","block_type":"box","text":"York, regardless of place of residency.","page_number":269,"box":{"x":68,"y":528,"width":270,"height":12}},{"id":"a6020c62-5d2c-45cf-ac91-72e7f225779f","block_type":"box","text":"In the FY 2026 Enacted Budget, the State included new bond-financed capital commitments that add $2.4 billion","page_number":269,"box":{"x":102,"y":550,"width":804,"height":12}},{"id":"81160d75-643a-4455-be1e-34e4705cea47","block_type":"box","text":"in new debt over the five-year Capital Plan period. The capital spending increases are offset by greater underspending","page_number":269,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"7f4febe7-f740-49dc-8570-dacf4a3bd524","block_type":"box","text":"on capital projects than previously assumed, as well as changes in the size and timing of future bond issuances and","page_number":269,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"6bedd9fa-5ff4-4c37-96e9-cdcf8665f4e9","block_type":"box","text":"bond sale results to date. The FY 2026 Enacted Budget personal income forecast provides a short term benefit to","page_number":269,"box":{"x":69,"y":596,"width":815,"height":12}},{"id":"21bcab8d-7989-4a8d-8625-a4a8f751b250","block_type":"box","text":"debt capacity but reduces capacity by $551 million by FY 2030. The State may adjust capital spending priorities and","page_number":269,"box":{"x":69,"y":611,"width":829,"height":12}},{"id":"ab1f4167-cb56-46a8-a188-e1fce7cc43bc","block_type":"box","text":"debt financing practices from time to time to preserve available debt capacity and stay within the statutory limits, as","page_number":269,"box":{"x":69,"y":627,"width":831,"height":11}},{"id":"d75bdbec-84ac-4501-aa11-8d991fece673","block_type":"box","text":"events warrant.","page_number":269,"box":{"x":69,"y":643,"width":108,"height":8}},{"id":"b494defa-9de0-432e-9b7a-2f1fa92ee817","block_type":"box","text":"Localities and Authorities","page_number":269,"box":{"x":102,"y":665,"width":185,"height":8}},{"id":"a3e9e57b-e6fd-4e57-9106-cc031ed4fd46","block_type":"box","text":"The State’s localities and certain public authorities rely in part on State financial assistance to meet their","page_number":269,"box":{"x":101,"y":687,"width":756,"height":11}},{"id":"fe0244ff-67ee-48e8-8dbe-23a466d6fe32","block_type":"box","text":"commitments and expenses. Unanticipated financial needs among localities and the MTA can create pressure for the","page_number":269,"box":{"x":69,"y":702,"width":836,"height":12}},{"id":"66b1474f-ddaa-4212-9c71-cdffedc74e63","block_type":"box","text":"State to assist and may adversely affect Financial Plan projections.","page_number":269,"box":{"x":69,"y":717,"width":478,"height":12}},{"id":"ecfb1b19-1c24-4cee-8a4a-ce0dbcc88354","block_type":"box","text":"Financial Condition of New York State Localities.","page_number":269,"box":{"x":102,"y":740,"width":354,"height":9}},{"id":"677107a2-31fc-49bc-a974-6048b132456b","block_type":"box","text":"The largest driver of costs for most counties is Medicaid;","page_number":269,"box":{"x":462,"y":740,"width":406,"height":11}},{"id":"164f3fbf-fde3-41ec-af4e-cdd6203b24e0","block_type":"box","text":"however, the State has taken over all the growth in the program since FY 2007 and funds the entire cost of minimum","page_number":269,"box":{"x":69,"y":755,"width":834,"height":11}},{"id":"2bb32bce-f79b-4d67-b626-e76d0505ad3f","block_type":"box","text":"wage and homecare wage increases. In addition, certain localities outside the City of New York, including cities and","page_number":269,"box":{"x":68,"y":770,"width":823,"height":12}},{"id":"7240b2f9-4ee2-4adf-9757-0fabe8c5bc21","block_type":"box","text":"counties, have experienced financial problems, and have been allocated additional State assistance during the last","page_number":269,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"433b2a8b-ecdd-4b2c-9b27-fbc74ab9add8","block_type":"box","text":"several State fiscal years. The Financial Restructuring Board for Local Governments (the “Restructuring Board”) aids","page_number":269,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"dfb42527-1324-43ea-aa1b-cef6ac688ab9","block_type":"box","text":"distressed local governments by performing comprehensive reviews and providing grants and loans on the condition","page_number":269,"box":{"x":69,"y":816,"width":827,"height":11}},{"id":"8dbbe2a0-1389-4c94-a0df-435086175e2c","block_type":"box","text":"of implementing recommended efficiency initiatives.","page_number":269,"box":{"x":69,"y":831,"width":369,"height":11}},{"id":"994ad8c9-54bd-44cc-9f4d-4e42b96d7b09","block_type":"box","text":"MTA.","page_number":269,"box":{"x":102,"y":854,"width":35,"height":8}},{"id":"2e283e4c-2f2a-46d7-b037-36c8c6ffe0a4","block_type":"box","text":"The MTA operates public transportation in the City of New York metropolitan area, including subways,","page_number":269,"box":{"x":143,"y":853,"width":720,"height":12}},{"id":"b291635c-3932-48c0-8fd1-bffa7768c8a6","block_type":"box","text":"buses, commuter rail, and tolled vehicle crossings. The services provided by the MTA and its operating agencies are","page_number":269,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"35ad5c94-997d-4cd0-bbb4-09d0953100a9","block_type":"box","text":"integral to the economy of the City of New York and the surrounding metropolitan region, as well as to the economy of","page_number":269,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"602da95e-1ef5-41b6-b945-a975f3222d63","block_type":"box","text":"Public Page 39 of 42","page_number":269,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"847e6002-adf6-4971-96b3-4252b6cae483","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":269,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb1173d5-2dea-4141-956b-b36600efc2e1","block_type":"box","text":"the State. MTA operations are funded mainly from fare and toll revenue, dedicated taxes, and subsidies from the","page_number":270,"box":{"x":68,"y":75,"width":805,"height":11}},{"id":"789123be-12aa-412a-85fc-1da14377fb35","block_type":"box","text":"State and the City of New York. MTA Capital Plans also rely on significant direct contributions from the State and the","page_number":270,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"b3dd600c-6a84-4345-a115-4994afb3aeb5","block_type":"box","text":"City of New York.","page_number":270,"box":{"x":69,"y":105,"width":117,"height":11}},{"id":"246a80e0-f4a3-43f1-880c-be2ad035264f","block_type":"box","text":"MTA Capital Plans.","page_number":270,"box":{"x":102,"y":128,"width":137,"height":11}},{"id":"640c5b4a-3258-4c97-828d-f095d6d408dc","block_type":"box","text":"The FY 2026 Enacted Budget provides funding for the MTA’s 2025-2029 Capital Plan. The","page_number":270,"box":{"x":245,"y":128,"width":641,"height":11}},{"id":"31e3e11d-67ac-4898-90ea-a0d6d5246a95","block_type":"box","text":"Budget includes $4.2 billion in direct State contributions, of which $3 billion is from a new appropriation and","page_number":270,"box":{"x":70,"y":142,"width":772,"height":12}},{"id":"847f43fd-458b-4498-a8ca-a2253d108653","block_type":"box","text":"$1.2 billion is from repurposing an existing Penn Station appropriation. Additionally, the Budget includes adjustments","page_number":270,"box":{"x":69,"y":157,"width":835,"height":12}},{"id":"e204b39a-55e0-482c-8a5b-f755b6fd72af","block_type":"box","text":"to the MCTMT that are anticipated to generate an estimated $31.5 billion for the 2025-2029 Capital Plan.","page_number":270,"box":{"x":68,"y":172,"width":757,"height":12}},{"id":"fbb22084-d9a3-4ae4-a98a-e739a80906ed","block_type":"box","text":"The State is also directly contributing $9.1 billion to the MTA’s 2015-2019 Capital Plan and $3.1 billion to the","page_number":270,"box":{"x":101,"y":195,"width":785,"height":12}},{"id":"6512df20-2fc6-4413-95b3-6b5c9aa13c6e","block_type":"box","text":"MTA’s 2020-2024 Capital Plan. These State commitment levels represent substantial increases from the funding","page_number":270,"box":{"x":70,"y":211,"width":807,"height":11}},{"id":"0fca8e6c-491f-4152-acc2-8041530574c4","block_type":"box","text":"levels for prior MTA Capital Plans (2010-2014: $770 million; 2005-2009: $1.45 billion). In addition, a substantial","page_number":270,"box":{"x":70,"y":225,"width":809,"height":12}},{"id":"c860792b-3b49-493a-a3fc-c751c9937974","block_type":"box","text":"amount of new funding to the MTA was authorized in the FY 2020 Enacted Budget as part of a comprehensive reform","page_number":270,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"3d8fa94e-54aa-4c69-bc4e-8f011dba0744","block_type":"box","text":"plan expected to generate an estimated $25 billion in financing for the MTA’s 2020-2024 Capital Plan, including","page_number":270,"box":{"x":70,"y":256,"width":799,"height":12}},{"id":"b428a512-57a1-4b96-b143-93446652bd93","block_type":"box","text":"$15 billion from congestion pricing revenues.","page_number":270,"box":{"x":69,"y":271,"width":320,"height":12}},{"id":"8cca3ccb-9ed7-41b7-b954-b36128b8bafc","block_type":"box","text":"New York’s Central Business District Tolling Program (CBDTP) was implemented in Manhattan on","page_number":270,"box":{"x":102,"y":294,"width":686,"height":11}},{"id":"03d5aea0-b981-440b-93d7-7479129bf847","block_type":"box","text":"January 5, 2025, following the entry of an agreement, dated November 21, 2024, by and among the Federal Highway","page_number":270,"box":{"x":69,"y":309,"width":839,"height":11}},{"id":"1212159c-f366-4483-b43d-00dcebe7d9b5","block_type":"box","text":"Administration (FHWA), NYS Department of Transportation, NYC Department of Transportation, and the Triborough","page_number":270,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"b7a61b95-4e81-4dcb-8f19-c7fc4a8e6b63","block_type":"box","text":"Bridge and Tunnel Authority (TBTA), approving CBDTP under the Federal Value Pricing Pilot Program (the VPPP","page_number":270,"box":{"x":70,"y":340,"width":772,"height":11}},{"id":"322b3670-e879-424d-927c-9214f91a5cb9","block_type":"box","text":"Agreement). On February 19, 2025, the U.S. Department of Transportation (US DOT) delivered a letter to Governor","page_number":270,"box":{"x":68,"y":355,"width":820,"height":11}},{"id":"35126ef1-4130-450a-823d-ca51980f2b8d","block_type":"box","text":"Kathy Hochul asserting its intent to terminate the VPPP Agreement and rescind FHWA’s approval of the CBDTP. In","page_number":270,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"7aa305f2-d802-4f30-8e70-e025a1ad4e2e","block_type":"box","text":"response, the TBTA and MTA filed a complaint in the U.S. District Court for the Southern District of New York seeking,","page_number":270,"box":{"x":69,"y":385,"width":836,"height":11}},{"id":"b96f1572-6036-48bc-a99b-03b2b0681e46","block_type":"box","text":"among other legal remedies, an order vacating US Department of Transportation (DOT’s) purported termination which","page_number":270,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"b087ee09-90dd-41c7-9b78-c86c6697c999","block_type":"box","text":"was undertaken in violation of the terms of that agreement, and in excess of the Department’s authority. The TBTA","page_number":270,"box":{"x":68,"y":415,"width":821,"height":11}},{"id":"065b5568-ca63-462b-9dde-2c046eb47ab2","block_type":"box","text":"and MTA have stated they will continue operation of the CBDTP absent a valid court order.","page_number":270,"box":{"x":69,"y":430,"width":640,"height":11}},{"id":"e33f352e-d3ce-41ff-9fca-af7b2f32fd16","block_type":"box","text":"Other State Actions.","page_number":270,"box":{"x":101,"y":453,"width":149,"height":9}},{"id":"38395318-2a7e-44df-b18a-68bcde42be19","block_type":"box","text":"The COVID-19 pandemic caused severe declines in MTA ridership and traffic in 2020, and","page_number":270,"box":{"x":256,"y":453,"width":640,"height":11}},{"id":"bdea8dae-1691-4b0b-986e-0054f82d106f","block_type":"box","text":"ridership remains significantly below pre-pandemic levels. In the FY 2024 Enacted Budget, the State took substantial","page_number":270,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"efecfb21-d215-4b0e-89a3-64a5ab699fba","block_type":"box","text":"action to provide the MTA with additional operating revenues dedicated to help solve the MTA’s fiscal crisis. This","page_number":270,"box":{"x":69,"y":483,"width":800,"height":11}},{"id":"417059de-c0bf-4871-8f6f-9add3a201dc5","block_type":"box","text":"included an increase in the MCTMT in the City of New York, a one-time State subsidy of $300 million, an increase in","page_number":270,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"45c75c09-36b4-451a-a5ab-18b3a2149c29","block_type":"box","text":"the City of New York’s contribution to the MTA for the costs of paratransit services and directing a portion of future","page_number":270,"box":{"x":68,"y":513,"width":819,"height":12}},{"id":"8aca5021-1d39-4a23-a181-900e7b85fb38","block_type":"box","text":"casino revenues, the timing of which is uncertain, to the MTA.","page_number":270,"box":{"x":69,"y":528,"width":440,"height":12}},{"id":"6e74b449-19ab-4c82-8963-786634bf20f9","block_type":"box","text":"Risks to the MTA include, but are not limited to, the level and pace at which ridership will return, the economic","page_number":270,"box":{"x":102,"y":551,"width":786,"height":11}},{"id":"afda2f0d-88f3-4be0-a3e4-15c902ffd19e","block_type":"box","text":"conditions of the MTA region, the ability to implement cost controls and savings actions, and the ability to implement","page_number":270,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"bea532c0-b906-47a0-a1fe-f2d3406ec2df","block_type":"box","text":"biennial fare and toll increases. If additional resources are provided by the State, either through additional subsidies","page_number":270,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"f80c9282-8b69-467f-a4c0-9c0b49b5d27c","block_type":"box","text":"or new revenues, it could have a material and adverse impact on the Financial Plan.","page_number":270,"box":{"x":69,"y":597,"width":595,"height":10}},{"id":"b4393cf6-e12d-4c9c-8d3d-72c543c66033","block_type":"box","text":"Other Risks and Ongoing Concerns","page_number":270,"box":{"x":101,"y":619,"width":254,"height":11}},{"id":"74743f5a-3ecd-4693-b8f5-e2deec4458fe","block_type":"box","text":"Climate Change","page_number":270,"box":{"x":101,"y":642,"width":116,"height":11}},{"id":"c6a25ced-8b9f-468b-b04e-5aed98141b28","block_type":"box","text":". Climate change poses significant threats to physical, biological, and economic systems in New","page_number":270,"box":{"x":219,"y":642,"width":684,"height":11}},{"id":"94929a5e-8464-4512-ac7c-eec4ec336261","block_type":"box","text":"York and around the world. The immediate and long-term effects of climate change could adversely impact the","page_number":270,"box":{"x":68,"y":657,"width":785,"height":11}},{"id":"2ac0b698-f6c9-42a9-990b-5fb52bcc864d","block_type":"box","text":"Financial Plan in the current year or in future years. Climate change risks also increasingly fall within the maximum","page_number":270,"box":{"x":70,"y":672,"width":814,"height":11}},{"id":"ba70af46-cedf-4bb2-b557-27d92ec64221","block_type":"box","text":"maturity term of current outstanding bonds of the State, which may generally be issued with a term of up to 30 years","page_number":270,"box":{"x":69,"y":687,"width":834,"height":11}},{"id":"e98e3478-90d8-41ca-912f-44752b926b68","block_type":"box","text":"under State statute, as well as bonds issued by public authorities and municipalities. Hazards and risks related to","page_number":270,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"f41af87a-881b-422f-9f7a-a5cec8c2922a","block_type":"box","text":"climate change for the State include, among other things, rising sea levels, increased coastal flooding and related","page_number":270,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"e306f44c-155c-4e03-b450-9fa32ecc566c","block_type":"box","text":"erosion hazards, intensifying storms, wildfires, and more extreme heat.","page_number":270,"box":{"x":69,"y":732,"width":507,"height":12}},{"id":"22732068-3b9d-4f5f-ac8b-de8526da3443","block_type":"box","text":"Powerful storms affecting the State, including Hurricane Ida (September 2021), Superstorm Sandy (October","page_number":270,"box":{"x":102,"y":755,"width":770,"height":11}},{"id":"8e6bf18b-72f7-41db-ab1d-e25ab5e4cd9e","block_type":"box","text":"2012), Tropical Storm Lee (September 2011), and Hurricane Irene (August 2011), and more recently flooding in","page_number":270,"box":{"x":69,"y":770,"width":797,"height":12}},{"id":"de77e8fc-1e59-4cfc-92b4-350170c49ab5","block_type":"box","text":"2024 due to the remnants of Hurricane Beryl and Tropical Storm Debby have demonstrated vulnerabilities in the","page_number":270,"box":{"x":69,"y":785,"width":801,"height":12}},{"id":"40b9ffce-b545-47fd-9002-7e96701dc399","block_type":"box","text":"State’s infrastructure (including mass transit systems, power transmission and distribution systems, and other","page_number":270,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"feb179a3-3f16-46e6-a2a7-eb0e2ac93c9f","block_type":"box","text":"critical lifelines) to extreme weather-driven events, including coastal flooding caused by storm surges and flash floods","page_number":270,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"77f62e96-56df-4ac9-a50b-4b589cf0afb7","block_type":"box","text":"from rainfall.","page_number":270,"box":{"x":68,"y":831,"width":89,"height":9}},{"id":"210b8b8c-04bd-4be6-8240-f1fdef910d13","block_type":"box","text":"To mitigate and manage the impacts of climate change, all levels of government, including municipalities and","page_number":270,"box":{"x":101,"y":853,"width":777,"height":12}},{"id":"cd4aa597-f6ec-425e-9b03-6f2f375e7cd7","block_type":"box","text":"public utilities, continue to undertake a variety of actions to reduce greenhouse gas emissions and adapt existing","page_number":270,"box":{"x":70,"y":869,"width":810,"height":11}},{"id":"add01000-afab-42c9-ba17-25167f841da5","block_type":"box","text":"Public Page 40 of 42","page_number":270,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"db163b00-cb1e-4eea-b4c9-d65511032448","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":270,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfb5aeef-30d7-4f41-92ee-ee9c9000cd3c","block_type":"box","text":"infrastructure to the changing environment. However, given the size and scope of potential disruptions, there can be","page_number":271,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"78b7000b-ea5a-40b3-9196-51e39255c60a","block_type":"box","text":"no assurance that such efforts will be adequate or timely enough to mitigate the most damaging effects of climate","page_number":271,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"6226c529-53b1-4888-a79f-0528d64049ff","block_type":"box","text":"change.","page_number":271,"box":{"x":69,"y":105,"width":54,"height":11}},{"id":"f417ce79-3ad2-4ba3-9e3c-ef060828e70f","block_type":"box","text":"In 2019, New York enacted the Climate Leadership and Community Protection Act (CLCPA). The CLCPA set the","page_number":271,"box":{"x":102,"y":128,"width":783,"height":11}},{"id":"0ee919f7-f3f8-4549-800b-10cc80bf6e66","block_type":"box","text":"State on a path toward reducing statewide greenhouse gas emissions by 85 percent below the 1990 level by 2050;","page_number":271,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"2fb3a0ee-aa79-46c8-8cb7-420ee888db85","block_type":"box","text":"and a plan to fully transition its electricity sector to zero emissions by 2040. Several factors may impact the ability to","page_number":271,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"a73c5244-e6e7-4a08-89e3-7407a2c8e3f6","block_type":"box","text":"achieve these goals and directives, and, therefore, no assurances can be made that such objectives will be met.","page_number":271,"box":{"x":69,"y":173,"width":803,"height":11}},{"id":"e7018ce7-0f16-4555-a598-ae7c118bb425","block_type":"box","text":"The CLCPA created the Climate Action Council (CAC), which was tasked with developing a Scoping Plan with","page_number":271,"box":{"x":101,"y":196,"width":764,"height":11}},{"id":"bfb8a560-2402-4116-bb27-36a93d97b0e7","block_type":"box","text":"recommendations to reduce greenhouse gas emissions, increase renewable energy usage, and promote climate","page_number":271,"box":{"x":69,"y":211,"width":801,"height":11}},{"id":"621f6d7b-0864-4862-b380-e83fb6169335","block_type":"box","text":"justice. The CAC approved and adopted the final Scoping Plan in December 2022. In response, New York is working","page_number":271,"box":{"x":67,"y":226,"width":826,"height":11}},{"id":"278a307b-ded6-4bba-878a-6f72ebf47e3b","block_type":"box","text":"to develop an affordable and effective cap- and-invest program that will drive emissions reductions across all regions","page_number":271,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"023a9904-2b1a-49fb-8d78-cefe6ea00a19","block_type":"box","text":"of the State, while maintaining the competitiveness of New York businesses and industries. Pursuant to the CLCPA,","page_number":271,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"2386464a-ee6d-43fe-b4a6-e52d27453498","block_type":"box","text":"DEC is required to promulgate rules and regulations to ensure the State meets the CLCPA’s statewide greenhouse","page_number":271,"box":{"x":70,"y":272,"width":815,"height":11}},{"id":"bdcab7dd-a95a-4026-a165-124f070a5665","block_type":"box","text":"gas emission limits. DEC has already adopted a variety of regulations to help meet this objective, which will play a","page_number":271,"box":{"x":68,"y":286,"width":814,"height":12}},{"id":"274f238c-694e-4a49-8a34-10ee735fc663","block_type":"box","text":"key role in New York’s overall policies aimed at reducing greenhouse gas emissions across the State.","page_number":271,"box":{"x":69,"y":302,"width":723,"height":11}},{"id":"c5c6cd88-0d73-4798-897c-cbe40a3f6ceb","block_type":"box","text":"New York’s electricity system is already part of a regional cap-and-invest program: the Regional Greenhouse Gas","page_number":271,"box":{"x":102,"y":324,"width":799,"height":12}},{"id":"3c3db6c2-287c-430e-8bb3-0731e52ed10a","block_type":"box","text":"Initiative (RGGI). Since RGGI began operation in 2008, the program has helped reduce greenhouse gases from power","page_number":271,"box":{"x":70,"y":339,"width":835,"height":12}},{"id":"879df8ab-692c-4bfc-9696-34da13229c1e","block_type":"box","text":"plants by more than half and raised over $2.7 billion to support cleaner energy solutions in New York and over","page_number":271,"box":{"x":70,"y":354,"width":785,"height":12}},{"id":"f180216d-4ba7-4120-b2ee-bb0bb0d62182","block_type":"box","text":"$9.0 billion collectively amongst participating states.","page_number":271,"box":{"x":69,"y":369,"width":376,"height":12}},{"id":"1726dd6e-52aa-410f-9f54-cd3fced4d493","block_type":"box","text":"Concurrently, the State has been taking regulatory and legislative actions that are intended to limit greenhouse","page_number":271,"box":{"x":102,"y":392,"width":792,"height":12}},{"id":"7493840c-c221-4f04-b801-a801e155b7c2","block_type":"box","text":"gas emissions, electrify transportation, and generate more electricity from renewable sources. Realization of these","page_number":271,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"2d61352b-93be-4962-a943-b82beb57c8d6","block_type":"box","text":"actions and their intended outcomes is contingent upon successful implementation, and, therefore, no assurances","page_number":271,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"f8f85a77-6a28-42fb-ba35-daa0ef0ab5fa","block_type":"box","text":"can be made that such actions will be realized as planned. 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Entities or individuals may attempt to gain unauthorized access to the State’s technology","page_number":271,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"1a45e798-4273-489d-bf05-e6378dfd366a","block_type":"box","text":"environment for the purposes of misappropriating assets or information or causing operational disruption and","page_number":271,"box":{"x":69,"y":891,"width":780,"height":12}},{"id":"92c5945b-f1c2-41ec-971b-d067c1657f8c","block_type":"box","text":"damage. In addition, the tactics used in malicious attacks to obtain unauthorized access to networks and systems","page_number":271,"box":{"x":69,"y":907,"width":816,"height":11}},{"id":"8ba8c570-3e5b-458a-b3a2-d1d41160ecbb","block_type":"box","text":"Public Page 41 of 42","page_number":271,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"b425bdb6-78f0-4382-b877-38251f0bf769","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":271,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73968b4a-7633-4074-a58c-8074da475ceb","block_type":"box","text":"change frequently and are often not recognized until launched against a target. Accordingly, the State may be unable","page_number":272,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"97dd594e-672b-44cb-93f1-33ce80166bc1","block_type":"box","text":"to fully anticipate these techniques or implement adequate preventative measures.","page_number":272,"box":{"x":68,"y":90,"width":592,"height":11}},{"id":"ab99462a-5cba-4b38-a344-7b49bb5768c6","block_type":"box","text":"To mitigate the risk of business operations impact and/or damage from cyber incidents or cyber- attacks, the","page_number":272,"box":{"x":101,"y":113,"width":777,"height":11}},{"id":"75ca9ee3-bbd0-4f0f-8889-f1d82438917c","block_type":"box","text":"State invests in multiple forms of cybersecurity and operational controls. The State’s Chief Information Security","page_number":272,"box":{"x":69,"y":128,"width":794,"height":11}},{"id":"47ab14da-b1fa-415a-91ae-533c586e6b54","block_type":"box","text":"Office (CISO) within the State’s Office of Information Technology Services (ITS) maintains policies, standards,","page_number":272,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"7ec5865f-2772-4c15-9e5f-2be424deb5fb","block_type":"box","text":"programs, and services relating to the security of State government networks. The CISO is responsible for annually","page_number":272,"box":{"x":70,"y":158,"width":819,"height":11}},{"id":"27ed1276-0f9a-4220-92a9-921a84c17217","block_type":"box","text":"assessing the effectiveness of certain State agencies’ cybersecurity defenses through the Nationwide Cybersecurity","page_number":272,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"5bc446c8-a8c0-4572-94fc-1bd910f3518e","block_type":"box","text":"Review. In addition, the CISO maintains the New York State Cyber Command Center team, which possesses digital","page_number":272,"box":{"x":70,"y":188,"width":813,"height":12}},{"id":"6506174e-bc80-45a7-b1ee-50fc8f5d7235","block_type":"box","text":"forensics capabilities, and manages cyber incident reporting and response. The CISO also distributes real-time","page_number":272,"box":{"x":68,"y":203,"width":791,"height":12}},{"id":"03688b20-9065-481c-8cfc-0b1255e21e4c","block_type":"box","text":"advisories and alerts, provides managed security services, and implements Statewide information security","page_number":272,"box":{"x":69,"y":218,"width":761,"height":12}},{"id":"6de4772c-e322-4bca-af89-0b7c19f91faf","block_type":"box","text":"awareness training.","page_number":272,"box":{"x":69,"y":234,"width":138,"height":11}},{"id":"8e9d71cc-9d9e-4c93-9822-0d38606083dc","block_type":"box","text":"The State has also developed partnerships with local governments to better address cybersecurity threats. In","page_number":272,"box":{"x":101,"y":256,"width":780,"height":12}},{"id":"a66a98c0-5d2d-42c8-bb0f-88ea9bfc3739","block_type":"box","text":"February 2022, the Governor announced the creation of an information-sharing partnership, the Joint Security","page_number":272,"box":{"x":70,"y":271,"width":782,"height":12}},{"id":"72a000d7-0099-4ee8-8eb4-c16517b73bec","block_type":"box","text":"Operations Center (JSOC). The JSOC is a partnership between the State and the cities of Albany, Buffalo, the City of","page_number":272,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"8da84bdb-4c98-4fba-a4d7-fa49801868aa","block_type":"box","text":"New York, Rochester, Syracuse, and Yonkers. The JSOC combines local, State, and Federal cyber threat information","page_number":272,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"db18493f-16fd-4252-b898-b01029422c50","block_type":"box","text":"in order to increase collaboration on threat intelligence, reduce response times, and yield faster and more effective","page_number":272,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"e0207006-6fbf-42f3-a55c-e2346e2b9701","block_type":"box","text":"remediation in the event of a major cyber incident. The FY 2026 Enacted Budget continues to invest in New York’s","page_number":272,"box":{"x":69,"y":332,"width":812,"height":11}},{"id":"9084097f-6de2-4156-bf0c-0fb006dfe633","block_type":"box","text":"Shared Services Program, which helps county and local governments and other regional partners acquire and deploy","page_number":272,"box":{"x":69,"y":347,"width":831,"height":11}},{"id":"e9ac2adf-e795-4ead-95b0-29aae5e85072","block_type":"box","text":"high quality cybersecurity services to bolster their cyber defenses.","page_number":272,"box":{"x":69,"y":362,"width":469,"height":11}},{"id":"9e9d8dd8-5a0d-4f0a-94cb-c75b1cd820cd","block_type":"box","text":"Occasionally, intrusions into State digital systems have been detected, but they have generally been contained.","page_number":272,"box":{"x":102,"y":385,"width":792,"height":11}},{"id":"a4aa20df-55e7-4b05-850e-5099c71bb34e","block_type":"box","text":"While cybersecurity procedures and controls are routinely reviewed and tested, there can be no assurance that such","page_number":272,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"54c84ad5-29c6-4d19-9a51-85f9defa20d2","block_type":"box","text":"security and operational control measures will be successful at preventing future cyber threats and attacks.","page_number":272,"box":{"x":69,"y":415,"width":766,"height":11}},{"id":"1e51701a-46aa-4a0e-8c5c-50a892a66ed5","block_type":"box","text":"Successful attacks could adversely impact the State, including disrupting business operations, harming State","page_number":272,"box":{"x":69,"y":430,"width":781,"height":11}},{"id":"44ef19cb-da53-4d90-9132-26f772c11bf0","block_type":"box","text":"networks and systems, and damaging State and local infrastructure; and the costs of remediation and recovery could","page_number":272,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"65291cde-3ad3-4e2d-acb9-a72e69601632","block_type":"box","text":"be 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BlackRock offers a wide range of investment products and funds to support our clients’ unique","page_number":275,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"f5715a68-7957-444f-b0c3-e4db51c4470d","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":275,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"75e4c3ea-ade0-45b5-bb9a-b0536d52e43b","block_type":"box","text":"2","page_number":275,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"4e4c6d39-fcfa-4a17-a274-2e462a972e71","block_type":"box","text":"PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":275,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"baa87395-f5d7-4353-9d10-03de9c6db19a","block_type":"box","text":"High-Performing Companies Apart”, March 2024.","page_number":275,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"59ac667b-dd70-4061-90f8-f76e52acdb9a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":275,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7ae4c34e-5446-4b33-9294-b248cde4d9ed","block_type":"box","text":"Global Principles | 3","page_number":275,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c7d1d10a-8264-4881-9e3f-182249cfc576","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":275,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e8091a3-7fd1-4444-9fe9-9c60bf6108bd","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":276,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"b7d14d0d-4482-4c7c-9a7f-7ad804f30303","block_type":"box","text":"voting rights should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":276,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"190f5d90-eb4f-4fb0-a53d-b7879197899c","block_type":"box","text":"this balance.","page_number":276,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"4413c23e-45c1-4d10-a539-c9c19014fd7f","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":276,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"f946372f-5999-401a-880a-47f2c07649e3","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":276,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"b599188f-a214-4423-ad2a-8d36a3b5a79f","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":276,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"d51b6596-6c2f-486c-8923-18c2fc31a6f4","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":276,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"58e4db9d-7c1a-4999-821c-2418c9c19c74","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":276,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"bb472e25-76ab-45ff-b1f9-3177d5a848e5","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s","page_number":276,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"8b06cc21-cc2a-47fa-9c09-72b7732a21be","block_type":"box","text":"management or its shareholders. Voting is an important mechanism for investors to express support for, or concern","page_number":276,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"f25c040e-7cac-49b2-94c1-21fa39122d85","block_type":"box","text":"about, a company’s performance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":276,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"a8587699-3ea8-44a5-92c2-f7da6b906dab","block_type":"box","text":"For those clients, and as a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner","page_number":276,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"60301ad9-f4c2-46d3-81a6-e1554f540e21","block_type":"box","text":"that is consistent with their investment objectives. BIS does this by casting votes in favor of proposals that, in our","page_number":276,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"a2a12a3e-0656-4cdd-8939-a59a758d0a96","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":276,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"5e6e0c97-b53c-4245-9f33-297a4f443fdc","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":276,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"9c4274f8-943a-4a33-ae3d-ee16050d62b4","block_type":"box","text":"engagement with boards and management teams, third-party research, and comparisons against a company’s","page_number":276,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"d31f39d1-0d46-4e19-bdd4-3fbd011cdd50","block_type":"box","text":"industry peers.","page_number":276,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"807021ed-413f-400a-94b7-d838b01bd423","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":276,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"dbbd2f9d-6cd9-485d-a43f-fbbaae5ff8eb","block_type":"box","text":"horizons of the majority of our clients. An engagement is a meeting between BIS and a company’s board and","page_number":276,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"9d44083e-4ca3-4936-8559-7d45b787e5b2","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":276,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"458f9625-d85b-4dae-9875-7cb6976c5bc2","block_type":"box","text":"opportunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":276,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"49c34712-4bc1-4ae8-be97-69d04f56dbe3","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":276,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"bd0a0f09-0f98-4c66-bb3b-5b7e6e600c87","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":276,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"5d4d8ae6-cf6c-4708-8bf2-c6fb678ab494","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and opportunity set, and management’s plan to deliver","page_number":276,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"a415a72f-1227-4a89-9e70-a1775c09279b","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":276,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"50627ae1-c21e-4fb1-a996-3aed5c401079","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":276,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"065e6b08-93a4-4394-bdec-12d45c2f3a6a","block_type":"box","text":"drivers of long-term financial performance.","page_number":276,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"9ebe0145-2f98-4b23-b63b-adcf8e1ce43e","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of","page_number":276,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"3ac23d5d-dacb-4f8f-8cb0-8ca23bcc1cf8","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":276,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"58aa203c-fa58-4d1e-826c-96d9263d0a95","block_type":"box","text":"determine it is in our clients’ financial interests to convey concern to companies through voting, we do so in two","page_number":276,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"e8437be3-365f-4a76-918c-b79a294251fb","block_type":"box","text":"forms: we might not support the election of directors or other management proposals, or we might not support","page_number":276,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"4f000067-d87f-4d17-bcc9-a7df6c93960c","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":276,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"99f79c2c-dffa-4c58-8df2-f0822e52f1c6","block_type":"box","text":"KEY THEMES","page_number":276,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"45c00a95-37eb-426f-a56b-a91c69416399","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":276,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"f0d196cc-3bcc-419a-80e9-1ced46202772","block_type":"box","text":"there are certain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":276,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"f7cd3a17-ba56-4ec0-885a-78dae353566d","block_type":"box","text":"ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of","page_number":276,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"ff3b1c3d-afdf-4bff-80b5-8c493b33fada","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":276,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"c411d0bb-12f8-4f82-b330-ef8590da57d4","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":276,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"8a291f11-d9e7-4d7a-94c8-13a3d02c6b89","block_type":"box","text":"their domestic market,","page_number":276,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"d4fa19c7-456e-427f-9b4c-f9480f89309d","block_type":"box","text":"3","page_number":276,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"723b288e-deab-4024-b545-8e07aeaf94f7","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long","page_number":276,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"0f8b6ff3-06b8-484f-b811-16c7e356dd5e","block_type":"box","text":"term financial value creation.","page_number":276,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"d6abede1-5194-4686-beff-4ede0fd6df14","block_type":"box","text":"These Principles cover seven key subjects:","page_number":276,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"71b7904d-376c-4ba2-aa9f-7c8f9a168582","block_type":"box","text":"•","page_number":276,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"5f1dbf39-1c56-48c3-b708-ca95022197b5","block_type":"box","text":"Boards and directors","page_number":276,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"d918a38d-f0cd-4dd9-b669-29a2f5d80e5d","block_type":"box","text":"•","page_number":276,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"d6c10940-e3ed-4238-ac78-28f291135f1c","block_type":"box","text":"Auditors and audit-related issues","page_number":276,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"d164cd57-901b-4844-a991-8ce9a1baaf49","block_type":"box","text":"•","page_number":276,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"e958505e-0a70-438e-87b8-1e2b5c5b2aef","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":276,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"1cc4e300-2517-4ab8-b3da-588b77c75de3","block_type":"box","text":"•","page_number":276,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"2c8c15fa-2f6c-4891-97d5-221902268447","block_type":"box","text":"Executive compensation","page_number":276,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"2cb6f994-9bbf-4e92-97a9-6707daecf816","block_type":"box","text":"•","page_number":276,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"5796f33e-0c3b-4044-be26-35e5441a8daa","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":276,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"175fe84c-2399-495d-ab98-db0a76a4b1ab","block_type":"box","text":"3","page_number":276,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"03e489c9-2007-415e-8e49-aaf9c5f16b62","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":276,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"6252ba95-d5c5-4a18-bf7b-9c73973a9cf7","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":276,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"13b234c5-0ed3-46e6-87a0-2ad9d7ad1956","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":276,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"70fd4c07-7243-4108-9a7f-874f55887bc9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":276,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"49bc46c4-65dd-429c-a210-4d9480c9ef06","block_type":"box","text":"Global Principles | 4","page_number":276,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"587f8f2d-ff91-4863-b5de-23040f9e7ce9","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":276,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6771f73-94c2-4916-98e4-1fae15da1a30","block_type":"box","text":"•","page_number":277,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"9a737b77-bf78-47d9-afa9-f0b39f48fdc5","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":277,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"81e6f850-7525-407d-a057-6e74ae24341e","block_type":"box","text":"•","page_number":277,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"f4485967-b70a-468b-8f87-02d78c3da5e3","block_type":"box","text":"Shareholder proposals","page_number":277,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"fd302052-4a5f-4355-aeab-076bbb349146","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":277,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"8e0817ff-eb00-4d6f-a50c-4ce531e33a02","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":277,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"99afdba9-b285-4f3c-83f6-5b8e3ebf3003","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":277,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"b99b80dd-d763-403f-947c-8288287f7dcc","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":277,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"ff505b88-0a13-4718-adeb-25de586ac206","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":277,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"d974defd-05ff-456d-9314-b5871828283c","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":277,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"c6e75149-a8b2-4bbc-8749-230020c5a96e","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":277,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"8035c9c0-e824-4031-899a-0054ae0b49d3","block_type":"box","text":"environment within which a company is operating.","page_number":277,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"9d08a16e-767a-413e-b92c-0f9e202b7c92","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":277,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"fa514f19-57f5-421d-97f0-02eeb4dcd3b0","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":277,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"ce9ed45e-5f75-4b5b-b5e6-d1c8150ec1b5","block_type":"box","text":"characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of","page_number":277,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"95f25c9d-5243-4c9c-9f57-41409a974fb0","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":277,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"425d2760-5883-4bff-81e8-797e964cae22","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial","page_number":277,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"72d0e55a-3049-4c2c-9149-a251c3e55d1d","block_type":"box","text":"performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":277,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"fdf40b8f-5d9d-4df8-9dc4-f97ab2dbc604","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship efforts","page_number":277,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"e817b124-de92-4fda-85be-37ad3e31d12e","block_type":"box","text":"have always started with the performance of the board of directors, and why we see engagement with, and the","page_number":277,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"ad964eaa-5773-4cab-9db3-2cf4651590f8","block_type":"box","text":"election of, directors as one of our most important responsibilities. We engage, as necessary, with members of the","page_number":277,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"cda3376c-e448-4e45-9817-946bf1d5aae7","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":277,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"8482e7f5-4875-45e9-adbf-6b3b291b0a39","block_type":"box","text":"are appropriate given a company’s business model and we take into consideration a number of factors, including the","page_number":277,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"6fa57fb4-d0bb-47d7-a5e4-07e1ab98cdb9","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":277,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"8653e8fb-fdb1-4dab-a0a9-20b1c4afe7bc","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":277,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"2b3d2e99-ac32-4903-83fd-9d5ad842b430","block_type":"box","text":"governance mechanisms to support its oversight of the company’s strategy and operations consistent with the long","page_number":277,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"29147751-29a5-4969-a987-e59f6fbaa2c0","block_type":"box","text":"term economic interests of investors. There should be clear descriptions of the role of the board and the committees","page_number":277,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"15eed700-e27f-4791-96ec-09ed929eebb9","block_type":"box","text":"of the board and how directors engage with and oversee management. Disclosure of material risks that may affect a","page_number":277,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"4478ecd0-4b2e-40b4-84f7-8e1f67406550","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":277,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"5f3c5679-7c76-4023-b96f-52469d71bf8f","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":277,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"b785a700-5ab9-4232-8084-5dd9d339d0ec","block_type":"box","text":"managing, and mitigating such risks.","page_number":277,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"baed200d-9a7c-4369-931b-1ec52cb5b735","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":277,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"f6059de4-f642-448b-b3e3-fb2d93819879","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":277,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"c486d04a-6648-4dcb-8be6-8e67d44602b6","block_type":"box","text":"when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":277,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"7d44fc6c-3a47-4738-8729-e7d9dd35ef1b","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in","page_number":277,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"9e80666b-a1d8-456c-a92f-ef4ac3269727","block_type":"box","text":"overseeing the management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":277,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"ca30f146-0174-4c11-b71a-ed44f3f18402","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":277,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"3f5d3fcf-ee1f-41d9-b8ce-49f947b98db3","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":277,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"808fa520-fe2a-4b6e-b587-9e7368590d8b","block_type":"box","text":"assessment, have particular responsibility for the issues. We assess director performance on a case-by-case basis","page_number":277,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"d3e3b116-13a5-4f87-8b07-c3568d461730","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":277,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"efed1089-6ac6-46e0-9ab2-3ca4b5c74651","block_type":"box","text":"support durable, long-term financial value creation, and performance. Set out below are factors we may take into","page_number":277,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"311c3117-2815-4c1f-a713-e497c7dcec8b","block_type":"box","text":"consideration.","page_number":277,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"8556e201-c270-4c1d-be08-4be0bbd7153e","block_type":"box","text":"Regular accountability through director elections","page_number":277,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"d73a7f19-5229-43dd-8e57-e51eaf588568","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":277,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"bde19cb1-0a10-4fa3-84a7-495af9471ec5","block_type":"box","text":"regular basis, ideally annually.","page_number":277,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"74359a55-a47c-47ef-b66c-0fc38fefb002","block_type":"box","text":"4","page_number":277,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"9fb4bc5e-64d0-4943-9da9-ea3a7bd13fc5","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board","page_number":277,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"74d4be17-6156-4b46-b77e-34943c0aa24e","block_type":"box","text":"members and/or hold them accountable for their decisions in a timely manner. When board members are not elected","page_number":277,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"eea0a500-09cc-40c0-9ef5-c5b10245c063","block_type":"box","text":"annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board","page_number":277,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"e0d78d9c-9fd2-40ff-8d54-1efd037b28d5","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":277,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"2a30fdc6-1d2f-4bf9-a6d2-47cdf187716f","block_type":"box","text":"election at each annual general meeting.","page_number":277,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"410b2bf4-a6a6-4aa8-8ac4-e8544abf2297","block_type":"box","text":"4","page_number":277,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"c6f82258-212b-4e66-a27b-bfbcc5a010d2","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":277,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"bf52f295-836c-4f2d-848a-a558ece2150b","block_type":"box","text":"market regulation or voluntary best practice.","page_number":277,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"76938955-2d03-4f56-95a6-64918bc11e3e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":277,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1f2d7b95-0bca-4f26-912f-eb1a083b08fb","block_type":"box","text":"Global Principles | 5","page_number":277,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"aa2fc7e8-1179-49f8-ac66-5b36d2f9feb0","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":277,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19b9c249-cc36-4ff2-a6b1-151e600cc824","block_type":"box","text":"Effective board composition","page_number":278,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"f674e2ef-61de-44bc-b2ed-61737e514df8","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":278,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"2e166bee-88d8-4508-b791-b41f65e04b7b","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":278,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"5c45e323-4094-4797-9b7a-f54faa111271","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":278,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"57c39ff5-b62a-4b7d-8ce9-513d8cb14e50","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":278,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"25ff5e32-e682-4d05-8a3f-3fcc934e70d0","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":278,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"72e22154-a3d3-4fd3-b01d-a328d7f3eb28","block_type":"box","text":"recently.","page_number":278,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"2327662c-ab51-4f2c-b86c-6e91f9f7b8cc","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":278,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"45d1ff4b-cf8b-4779-856a-8df65972afb6","block_type":"box","text":"directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s","page_number":278,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"7dd3702a-bf46-4670-8f7c-585ed92bb725","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":278,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"363f6a43-2408-467a-b6dd-cd4cf9c6aec1","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":278,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"60eb1ff8-e9bd-42e8-8f92-c945f341f4ed","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":278,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"e74e4699-7dbe-4892-ad30-14fb59a5100b","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a central tenet","page_number":278,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"5ebaa5b3-b98f-4687-80a4-ad35c1bd33f1","block_type":"box","text":"of sound corporate governance across markets.","page_number":278,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"fa9cda2f-8be9-44fe-8a2c-b10831ba270a","block_type":"box","text":"5","page_number":278,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"65483b36-aca2-42c6-9997-58870c80d9cf","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":278,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"bf38143a-ad54-4cf7-b590-1c63f8a133a5","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":278,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"9f5f7845-0596-4188-9aa1-2425d48828a8","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":278,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"be012aa7-36bd-46d0-bd47-c7b065cb3751","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":278,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"5c6ec5f5-66fb-4e20-9446-62bd518c974d","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":278,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"1eadc59c-6f97-4e10-b6ef-a460801ee287","block_type":"box","text":"•","page_number":278,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"d8c34b89-34b6-4fbe-b905-c62e2fd77c7e","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":278,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"49bb3a12-6746-465d-b96d-2aa6d55ff7d5","block_type":"box","text":"•","page_number":278,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"75811cc1-6e54-4019-b563-32c1bc95bf8a","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":278,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"30eeed16-3e53-4cb8-b8b5-85c8294e053d","block_type":"box","text":"•","page_number":278,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"73915c84-cd1d-4d6d-99c0-50df03487c1b","block_type":"box","text":"Interlocking directorships","page_number":278,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"142ed650-b3fe-497c-b1ac-473062b2348b","block_type":"box","text":"•","page_number":278,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"dd34bae2-f149-4a81-90d9-06673c6b1ec7","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":278,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"f9a22e5c-63ed-40f4-9391-ee114940ce6b","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":278,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"e936afb6-45f9-4a55-bb85-fc9e8e5f8dc2","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":278,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"bdb99ad5-4678-41c9-82b3-dd2dcc177f9c","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":278,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"69384d4f-5960-47f9-8aa6-cfcc3aeb5acb","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":278,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"ab4d8218-7253-4adf-a805-07a01014c5e7","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":278,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"d961923f-685e-4361-ae60-1141e923df55","block_type":"box","text":"the board, and encouraging independent director participation in board deliberations. The lead independent director","page_number":278,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"193622ee-70b7-4930-a881-72456d8070cc","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":278,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"4e04d16e-49c8-4169-9327-a54087829cd4","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":278,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"e87064de-a5a0-4da6-b22a-11c4d324f8a2","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or","page_number":278,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"3abc9c94-adaa-44f3-a884-9c7748cf6bce","block_type":"box","text":"for affiliated directors or require additional focus. It is our view that objective oversight of such matters is best","page_number":278,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"a3309ab9-5e73-4618-a742-3549a03335a7","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":278,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"ec000467-669a-451d-aa9c-b60c95eb1e7b","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":278,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"9567ca05-fec8-4035-9b6e-57c55458938f","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":278,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"21fb8998-380f-4c5f-8724-dc49dd8f04fb","block_type":"box","text":"transaction, particularly one involving a related party, or to investigate a significant adverse event.","page_number":278,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"7a81f440-4467-46ce-a2e5-1fd0259ba6b1","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":278,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"ba5f6c2c-2155-4feb-8304-7fef43495838","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":278,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"1bc5a398-66c6-463b-894b-4f87d055d66f","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":278,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"c44035da-651e-4043-8f5a-4380f5bde490","block_type":"box","text":"and expertise of the board, as well as the particular skill sets of individual directors, aligns with the company’s long","page_number":278,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"cdca218e-cb4b-4b85-8b14-b4516089bdfa","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":278,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"f060eb28-6c5a-4cc3-a205-a8b274a1e0c3","block_type":"box","text":"company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in","page_number":278,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"b09a3eb1-7c26-4821-aa91-cd3d97507889","block_type":"box","text":"board discussions.","page_number":278,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"06f56f74-78ec-4349-aaa3-5f78d2f6c11c","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":278,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"7df5cde1-9ac6-4133-aced-38adb9a57252","block_type":"box","text":"room. We see it as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its","page_number":278,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"28691df8-6645-4de6-8bc1-33bdf1f69b27","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":278,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"7cc602e7-c666-4bd3-8068-77f9b2df6bf5","block_type":"box","text":"5","page_number":278,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"1c72dcb1-e6bb-4299-8b0d-2c88ecb6c5f1","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting","page_number":278,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"bdaa9a63-5cef-4ba7-bd09-1b24454858d2","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":278,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"a07f1e14-b4f8-4c92-bd5b-5521241bd955","block_type":"box","text":"Principles for US Listed Companies.”","page_number":278,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"e9beae75-9017-4492-be74-4caf48a8dd14","block_type":"box","text":"BlackRock Investment Stewardship","page_number":278,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5267e42d-35b9-4539-a753-fbe57bd76c20","block_type":"box","text":"Global Principles | 6","page_number":278,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4fd36bd6-0745-4901-aafb-699d8250db2d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":278,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4023d356-60fb-43fb-92d2-8e00d883ca9e","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business","page_number":279,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"e5b18130-bcd1-4680-a6be-0b5969b3067a","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":279,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"61ae058e-9ebb-4dc6-94f4-6ffbb7633fc5","block_type":"box","text":"composition supports the company’s governance practices.","page_number":279,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"c7e6221b-5845-4d9d-996c-155baad3d15d","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":279,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"2051b56e-f0fb-4957-a364-347c222aadd1","block_type":"box","text":"companies, particularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":279,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"1348a471-9efc-4e08-9582-94f6b6f0f371","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":279,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"bcb16cd0-b65d-43bd-bacb-f40c5af2a16c","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":279,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"69bc4164-6f62-4d95-b15f-c744ef5f4a53","block_type":"box","text":"6","page_number":279,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"5ebc6cf8-8a4a-402e-849f-bc5d13e81f79","block_type":"box","text":"Sufficient capacity","page_number":279,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"a20ce147-4bda-459b-8650-359d542ffc1e","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":279,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"b3b89160-59fc-411a-aa33-430d54c10ea7","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":279,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"da1ff6db-92ad-4846-ba65-7afec131f61c","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":279,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"4f05fb70-30f2-41d4-8a11-dbdf3a9d067b","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":279,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"9521c6ed-3232-46bb-aa3a-a6b0153939ab","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":279,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"8d19899c-222d-49dd-ba4f-6375a143fe33","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture","page_number":279,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"46f10332-f043-4f5a-b13f-77b44641968f","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":279,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"34ffc8cd-ff89-4523-bcf8-a263c68f98b0","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":279,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"27232287-2ee1-4fa5-972d-14e883f532d6","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":279,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"9d14b382-910c-4b99-b262-891662cc7952","block_type":"box","text":"under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize","page_number":279,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"5e9053cb-6bdd-4320-9050-3d7d0edcbc9a","block_type":"box","text":"that a broader range of risks and opportunities have the potential to materially impact financial performance. Over","page_number":279,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"0cdcc6d4-a7a3-47a5-b7fa-8979d23d3cdb","block_type":"box","text":"time, we anticipate investors and other users of company reporting will increasingly seek to understand and","page_number":279,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"be21fff3-d04c-49dd-a012-2cf9e96ba8f5","block_type":"box","text":"scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the","page_number":279,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"bf2b9227-bcd0-4e02-9528-d8a49f88d2e8","block_type":"box","text":"transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area","page_number":279,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"b51fd9ed-8fe1-47af-af55-67c132016f51","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Reporting","page_number":279,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"e66d78f2-e15a-474c-b0c2-2945be2bbfd8","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":279,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"c05c6b8e-ffd3-473d-a54b-9985e54815e2","block_type":"box","text":"their guidance to companies.","page_number":279,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"5a7b8618-043e-4379-8f4d-f44b8c70d9d5","block_type":"box","text":"7","page_number":279,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"7ffd8331-17ed-4205-b7fb-fd02c47acd9d","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by","page_number":279,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"50ded072-994e-489b-aef6-3cee44766d29","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":279,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"3cd9ee36-9625-4158-9b70-068fbaff88ed","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":279,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"c4b1d0f3-c37a-4d50-b4d6-f8b5b1931b64","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":279,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"3be7dfc3-c342-4942-862e-6f477d247144","block_type":"box","text":"8","page_number":279,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"b8929b40-40c3-49fb-8a2e-04d98a833d5a","block_type":"box","text":"In our view, effective audit committee","page_number":279,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"1ed9edf3-3505-479a-9a3f-88bd3a0ef474","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level","page_number":279,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"ee0f0cc5-b5fa-4d01-800f-1e0942f61cfb","block_type":"box","text":"of reassurance to shareholders.","page_number":279,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"8677978e-3c96-4015-b389-7ee0c831eb80","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and","page_number":279,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"a130eb0d-8adf-4e1e-a81c-5bd77b9b6a79","block_type":"box","text":"have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh","page_number":279,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"bbc03cbb-4da6-42dd-bc0a-24c53f274aa9","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":279,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"61a4ee2c-faf6-4a0a-ac67-720021bf9760","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":279,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"6d1dc441-0124-4e60-a44b-69bb24a662c6","block_type":"box","text":"relevant expertise to monitor and oversee the audit process and related activities.","page_number":279,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"e94d6086-49a3-4a64-8860-20885391a97d","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":279,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"d6772b68-340f-433d-89ed-99f8c90b5956","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":279,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"e826b552-cedd-4bfd-8a72-e7158cadcf55","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":279,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"9ec486b3-4e69-4abf-9257-b4e09bbefdd1","block_type":"box","text":"or internal audit function.","page_number":279,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"7222e469-3be2-40c1-bdc5-f4c4e7b62e53","block_type":"box","text":"6","page_number":279,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"5a32f0cd-d016-461c-a586-f95437cdaecd","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":279,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"4ef1dcec-2d9e-4454-871b-7521bee56e97","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":279,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"c49a2c6f-ac9c-4081-a337-67be3c544001","block_type":"box","text":"7","page_number":279,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"0889234c-5ede-48ce-94d2-35d7abb86da0","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":279,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"1e877f69-9c97-4d69-ba4b-228ed984ef7e","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":279,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"0649c87a-a307-42ae-81ef-4813565bdb87","block_type":"box","text":"August 2023.","page_number":279,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"93ddfe49-832c-4be4-b31b-6cd99032c3ab","block_type":"box","text":"8","page_number":279,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"82830724-591b-4211-9032-7ee751d3357e","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":279,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"884ccc26-6225-4fe5-bb63-05a362a32642","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":279,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"5a699150-7629-4775-bd6d-837d79528ea1","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":279,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"61b5530d-889e-4a20-86c6-66da7cc850b7","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":279,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"b058435d-edf4-4fdc-b3eb-98c888bcd622","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":279,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"ffead2f0-c6d5-4ccf-a6be-0f893f1cc63b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":279,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"060f4294-84de-4779-abc4-219b3a087679","block_type":"box","text":"Global Principles | 7","page_number":279,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"65299c39-d625-4d19-a64b-bb9ff4558aab","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":279,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc3dd2cf-90a1-4f4c-af44-251e9f9fc683","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":280,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"4eb76a66-1368-485c-8c4a-482742b1e788","block_type":"box","text":"check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an","page_number":280,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"2fa5df70-113b-4b55-aa7f-54fd9f2e7d56","block_type":"box","text":"audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and","page_number":280,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"690871e0-02f9-4ccf-b2c5-e26ffde80025","block_type":"box","text":"explained. We look for Audit committees to have in place a procedure for assessing annually the independence of the","page_number":280,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"a8ef074c-0abf-4dc7-9896-28c50682f1d8","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":280,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"ebaf3ea0-2073-459d-88c1-3f3aee0358e0","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":280,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"d702aef4-18d1-4c82-a3f3-7dbdd50ae501","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":280,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"d644c5c9-6689-4b81-9665-5e21bba8b03d","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":280,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"0646d9cf-07b8-4886-baac-3aa35f460045","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":280,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"145bfcb2-2082-4e34-8b3b-b04b041144b0","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":280,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"d2c5c304-9b02-4cee-a7b2-08e258af173e","block_type":"box","text":"adequately managing risk.","page_number":280,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"56c19f12-f0b3-4e74-bf1d-ecd45b9c2c69","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":280,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"de66829f-775c-473b-8a6a-6167848eef3d","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":280,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"431fb3f9-d56a-4d04-90a6-ab0b9417dd5c","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":280,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"41ed9447-9790-456a-bc1b-8dd7844a347b","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":280,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"d9cc72f9-0283-49c3-9047-809689bcd85f","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":280,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"e6eb619f-a543-4e3d-9f40-875418eebed5","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":280,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"927a282d-2c95-4b19-a4aa-5a90fedd4f02","block_type":"box","text":"and voting rights should match economic exposure,","page_number":280,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"6a3db3f3-9520-436c-9fbf-492daf72ec9f","block_type":"box","text":"i.e.","page_number":280,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"67485c01-38b6-4b80-a266-54674a992438","block_type":"box","text":"one share, one vote.","page_number":280,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"4b4b11d9-658a-4e55-8a19-91978641277f","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":280,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"1e59efde-7739-418e-bc89-bcf2e9e6fbd1","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":280,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"ed074c8d-d13c-4223-80f7-e8a6d28f675d","block_type":"box","text":"proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":280,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"ed92f329-622c-4e6b-b2a5-9adc674d7c52","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets,","page_number":280,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"ea8bab29-0619-463f-8014-6f85eef60569","block_type":"box","text":"at least for a period of time, companies may have a valid argument for listing dual classes of shares with","page_number":280,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"ebea5c2b-4213-4a19-bad2-41a614a928e5","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":280,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"0a797cc8-4363-4216-9dab-e88e73d45916","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":280,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"880d3d37-bd1a-4a0b-be49-18f3fb41dace","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":280,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"67a1bc67-bdeb-4be4-8b2a-abacd39cddab","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end","page_number":280,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"b3a840bf-5295-42b7-a986-a775515eeeaa","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":280,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"b26d7aa2-a4f7-4311-ac97-c3399fe2870d","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":280,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"6e093564-77a1-421b-951a-ae163d69d924","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":280,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"17afcc2e-9813-42d6-8987-3404a55e4a6b","block_type":"box","text":"economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it","page_number":280,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"e333c9f6-01ce-4c8e-b350-8c3ff9f846f5","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":280,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"b97fb116-c7b8-4135-bae3-42efe5d0e53a","block_type":"box","text":"transactions have the unanimous support of the board and have been negotiated at arm’s length. We may seek","page_number":280,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"f72aba04-2b85-4c47-a96e-eb6494939eb1","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":280,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"7bbe083a-40e3-40dd-abc7-cf56d1313804","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":280,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"df8cbaf5-7716-4c85-8dc1-cb88f4c358e5","block_type":"box","text":"involves related parties, the recommendation to support should come from the independent directors, a best","page_number":280,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"77afded0-5633-44b3-9d0e-5cbde19b6d6a","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":280,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"ba5b1d13-e596-4219-89f8-0034af924b4c","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.","page_number":280,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"998e6c8c-5262-4a5a-92b2-a618b65ac0f4","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":280,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"ce4d688f-f813-4a87-bdc2-52d1e25a720a","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":280,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"86b9156f-d800-4b3e-8013-7430df5a52c8","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":280,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"cc7b448c-72c5-4d4e-b597-4293323da3f8","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":280,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"506caff3-ef8d-409c-93fa-df10f7273e23","block_type":"box","text":"their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to","page_number":280,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"c1777333-a920-478b-a8f4-687f2f1f7038","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":280,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"cb034dec-b69e-41ab-8461-797f4ee87333","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":280,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"85f81708-a458-459f-9e91-a9e6ff2de497","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a","page_number":280,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"ff5ba7ce-6ea4-438f-ab98-880e74a94692","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":280,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"0f5ce490-8a72-4168-a9d4-1cfb8311f0d2","block_type":"box","text":"important tool used by companies to support long-term financial value creation. In our experience, well-structured","page_number":280,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"50ee97c3-00cd-4383-ba4d-47525b586cb3","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":280,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"7b6062b3-2e37-4808-8d05-2e3e87127bc9","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":280,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"4bf205bb-d75e-4438-8e7d-f482a2f1ac51","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance.","page_number":280,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"10818533-d2dc-49c2-b87c-f5220bf5b0c3","block_type":"box","text":"Performance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":280,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"fa4b2814-b29e-4a35-a68a-dd33f6fe0a08","block_type":"box","text":"BlackRock Investment Stewardship","page_number":280,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"363c0342-14fc-42cc-87be-4835f36021f8","block_type":"box","text":"Global Principles | 8","page_number":280,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"e7549dde-801b-4835-9fd9-24af1ab9e238","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":280,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4d52f6f-3a06-43cc-925f-01ffd204a642","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":281,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"e5194965-7de4-4757-9e26-69c0df8890aa","block_type":"box","text":"where they are included, we look to companies to be as rigorous as they would be in setting other financial or","page_number":281,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"73abfa8b-e6b6-49c2-a37f-9ff2fa3af85c","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":281,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"cebf7254-0412-4547-ba06-575c29be6a76","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":281,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"ae24296e-acdd-4fba-a0de-eba258c20e69","block_type":"box","text":"period of years.","page_number":281,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"6ad8adf2-6617-49da-810d-1fe9c7a1af7a","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":281,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"ce739707-20b0-4d05-b20a-ebf578ec2efb","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":281,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"cf939b9d-2074-476a-ad41-c9adfe8b29ef","block_type":"box","text":"circumstances, such as its risk profile, the environment in which it operates, and the individuals the board is trying to","page_number":281,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"66486c21-68fd-4cd0-9f4d-78c43afb8563","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":281,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"4a111b85-89e4-4b27-8ff9-416d759b860e","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":281,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"18efd863-46c4-46cd-840c-1738be78bea5","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":281,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"f95da00a-3d33-4c0c-8277-e1e7b5e97bea","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":281,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"722bc203-828f-4bfe-8eed-f93ab095c491","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":281,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"5dd5fa4a-48f1-4da7-a7f1-33ea4fe0150e","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":281,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"ba28fa39-5bd8-471a-b55f-92083f7fca92","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We","page_number":281,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"f42aad8c-0257-4734-be0c-bc669cf3452b","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":281,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"52d9ba73-c634-454d-9866-b942209cc9ce","block_type":"box","text":"however, we are concerned when the rationale for increases in total compensation at a company is solely based on","page_number":281,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"eedf9422-0d16-4454-a1c1-f898d78952c5","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outperformance. We encourage companies to","page_number":281,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"b908e70e-712f-42d2-97c9-a866f45f6ab1","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance.","page_number":281,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"9769e419-b2a5-4625-9fe8-f8fdddfa14d8","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":281,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"c8bf8e59-566d-48af-b4c3-23ac4d738711","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":281,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"a69ea4ca-f7aa-45a1-998f-92ac70b3fe99","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":281,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"69e283f1-41cf-4b05-a584-8ecf59daa644","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":281,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"ae137f81-9d64-4c14-b5ea-255a0988f01c","block_type":"box","text":"risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material","page_number":281,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"296b22d1-e94b-4cc0-9290-69cec46b2889","block_type":"box","text":"restatement of past results.","page_number":281,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"fe8104bc-56c9-49cf-94a7-8398fefd565a","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":281,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"b1233a34-4d2f-4f4d-8a7d-e6caea900e44","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":281,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"69e85fac-7981-4e34-ae04-2561ef84f6de","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":281,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"3a3462e7-fcce-4f07-b617-a71786678a4b","block_type":"box","text":"whom they are charged with overseeing.","page_number":281,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"d77cda9f-1937-4cca-a460-cfdcdd6f3e16","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they","page_number":281,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"69d0f4ec-e733-4eb4-b07d-f6c68baaf956","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":281,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"7dc0cd6a-7901-408f-b3ab-025e56dcfc4d","block_type":"box","text":"for poor compensation practices or structures.","page_number":281,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"0408e3f4-4748-4c9b-b2ab-523d54243ddc","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":281,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"459f21d7-76fb-4910-9254-f651c3589219","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":281,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"ac4f77a3-c006-4cab-a436-b30318cc26db","block_type":"box","text":"risks and opportunities relevant to their businesses.","page_number":281,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"b1903b9d-19b2-41a9-8d62-114d89d38e77","block_type":"box","text":"9","page_number":281,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"7dd716fc-f872-4c97-b6b5-aea55c29d301","block_type":"box","text":"As with all risks and opportunities in a company’s business","page_number":281,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"820ccad3-72a6-468a-aacf-bb089854ff40","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":281,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"60257d7b-79ae-4ccf-8860-825a8a2c5308","block_type":"box","text":"governance framework that supports durable, long-term financial value creation.","page_number":281,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"2f990156-6744-4f4d-9fb6-258f71d636dc","block_type":"box","text":"9","page_number":281,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"f7e5f0d7-b52f-4d90-836a-8d4b3650d1f2","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":281,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"28e7ff4a-05e7-45a0-ba31-0d1b8bd7fee0","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":281,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"b5bd1c34-8255-4a5c-8626-1e48eac406a5","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":281,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"16e29148-4b22-433c-8d48-d9479ea51520","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":281,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"fba9357a-7b79-44ca-bca4-9db807d077dc","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":281,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"18f8f5e8-291f-4699-83b9-5a4f0f8fcd3c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":281,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5fdd555d-ca1e-4296-b6fc-b742448978c4","block_type":"box","text":"Global Principles | 9","page_number":281,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4be2b288-519a-44bb-aeac-97b20fb8d369","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":281,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95647344-f684-4457-9506-f73e8678411b","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":282,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"694cca6f-7007-4a46-880d-9b4d628c8073","block_type":"box","text":"material sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate","page_number":282,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"753fe03d-07be-4bc9-a3ba-c0a41ebc665e","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and opportunities into","page_number":282,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"ff51867a-f7a4-46c7-a18a-cb47e173b530","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":282,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"caecf8c9-6031-4009-aa31-77559db14e41","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":282,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"18cf3fb3-5e80-4f60-aaf9-417a5a25751d","block_type":"box","text":"10","page_number":282,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"4c2e4fde-973b-4b74-b5bb-ff624b764c01","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":282,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"ab8a48cd-438d-402c-bcb6-e1cdcec400c6","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":282,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"68be0dc1-b330-4df0-a9b9-6a8ce0b9b23d","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":282,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"2f460705-65ea-43bb-8519-b6823f18e1ef","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards","page_number":282,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"b4a47c85-5ac7-4c88-a269-f7068beba7a7","block_type":"box","text":"over several years. We also recognize that some companies may report using different standards, which may be","page_number":282,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"5a3c15f1-aef5-4c7f-958f-e478afa3e359","block_type":"box","text":"required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight","page_number":282,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"eaa1bdf9-2277-4a22-97ca-2fabbe63821f","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":282,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"b8ba9d92-c942-4de0-b902-fe710ee087f2","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":282,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"c0a503e9-4344-4a3a-b613-a257ba6d70b7","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":282,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"3a858ee4-d197-40c7-8f40-d042fa5625ec","block_type":"box","text":"and reporting may not line up with financial reporting cycles and companies may require additional time after their","page_number":282,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"993fdd32-c5b4-4dcc-9450-ff8bb155fa0b","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and report this data to investors. That said, while we do not prescribe","page_number":282,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"ac24e27c-cb71-46aa-9d21-499b73c28a19","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":282,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"2fee4a10-ec65-4e80-affe-9dc45f9f9190","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":282,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"0219f04b-ae26-4fb0-a242-5dd732b5b8ce","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":282,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"06d4d09b-6ba0-4060-9b85-29b64a930823","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":282,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"2e88b27b-4c5e-4b30-b582-1ddb7996713c","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":282,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"d1e3eb14-d9e7-4f78-8c57-2170478906c0","block_type":"box","text":"Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":282,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"f00b7dce-240b-4dc9-b2f1-1e6394a728fa","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of","page_number":282,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"c80b3969-f48e-4b96-8ed1-b4845789ca8e","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":282,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"fb61f44e-977a-4c6a-8bda-307d6e06ac7b","block_type":"box","text":"adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any","page_number":282,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"c5b3adc4-70af-44af-b5f9-bb9468eb8f4a","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":282,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"a79f7b79-25d7-47d0-bb13-44d881e30405","block_type":"box","text":"10","page_number":282,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"88347902-e3d4-45ca-9ca7-fcbb6401d367","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":282,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"4d9b4e78-f7f9-483e-b208-af6771c58df3","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":282,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"f4638a62-c77a-4f93-b99e-407b6fa2ef93","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.","page_number":282,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"80ceddaa-4c0d-4185-a8d1-a0557626db88","block_type":"box","text":"The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate","page_number":282,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"439cb06c-79ff-4109-a5d0-58481346f423","block_type":"box","text":"related risks and opportunities that is useful to primary users of general-purpose financial reports in making","page_number":282,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"2add7a9b-a3a6-4611-a393-cf31278e004d","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":282,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"f8b75326-672e-44f4-9241-6430a4dd9e07","block_type":"box","text":"BlackRock Investment Stewardship","page_number":282,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4434076a-35ea-4851-8914-81fe3cd30941","block_type":"box","text":"Global Principles | 10","page_number":282,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"89fd654b-c960-4642-b557-415541650ddf","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":282,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c86525c6-8ba9-405a-a11d-fd46e14da7f8","block_type":"box","text":"Climate and nature-related risk","page_number":283,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"7c9ec99f-a3df-43c2-91a8-d13bb97f48ff","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":283,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"d6956ce3-a18f-45b6-b7cf-ac6b33a0840e","block_type":"box","text":"11","page_number":283,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"c2c27fb8-7c9d-45e2-a5b8-d8ed3cf1dfd6","block_type":"box","text":"Our","page_number":283,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"dcfa7186-4466-4931-8e62-30e68db13ee8","block_type":"box","text":"research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by","page_number":283,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"02ba5619-da1c-464f-8287-ec8cd35d607a","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":283,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"8569c70f-652e-4cd2-a3c2-366edbc7ea6e","block_type":"box","text":"companies.","page_number":283,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"b9f8e5ce-19f9-40ed-af3f-e9bbf77bc1d3","block_type":"box","text":"12","page_number":283,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"0c9bde20-6a9b-4fb0-aa91-40d1360c9a4f","block_type":"box","text":"Yet the path to a low-carbon economy is uncertain and uneven, with different parts of the economy","page_number":283,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"d913e0d2-7efd-4b62-9b1d-09db8cff2f33","block_type":"box","text":"moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate","page_number":283,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"f5d4d520-2043-4865-95ff-28d6317fc337","block_type":"box","text":"related risk and opportunity on their businesses and operating environments. Many companies are assessing how to","page_number":283,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"80f0499e-ab56-4a1b-b91e-6aeb153c93a2","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":283,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"2c51cd79-30dd-4dfe-a4d9-242900f1c3ae","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":283,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"95648f1c-79a9-4377-8344-d5522c0ae8e9","block_type":"box","text":"and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon","page_number":283,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"788fd4f3-f450-4580-bf9f-34f41e5ec889","block_type":"box","text":"economy, including where available, their transition plan.","page_number":283,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"d1e775e1-6066-4608-9cad-38bfba0082f1","block_type":"box","text":"13","page_number":283,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"661c3390-c54f-4550-bbad-87d1e9fec4be","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":283,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"50490545-7e13-4394-a0c7-017ca42bfa01","block_type":"box","text":"assess company-specific climate-related risks and opportunities, and inform investment decisions.","page_number":283,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"26798bc0-478a-4ea0-9cae-56e09c654dd5","block_type":"box","text":"14","page_number":283,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"fca60c2c-b2a0-4b1b-b993-6e6fde862729","block_type":"box","text":"Such","page_number":283,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"016952eb-4fa3-4d32-bf42-8c80e76984e4","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":283,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"e8114472-dfd2-4afa-9d65-41060d0249a6","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":283,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"a902a629-da0b-48eb-9a6b-24a99a5e1e79","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":283,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"bdd51842-7fe2-42c3-9589-129c3bf9a145","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":283,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"73a39280-a561-439f-b94c-2c11be81ab31","block_type":"box","text":"as best practice in the market.","page_number":283,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"f48aee96-2174-4eda-8e18-2d9a90066d07","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":283,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"cc99c072-3462-4504-bb1f-4b371e1535b4","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their","page_number":283,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"266e4d1a-8120-47ba-999c-4f9ad074cebd","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":283,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"b9d060ad-0e57-4dac-b975-297c0be1b4b7","block_type":"box","text":"global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal","page_number":283,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"bfaa1555-8f70-42ac-be1f-8679e80692c2","block_type":"box","text":"recently reaffirmed by G20 members as part of the 2024 Leader’s Declaration.","page_number":283,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"6fd4b1f7-abcf-4949-a142-889eafdb3144","block_type":"box","text":"15","page_number":283,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"fa876470-3d14-4f6d-920c-27c696456856","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":283,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"40daeae1-13cc-4a4a-9d28-bfd25371fc98","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":283,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"165e6a51-2a54-4eaa-bbcd-394f02acbec8","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":283,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"23dca072-17db-4874-b19a-ab1a6cadd0b2","block_type":"box","text":"interests of their investors.","page_number":283,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"c18b80c8-1f13-4b92-9810-7973d4206828","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":283,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"5ad5e0e7-c7ce-42e1-b244-0a957b909b7a","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":283,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"aa7b9c67-8a6a-49c5-8316-b849ae5a9f18","block_type":"box","text":"11","page_number":283,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"82ee4804-0276-4930-94fc-7ff1425d76b4","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":283,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"a4b33c8d-4e0e-4ac2-b34a-b0330c63d209","block_type":"box","text":"12","page_number":283,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"33bd95a5-400d-4b83-927d-dbf7ae28c599","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":283,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"70a27ebd-5579-4788-8ab2-107b44db9ba8","block_type":"box","text":"13","page_number":283,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"7998af41-7db4-4148-beed-b51d2f41e590","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":283,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"f59be6dc-7431-440c-a7be-e7c06de112e0","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":283,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"68f86416-98bd-4efa-a3a4-20e63dacc9d2","block_type":"box","text":"Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and","page_number":283,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"b51bd6b0-b0a9-4076-b5da-1c72a440ab25","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":283,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"93c3e93d-02e3-4d95-b740-555db21ed001","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":283,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"9224adbd-81eb-41af-baa5-e10a56ac5e54","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":283,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"e0e6a8b0-2358-4556-a395-8da0df4d33e2","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":283,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"20680faf-91d7-44f4-9599-a9873a94b800","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":283,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"90d10931-6172-4c5b-80b1-57e4c8995939","block_type":"box","text":"approach to managing financially material business relevant risks and opportunities – including climate-related risks","page_number":283,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"68acc384-ca22-418c-8bdc-0baf3c9a681e","block_type":"box","text":"– to deliver long-term financial performance, which allows investors to make more informed decisions. While","page_number":283,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"1550d293-eccd-4a7a-bc1d-6f9a955f1d17","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":283,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"315c87b5-5a7b-490c-ab6c-c7033e7326f1","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":283,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"141cb0d7-fcf7-425c-a1d3-dfadd245d692","block_type":"box","text":"actions and resource implications.","page_number":283,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"c6e18a7f-b76e-4294-9bbb-0395eefb5c14","block_type":"box","text":"14","page_number":283,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"9eacda0e-dbb3-45f3-ae69-7bb3ddfcf13c","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":283,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"fdfaaca5-2f28-4b1c-a467-014205ddcac6","block_type":"box","text":"companies may phase in reporting aligned with the ISSB standards over several years, depending on local","page_number":283,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"360f9aab-9b9a-4de1-8439-e7a5f60f1a7a","block_type":"box","text":"requirements. We also recognize and respect that some companies may report using different local standards, which","page_number":283,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"b58a6514-27ca-4c49-956b-58a912326e6e","block_type":"box","text":"may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies","page_number":283,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"0956936d-fc8f-4a0c-a8a9-a913a524ff33","block_type":"box","text":"disclose their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics","page_number":283,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"33239468-0c32-437b-b026-fe64720f8c2f","block_type":"box","text":"that are industry- or company-specific.","page_number":283,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"8067f1a7-2352-407a-a2e8-9538cc8b8822","block_type":"box","text":"15","page_number":283,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"bd98430e-177b-4586-aa92-de7f347f4ee0","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s","page_number":283,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"75c05e1c-11ee-4aa2-acb5-eafb620ee65c","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":283,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"85499075-14eb-43d0-975d-d7b50cf093a4","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":283,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"e87f15fb-689f-42ee-9aff-262442854862","block_type":"box","text":"about two-thirds of the world population.","page_number":283,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"322b10a1-c371-4d70-8cda-3096550daaca","block_type":"box","text":"BlackRock Investment Stewardship","page_number":283,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"000f8dba-d772-442f-a48a-667c789ae9f9","block_type":"box","text":"Global Principles | 11","page_number":283,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"50f81b89-2239-4f24-afe7-62aff8e53f92","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":283,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2c8d362-d6c7-4002-8d6b-333c026198ec","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":284,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"e9fde3bf-3fc6-4cda-9890-1733f2c5df92","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":284,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"d8077f4d-9796-4b36-a3f3-6265fe84c5ea","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":284,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"e4db8ec4-3233-4d3c-a8fa-2a192a04e6f7","block_type":"box","text":"climate-related risks and opportunities.","page_number":284,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"a5eff9d7-d172-46c4-9ea8-07d9011e7783","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a","page_number":284,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"f8662523-ed95-45fd-bbdf-cc9edadca076","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly","page_number":284,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"d065abdb-101a-400a-b143-ce4ebe7e9818","block_type":"box","text":"where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are","page_number":284,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"d5581777-734e-457b-974f-ed0858ee8531","block_type":"box","text":"exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance","page_number":284,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"8f93d3a0-b844-4a74-b54c-3445d3d366b7","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":284,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"64a5dd13-b69e-4b6a-a09c-40aaaaf34737","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":284,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"303040b8-5535-4bd5-be49-b40df5334fcc","block_type":"box","text":"our view of how a company is managing material nature-related risks and opportunities. We rely on company","page_number":284,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"cfe387c3-7905-442e-8b59-c69ce91bc324","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":284,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"570403be-5aa1-438f-862a-7d420d736f8f","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":284,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"295a281b-d6aa-4f0b-84db-33765d6aec7c","block_type":"box","text":"16","page_number":284,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"ae39635a-4f0b-4ff3-b489-678d93447451","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":284,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"ee99d34a-c94e-4cc7-b2f9-ff3780f77c94","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":284,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"33070f2c-7ff0-4a1c-a501-3055b5cc099e","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":284,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"98a17160-6c08-4a42-8147-bdb62a809904","block_type":"box","text":"based on what is material to their business and long-term financial performance. For many companies, key","page_number":284,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"83b91170-c888-4428-90d4-54997dfa7055","block_type":"box","text":"stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers,","page_number":284,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"137afa80-c907-4a76-a03f-35aca88e0291","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":284,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"9a36ca16-927c-467c-8ad6-b6d6db9a52b0","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":284,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"acd14ac3-8a1f-46b5-89a2-2112aaf08773","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":284,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"0741886c-ef8e-4463-b0c0-eba6892ee057","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":284,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"7337b2a9-4347-4b0d-b803-b62d58035a84","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested to","page_number":284,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"9bfdb403-76ba-479e-91b5-eda618f5f2c9","block_type":"box","text":"understand how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":284,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"0505b96e-5639-43b7-9cc5-4ea8108c7f5c","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":284,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"5241fd3b-32cd-47f3-b740-71ef2ffa2a1e","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business","page_number":284,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"ed8da33e-a2b9-4f21-a770-06e030251436","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":284,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"8f1415fc-2eea-4f4d-b721-c6bada914cd2","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":284,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"cb576b10-f8e5-4d07-8794-454032167ed3","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":284,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"3a227afd-1016-4f56-927a-4cfc5f642c5f","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":284,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"cc2251f7-7328-41a0-920f-01bfcbf5c6a3","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":284,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"d65d3fe5-7e87-4d18-8588-3f3e532dc8fc","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and","page_number":284,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"c7c7e70c-5108-485e-9356-487b276f6411","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":284,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"933ac747-8ed1-474e-9829-4013b851c0e2","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The reporting and disclosure","page_number":284,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"c2e0ab13-a26d-44fa-be59-3d63c9d3d1d7","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":284,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"51ae809e-c379-4d43-a4d7-aaa50d9bc792","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":284,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"81438ed9-faf2-4030-8a2f-bbb558793dcc","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":284,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"c8c416b4-226b-44e8-ac9e-97d6ff2404b4","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":284,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"4be5bf63-94a7-4615-b168-cbad7b059024","block_type":"box","text":"16","page_number":284,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"3124c008-12d0-4876-8e72-d220c91db436","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":284,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"50d44daa-5e4a-43bb-b796-aafecfa2f6c7","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":284,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"45b89d24-cedc-4395-981f-8eb082dabe9d","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":284,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"b03178bc-9a40-49a3-ab7e-3b3fafa52b91","block_type":"box","text":"companies. We recognize that some companies may report using different standards, which may be required by","page_number":284,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"f3d7613d-803f-4006-98c7-30cd691d8d3d","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":284,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"367b5ef2-9fde-4ec5-9ce7-4de6a2a0d503","block_type":"box","text":"BlackRock Investment Stewardship","page_number":284,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0aa86701-d250-49a0-81f2-07cc7c0b5c4b","block_type":"box","text":"Global Principles | 12","page_number":284,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1ba634c8-d167-4414-9f07-9c2adfbffb6d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":284,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e61a801f-b563-450e-9518-2df16531fde0","block_type":"box","text":"Corporate form","page_number":285,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"99942ff0-0409-48d7-b4af-b00b50da912d","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":285,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"fb6f90f9-aa39-4316-9c51-a026b8a8d49e","block_type":"box","text":"the company’s purpose and business model.","page_number":285,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"15f6f0b6-7f08-41c3-8090-7fb7f591a2e6","block_type":"box","text":"17","page_number":285,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"6882a3b7-9a7b-451a-aed5-83afdfb83acd","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":285,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"582f3d31-9054-40bd-a74c-a53075a44387","block_type":"box","text":"benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under","page_number":285,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"8cbaf286-394a-4636-8f91-d87f788dacca","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholder proponents proposing","page_number":285,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"278f7854-b0bb-4579-bade-57da49e085a1","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":285,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"4c43d856-c431-4c02-b5af-ed98d3bdd629","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":285,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"4d320b07-0442-4f8a-af8a-1202fec3d00d","block_type":"box","text":"support management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":285,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"c12a2285-9373-42dc-9000-d909188ffbae","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":285,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"e7e8f146-4c78-4e28-8e9b-4bfd310a6607","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":285,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"d91b2319-c49f-4cec-aa45-d39c35768793","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":285,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"e1ea1a0b-c976-4a49-9150-999399e62011","block_type":"box","text":"to be voted on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are","page_number":285,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"a7a18f1a-1024-43d9-bfaf-2e6c587ba7e3","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":285,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"af83daf8-5e47-44ac-b312-fa30e7230520","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":285,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"74ef29b2-623d-413a-a8fc-9687e1338878","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":285,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"56fd61a9-1146-4fe6-9c88-4d2fdb01e863","block_type":"box","text":"how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to","page_number":285,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"d088286a-018e-410b-95a2-ecf4050f2b8a","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by","page_number":285,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"dbe2d58d-da34-491d-b7a3-762a087c9bb0","block_type":"box","text":"others.","page_number":285,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"26737949-bf80-4af9-8995-04432748f693","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":285,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"2283d406-8c37-4885-8052-58f1b3fdb18c","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":285,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"2df14f1c-bec0-462c-ae42-67ee2cc0bcd0","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":285,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"91b574b5-09fa-4c84-9209-af6ae63490a2","block_type":"box","text":"may impact a company’s long-term performance. We look for consistency between the specific request formally made","page_number":285,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"4cfe2b7d-2345-40d2-bd21-3ea35efec0b6","block_type":"box","text":"in the proposal, the supporting documentation, and the proponents’ other communications on the issues. We also","page_number":285,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"f9dc7894-93fc-41ec-8a04-87f8c1570d50","block_type":"box","text":"assess the company’s practices and disclosures and the costs and benefits to the company of meeting the request","page_number":285,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"cf02bfb4-caeb-4df4-bdc3-9e7e195784fb","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":285,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"44a0c88a-5aeb-4fd0-a91a-ab8e1e20d6fc","block_type":"box","text":"of their peers.","page_number":285,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"095cc339-00d9-4d50-b92a-82cee2358deb","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":285,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"efbeaab4-56b7-463f-acb1-97e0c341fc91","block_type":"box","text":"submitted or advised on the proposal.","page_number":285,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"f380e052-2039-422b-a79f-3042901b0880","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions","page_number":285,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"d994d4c5-d997-4c9e-bbd1-f165c508af7c","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":285,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"9bcd2e95-0787-4462-9d6a-077a5ed04638","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":285,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"6979b20b-ad5e-425b-a302-04a3bb162a4c","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":285,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"9f3a957d-cb44-498d-8bdf-55fa70d7bd0c","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on","page_number":285,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"3a70578a-32c3-4c58-8be9-10346dedef80","block_type":"box","text":"behalf of our clients, better understand the material risks and opportunities companies face and how they are","page_number":285,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"1288e0fa-f09e-4b92-9017-0d3829356964","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":285,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"84264379-41bd-40b0-90e1-47270bfaac46","block_type":"box","text":"support shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":285,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"a9dc563f-adb8-42de-8aab-eed1417e02d6","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":285,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"47f3ca77-f71f-4ffb-b14c-456b872cd90c","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s","page_number":285,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"859e3acd-42f9-4408-9612-618c46bd8640","block_type":"box","text":"supporting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":285,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"e7fd2fa4-10bc-4799-8ff6-f335046a22ed","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the supporting statements – we must vote yes or no on","page_number":285,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"bb6cf704-88b5-4fef-8d2c-77321985c9b2","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily","page_number":285,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"5b4f751e-a240-47f4-ab49-609a2eb8647b","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We","page_number":285,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"f9c37033-094c-4c10-bf3f-950c31242ad8","block_type":"box","text":"may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it","page_number":285,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"87b4f1de-e7c5-4777-acee-5cc41d253d50","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for supporting","page_number":285,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"f748187f-c11f-416c-983f-151c7cddd1a7","block_type":"box","text":"such proposals.","page_number":285,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"3f6bfe6b-1078-4f91-8aa5-d8137b61c718","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the","page_number":285,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"1bcee7e0-24d4-499b-a52d-907d69c45a21","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support","page_number":285,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"f7efbcdb-f4d3-49fe-a81b-09f378c7c448","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate efforts to address a","page_number":285,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"60f7adb2-b355-44dc-aaf8-198a4a8b7bad","block_type":"box","text":"material risk.","page_number":285,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"4af9bd54-c4af-4f1e-8f58-d5b4b91816fa","block_type":"box","text":"17","page_number":285,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"f2fcf615-bdac-4e45-bc11-966e42be97f7","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":285,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"75308adc-4ae1-40b3-8e9c-286ae0ff35a7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":285,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"748d21b4-d823-41ca-a6c2-c3d8169fc9df","block_type":"box","text":"Global Principles | 13","page_number":285,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"35badd5a-8e1a-467a-8f2d-831eaa07e8a8","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":285,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fca64dac-51a7-46a8-a1fb-3441af4f3041","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":286,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"5aec3de3-0f3d-4db0-8ca9-9754314388aa","block_type":"box","text":"Oversight","page_number":286,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"ad4922d5-c245-4377-b7a9-344a0c6e40db","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":286,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"b16c5272-393d-4092-874c-f1e113621fff","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":286,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"cef4db64-9074-4523-b43a-7a87cb8e5dfd","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":286,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"20175c03-f12d-4919-95c0-bc227754fe35","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":286,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"d603b869-d7ac-4a6b-a73e-fbb8969d16c9","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":286,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"be412413-4d9f-47f7-a9e6-6e6f973bec86","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":286,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"d55e8d29-f11d-4c8b-a0e5-6ff6e2fcbcab","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":286,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"0d332f1d-611b-43bb-b080-e25573df4236","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":286,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"027894ac-63aa-4114-a2b3-50455a9d0dbd","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":286,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"8c2f74b5-259d-45a3-b874-d48077325c72","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":286,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"82f98592-6ba4-4e2d-bd5c-91602c88cfc3","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":286,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"c2cbcea6-6258-4c79-bcab-00af54548fd9","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":286,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"6811b36d-3d0d-44ba-8ff7-1d435f64e897","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well","page_number":286,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"15eaff86-b9c9-42c8-a915-7a6ab4bec075","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":286,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"17c0bc57-8802-48ec-b2f4-1e768f4179b0","block_type":"box","text":"Committee reviews these reports in an oversight capacity as informed by the Guidelines.","page_number":286,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"5ab7c0ed-9ec9-4014-99da-dff0ff7a807b","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":286,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"ee82e6dd-7e2a-4789-91e8-d37b8833f1bc","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":286,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"7530812b-af1b-493b-ad2d-324d8074d0c9","block_type":"box","text":"on corporate governance issues and participates in industry discussions to contribute to and keep abreast of","page_number":286,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"c0b25006-0460-47c3-95a0-5a09c88eea04","block_type":"box","text":"important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing","page_number":286,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"c7ec4d37-1b20-49e8-979d-a8fb3f43de4c","block_type":"box","text":"activities and performs oversight of those third parties. BIS may discuss complicated or particularly controversial","page_number":286,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"aec08a47-c241-491b-8daa-aa80a3779225","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":286,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"542ab708-cf76-4f91-89d8-ead30ec8a777","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":286,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"1bd146b8-3ade-432c-9c03-30743828f1a6","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":286,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"e102444b-330c-43f3-93a4-580a18210e1b","block_type":"box","text":"to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or","page_number":286,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"655c08d7-ec7b-49b4-a364-b5e96f966cd3","block_type":"box","text":"refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the","page_number":286,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"9e6bb530-9a17-4652-8f57-5d28e92f9ed9","block_type":"box","text":"alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent","page_number":286,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"dd8aaed4-42d3-4a20-a12f-42c2ea5d7a78","block_type":"box","text":"business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or","page_number":286,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"5ab6d2f3-1f81-4eb0-8db5-060b4612bf10","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":286,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"f8eaf49f-1752-40a4-b811-0beae53d18f5","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":286,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"401dc8f3-4cb6-445f-a512-3f354c6aab2a","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":286,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"3521f1b8-c72f-4e14-8a54-45093ecb4b3b","block_type":"box","text":"for the relevant market, as well as the Principles. The voting guidelines published for each region/country in which we","page_number":286,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"a4e2888a-d97b-4bc8-b5bb-e1c48fc09bf6","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":286,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"869d1dea-035b-461b-9274-9b1b782e1277","block_type":"box","text":"the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS","page_number":286,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"d676f99c-1c0c-4794-8c13-3cf14882a60c","block_type":"box","text":"applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and","page_number":286,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"d9645c8a-b2f0-464c-a3c6-921dca56aa89","block_type":"box","text":"the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather,","page_number":286,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"807c8e8f-475a-41f6-a289-75d7b9713e91","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":286,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"4bfc1bdb-7d61-4c45-8826-020ef4f5020d","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":286,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"27d9d57a-c76b-4dae-afb1-27936370fcad","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":286,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"984f5c0c-77c2-48ce-86d1-babc468fa53f","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":286,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"58d53872-c62b-4718-9c52-e7f3cfc239fa","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":286,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"c9d58680-183a-4c6c-87f5-b36870c7242b","block_type":"box","text":"to vote if they conclude that the Guidelines do not cover the specific matter raised by a ballot item or that an","page_number":286,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"6a2e1ae7-a1f4-47ac-93f4-706561215f7e","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":286,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"25b2cb3a-16b3-4a38-b70f-0ce5002e9af5","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":286,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"884f5c4c-f224-42c7-8824-ed58f6e45c61","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":286,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"c7b52ddc-80f4-462b-8ffe-2bf9a4fc4ad9","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":286,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"705fc94b-4b0d-40eb-a0bf-13a16b07b80b","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":286,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"be2eaa9e-d4c7-4f4d-a402-2e9097758252","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":286,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"16ecd3ff-1333-4f51-9e42-8a8ddadb238c","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":286,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"55d1bee5-ef8a-40d1-a238-f2f39a7db82a","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":286,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"396390d7-3c12-4c03-b286-bcf59cfdff4e","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":286,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"605b2e2f-f107-434a-b677-3d623e764f3a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":286,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"134e7c13-ef2b-4852-9f88-c2a3d0ba223d","block_type":"box","text":"Global Principles | 14","page_number":286,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"5f9f77cb-dc02-4518-b366-44f600e6fc19","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":286,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73aba55d-df92-489c-ac1f-a9e3c01c67c6","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":287,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"7f46512e-a284-4e86-8b54-ec7dc0098300","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":287,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"181421c1-6865-435d-8cb2-eced5172b1a0","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":287,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"df1d790f-67da-4a00-b3d4-cab12ed55f84","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":287,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"d9838f52-08a2-4aa6-85c4-fc1b450f79b6","block_type":"box","text":"VOTING CHOICE","page_number":287,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"3563d12a-0f86-4c2f-80be-b17fc496a7f5","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in","page_number":287,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"dac3fc5a-cdb6-4200-bf85-645a75e5ec87","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":287,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"5ce4ee2d-3b9b-4cc5-ad65-95c0cfe495f2","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":287,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"361fdbd9-6c61-46bb-841d-53ba993f6fa7","block_type":"box","text":"UK, Ireland, and Canada that utilize certain equity index investment strategies, as well as eligible clients in certain","page_number":287,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"00467a02-b827-4966-9158-b7df1482dcf2","block_type":"box","text":"institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition,","page_number":287,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"34b99f4e-186a-4774-9b44-bf7ee2bcd638","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":287,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"dee3f140-d7ee-4da2-933b-2e28955fd91d","block_type":"box","text":"regardless of their investment strategies.","page_number":287,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"fed3d551-6499-47c8-bb38-d3860ecd5cc2","block_type":"box","text":"18","page_number":287,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"b8e27ccb-9b5f-49b7-96ef-2ef8eca4d2b2","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":287,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"640db21d-6e8b-4c3c-b25c-4f21a82d6fae","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":287,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"0787ab59-adbd-4c73-a155-2e068b9265c7","block_type":"box","text":"19","page_number":287,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"48559396-d0bc-42f0-b723-9ab8220b7f21","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":287,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"fd351d6e-def4-4021-90c4-35047352a275","block_type":"box","text":"on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a","page_number":287,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"e3aa77da-5286-49d9-af1b-62a6ea66066d","block_type":"box","text":"third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":287,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"3cbd8bb5-0283-44e8-985d-f0bd6d5a5a67","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":287,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"6e9bad71-0074-4732-bedc-3a6effa2e591","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":287,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"239cd5ca-56c7-4dcf-91d9-279d01a98712","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":287,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"4c246f59-5d31-4c08-a232-c993bee923ae","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":287,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"86c54584-1570-4d22-858e-ae623d10ec15","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":287,"box":{"x":69,"y":407,"width":809,"height":12}},{"id":"30f5d4d4-070a-4c4c-9727-89dc85d4359c","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":287,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"c65a3607-610c-4214-b6c8-b4664d231b8b","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":287,"box":{"x":68,"y":438,"width":598,"height":11}},{"id":"b0ef6f9d-676e-48c1-89b5-0d0cf7e919e9","block_type":"box","text":"•","page_number":287,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"39e491ee-fbaa-449e-a90b-01f37786e5bf","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder 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BlackRock","page_number":287,"box":{"x":102,"y":513,"width":766,"height":12}},{"id":"9967f832-5f3b-485a-8868-c6d92c7bcb9e","block_type":"box","text":"•","page_number":287,"box":{"x":69,"y":536,"width":6,"height":5}},{"id":"bfb65656-a536-455a-9557-705c84dd038a","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":287,"box":{"x":102,"y":533,"width":767,"height":12}},{"id":"01f017da-7d74-48f4-a323-d635706299e5","block_type":"box","text":"•","page_number":287,"box":{"x":69,"y":557,"width":6,"height":4}},{"id":"7fcc4d11-5d5e-4f9d-b6bb-46a9458d5232","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by 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the","page_number":287,"box":{"x":102,"y":612,"width":785,"height":11}},{"id":"66132394-94c0-4ea5-aa1f-d63cb36dff21","block_type":"box","text":"following:","page_number":287,"box":{"x":68,"y":627,"width":66,"height":11}},{"id":"52f73986-e707-48db-820c-a350c004c5b5","block_type":"box","text":"•","page_number":287,"box":{"x":69,"y":650,"width":6,"height":4}},{"id":"a68aa486-b215-438e-8e6b-b1ef844a8264","block_type":"box","text":"Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the","page_number":287,"box":{"x":101,"y":647,"width":732,"height":11}},{"id":"aaf1e7cc-5de4-4234-9738-6e3c34773b22","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":287,"box":{"x":101,"y":662,"width":383,"height":11}},{"id":"cab48909-64a6-46ab-acaf-a391a18e77d2","block_type":"box","text":"•","page_number":287,"box":{"x":69,"y":685,"width":6,"height":5}},{"id":"a7e08076-7f36-456e-b978-5709d8526efb","block_type":"box","text":"Established a reporting structure that separates BIS from employees with sales, vendor management, or","page_number":287,"box":{"x":102,"y":682,"width":748,"height":11}},{"id":"948ea035-0290-41a8-88a1-38e936382208","block_type":"box","text":"business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":287,"box":{"x":102,"y":697,"width":802,"height":12}},{"id":"5b2474c0-7ad2-418c-b108-0d351fbc0a87","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":287,"box":{"x":101,"y":713,"width":794,"height":11}},{"id":"9d3a10b6-2ae6-42c5-8c40-6afa53fa6afb","block_type":"box","text":"relationship with such parties. Clients or business partners are not given special treatment or differentiated","page_number":287,"box":{"x":102,"y":727,"width":770,"height":12}},{"id":"bb5a82b3-7a82-4e39-a431-80c35281a5e2","block_type":"box","text":"access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":287,"box":{"x":102,"y":743,"width":802,"height":11}},{"id":"9be2b2ba-79b3-49e4-9120-75955dcbcba7","block_type":"box","text":"information to make a voting decision or our view on the likelihood that an engagement could lead to positive","page_number":287,"box":{"x":102,"y":758,"width":777,"height":11}},{"id":"f2ef91bf-3b39-4f6a-b447-5300af67a3fe","block_type":"box","text":"outcome(s) over time for the economic value of the company. 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BlackRock can then use its proxy voting infrastructure to cast","page_number":287,"box":{"x":70,"y":878,"width":838,"height":11}},{"id":"040de78b-e1e7-499d-bf51-8d5b0bc4d5c7","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":287,"box":{"x":68,"y":893,"width":354,"height":11}},{"id":"18cde8cd-80d3-4c0d-b0c9-578a0c5de3a5","block_type":"box","text":"19","page_number":287,"box":{"x":69,"y":911,"width":9,"height":4}},{"id":"6a18dd70-4ca6-4f9e-9d21-d3b562c99797","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":287,"box":{"x":84,"y":911,"width":415,"height":11}},{"id":"57d679d3-e63c-4064-bc2b-d72baa4b83d4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":287,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8baf1bdd-52a2-44dc-a3b5-6bf104ba35f6","block_type":"box","text":"Global Principles | 15","page_number":287,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"89450b6f-e48c-4654-be7b-76faa9b0524d","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":287,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73965b20-2692-4d46-9234-10cba76cbc44","block_type":"box","text":"•","page_number":288,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"1e281342-a50b-4294-af4d-423897fb8413","block_type":"box","text":"Determined to engage, in certain instances, an independent third-party voting service provider to make proxy","page_number":288,"box":{"x":102,"y":45,"width":777,"height":11}},{"id":"8d8d2590-6085-4401-b0e3-26f065dffda1","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":288,"box":{"x":101,"y":60,"width":763,"height":11}},{"id":"d596efc4-6eae-40fa-b99a-d4f7965fdf75","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law. 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BlackRock may also use an independent third-party voting service provider to make proxy voting","page_number":288,"box":{"x":102,"y":136,"width":797,"height":11}},{"id":"c10a3e3b-8ee3-4160-8743-a0e26b73743d","block_type":"box","text":"recommendations for:","page_number":288,"box":{"x":102,"y":150,"width":154,"height":9}},{"id":"9d185e71-bed3-4d9f-801d-a9c046d53c2d","block_type":"box","text":"•","page_number":288,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"74fb4aeb-c048-4aba-8461-a8acbc4ed269","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":288,"box":{"x":135,"y":171,"width":570,"height":11}},{"id":"6fb0d526-c2f8-46b3-aa85-7b3998cda49e","block_type":"box","text":"•","page_number":288,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"e9ffc439-1cb7-47f0-998c-c91964bca27a","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":288,"box":{"x":135,"y":191,"width":748,"height":11}},{"id":"b6ab900c-8fbb-4b23-8b65-f95c27d7539d","block_type":"box","text":"the board of directors","page_number":288,"box":{"x":134,"y":206,"width":153,"height":9}},{"id":"5f13ab2c-2822-40b4-8e50-5264e9826dea","block_type":"box","text":"•","page_number":288,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"4ab78fa8-a9f8-404a-a449-854227371c8e","block_type":"box","text":"public companies that are the subject of certain transactions involving BlackRock Funds","page_number":288,"box":{"x":135,"y":226,"width":626,"height":11}},{"id":"438bdebe-d907-44d1-96fc-1145f07feeaa","block_type":"box","text":"•","page_number":288,"box":{"x":102,"y":249,"width":6,"height":5}},{"id":"df17c79b-ca34-4025-bbce-4bd60ef81f9c","block_type":"box","text":"public companies that are joint venture partners with BlackRock, and","page_number":288,"box":{"x":135,"y":246,"width":490,"height":11}},{"id":"ae41e5a4-16d2-4213-9174-05d6de542e0a","block_type":"box","text":"•","page_number":288,"box":{"x":102,"y":269,"width":6,"height":5}},{"id":"ab42828c-ef93-4331-b304-35c6a9e2ed06","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":288,"box":{"x":135,"y":267,"width":740,"height":11}},{"id":"a2659ba6-86d8-4edb-9448-0f25c0d69c0f","block_type":"box","text":"party voting service provider","page_number":288,"box":{"x":135,"y":282,"width":200,"height":11}},{"id":"02cf86b1-931f-43a2-824a-9054ce3b1169","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but","page_number":288,"box":{"x":102,"y":304,"width":790,"height":11}},{"id":"b17c9059-d9b5-4139-81fe-a2f55bf35174","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":288,"box":{"x":69,"y":320,"width":834,"height":10}},{"id":"77defaef-0a94-4126-a29b-f4234374d4a9","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":288,"box":{"x":69,"y":334,"width":806,"height":12}},{"id":"bd9287e7-f1e9-4bef-aea8-25dc9d05303b","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":288,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"b658c4ea-9ee9-4a85-b433-5c62d0c2baf0","block_type":"box","text":"third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting","page_number":288,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"c73d6440-e9c1-4528-aab7-1bf05665e3c6","block_type":"box","text":"service provider. The Global Committee appoints and reviews the performance of the independent third-party voting","page_number":288,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"2e3bb515-3302-4fd9-bf02-a9c804e69dd9","block_type":"box","text":"service providers, generally on an annual basis.","page_number":288,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"39c4750d-6c38-49f2-ad4f-0ab57e1f57de","block_type":"box","text":"SECURITIES LENDING","page_number":288,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"53ada958-a371-4497-a6a1-bdce2c77986b","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":288,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"ad2e9f06-970d-4c10-9235-4635471fb839","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":288,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"e94064de-e5e1-4e4b-bbba-97e6256015e8","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":288,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"2eafa109-f837-43ad-a32c-133914f3c505","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":288,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"05edefca-c0c3-44de-ad2f-9f732faac9dd","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":288,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"32511472-9034-48d1-ada7-608a93a59eb2","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":288,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"af891047-a472-4ed4-acd7-a501e50375ee","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":288,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"cafa933e-09da-4e74-a3e1-9507351c51e5","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":288,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"160a7707-a15d-4ed2-8bd4-51e998e9c177","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":288,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"f2a5e353-f642-40b8-aac2-1a236bbf441c","block_type":"box","text":"of recall consideration).","page_number":288,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"1705e5d0-8caa-4895-8d72-4d2ec0278ed4","block_type":"box","text":"20","page_number":288,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"74e7678c-800e-4993-95a6-8d3ebb7182fe","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":288,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"52f2573e-6403-4dbd-9d76-87c396065831","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":288,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"0269e12d-acfe-4322-ab03-5579f7e20e53","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":288,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"08f8b248-049a-4259-9455-961304867224","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in certain instances,","page_number":288,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"44d652a5-9415-4483-8001-fd63b768661c","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":288,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"d9c1b298-7732-4ce6-84ab-928575230523","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":288,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"68a7f126-b300-4b7d-ad62-59564a4900b4","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":288,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"ffd63a37-efb3-4810-a88d-5275b45dc6c7","block_type":"box","text":"and may modify it as necessary.","page_number":288,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"dbfb192b-0c63-43ef-82b7-c43388c0b214","block_type":"box","text":"20","page_number":288,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"0736ab1b-7440-4906-9009-ac9e66179339","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":288,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"397273c7-d8fb-4697-bb25-4205fe2e3041","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":288,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"d65cb28f-5b0b-40a5-ac46-3254dc9884ce","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":288,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"62ac9b09-9ba8-41aa-aeec-67aeea6b76d3","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":288,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"fde67aa6-ebc5-4940-a502-3bec7edcf9c8","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":288,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"9a6ad1e1-896b-4de0-b186-a1fecde5d126","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":288,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"40dd5806-b0be-4d83-87e5-4fb8da092187","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":288,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"56a0213b-da2b-4a65-8dbb-4f3a54c889ba","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":288,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"e00c7bed-fd0d-437d-8137-1a4d9f13b42d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":288,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2888d715-da15-4246-af8b-fc23180ead6e","block_type":"box","text":"Global Principles | 16","page_number":288,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"f6d20eb3-d26a-4b1e-8d10-33905e149e7e","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":288,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee3d21e3-a4f0-4f80-93f7-762ad00ff1b5","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":289,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"1dcc85b6-4d15-4b09-9b50-53766f169385","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":289,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"54f5ab42-0693-4790-a003-c19d8e4f49cd","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":289,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"46c29727-0ad5-417f-94bf-479921709fe1","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":289,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"35a70388-5ecb-4143-ae05-ca0d4e658e24","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":289,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"8de50fa7-104f-465a-8830-aacd004e0c5d","block_type":"box","text":"and emerging key themes.","page_number":289,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"a3fa21c4-c409-470d-ae1d-feb9918a7348","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a","page_number":289,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"594fab30-300c-4d4e-a71b-8c55af3e1c1b","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":289,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"d6420b83-0b0a-46e3-804c-9e9fd21eb120","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":289,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"d7feec7d-ae25-4c73-a039-ce464473d662","block_type":"box","text":"be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and","page_number":289,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"21588494-54be-4574-b3c1-c5cef8cbbb8c","block_type":"box","text":"explaining our vote on key proposals. We also publish a quarterly list of all companies with which we engaged and the","page_number":289,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"2db238f0-745d-47f0-802e-e5c9092f3e51","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":289,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"83c883d2-1578-4783-99d3-88686965b828","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and","page_number":289,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"b0dd6061-ca84-44e7-ac19-b95c01bd0c8c","block_type":"box","text":"business practices that support durable, long-term financial value creation by companies.","page_number":289,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"eba8298c-2a0e-476e-9e9b-56848045b5a6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":289,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"96e85daf-c443-4a27-95c1-b8612e49a0c1","block_type":"box","text":"Global Principles | 17","page_number":289,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"4fe6143d-87ee-4289-9eca-8c1cf986bced","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":289,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c05a921c-169d-4b04-b004-92b1238e4b5c","block_type":"box","text":"Want to know more?","page_number":290,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"266f0e84-429b-4bf5-bfb4-ea19047c5cd8","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":290,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"30573e15-496c-4b8d-8645-7bab7c56e13b","block_type":"box","text":"This document is provided for information and educational purposes only. 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All rights reserved.","page_number":290,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"25a1bb26-7e34-4143-b182-fe3b7df00930","block_type":"box","text":"BLACKROCK","page_number":290,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"ba7928d7-99af-47ab-ab0a-8e60e0330629","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":290,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"96daf7d3-b7eb-443a-ba5c-f511fcf59c62","block_type":"box","text":"United States and elsewhere. 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BIS takes a long-term approach in our stewardship efforts,","page_number":292,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"02f173df-3946-4667-9cc9-f0c9377d78c7","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. 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An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":292,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"2f59fdd4-6f70-4055-9584-82c41fc7f32b","block_type":"box","text":"financial opportunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":292,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"45b65c0d-5b32-447f-87dc-9ebcee5fa2ac","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":292,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"87937516-073d-422d-ae5b-0c8d37aa6508","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":292,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"a1cd86f4-a512-4ad3-b46a-fb8842939e3d","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":292,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"2a6413da-9f97-47dc-829e-ebf60f28e7cd","block_type":"box","text":"clients believe, will shape financial opportunities in the transition to a low-carbon economy. A survey of 200","page_number":292,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"3d065f32-0f2b-464f-b8f0-cb0aef0f249d","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":292,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"8b53fea1-19df-467b-bbca-30e54d72a266","block_type":"box","text":"have set some kind of transition investment objective for their portfolios.","page_number":292,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"23a59e30-76a0-4f56-9977-5130cc94df43","block_type":"box","text":"3","page_number":292,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"f83b208f-95a6-4d56-9579-8fcfc11ceebc","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":292,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"d311f85d-22a4-4c36-b675-b63019a21e6e","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":292,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"c3e3365f-b2b2-435e-994e-840b2e778d9b","block_type":"box","text":"4","page_number":292,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"ebad8276-6605-478b-a88c-6edb4e43333a","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":292,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"ffa61fae-7025-40ae-98a7-14fc94254957","block_type":"box","text":"leadership to support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":292,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"52e1b436-f836-46e0-b72a-4b8e87d88ab8","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":292,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"a8b84948-2639-4bfc-ab4c-9e1dafe9496b","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":292,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"74a24983-4a68-4ae0-bdfb-b2011e592be6","block_type":"box","text":"1","page_number":292,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"26db42cc-244d-43ba-986a-6ab8f185ac80","block_type":"box","text":"We have heard from a growing number of clients globally that they have made, or are planning to make,","page_number":292,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"a257928e-a8d6-4c79-8439-b16156d085ba","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":292,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"3fcd0f97-c460-47e6-afcf-56978d81018a","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s","page_number":292,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"5f534ef9-8129-4e7a-b35a-b2df0d4d100e","block_type":"box","text":"commitment to offer clients choice.","page_number":292,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"9a620120-d2a2-4562-8b61-fbf14f67dd77","block_type":"box","text":"2","page_number":292,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"94a6ee63-a79e-4ec7-9bc3-cb58c72f317c","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":292,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"52332517-fb4f-4ebe-887a-eb0a41e32e8d","block_type":"box","text":"appendix 1.","page_number":292,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"1e4b5681-c29a-4678-9f33-0271c3eb635a","block_type":"box","text":"3","page_number":292,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"0b717249-39ee-48d3-9aaa-f97bf8e16f9c","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":292,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"36e395ec-9c81-47e3-b190-310cf0d5e4c0","block_type":"box","text":"independent third-party research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":292,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"91e14fb2-4601-4ccc-bbf1-622304e44613","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":292,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"6a1a0b38-552e-4c29-bd4c-bc5d25db6168","block_type":"box","text":"4","page_number":292,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"e9630bbb-dfdb-4530-aae5-4cc96510eea6","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":292,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"6d65bcaf-22c6-4025-8b56-968427337c59","block_type":"box","text":"BlackRock Investment Stewardship","page_number":292,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e2957aec-e129-4e2c-8aa7-6dfe3b633bcf","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":292,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"349ab2b0-7ed3-41a7-abae-6ccd74df6b59","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":292,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b2695f3-c40e-4631-b5db-494bc6728742","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":293,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"af83f48d-1db3-48a1-ae75-ac61f203bad2","block_type":"box","text":"5","page_number":293,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"d4bd7953-a8ea-4bdc-bd86-354333593c4e","block_type":"box","text":"and are focused on matters","page_number":293,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"e2bbae7c-1d08-4ff4-b70c-7097bd8aac02","block_type":"box","text":"related to climate risks and the transition to a low-carbon economy at companies that are held by funds and clients","page_number":293,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"9e6ad307-a76a-4088-8f9d-aa9116702770","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":293,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"92553efc-a170-47a9-a9ab-5a39992b9850","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":293,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"00a293a7-6ccb-4e56-9174-1d197cc0d831","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":293,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"93e5964f-ccd1-4df8-8147-42fcb36a8d30","block_type":"box","text":"opportunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":293,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"176efdc4-dac2-4695-9375-991f51d9cc11","block_type":"box","text":"Agreement,","page_number":293,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"75e3d829-9f56-4706-99c1-d8370aa11a4a","block_type":"box","text":"6","page_number":293,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"31bd2664-98ac-46a1-8f34-abf03c01f625","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":293,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"257d1735-da1f-4d56-b90a-508cc646fab7","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":293,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"b4c8d762-21bf-4af0-952b-0f0c923abe40","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":293,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"c0ca8f8f-5503-4ed1-a1d7-5245ef47b8c4","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":293,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"ceb01025-f9f7-4edc-927f-2032f0b50cb0","block_type":"box","text":"7","page_number":293,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"007d5ce0-478d-4ced-ac07-9bd69da27378","block_type":"box","text":"We estimate these companies","page_number":293,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"0e3b7119-dc6d-435d-a3d2-40779c0e209b","block_type":"box","text":"represent the vast majority of the value chain emissions of the companies held by funds and clients that have","page_number":293,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"eaeb72c8-5b32-4f25-a10d-f12f2cce4480","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":293,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"8bb5cb90-8190-49d4-bbba-af2808d08be2","block_type":"box","text":"apply.","page_number":293,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"8ce87ade-e592-4db1-95ba-40a95449e803","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our","page_number":293,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"8200d357-a81d-47f8-bfbe-51aa6ea7f52a","block_type":"box","text":"benchmark policies.","page_number":293,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"d7e4bb6c-4904-4ce0-b0ef-d9f15abba5b9","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":293,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"c6aa2e09-3f8e-40b8-b090-22da51ea37c5","block_type":"box","text":"objective, BIS will continue to undertake our stewardship responsibilities in line with our benchmark policies, with a","page_number":293,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"f3d17824-d1a1-4a0a-ba53-f6deeb8e027b","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":293,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"fd618823-d499-4097-be0a-a8adc2fb05b2","block_type":"box","text":"risks and opportunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":293,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"e1959d88-f2db-4880-a24b-abb451632b77","block_type":"box","text":"financial returns.","page_number":293,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"671a4fdd-c3c3-4302-a93d-31c90624ed5b","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":293,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"1fbd1c3e-bcea-4be6-a5dd-d1afc104387d","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":293,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"6c1ab43d-cc77-4067-a632-b2a0a72927d1","block_type":"box","text":"5","page_number":293,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"a3042010-594b-4ed6-84b2-f89279173d28","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":293,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"098bbb54-7ca8-49b1-ae51-feb2cc504115","block_type":"box","text":"efforts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":293,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"65560215-8915-4669-beec-3d5f9e61e410","block_type":"box","text":"They are anchored in our Global Principles, which set out certain globally applicable fundamental elements of","page_number":293,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"e9d0c86b-09cd-405d-816d-6d42a69d50af","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":293,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"ea641b0a-cf85-45b6-bbf5-197131436d4c","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":293,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"fb8b1f9c-641d-4351-bb60-cdfa7b506cf1","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":293,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"3714430b-2551-43ed-87b3-f4d089a91fa8","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":293,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"aa8893a4-6ab9-4063-9ba8-98a8443b8296","block_type":"box","text":"are relevant, as these can be a source of material business risk or opportunity. The BIS policies are applied on a","page_number":293,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"ffce7148-f190-4036-9ce1-4f56c0b205cb","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":293,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"dae1aa3f-8809-43dc-8275-8b4e92d2bf9e","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":293,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"fb248f9f-8fd4-4b38-a39c-ba8e185a009b","block_type":"box","text":"6","page_number":293,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"97e3df17-718c-4c0a-9b62-3355d5954f6f","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":293,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"fb7ae533-763d-4c27-873c-a47d6ad27862","block_type":"box","text":"7","page_number":293,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"3d5d3b43-8c54-4943-836c-2084c8828020","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":293,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"5aa85a54-c075-43aa-98e8-bc6fb07b7047","block_type":"box","text":"their operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their","page_number":293,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"a986dbdc-e34f-406a-ba80-bfc940099a70","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":293,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"c965248b-8ace-445e-8f6a-bd946728f3b3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":293,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a69d7423-8498-4e5d-a901-1a8437964f71","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":293,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"a7d07da1-7be9-49a0-9b83-de5d2c7477c5","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":293,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"431787fa-ea71-4d12-a028-df3ce8325fbf","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":294,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"8ae71327-03ee-4d80-a00a-fe7e6025d51a","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":294,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"9cb08393-27f0-4943-809b-36f21c26ae63","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":294,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"b39c0579-27b4-4465-8ea9-2d50f9040957","block_type":"box","text":"moving at uneven speeds across sectors and regions. 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We have heard from certain clients that they see the low-carbon transition as a series of shifts","page_number":294,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"62daee65-e2b8-4cfd-9366-dd824beb2b87","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":294,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"a26e4471-55e3-4d8d-9f48-6317b17a5eab","block_type":"box","text":"opportunities and a wider range of financial and competitive outcomes for companies.","page_number":294,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"66c7d483-8991-4eab-b55b-f5842bef03a9","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":294,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"46276a3d-c751-4430-b511-668e93aaf7fd","block_type":"box","text":"risks and opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":294,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"0ea1ce53-d64e-4844-a706-5e50bd0bf037","block_type":"box","text":"by Aladdin","page_number":294,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"c1c4cd94-a98c-423a-9932-f553ca17250a","block_type":"box","text":"®","page_number":294,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"e787b8ae-302d-4da1-9d9f-28710857ce42","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":294,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"4b3571a5-c1d2-4d45-9e4c-ffd665ec03a3","block_type":"box","text":"play out based on what we know and expect today. It can help inform a top-down assessment of a company’s","page_number":294,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"355a7de5-04a2-4750-93fd-d8d481186b7a","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":294,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"12abd146-7cad-4bce-a213-a5b9db8755eb","block_type":"box","text":"BlackRock’s portfolio managers and other experts.","page_number":294,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"51575c25-6b61-45d4-b403-6be155fa109e","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":294,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"e521d77e-d66a-4347-94f1-bc253f2ac38f","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":294,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"1053f90b-ca2a-433c-a7d0-69679d061906","block_type":"box","text":"®","page_number":294,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"e1fd4ef6-d250-4c51-a7a8-c9ef7974b85b","block_type":"box","text":"Climate,","page_number":294,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"0cb946ff-8dd0-4542-a99c-078960951838","block_type":"box","text":"8","page_number":294,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"dab1153c-e8cc-463b-9c44-3aa687b7cfb1","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":294,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"9122adb1-fc9e-4af0-af86-b3ffb8a2ccf5","block_type":"box","text":"applying these guidelines. In doing so, we will take into consideration the fact that the necessary data to assess","page_number":294,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"87dcc1e4-913e-444e-923b-3705852ba093","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":294,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"1d78fb8a-50fa-4c3a-b65a-03c00337cb33","block_type":"box","text":"increasing number of jurisdictions.","page_number":294,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"8af1dcd7-b6f4-4ec8-97cd-ba412a68bc4c","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":294,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"10e422e5-c304-4ebf-b367-71ac929604ae","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":294,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"2e201f07-10b4-4b15-ba66-8f2e51d5218a","block_type":"box","text":"•","page_number":294,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"d790ab03-be68-4d46-bca8-c29e543b2682","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":294,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"f939b351-ad01-4cfe-b609-56c68604f88a","block_type":"box","text":"This includes","page_number":294,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"16fca010-6fe3-4247-860a-7c5d965e4705","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":294,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"75ab782e-5d74-468e-bb45-821092e5ed7f","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":294,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"12c2d799-4041-4262-bf7d-625c1ad06604","block_type":"box","text":"•","page_number":294,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"454262ca-3120-4664-a680-620077828768","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":294,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"2195b8f0-4302-4bd5-bb08-e0eb2ea7ddc9","block_type":"box","text":"across sectors and markets:","page_number":294,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"a2c11a75-d33c-4694-b41a-e2247db4a8e4","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":294,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"f62c14e1-7e8e-4aea-94b6-e5250f5f1b2b","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":294,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"18f72df7-dabb-4a2c-862a-ef3a9f6ccd2b","block_type":"box","text":"other factors. Further, we recognize that these factors are uncertain and dynamic, which will require that we","page_number":294,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"c6cbf0a1-77ee-49a1-bced-39ddeb5683cb","block_type":"box","text":"evolve our approach as necessary.","page_number":294,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"7515db4b-67cc-4366-99f7-73fd5f03c677","block_type":"box","text":"•","page_number":294,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"43911c3c-271b-4bf9-88f1-4e95fdcdc7d9","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":294,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"84f47fa8-b60e-4e5f-9052-b579bf49d565","block_type":"box","text":"their key stakeholders:","page_number":294,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"2c878ac0-9e00-4c9f-a32a-a3e009420349","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":294,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"613b92a1-1e28-493c-98f3-7f7805d1b819","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":294,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"bd561be1-c8f0-42a7-a031-f5b123710bd6","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":294,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"9c4753df-3660-4d25-a464-891d4086ceb0","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Further, we consider the","page_number":294,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"f8794500-1f46-49d3-89a3-d580069e1641","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":294,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"83e76c28-9757-49b9-a8ed-ab51abca2a59","block_type":"box","text":"does not.","page_number":294,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"2a92d308-d52b-4d73-8c1b-6f072a1d8642","block_type":"box","text":"•","page_number":294,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"bfc4088c-203a-4d2d-9477-fbd4c611fedf","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":294,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"713bac6e-ca23-46b3-a850-15af43738d86","block_type":"box","text":"limitations:","page_number":294,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"750fba49-0295-46c6-8ab1-b3a02986aba7","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":294,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"c21dcd52-17b3-4e46-8cb5-e5ac7a19cd9e","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":294,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"291a3e7e-0148-486b-88a4-108565211703","block_type":"box","text":"include relevant data and narrative.","page_number":294,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"d7458de5-0e5c-4b69-9408-eff069866cbf","block_type":"box","text":"•","page_number":294,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"6deefffc-489f-4a9c-a3bc-caeb18604462","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":294,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"ba6d7368-e884-4988-b1b7-396d62cdb316","block_type":"box","text":"The boards and executive","page_number":294,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"a4fd8e48-998f-4743-b8b2-ae1bb4e2f693","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":294,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"e20f0e2c-18a4-4821-8b7f-21c95a80977a","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":294,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"71b08271-dff0-40b3-8a30-f4c2a66f59b8","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":294,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"a41ad744-9f77-4c52-bee8-4eb4abbef3d2","block_type":"box","text":"8","page_number":294,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"4599ebf9-d7cf-4edc-aca2-eb74282866bd","block_type":"box","text":"Aladdin","page_number":294,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"1696b112-44a2-4077-8986-91f1804b4001","block_type":"box","text":"®","page_number":294,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"4e55c7ae-b038-4cdd-906f-5fecd815b26f","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":294,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"5fbc1e6c-d1bd-49ac-85c8-ad687bdb28bb","block_type":"box","text":"analytics. 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As a general","page_number":295,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"ea274513-3ac9-40cd-b129-1bc1da637195","block_type":"box","text":"point, we would expect companies that have disclosed their aim to participate in the transition to a low-carbon","page_number":295,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"a0a8729a-9221-4b6b-8469-4d27d1abcd94","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":295,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"1cca2b1d-972b-4803-ae8e-694f8544fef0","block_type":"box","text":"appropriate, which may include:","page_number":295,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"fb44b807-221c-40a7-a4db-30999b7d241d","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":295,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"745153c9-9a2b-42b1-bbcb-510692e39c5d","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term","page_number":295,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"7d5b9369-7067-4af2-855c-2895348dca4a","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":295,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"e41705b3-334d-401f-8422-0c8cf9785bf6","block_type":"box","text":"milestones to assess their progress.","page_number":295,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"457776c5-27f9-4839-bff6-9a641400efd2","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":295,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"f8ed26ab-6716-4051-b4e0-a3d15f942e5f","block_type":"box","text":"Standards Board (ISSB).","page_number":295,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"2c0b1f58-268d-4636-9cdf-6c850b34cc78","block_type":"box","text":"11","page_number":295,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"f4a94c7a-daca-4be2-b9c9-a25a0f39fd7b","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2","page_number":295,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"4dd298fd-839f-4c91-ace5-d06539eec8f4","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":295,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"11383230-2ceb-4af1-aad8-e7b22d2dfedd","block_type":"box","text":"significant climate- and low-carbon transition-related risks and opportunities. As audit and assurance standards","page_number":295,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"f91870b8-0649-4c6d-91d7-8767204944c5","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":295,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"a87035a1-0189-4a7e-b22e-115782b3b83a","block_type":"box","text":"independent, third-party assurance.","page_number":295,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"825a1b0a-4815-4569-8851-0ed1ea58e145","block_type":"box","text":"9","page_number":295,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"783c3e23-a311-415b-957c-ab0195fe96b0","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":295,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"757dde74-f149-4c92-af72-22ff009343a4","block_type":"box","text":"as to how BIS will engage and/or vote in every instance. The guidelines are applied by BIS analysts with discretion,","page_number":295,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"8fded8b1-5edb-48d0-9a40-71dfdab2ae9c","block_type":"box","text":"on a case-by-case basis, taking into consideration the range of issues and facts specific to the company, as well as","page_number":295,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"38e57c61-262c-45e2-90c4-e31c9c78f50b","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":295,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"f27a9c29-27fa-49c8-a25d-3999630d247c","block_type":"box","text":"10","page_number":295,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"465d6b4e-7fde-4a0b-94a2-24e2598f9879","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":295,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"f1f394df-b1bb-472c-9979-db3a95575bd5","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":295,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"4d7f913d-25c9-4955-a240-75f3b4ab26b3","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":295,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"b44cb05b-c847-4526-9488-4d8150b3c7ee","block_type":"box","text":"11","page_number":295,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"bc0200c2-2485-42bc-b752-83409d699788","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Reporting","page_number":295,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"7cf1a260-9c35-44ce-860d-e71f6a50cdc6","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability reporting for corporates","page_number":295,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"628561cd-c304-465d-bd04-0ea2c7f6d79d","block_type":"box","text":"and investors to support more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":295,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"f478b6fe-9120-4a77-acae-646e09de0591","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":295,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"69bd0851-7de8-4ce9-8084-9c0787258431","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":295,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"8cb1b530-75a6-40a7-a642-cdb2e1ca341f","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":295,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"186c35cb-121d-4520-8c37-e90b285b425b","block_type":"box","text":"their reporting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":295,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"b79db12b-9818-43a9-b6a5-2be4da11c00d","block_type":"box","text":"already committed to doing so.","page_number":295,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"f94a6b0c-8383-448d-bfe9-45039e7166ce","block_type":"box","text":"BlackRock Investment Stewardship","page_number":295,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"dbe346a1-5cba-498a-8f7c-9687302b6d55","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":295,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"62004a3b-d155-4c5b-a99d-64a6506483d4","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":295,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d402832c-f782-4151-91b6-ad62fca5586e","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":296,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"5641fc73-0d28-4dc8-a14c-20b54f5d825e","block_type":"box","text":"12 13","page_number":296,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"d5163600-259d-4ccf-821b-5c29c0ca01bc","block_type":"box","text":"In addition, we look to companies to disclose","page_number":296,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"73d2676e-f5ad-4222-8a6b-1f36273dcf24","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":296,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"7ca0497a-f7e3-44e5-b1cc-edbefeb31b5c","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":296,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"f41ee808-79c8-47da-8c3a-787d35a8cf54","block_type":"box","text":"these would be provided on a ‘best efforts’ basis given the methodological challenges these currently present","page_number":296,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"4a05525f-3f01-4741-a0f1-996c5bd8496b","block_type":"box","text":"for reporters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":296,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"18ff616e-bd8a-4688-8edf-cf6e461f5967","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":296,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"f94b6675-1572-450a-a9c9-67417835f54d","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":296,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"748e6e53-f987-42b7-8656-8adc19e6b479","block_type":"box","text":"14","page_number":296,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"fabbcdec-fdb1-4e12-9181-2a512038a7a7","block_type":"box","text":"However, we recognize that","page_number":296,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"d91a5417-6aff-45f4-a27a-9e1075fa5291","block_type":"box","text":"companies have varying ability to influence the emissions across the different parts of their value chain and it is","page_number":296,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"d14ba524-85e3-41f0-9c0e-2fc47f54691a","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":296,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"f121f78e-1080-491b-84ad-e2685eccb15f","block_type":"box","text":"Transition plans","page_number":296,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"5777dd52-2835-43b6-b7cc-0e1c2e99c7e9","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":296,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"345309ba-2dc4-4bf0-b5ab-246f47d83fda","block_type":"box","text":"carbon transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its","page_number":296,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"c852032d-911a-4ea4-a703-b406cdc9d4d7","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":296,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"81cccf74-6a3a-4772-9e43-ebe24abf4b95","block_type":"box","text":"appendix 1).","page_number":296,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"3b80ca1c-ad3c-4846-8a81-5506ad1e863e","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market","page_number":296,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"e162e1eb-d1c4-4d8e-8fdb-e00e9edf9207","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":296,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"f186b7ff-be46-4b8f-89c6-e04a1f561608","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":296,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"08c02ca3-d731-4a8e-975b-59a08a637a2e","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":296,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"0db3ae05-87d6-4033-8237-c6e9eb8ccaef","block_type":"box","text":"Boards and directors","page_number":296,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"8f4aaf46-4482-4120-8535-d48f3a1ebc32","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":296,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"5a99abfe-fad1-4ce9-932d-c513059a2581","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":296,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"34f9efef-ad8c-48ae-9587-a460dceeb7ea","block_type":"box","text":"transition strategy.","page_number":296,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"b655b97b-b2ad-4cbf-b1a9-2fa00c6ed66e","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":296,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"de02ae5b-599f-45a1-ba58-417347f079e6","block_type":"box","text":"•","page_number":296,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"1cdfdba8-3fcd-4088-a98a-33c544565f2d","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":296,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"4e681290-df35-44a1-a0c8-03954655e335","block_type":"box","text":"opportunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":296,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"1fc43f43-fe7f-4dbf-b5bf-4b71bdd6fb52","block_type":"box","text":"of the company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":296,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"7c8a0d21-50bb-4ada-a9ef-6231703b8184","block_type":"box","text":"•","page_number":296,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"32975fd9-f16e-4cfb-9b9e-5d104d57fdb9","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":296,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"1fe8ee8a-53dc-4271-bc11-4c0a30721236","block_type":"box","text":"accountability for delivery by senior executives.","page_number":296,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"8ea800bc-8244-42be-903a-bd2ee08a5982","block_type":"box","text":"•","page_number":296,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"a205268b-3247-45e9-b0d5-728fb9de832c","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":296,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"26817441-5b38-4e6c-be66-8ba826ff6fb9","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":296,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"75b94da6-5f32-46c1-a055-285211fe77d1","block_type":"box","text":"transition strategy.","page_number":296,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"1b973cd8-a9a6-4309-a0a4-133324192797","block_type":"box","text":"•","page_number":296,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"00cbe3c1-e62f-4bb4-b4d3-4a2697f2fcd3","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":296,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"323f5f84-e277-49cb-a6ae-1419740ec95e","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":296,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"0c87d9f6-6b6c-490b-8ed9-ebebb6d33113","block_type":"box","text":"•","page_number":296,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"320ea1bf-b4f0-4280-9221-f562cee07136","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":296,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"1070127f-f9f1-43ff-a724-cffec7ff7801","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":296,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"a906d782-ca81-43a4-ae4d-2b04611b68d0","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":296,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"9dcd0f8c-d2bd-4417-901b-93655b4d8fe6","block_type":"box","text":"•","page_number":296,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"bad444e3-d408-48e8-bdb3-c66674605a36","block_type":"box","text":"There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its","page_number":296,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"77c37e89-2731-4ae1-b970-a6dade6792fe","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":296,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"eac76b61-dad9-4289-8ed1-49ef2a5d1543","block_type":"box","text":"12","page_number":296,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"77b26988-e9c5-4272-891f-f87651f67011","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":296,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"694ea05d-37d0-4b9c-961c-5f72244aa0d7","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":296,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"cb2b38a7-baf3-4d5d-bce0-352ac325895b","block_type":"box","text":"13","page_number":296,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"4b8554df-1546-47f9-8e41-fdb6e4ab9d22","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":296,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"b7d289f7-6ae5-4c24-b6f6-06d5dcb8260e","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":296,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"0b692b27-ace4-44d8-9143-39fa33605af2","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":296,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"aba5f439-1707-43c7-860c-f4ac132d38e9","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":296,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"5ecdd6c7-a518-4dce-a61a-8f7486be730e","block_type":"box","text":"14","page_number":296,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"bf936f29-7dfa-4ec4-aaeb-5c1ac0353c40","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":296,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"66f34243-3233-4dc7-84d1-a0b6610c80c8","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":296,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"d295ffc1-8a7c-4af1-be91-8970b681519a","block_type":"box","text":"Scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most useful when","page_number":296,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"37170dcf-77e7-48e4-bed5-b03799e691da","block_type":"box","text":"companies focus their disclosures on those of the fifteen Scope 3 GHG Protocol categories that are material to their","page_number":296,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"1c6e268e-393c-4308-a1ca-174346abc25e","block_type":"box","text":"business models.","page_number":296,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"cc781206-ca1e-46ea-aef2-8225f341faee","block_type":"box","text":"BlackRock Investment Stewardship","page_number":296,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e9bf3672-052e-49b0-9472-6754e44018e7","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":296,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"a08afdbe-c818-43b4-8bd6-c20481df2197","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":296,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c3d5ca7c-1169-49b2-80b2-027441e047c6","block_type":"box","text":"•","page_number":297,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"ebc869c4-2f2c-4896-a745-0f27bdcccd6a","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":297,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"c7fcbd46-ac7a-457e-bac1-4102b9e9a36d","block_type":"box","text":"15","page_number":297,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"8f5bb8a5-0dd1-43d9-aeaa-53315e1ad40b","block_type":"box","text":"and disclosing these where it is confident in the","page_number":297,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"8df169c4-0c8d-4b6e-b9b8-54f05a094bdc","block_type":"box","text":"data. Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":297,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"ddcb0e38-87d8-4ea8-87c9-b49a6df0691e","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":297,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"35b889de-3f11-4d0a-a8c5-31dc13cb63fd","block_type":"box","text":"with the different constituents in their value chain.","page_number":297,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"e86616ac-e1d5-4865-9d6b-cc54e8d93b39","block_type":"box","text":"•","page_number":297,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"18816ba1-6ffb-4178-a508-28208df63308","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":297,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"e0d843ed-eb6a-4c02-9e57-4eba7d17ee44","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":297,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"0a606948-2b0a-408e-a733-6e2b175f8361","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":297,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"fd609855-c1c5-4c66-b00c-c6ef21d23723","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":297,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"7f39cb30-2f42-4423-9b98-9f9d347ef723","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where,","page_number":297,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"cff4b9b4-f4fe-49cc-965b-2eb313a71922","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":297,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"0013d24c-7d43-4232-9632-b521f065743b","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we","page_number":297,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"990a6e60-972e-4224-bff0-f37039665c16","block_type":"box","text":"may vote against the election of one or more directors who have responsibility for the issue. The directors most likely","page_number":297,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"8f48271c-75ee-4676-bf0c-af7664c80eea","block_type":"box","text":"to be in focus are the chair of the board sub-committee with low-carbon transition, climate or sustainability risk","page_number":297,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"62b75451-40a7-4439-9fa1-31d606359c02","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":297,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"d1175968-08ef-43ee-85d9-8a74d298f144","block_type":"box","text":"executive chair of the board. In certain markets, we may withhold support for the discharge of the supervisory board","page_number":297,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"804e1396-8e52-4d03-8449-c31cfa662419","block_type":"box","text":"or equivalent.","page_number":297,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"8c8c7414-4945-419e-bd96-6bed267ffc37","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not","page_number":297,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"a2b76af9-dfae-4bf7-b1e6-be40118c7a08","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":297,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"340e1e1c-bdaf-4b8f-9c42-97a84283d02e","block_type":"box","text":"16","page_number":297,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"956cff50-73e9-4d13-96f5-f24158701490","block_type":"box","text":"by","page_number":297,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"bd2ba33c-a335-492e-a73b-e37fe79d966c","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":297,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"d13fc015-a4cb-4de7-b480-d021923da3f9","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":297,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"7f66b72f-9fef-4d5c-9ba7-815ed3a97e7c","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate","page_number":297,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"8c39152f-9901-44d8-9031-a5577274c276","block_type":"box","text":"action plans or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s","page_number":297,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"128b9514-abbd-452e-92a0-9258846cf6d9","block_type":"box","text":"climate strategy proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon","page_number":297,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"c6c7c896-89cc-4666-aa4c-2af1781862a5","block_type":"box","text":"transition. Similarly, we will generally support management’s proposal on a progress report if the company has","page_number":297,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"ace550c4-108d-4133-ba8b-d1617b37ef6f","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":297,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"d3e899c1-c97d-42ad-b94a-5e1148f51467","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":297,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"255fbab0-ee6b-4e82-a8bd-4cdbda519b15","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":297,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"26d92d0c-79f5-476d-8d89-2757e5564a9c","block_type":"box","text":"on their merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s","page_number":297,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"cbff9a85-a64a-4c81-a786-4f5fc662c9de","block_type":"box","text":"stated low-carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a","page_number":297,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"97e82b39-8853-4480-862e-93df3731ee26","block_type":"box","text":"company to:","page_number":297,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"faa5c416-539b-40cb-9cf1-aef87f73b8cd","block_type":"box","text":"•","page_number":297,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"89821d82-2483-4268-b86f-4aa13b094234","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":297,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"9cf3ade7-a665-4176-bcc1-8cd48c1a5ad9","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":297,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"63ee04f8-102d-42ca-902d-dc24405a2ce7","block_type":"box","text":"•","page_number":297,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"3e3ce3ae-f30b-47f6-8092-fd7065dfc436","block_type":"box","text":"Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a","page_number":297,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"5b6a3af2-c844-45bf-8430-5b2863dc54c1","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":297,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"4603f951-ae63-41ce-8dad-a50207999d6d","block_type":"box","text":"•","page_number":297,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"63fa6689-c2dd-4f53-95ba-db1cd296366f","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":297,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"877eda13-5378-44cc-a82f-ed6bb3099a71","block_type":"box","text":"•","page_number":297,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"bbd6492e-20f5-499a-82aa-d87042f9aa44","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":297,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"7b22f18f-29ed-4803-987b-67fc568451c4","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":297,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"bbc0dfcf-df8b-416b-a313-b7a212c12d81","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or","page_number":297,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"e94d086e-1075-4243-ba4f-110f10879cc5","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s articles of","page_number":297,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"4a27cbb7-3836-4f15-a054-026f84f542b3","block_type":"box","text":"association or charter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":297,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"07411ac6-ccac-451d-bd3e-2f3e81a8527d","block_type":"box","text":"15","page_number":297,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"ba1377f7-0374-41d9-86ff-2d6aea32df08","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":297,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"da5ed4d6-686c-4c49-9b94-cd35ecd52e27","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":297,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"128179d6-a428-44cb-8971-93665ed4b953","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":297,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"27e46cd1-69c4-46d2-8df9-23e4ca5a1e98","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":297,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"5f4cf3df-8da5-4358-8f89-fca4d987ab2d","block_type":"box","text":"16","page_number":297,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"faf5ba86-5908-44f4-93d2-757d1117ede1","block_type":"box","text":"While BIS may escalate voting by not supporting additional management proposals, principally director elections,","page_number":297,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"87b7792d-0836-4f4f-9d40-c41646016640","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":297,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"a821ffb2-14cc-44ab-a8a0-39485f0f0fba","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":297,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"54b11a55-02f8-49eb-93da-e0004ee088c1","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":297,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"c2af2a27-e4ce-4493-a09a-8fb9f0a85d52","block_type":"box","text":"BlackRock Investment Stewardship","page_number":297,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6891a858-f245-4cfe-9fb3-76c31112b3a1","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":297,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"49ac16f2-087a-4ffa-b231-b816e9c8404f","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":297,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34414a76-9f18-464c-b58e-8542f00e3118","block_type":"box","text":"RELATED MATTERS","page_number":298,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"e2486ae1-a09e-4c4c-91a4-21a30dd61a82","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":298,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"4e4a9429-6f7f-4be0-820b-66e49878883c","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage,","page_number":298,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"f92cc628-f64f-49ff-b297-8384599133da","block_type":"box","text":"where appropriate, if we seek to enhance our understanding of a company’s approach. Generally, our voting on these","page_number":298,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"f64fea00-5ef3-4c07-b008-437c052e7e3b","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":298,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"e6ac79c7-6bc9-4df9-af81-76baec3f0399","block_type":"box","text":"Executive compensation","page_number":298,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"63297875-256c-4d28-95e5-9c78fe3d83c4","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":298,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"dae8687d-822f-4e33-a835-e83b6030dfb9","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":298,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"8a1b3b36-d2b8-4078-b4c1-19394f72dcef","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to","page_number":298,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"67fd8d5b-e61c-43db-b47c-e9f90760e891","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":298,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"3aa6a4e1-9ad6-4e4f-83dc-96972a6de6dc","block_type":"box","text":"Auditors and audit-related issues","page_number":298,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"3b8be528-704d-4ee4-a5f4-44ec05173239","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is","page_number":298,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"560afe81-67a2-43b9-b6dc-24a921dec091","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":298,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"e5a40450-4b86-404e-89fc-4f56f4c5a349","block_type":"box","text":"climate-related risks in its financial statements, including if the company explains such risks within the context of its","page_number":298,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"f0d61d9d-c14a-4144-8b91-ca297533bdb0","block_type":"box","text":"audit report. We note that work is being undertaken to develop audit and assurance standards in relation to climate","page_number":298,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"c73f798a-9152-4507-98a1-7cf3a23f5384","block_type":"box","text":"and transition reporting, which may impact the future reporting requirements of companies. We note that assurance","page_number":298,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"48ad3834-07a1-441f-81ed-3727b6bf7235","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":298,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"441ca765-26fc-475d-8189-46ee8559db76","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":298,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"7b22048f-b523-42ab-b7d0-4179d7c901d2","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":298,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"25e3cca7-2992-40b1-bfc6-957473e32975","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":298,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"2cb48388-7128-4978-8bcf-7aa4640a5efc","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":298,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"c3e3e286-3796-4f5d-b93d-a476ee2acf3f","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":298,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"4ccc435d-ac37-4270-9c7a-950d746b6f2f","block_type":"box","text":"shareholder activism.","page_number":298,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"a19867be-852f-4b53-8e58-4475ad8df831","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":298,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"aebd01a4-a9e7-42ce-b84a-6e0f63cf477f","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":298,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"c1173689-7e67-4756-9e1d-343f9b64b76e","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term performance.","page_number":298,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"a4873e7f-3d06-43f8-be27-747b9f811c43","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":298,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"89a6b5e5-d9f3-4a2f-816a-c73dbaf19cf8","block_type":"box","text":"17","page_number":298,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"73542a34-072b-42ef-b496-c642449e23cd","block_type":"box","text":"In the context of","page_number":298,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"e0824e48-ffba-475b-a1f2-731bf0d569e9","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":298,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"77d28ebb-76d0-40f5-b1b2-2a6e2062d4e6","block_type":"box","text":"e.g.","page_number":298,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"e71509e0-8d5f-4fd2-9f45-c1e879f30496","block_type":"box","text":",","page_number":298,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"4dfa9481-819c-4bdc-89de-6d06ae1b233b","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":298,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"92ae9d65-7cb4-4de7-8ef4-d957bc1f4e1e","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":298,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"666ae509-dcc8-4bce-b615-93aba78919b3","block_type":"box","text":"opportunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":298,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"bc789bcb-fad3-4756-817c-01a5de8f0787","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":298,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"b5271dd3-d013-49e7-9262-6ea97530dd14","block_type":"box","text":"17","page_number":298,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"93a549d3-8c5e-453a-9511-098fe863909e","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":298,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"2708cda5-cb34-49f4-8f67-f2c15ff2720b","block_type":"box","text":"capital management and human rights.","page_number":298,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"ad7a752a-ae46-4d37-86a4-a112501eed32","block_type":"box","text":"BlackRock Investment Stewardship","page_number":298,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"74ba9707-1a50-4ba2-bd95-ce35955d45dd","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":298,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"380cbca7-aa55-4cde-b1a0-328f6a4577c0","block_type":"box","text":"BNM1026U-6032767-19203896","page_number":298,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d45f135-88e7-4d18-aab0-ddc5693b9cab","block_type":"box","text":"Appendix 1","page_number":299,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"6de8dd42-1773-441c-a172-98bdf9bdef57","block_type":"box","text":"Terminology","page_number":299,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"e9562aeb-9272-4416-99dd-2acfbd3957ba","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":299,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"3da13cce-2ba9-499f-b2e1-1e522cdbab76","block_type":"box","text":"Climate risk:","page_number":299,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"7bee8831-c85f-4d3e-9f5e-24d674294bd2","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":299,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"590e34e4-5ccc-4ee8-abc8-3b50f360d1aa","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":299,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"3342cd6d-a171-410f-b5e0-96688d54d4b7","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":299,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"aaa26740-a786-4fba-b464-8650f1005f3a","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":299,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"2f368709-0b19-46e6-adc3-9009331fc3ec","block_type":"box","text":"The global economic shift toward lower","page_number":299,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"222968f9-938d-4e1e-858c-e6a0385e336b","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":299,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"4f254800-6313-4cbf-a9c8-981f27754150","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":299,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"72d3baa5-13bc-4e77-8956-a829c0ec210f","block_type":"box","text":"change (","page_number":299,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"e3272868-c7b6-4774-bb39-0a2caa7cc8af","block_type":"box","text":"e.g.","page_number":299,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"7de266a6-897d-43e9-933e-ae632be627d9","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":299,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"82fcb3c2-85da-4d2e-af64-e9b0b1a88b5b","block_type":"box","text":"Decarbonization:","page_number":299,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"f91247cd-af15-40c3-9e4c-69b1be022c40","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":299,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"ae6d3546-ffe5-431c-857e-c74a8e7478e4","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":299,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"a8b389e1-1fc7-4184-8774-005890ec37c7","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":299,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"c2222175-553e-48c7-b5c2-189d33a99f7d","block_type":"box","text":"e.g.","page_number":299,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"eaa24095-7a82-410b-80a8-4170e4516cea","block_type":"box","text":", methane.","page_number":299,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"2c35e8f0-4862-4258-abde-b8e446ce38cc","block_type":"box","text":"Climate-related risks and opportunities:","page_number":299,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"5d6fd195-2728-420f-a46c-5d382e0951a6","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":299,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"f470ddae-3ce7-46ac-9e1b-9a32c77ee8db","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":299,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"1621c20a-7ca9-452d-83bb-8f53eda235fe","block_type":"box","text":"to physical climate change.","page_number":299,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"87adaeaf-531b-4db1-8831-c76980a6cba7","block_type":"box","text":"Climate-related transition plan:","page_number":299,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"a53c066e-b7c6-4579-8e3f-b5b1daa172b6","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":299,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"72edf9aa-1d30-4a2d-804f-19d7a49088de","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":299,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"826e5276-9e39-4f28-895c-79f62c958741","block_type":"box","text":"greenhouse gas emissions.”","page_number":299,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"275efb33-4719-4df5-8e14-080fc360016b","block_type":"box","text":"18","page_number":299,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"b0d3a0d7-ea7a-4119-a803-3b193bf62739","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":299,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"b47ea18d-d602-4e00-923a-b2be979d4067","block_type":"box","text":"Targets that “","page_number":299,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"790d0c5f-a3f2-43e1-980d-11423e53d1cc","block_type":"box","text":"are in line with what the latest climate science","page_number":299,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"2f969acc-3105-4a83-92e9-9c97feb84ca7","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial","page_number":299,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"7afd1c92-1656-4044-ab44-c51e5217b6d8","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":299,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"531d7069-6a17-47de-96ee-62a7cf0e5765","block_type":"box","text":"limiting global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be","page_number":299,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"f136b6af-056b-47c9-ab4a-ced0ce4ef965","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":299,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"613808c7-c9b0-46cb-8984-ee029c7eedd4","block_type":"box","text":"19","page_number":299,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"7586f4e8-165b-43ea-8991-c364cc0d2591","block_type":"box","text":"18","page_number":299,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"4b427dc5-8558-4f6c-b3d9-9b5a8206ee21","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":299,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"ff0a4415-729c-4433-9419-412919c9f6a7","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":299,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"dbffe8a2-099e-4594-a557-40971483c4a5","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":299,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"b33bbb7f-fc69-4a11-b6f0-8606a59a37c3","block_type":"box","text":"19","page_number":299,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"1ef9e955-8e25-4766-9e58-1e85f1fb39c2","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":299,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"f81c4711-d1f4-46ae-8cb6-df644259d9ac","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. 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