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The amortized cost method of valuation may be used with respect to debt","page_number":29,"box":{"x":116,"y":847,"width":771,"height":12}},{"id":"b79fb343-8569-4da9-989f-d6743e6d42ee","block_type":"box","text":"obligations with 60 days or less remaining to maturity unless BlackRock determines in good faith that such","page_number":29,"box":{"x":116,"y":862,"width":727,"height":12}},{"id":"57d31edb-e34d-4c13-bcaf-6d9c29aeb328","block_type":"box","text":"method does not represent fair value.","page_number":29,"box":{"x":116,"y":878,"width":254,"height":12}},{"id":"874b84e8-af2b-40b6-824b-6e61005517b3","block_type":"box","text":"3","page_number":29,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"e4cd4894-ea8c-45af-ab3e-740d43981a2a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":29,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d3e3b98b-7b0c-4559-9f38-ab43940c8876","block_type":"box","text":"Effective December 1, 2025, each Fund’s SAI is amended as follows:","page_number":30,"box":{"x":116,"y":87,"width":492,"height":12}},{"id":"ed0af958-fe0d-4cdb-b676-c01628fc27da","block_type":"box","text":"The section entitled “Pricing of Shares—Determination of Net Asset Value—Options, Futures, Swaps and","page_number":30,"box":{"x":116,"y":118,"width":763,"height":12}},{"id":"4fd14fa0-6edc-47b5-832e-c97e927aaaa4","block_type":"box","text":"Other Derivatives” in each Fund’s SAI, as applicable for a Fund, is deleted in its entirety and replaced","page_number":30,"box":{"x":116,"y":134,"width":738,"height":12}},{"id":"e35c6a82-e6c1-48ab-b5a4-bf3c36a92e45","block_type":"box","text":"with the following:","page_number":30,"box":{"x":116,"y":149,"width":139,"height":12}},{"id":"bb6c3a2b-0609-4cc2-af4f-127b6c73d9c1","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":30,"box":{"x":116,"y":180,"width":348,"height":12}},{"id":"9e3e3109-e91c-42c0-8c1c-e0f07e6748df","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":30,"box":{"x":465,"y":181,"width":410,"height":11}},{"id":"361b0865-491f-4956-ba3b-89de64606573","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the","page_number":30,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"0667b7bf-0e06-4969-96ba-94ebacf7a1f7","block_type":"box","text":"mean of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are","page_number":30,"box":{"x":116,"y":212,"width":744,"height":11}},{"id":"44f8e644-ae55-4f7f-a6bc-3fb68880a0b6","block_type":"box","text":"traded. In the event that there is no mean price available for such exchange-traded equity option held by a Fund","page_number":30,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"b7be3b49-a04a-47da-8627-8c72db6f8a67","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":30,"box":{"x":116,"y":243,"width":730,"height":11}},{"id":"1bad873c-02d9-430c-ad85-3d8a90315a14","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":30,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"0e273cb7-b09c-422b-a084-1218925da584","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":30,"box":{"x":116,"y":274,"width":769,"height":11}},{"id":"e97854a8-4f0a-4807-bb8f-b002195868aa","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":30,"box":{"x":116,"y":289,"width":707,"height":12}},{"id":"3b171621-8164-4efb-82bd-4f3b230d4df2","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be","page_number":30,"box":{"x":116,"y":305,"width":737,"height":11}},{"id":"bdb96936-3098-413f-a155-94b66dec29f4","block_type":"box","text":"valued using a mathematical model which may incorporate a number of market data factors. Financial futures","page_number":30,"box":{"x":116,"y":320,"width":744,"height":12}},{"id":"ef339d96-0536-4ff9-bf09-175c415afb4f","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":30,"box":{"x":116,"y":336,"width":759,"height":11}},{"id":"7c29d8cd-f662-4523-a855-bd551502f057","block_type":"box","text":"of the close of such exchanges. Swap agreements and other derivatives are generally valued daily based upon","page_number":30,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"28a87237-6e8e-41f6-be39-621332d15275","block_type":"box","text":"quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":30,"box":{"x":116,"y":367,"width":681,"height":11}},{"id":"c46baaf7-dabb-4cfc-8553-86879f6c8fae","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":30,"box":{"x":267,"y":398,"width":470,"height":11}},{"id":"44073617-02ee-486c-87e1-20e313983dce","block_type":"box","text":"PRSAI-MF-1125SUP","page_number":30,"box":{"x":116,"y":429,"width":152,"height":9}},{"id":"d1b6bd68-73d7-40f8-b56f-ca60068eeeb2","block_type":"box","text":"4","page_number":30,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"b83ea3d2-12d2-455e-9487-c9da4603907d","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":30,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"13e91e3b-17cb-46d4-9872-ae157f2ee54a","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":31,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"96ac1a19-88ad-454b-9902-73b723089012","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":31,"box":{"x":241,"y":120,"width":497,"height":19}},{"id":"0dcb66f5-cecc-4264-b8ca-b705d5a2b9bf","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":31,"box":{"x":118,"y":153,"width":742,"height":15}},{"id":"82384760-7b9e-4394-acc4-41d7544cc8e2","block_type":"box","text":"This Statement of Additional Information of BlackRock Advantage Global Fund, Inc. (the “Fund”) is not a","page_number":31,"box":{"x":101,"y":211,"width":790,"height":12}},{"id":"f02b3993-6c6d-4988-b94d-c079ee2b0c2a","block_type":"box","text":"prospectus and should be read in conjunction with the Prospectuses of the Fund, dated October 28, 2025, as","page_number":31,"box":{"x":70,"y":226,"width":830,"height":12}},{"id":"8c9506c7-b7e9-4635-a4fa-c52c9919c481","block_type":"box","text":"they may be amended or supplemented from time to time (the “Prospectuses”), which have been filed with the","page_number":31,"box":{"x":69,"y":241,"width":837,"height":12}},{"id":"56faa29b-da95-43e7-811e-4f2ab271e11c","block_type":"box","text":"Securities and Exchange Commission (the “Commission” or the “SEC”) and can be obtained, without charge,","page_number":31,"box":{"x":69,"y":256,"width":826,"height":12}},{"id":"932b7c60-cd88-476b-87b5-c5ef9b79ac7e","block_type":"box","text":"by calling (800) 441-7762 or by writing to the Fund at the above address. The Fund’s Prospectuses are","page_number":31,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"8e29ee22-0746-4c13-912a-9f1bb5944636","block_type":"box","text":"incorporated by reference into this Statement of Additional Information, and Part I of this Statement of","page_number":31,"box":{"x":70,"y":286,"width":782,"height":12}},{"id":"9e677299-10e6-41b7-a538-0f83280e2d56","block_type":"box","text":"Additional Information and the portions of Part II of this Statement of Additional Information that relate to the","page_number":31,"box":{"x":68,"y":301,"width":838,"height":12}},{"id":"1848ec88-b997-4836-940c-76812a33a633","block_type":"box","text":"Fund have been incorporated by reference into the Fund’s Prospectuses. The portions of Part II of this","page_number":31,"box":{"x":70,"y":317,"width":773,"height":11}},{"id":"be9bdaec-b5ac-4022-a9cd-5c2a6ebcc3b5","block_type":"box","text":"Statement of Additional Information that do not relate to the Fund do not form a part of the Fund’s Statement","page_number":31,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"84681760-5719-4c1e-864f-c9f86f4d736b","block_type":"box","text":"of Additional Information, have not been incorporated by reference into the Fund’s Prospectuses and should","page_number":31,"box":{"x":69,"y":347,"width":824,"height":12}},{"id":"f53f5933-1f2b-43de-b936-4bac8f74f616","block_type":"box","text":"not be relied upon by investors in the Fund. The audited financial statements of the Fund are incorporated","page_number":31,"box":{"x":70,"y":362,"width":807,"height":12}},{"id":"d5e4e711-1209-450f-9be8-be7e77482295","block_type":"box","text":"into this Statement of Additional Information by reference to the Fund’s Annual Financial Statements and","page_number":31,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"2e821001-758c-4e6e-aa57-2c7b083c4c0f","block_type":"box","text":"Additional Information for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR (the","page_number":31,"box":{"x":68,"y":392,"width":798,"height":12}},{"id":"e515d074-c048-41f3-ba13-ec3644807de8","block_type":"box","text":"“2025 Annual Financial Statements”). You may request a copy of the 2025 Annual Financial Statements at no","page_number":31,"box":{"x":69,"y":407,"width":834,"height":12}},{"id":"d7fb1dac-df9a-46cd-9ac5-cfb04293d32d","block_type":"box","text":"charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":31,"box":{"x":69,"y":422,"width":772,"height":12}},{"id":"dc21615b-a917-483f-b523-7c16cba7b01a","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the","page_number":31,"box":{"x":103,"y":445,"width":786,"height":12}},{"id":"b631dbd1-cb64-4e84-899a-941b0287ab81","block_type":"box","text":"“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,","page_number":31,"box":{"x":69,"y":460,"width":772,"height":12}},{"id":"93a1f738-972a-4816-9251-30d6c3b0d342","block_type":"box","text":"interpretations or modifications by the Commission, Commission staff or other authority with appropriate","page_number":31,"box":{"x":70,"y":475,"width":804,"height":12}},{"id":"02a3c582-b51b-4f1d-a22e-5e155aefb71d","block_type":"box","text":"jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the","page_number":31,"box":{"x":67,"y":490,"width":819,"height":12}},{"id":"85570d4c-fa24-43f4-b0fc-a5366aac6425","block_type":"box","text":"Commission, Commission staff or other authority.","page_number":31,"box":{"x":70,"y":506,"width":378,"height":11}},{"id":"5c8df6ba-e048-44b3-8af3-115f4d484eec","block_type":"box","text":"Class","page_number":31,"box":{"x":69,"y":534,"width":31,"height":7}},{"id":"08d6dd92-326c-4ac6-a09a-896b315547cf","block_type":"box","text":"Ticker Symbol","page_number":31,"box":{"x":827,"y":534,"width":82,"height":9}},{"id":"c2ce0c88-285f-4621-92b3-95d0578198ef","block_type":"box","text":"Investor A Shares","page_number":31,"box":{"x":70,"y":552,"width":124,"height":9}},{"id":"f5276840-e169-46e6-b7f5-392fc6f2d90e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MDGCX","page_number":31,"box":{"x":199,"y":552,"width":696,"height":9}},{"id":"a4ccb63f-caea-4b71-b61d-0abcba60a3ff","block_type":"box","text":"Investor C Shares .","page_number":31,"box":{"x":70,"y":567,"width":131,"height":9}},{"id":"e7fa1a62-ce00-4193-bd8b-62735876c5d3","block_type":"box","text":"......................................................................... M","page_number":31,"box":{"x":208,"y":567,"width":646,"height":9}},{"id":"6314c2fe-04c8-453d-82ff-4a3b9bf09bcf","block_type":"box","text":"CGCX","page_number":31,"box":{"x":856,"y":567,"width":39,"height":9}},{"id":"ddd8ff93-61c6-4ea2-9af1-b26691b138bd","block_type":"box","text":"Institutional Shares","page_number":31,"box":{"x":70,"y":582,"width":137,"height":9}},{"id":"18d2fdee-cc08-4302-a390-3168d2417b23","block_type":"box","text":"........................................................................ M","page_number":31,"box":{"x":216,"y":582,"width":638,"height":9}},{"id":"a8c45d70-6c2b-4529-af1d-819b56699933","block_type":"box","text":"AGCX","page_number":31,"box":{"x":856,"y":582,"width":38,"height":9}},{"id":"95e85a51-5ffa-4c02-93c3-2e8710e9e68c","block_type":"box","text":"Class R Shares","page_number":31,"box":{"x":69,"y":597,"width":109,"height":9}},{"id":"5dd51ba6-1205-4dc5-a74e-83ef1e697fbc","block_type":"box","text":"............................................................................ M","page_number":31,"box":{"x":183,"y":597,"width":671,"height":9}},{"id":"85412a1c-a551-4bee-8f20-bb69b669bf18","block_type":"box","text":"RGSX","page_number":31,"box":{"x":856,"y":597,"width":39,"height":9}},{"id":"75c82c1a-97c4-4754-a993-358d86f61165","block_type":"box","text":"Class K Shares","page_number":31,"box":{"x":69,"y":612,"width":109,"height":9}},{"id":"6b223856-95b3-4928-b0a6-90386696f205","block_type":"box","text":"............................................................................ M","page_number":31,"box":{"x":183,"y":612,"width":671,"height":9}},{"id":"988b157e-2ae5-4d22-8809-8a473bce33e0","block_type":"box","text":"KGCX","page_number":31,"box":{"x":857,"y":612,"width":38,"height":9}},{"id":"1de69800-db24-4f2c-9a20-f8da3b01e58e","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":31,"box":{"x":260,"y":667,"width":460,"height":19}},{"id":"d6737e59-f155-49b3-bb23-81762cdf429c","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":31,"box":{"x":222,"y":690,"width":536,"height":17}},{"id":"a7ee303e-b4f6-4932-8558-d041fe9128a7","block_type":"box","text":"The date of this Statement of Additional Information is October 28, 2025.","page_number":31,"box":{"x":210,"y":749,"width":557,"height":11}},{"id":"53d486b2-4f1f-419e-aeb1-e475db2aaeae","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cad9a752-237f-47ff-a2f9-e60a7ecdc49d","block_type":"box","text":"TABLE OF CONTENTS","page_number":32,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"349a98fc-bcb9-45dd-9cba-b52a13627e12","block_type":"box","text":"Page","page_number":32,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"e04b2d76-1ccf-49de-96ed-d91563eed93e","block_type":"box","text":"PART I","page_number":32,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"b32d44e7-9af2-485c-8d04-72368c7a5ab7","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":32,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"fe4f1458-e601-4f88-a042-4b60e4fec2a6","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":32,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"0ced0077-668c-4e87-9997-968e93e884e1","block_type":"box","text":"Information on Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":32,"box":{"x":70,"y":141,"width":838,"height":9}},{"id":"e4d08b9f-9443-45fa-a6fa-5221f5fdc9f3","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":32,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"7fa003b0-db2a-4462-90cc-2594202c14eb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":32,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"e8fbebc6-d033-49c8-a738-54fd7f68ada7","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":32,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"523a5266-637d-41b5-a6f0-b5ec96977a18","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-22","page_number":32,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"1beb06eb-9a46-48ae-ba75-29a3f5f791db","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":32,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"da3b9b67-8d0d-4453-b958-bbcda1bceaee","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-23","page_number":32,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"24845e55-edd7-459e-9d0c-84f55a248871","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":32,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"65f8856d-6d5c-409e-ae5c-a2d6c4d90ff8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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BlackRock is not, therefore, subject to registration or regulation as a “commodity pool operator”","page_number":37,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"fd807fb6-c2ad-4c2c-ac2d-519bd268ed3f","block_type":"box","text":"under the CEA in respect of the Fund.","page_number":37,"box":{"x":69,"y":586,"width":265,"height":11}},{"id":"e1adb624-2275-4186-b6f6-f8ace5c7afb4","block_type":"box","text":"II. 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The Fund has also adopted","page_number":37,"box":{"x":69,"y":700,"width":807,"height":11}},{"id":"59f2035a-9b88-4860-8121-6f4c4e70f09a","block_type":"box","text":"cer tain non-fundamental investment restrictions, which may be changed by the Board of Directors without","page_number":37,"box":{"x":69,"y":715,"width":752,"height":11}},{"id":"3c57ba80-0169-4597-b5af-b94b0296df5a","block_type":"box","text":"shareholder approval.","page_number":37,"box":{"x":69,"y":730,"width":153,"height":11}},{"id":"9f4bc2c0-1bb6-46a4-9726-6acdc14cc777","block_type":"box","text":"Set for th below are the Fund’s fundamental and non-fundamental investment restrictions. Unless otherwise","page_number":37,"box":{"x":102,"y":753,"width":767,"height":9}},{"id":"05f46c81-7ba9-497a-8715-2ae471cf70bb","block_type":"box","text":"provided, all references below to the assets of the Fund are in terms of current market value.","page_number":37,"box":{"x":70,"y":768,"width":664,"height":11}},{"id":"bc0a93ef-c662-43be-92c5-b87c90b42575","block_type":"box","text":"Under its fundamental investment restrictions, the Fund may not:","page_number":37,"box":{"x":102,"y":790,"width":463,"height":12}},{"id":"bd1c0144-3951-4df0-adb6-3deb2f195000","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":37,"box":{"x":102,"y":813,"width":770,"height":11}},{"id":"776b1c4c-4704-49f1-958e-80b27e79deb0","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":37,"box":{"x":102,"y":836,"width":528,"height":11}},{"id":"1c549f9a-aeba-4c00-8c71-af086ae94539","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":37,"box":{"x":102,"y":859,"width":694,"height":11}},{"id":"baa263b8-c964-4379-b0f4-8e185de220f0","block_type":"box","text":"4. 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Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":38,"box":{"x":101,"y":166,"width":730,"height":11}},{"id":"057c8a9a-94ac-4cad-abc7-e85013a1b44d","block_type":"box","text":"Investment Company Act.","page_number":38,"box":{"x":70,"y":181,"width":178,"height":11}},{"id":"baf7e5a9-9367-470f-87d4-416c9d575629","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":38,"box":{"x":70,"y":211,"width":494,"height":11}},{"id":"365e356f-8119-42ff-9a31-d8a4f54c2878","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":38,"box":{"x":101,"y":234,"width":799,"height":11}},{"id":"02d146a1-32c9-4fc8-b09e-35f8d178ee42","block_type":"box","text":"subject to change without shareholder approval.","page_number":38,"box":{"x":69,"y":249,"width":341,"height":11}},{"id":"9a0bfb3d-dea5-4ea1-9026-d64aa19c7647","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":38,"box":{"x":101,"y":271,"width":796,"height":12}},{"id":"c340fd09-af83-406e-8b53-efa8acdaa717","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":38,"box":{"x":68,"y":286,"width":811,"height":12}},{"id":"527611bb-b83a-42ed-86b4-37c5fbce0414","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":38,"box":{"x":68,"y":302,"width":833,"height":11}},{"id":"b73b4102-39cc-4e42-a91d-d0828bbfcd7d","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":38,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"ba871acb-360e-41ee-b345-1ef3e3596f81","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":38,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"89bd2ca6-211f-4b33-b853-c5756998e4b7","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":38,"box":{"x":70,"y":347,"width":813,"height":11}},{"id":"a86c094c-8f81-4b88-a3b3-9d0ea406e8ed","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":38,"box":{"x":69,"y":362,"width":820,"height":11}},{"id":"e42725b5-3483-4393-8942-62c170fbbdb0","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":38,"box":{"x":69,"y":377,"width":809,"height":12}},{"id":"edeb5030-dd50-4a6c-81e9-f2f198a51073","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":38,"box":{"x":69,"y":392,"width":772,"height":12}},{"id":"ce2d7d92-ae12-4ef9-826d-85e8ebc18e45","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":38,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"adb9f61b-84ca-449e-aa82-a8b1255bf089","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":38,"box":{"x":67,"y":423,"width":829,"height":11}},{"id":"fc916352-bd0d-4eee-86c6-e03a4d130fa3","block_type":"box","text":"are primarily related to financing the activities of the parents. 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(The","page_number":38,"box":{"x":70,"y":551,"width":836,"height":11}},{"id":"f6376593-42c9-465d-937b-864231c5ad9f","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":38,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"2e4638a0-97be-4249-8519-ff6c7be4c9c1","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":38,"box":{"x":69,"y":581,"width":812,"height":12}},{"id":"35065e44-7dae-4d68-ac2e-d69011eef9e2","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":38,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"c98746d6-b42d-46ff-9013-1b1a0f81e36c","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. 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Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":38,"box":{"x":68,"y":717,"width":793,"height":12}},{"id":"b64d3c42-0131-4049-809f-a2a41292d0b9","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. 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Those circumstances currently are that the","page_number":38,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"bc012859-1b25-40d0-8ba6-f8fba173b162","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":38,"box":{"x":69,"y":831,"width":796,"height":11}},{"id":"b574e242-5a53-4c78-a2bc-8d15991d959b","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":38,"box":{"x":68,"y":846,"width":818,"height":11}},{"id":"9da1c1a5-3037-46ec-a7a5-42d077cca1c4","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":38,"box":{"x":69,"y":861,"width":833,"height":11}},{"id":"3dfce3ee-bb50-4e57-a12f-4ae939807d17","block_type":"box","text":"to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed","page_number":38,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"16da9df7-5025-4f9e-9d1d-0a1fe7f6951d","block_type":"box","text":"that the application of the Securities Act provisions described above would cause the Fund to be engaged in the","page_number":38,"box":{"x":68,"y":891,"width":799,"height":12}},{"id":"1ec685fe-ebeb-4211-b14d-6de3326636df","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":38,"box":{"x":69,"y":906,"width":769,"height":12}},{"id":"36e58e09-a5d2-40ac-9c8e-1636ea5cf2bf","block_type":"box","text":"I-6","page_number":38,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"472b067b-3a32-44ff-92af-43d24519a25a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de5b534d-c0ab-4a24-a729-8128ac706c49","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":39,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"f2627927-ddd9-43c3-8592-33756954fbf0","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":39,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"390a48fe-c462-4b9c-94b4-66cc61e0d67c","block_type":"box","text":"extent permitted by applicable law.","page_number":39,"box":{"x":69,"y":75,"width":245,"height":11}},{"id":"55bea8f9-d3a2-4396-a96d-ba85f588861b","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":39,"box":{"x":101,"y":98,"width":778,"height":11}},{"id":"1771da7b-699b-4fd7-a614-c2b2c5058c5c","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":39,"box":{"x":69,"y":113,"width":756,"height":11}},{"id":"d907eca3-1092-4934-b354-06f22dc65140","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":39,"box":{"x":70,"y":128,"width":807,"height":11}},{"id":"099f7f48-252e-4a81-9a69-43932e9d1b9f","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":39,"box":{"x":69,"y":143,"width":784,"height":11}},{"id":"48e01967-47b1-48c7-ba0e-5cb0974aeff0","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":39,"box":{"x":69,"y":158,"width":791,"height":11}},{"id":"ba1d748f-2604-46bf-9244-db4745024a87","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":39,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"9b654900-5711-41d3-b10b-0926564795d2","block_type":"box","text":"loans.","page_number":39,"box":{"x":70,"y":188,"width":40,"height":9}},{"id":"20f53051-b6e9-4bad-a237-27e1a76efa22","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":39,"box":{"x":101,"y":211,"width":777,"height":11}},{"id":"1d5a8645-333e-44e5-8ee4-4187efc9bb78","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":39,"box":{"x":70,"y":226,"width":751,"height":11}},{"id":"5160e1a1-d381-4823-9e5e-fa6eb0af6e60","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":39,"box":{"x":68,"y":241,"width":812,"height":11}},{"id":"5b0aed0b-925c-482e-b224-ebce3ae29fd3","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":39,"box":{"x":69,"y":256,"width":827,"height":11}},{"id":"83dd6c20-f264-4ffc-b2a2-90a74f0c3359","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":39,"box":{"x":69,"y":271,"width":781,"height":12}},{"id":"96e956f3-7638-4596-aef6-e12614dd46d1","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":39,"box":{"x":69,"y":286,"width":759,"height":12}},{"id":"296f9dfd-9852-40d1-8252-3ede390defb3","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":39,"box":{"x":70,"y":302,"width":774,"height":11}},{"id":"603e024d-2f58-4e1f-815e-589afabf655a","block_type":"box","text":"shareholder approval.","page_number":39,"box":{"x":69,"y":317,"width":153,"height":11}},{"id":"9c010bcf-8f4f-4675-8ad5-e3ffac25b322","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":39,"box":{"x":102,"y":339,"width":768,"height":12}},{"id":"fc9e7eb7-7897-49bf-a962-11a803b123f3","block_type":"box","text":"approval, the Fund may not:","page_number":39,"box":{"x":69,"y":355,"width":197,"height":11}},{"id":"43e36eee-bbc3-4a8b-af73-d2e07a4c8982","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":39,"box":{"x":102,"y":377,"width":742,"height":11}},{"id":"5c7c624f-d655-401f-aad1-a50b94355726","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":39,"box":{"x":69,"y":392,"width":759,"height":12}},{"id":"3295d929-46f8-46a1-b4b5-3a5aec603c3d","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":39,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"da7031bd-6a62-47fe-a0af-2c6599ed72b2","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":39,"box":{"x":70,"y":423,"width":808,"height":11}},{"id":"b2320af6-df2b-40c7-9f23-3510f180bd3c","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":39,"box":{"x":69,"y":438,"width":763,"height":11}},{"id":"47777b95-54d3-4f61-9d73-b778bdd06157","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":39,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"12bd0a92-7602-44c5-bb50-b630e127822c","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":39,"box":{"x":69,"y":475,"width":741,"height":11}},{"id":"9b8fa9eb-72f0-499a-a4a8-4eadd19cd647","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":39,"box":{"x":102,"y":498,"width":744,"height":11}},{"id":"d6e061e9-96af-4933-89de-45f044d01766","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":39,"box":{"x":69,"y":513,"width":791,"height":12}},{"id":"56f4c415-b65b-45a6-91ea-37b94d456e2f","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":39,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"d56b60de-ac90-43f1-b7f5-4900b25b1a11","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":39,"box":{"x":70,"y":543,"width":780,"height":11}},{"id":"d6b6752b-8b47-44e5-9f47-beae3eac82b2","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":39,"box":{"x":70,"y":559,"width":642,"height":11}},{"id":"be1d79ca-cbd4-4f22-a79b-075918599c62","block_type":"box","text":"III. Information on Directors and Officers","page_number":39,"box":{"x":69,"y":589,"width":294,"height":9}},{"id":"3b8faf60-2d40-44b1-bff4-1d7aaedd223c","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Director”), eleven of whom are not “interested persons” of","page_number":39,"box":{"x":101,"y":612,"width":791,"height":11}},{"id":"ee8809b3-4c9f-4a6f-bc8e-080e0edaae6a","block_type":"box","text":"the Fund as defined in the Investment Company Act (the “Independent Directors”). The registered investment","page_number":39,"box":{"x":68,"y":627,"width":780,"height":11}},{"id":"8b72694d-a1e9-409b-bd31-32b7bf077a2f","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":39,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"e4888367-eb1f-4aec-ba53-5ed3376740a1","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":39,"box":{"x":70,"y":657,"width":793,"height":11}},{"id":"901709ec-cb9a-4dde-a42f-b6fae5d6bd3b","block_type":"box","text":"Complex”). The Fund is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":39,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"0bb8b8a1-1b1d-4678-be6d-9994c71c5e6b","block_type":"box","text":"The Directors also oversee as board members the operations of the other open-end registered investment companies","page_number":39,"box":{"x":68,"y":687,"width":839,"height":11}},{"id":"50041584-0f8c-4e7a-8819-d9a2f7dbdd63","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":39,"box":{"x":70,"y":702,"width":335,"height":11}},{"id":"48c3f778-5c57-4a5f-a47a-8e2c5b865290","block_type":"box","text":"The Board has overall responsibility for the oversight of the Fund. The Chair of the Board is an Independent","page_number":39,"box":{"x":101,"y":725,"width":764,"height":11}},{"id":"3b8a00b6-3cad-4a5b-bd41-1509ccce6482","block_type":"box","text":"Director, and the Chair of each Board committee (each, a “Committee”) is an Independent Director. The Board has","page_number":39,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"8e0d017a-011d-44ac-97ad-a6296f15b760","block_type":"box","text":"five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee,","page_number":39,"box":{"x":68,"y":755,"width":832,"height":11}},{"id":"1d895e27-8311-4e0d-b3a8-fce4873370af","block_type":"box","text":"a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board is to","page_number":39,"box":{"x":69,"y":770,"width":784,"height":12}},{"id":"1c90fc8d-2ba3-42cb-8a67-09fe3e40e8aa","block_type":"box","text":"preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":39,"box":{"x":70,"y":785,"width":793,"height":12}},{"id":"3ccd9b6d-25f5-4f79-a236-9ddd756fe204","block_type":"box","text":"Directors generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":39,"box":{"x":70,"y":801,"width":790,"height":11}},{"id":"8001049c-b2a1-49f3-b388-3de3c21361fb","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":39,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"6c647c80-1d0b-48cf-83f4-10afd6985ab5","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Directors meet regularly outside the","page_number":39,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"ca5b2af8-4f88-4828-b902-4cf0d6b51f59","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":39,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"52b8e43d-fa32-41b8-b8ec-1911a9ec24aa","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":39,"box":{"x":69,"y":861,"width":816,"height":11}},{"id":"d7008c8e-5d77-4e5a-b8c9-6cafd2dec701","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":39,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"8faf6ff4-d66a-49e3-b417-cba2fed68767","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":39,"box":{"x":70,"y":891,"width":811,"height":12}},{"id":"dc49aaa1-e60c-4427-9a39-e5faf7651b25","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":39,"box":{"x":68,"y":906,"width":809,"height":11}},{"id":"fa59bd9e-a69e-4119-bff3-41c60c304e3b","block_type":"box","text":"I-7","page_number":39,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"0c409c98-427d-49a0-9c54-bcbe8642fea6","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af5bc9ce-1c2b-48b9-bd72-d1bb5156d212","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":40,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"6b105791-ffcd-4866-a838-dd05ff446d8c","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":40,"box":{"x":69,"y":60,"width":441,"height":11}},{"id":"0fd4e5dd-0110-4da0-84c1-7e156dffe147","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":40,"box":{"x":101,"y":82,"width":777,"height":12}},{"id":"0294338d-06d7-4a60-a595-68adecbb3c9a","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":40,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"57985036-0d83-4af9-8b18-79a46c805d0b","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s char ter, and the Fund’s","page_number":40,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"0e3e02bf-05bd-4f66-9985-354e25ef1b10","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":40,"box":{"x":70,"y":128,"width":812,"height":11}},{"id":"a9954df7-107e-48b9-922d-12bd60ba9b98","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":40,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"337cde21-4819-42fc-9fda-03f661801863","block_type":"box","text":"the operations of the Fund.","page_number":40,"box":{"x":68,"y":158,"width":192,"height":11}},{"id":"001a1163-4aa8-4dae-b394-ff6b77707ec0","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":40,"box":{"x":102,"y":181,"width":785,"height":11}},{"id":"6cdc084a-f84a-4ad1-b167-b8105482b09f","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":40,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"5988c212-0954-45b3-b183-1d36a14e6fdf","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":40,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"d3aef4a0-1196-451c-9c2d-39be6bd488a8","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":40,"box":{"x":68,"y":226,"width":820,"height":11}},{"id":"83b7ce95-b9a4-4fd6-9082-7977ab79ee32","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":40,"box":{"x":70,"y":241,"width":811,"height":11}},{"id":"627a6732-62da-47ae-a7cf-fcc71ab53d40","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":40,"box":{"x":70,"y":256,"width":767,"height":12}},{"id":"e275c778-cc21-44bf-94ac-a26a0ac2d57a","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":40,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"bbc988a1-50b3-4a72-b8b7-a9389c28fb21","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":40,"box":{"x":70,"y":286,"width":803,"height":12}},{"id":"d85ce247-bec6-43ac-ba66-04a762a8cf0d","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":40,"box":{"x":69,"y":302,"width":840,"height":11}},{"id":"6ce4bd72-8697-4f8a-9629-d0f07ffe2cc3","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Directors,","page_number":40,"box":{"x":69,"y":317,"width":814,"height":11}},{"id":"c5dc202c-676e-441b-a4cb-ebbeefca4c7d","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":40,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"c1bf5186-c356-4e0c-b50d-5bf6529d88f3","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":40,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"1b2a970f-3b4e-4ea8-a78e-60166d9fcc41","block_type":"box","text":"testing of the Fund’s compliance program and repor ts to the Board regarding compliance matters for the Fund and its","page_number":40,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"d66a6f86-b3e1-43fb-beae-ac63ef1f1cfc","block_type":"box","text":"service providers. The Independent Directors have engaged independent legal counsel to assist them in per forming","page_number":40,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"cc1b0aa8-e4f5-44fc-a0bf-f0c7c24969e5","block_type":"box","text":"their oversight responsibilities.","page_number":40,"box":{"x":68,"y":393,"width":218,"height":11}},{"id":"22f98544-10f3-4992-bec9-6f36f222efc9","block_type":"box","text":"Audit Committee.","page_number":40,"box":{"x":101,"y":415,"width":122,"height":9}},{"id":"3a121b14-a59e-4d8a-a389-5d5026c879cb","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":40,"box":{"x":229,"y":415,"width":673,"height":11}},{"id":"cf9d01f6-ca14-4681-8b33-c49a20795d25","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Directors. The principal","page_number":40,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"b71f137f-88be-4892-b46b-948f08e90fc7","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":40,"box":{"x":69,"y":445,"width":826,"height":11}},{"id":"cf6552f6-08e3-4608-a9f4-1fcc3b19493c","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":40,"box":{"x":69,"y":460,"width":753,"height":12}},{"id":"e3d37108-49c8-4ad6-be14-ac895e5fed41","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":40,"box":{"x":70,"y":476,"width":797,"height":11}},{"id":"d03f2eb9-5055-4297-814c-58b0420d3032","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":40,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"9fa70342-69e9-41d3-bf29-b7ff05f3d5e1","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":40,"box":{"x":70,"y":506,"width":807,"height":11}},{"id":"40117e65-2ae5-4efb-ae70-49b5e1961edb","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":40,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"6b4f5b00-d23a-4767-a4ea-c52ed18e94aa","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":40,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"178d4cc2-37c7-4093-b8b6-86acca88f814","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":40,"box":{"x":69,"y":551,"width":838,"height":11}},{"id":"88473e3d-ca61-43dd-9276-50f679fc0342","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":40,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"9f52a055-86d8-4636-8f32-99875bdb5e5d","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":40,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"0aa39dff-2404-407d-be64-7d267885bea5","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":40,"box":{"x":70,"y":596,"width":815,"height":12}},{"id":"7df58007-f6b1-4b44-a123-35d3dc95f1ce","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":40,"box":{"x":69,"y":612,"width":774,"height":11}},{"id":"35e3e831-50af-4256-857b-15181b5be972","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":40,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"b7b8c547-70dd-4b1d-881c-fbc2c6092f96","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":40,"box":{"x":69,"y":642,"width":819,"height":11}},{"id":"c518c36c-7a59-410d-976c-551a06b9e4f7","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":40,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"90a6d3ea-35f0-4cd0-94db-611bb49c1098","block_type":"box","text":"During the fiscal year ended June 30, 3025, the Audit Committee met four times.","page_number":40,"box":{"x":70,"y":672,"width":578,"height":11}},{"id":"97ebe005-5744-48c0-89e4-4947d23fa2b6","block_type":"box","text":"Governance and Nominating Committee.","page_number":40,"box":{"x":102,"y":695,"width":286,"height":11}},{"id":"c131f3ea-4f4d-414f-a3d9-d505289828a9","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":40,"box":{"x":394,"y":695,"width":464,"height":11}},{"id":"eba544e5-bf0f-45cf-ba9d-218d74a7ef63","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":40,"box":{"x":70,"y":710,"width":833,"height":11}},{"id":"d5502dc5-8fa6-4231-83f6-041412f4de67","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Directors. The principal responsibilities of the Governance","page_number":40,"box":{"x":69,"y":725,"width":771,"height":11}},{"id":"cbbf4bc2-0490-4f64-bda4-94cdfe6128ef","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Directors of the Fund and recommend","page_number":40,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"d294e258-d565-435c-abf5-377bb9f1a070","block_type":"box","text":"Independent Director nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":40,"box":{"x":70,"y":755,"width":821,"height":11}},{"id":"5034d7b8-0c7a-48ba-b568-42afe2ae7b23","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":40,"box":{"x":69,"y":770,"width":810,"height":11}},{"id":"18296bc6-a16d-4ba6-8fe4-90c8d5632ed2","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":40,"box":{"x":69,"y":785,"width":824,"height":11}},{"id":"d571258a-c792-4a57-81de-d342cfe25a88","block_type":"box","text":"recommendations regarding Independent Director compensation; (5) monitor corporate governance matters and","page_number":40,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"7e7372c5-175e-4def-8e27-245b1e0259da","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":40,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"32ba4b25-2077-4f2c-85cd-214207e2b93e","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":40,"box":{"x":70,"y":831,"width":835,"height":11}},{"id":"f3591342-3ae8-4fc0-88ca-362e6a807549","block_type":"box","text":"they relate to Independent Directors; and (7) under take such other duties and responsibilities as may from time to","page_number":40,"box":{"x":68,"y":846,"width":818,"height":11}},{"id":"b076e494-d4e2-479c-992b-25e0747aac38","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":40,"box":{"x":68,"y":861,"width":841,"height":11}},{"id":"4594298d-3578-4c3e-86b8-9d64e0705e5b","block_type":"box","text":"for Directors made by the Fund’s shareholders as it deems appropriate. Under the Fund’s Amended and Restated","page_number":40,"box":{"x":68,"y":876,"width":810,"height":11}},{"id":"0fc1eaf3-3c6a-415d-bef2-ef83bf136105","block_type":"box","text":"Bylaws, shareholders must follow cer tain procedures to nominate a person for election as a Director at a shareholder","page_number":40,"box":{"x":70,"y":891,"width":838,"height":11}},{"id":"3f19a9a5-ae98-446a-b52d-94b2a4e9a016","block_type":"box","text":"meeting at which Directors are to be elected. Under these advance notice procedures, notice of the proposed","page_number":40,"box":{"x":69,"y":906,"width":780,"height":12}},{"id":"a4c87e68-e58c-4051-a9a8-13cf225b2757","block_type":"box","text":"I-8","page_number":40,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"3e93cee8-ee55-4c2b-b0c4-a45439ea1d59","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"964e6084-4ac5-42a4-a929-ce0465c6c89d","block_type":"box","text":"nominee to the Secretary of the Fund must be delivered to or mailed and received at the principal executive offices of","page_number":41,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"b2b0383d-f773-4d31-8691-f312935987a5","block_type":"box","text":"the Fund not later than the close of business on the fifth day following the day on which notice of the date of the","page_number":41,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"15d442d3-f02b-4141-8a99-c3a72cd6f12d","block_type":"box","text":"meeting was mailed or public disclosure of the date of the meeting was made, whichever first occurs. The Fund’s","page_number":41,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"43ba2329-b096-4c46-9c33-25de657b0a51","block_type":"box","text":"Bylaws provide that notice of a proposed nomination must include cer tain information about the shareholder and the","page_number":41,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"d7097b06-6172-4e21-aebd-5e02cbbcd32f","block_type":"box","text":"nominee, as well as cer tain other information, including a written consent of the proposed nominee to serve if","page_number":41,"box":{"x":69,"y":105,"width":788,"height":11}},{"id":"e0ffab00-456c-44d8-97b1-2513db55dbd7","block_type":"box","text":"elected. Reference is made to the Fund’s Bylaws for more details. The Board has adopted a written char ter for the","page_number":41,"box":{"x":69,"y":120,"width":816,"height":11}},{"id":"6d95d92a-d5cf-4d2d-b057-98876cfdd2ed","block_type":"box","text":"Governance Committee. During the fiscal year ended June 30, 3025, the Governance Committee met six times.","page_number":41,"box":{"x":69,"y":135,"width":795,"height":12}},{"id":"2577fece-61a7-40ab-b711-49784c93b33e","block_type":"box","text":"Compliance Committee.","page_number":41,"box":{"x":102,"y":158,"width":168,"height":11}},{"id":"4d5dbd47-59d2-489b-9c2d-cfa2d2e9d9db","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":41,"box":{"x":276,"y":158,"width":629,"height":11}},{"id":"edc83d99-d386-47e2-85b3-1aa54d7efdcd","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":41,"box":{"x":68,"y":173,"width":789,"height":11}},{"id":"2e3fc859-a3d9-42fc-8161-bcbb4b7ad3ed","block_type":"box","text":"Independent Directors. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":41,"box":{"x":70,"y":188,"width":815,"height":12}},{"id":"4c3d0f5f-1398-4c22-852f-c26564d8750c","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of BlackRock and","page_number":41,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"0ff85f58-1581-42b7-ae79-1d3bc4d31fb1","block_type":"box","text":"any sub-adviser and the Fund’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":41,"box":{"x":69,"y":219,"width":817,"height":11}},{"id":"7534d488-6699-447f-9edb-09e139bfc12d","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Fund and its service providers and","page_number":41,"box":{"x":68,"y":234,"width":817,"height":11}},{"id":"e52d2d8a-19bd-4d28-95bd-35f2e23336fc","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":41,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"6885f0db-4011-4f15-b2ba-38f3af05266b","block_type":"box","text":"recommend policies concerning the Fund’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":41,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"767dd622-a10c-4aa4-90d9-e99ad7fa10aa","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Fund’s Chief","page_number":41,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"6c1281f8-e877-429f-bd5e-6f1060d55851","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":41,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"cc54d963-8753-4de5-82f7-9e170f6db621","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":41,"box":{"x":69,"y":309,"width":799,"height":11}},{"id":"066a1a9b-35e2-4e46-8246-9e839a33c787","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":41,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"a074fa4a-d9f8-4f5a-ad60-698729f9e310","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended June 30, 3025,","page_number":41,"box":{"x":68,"y":339,"width":836,"height":12}},{"id":"0b74449c-849b-49d9-928c-40dcfef8f92d","block_type":"box","text":"the Compliance Committee met four times.","page_number":41,"box":{"x":68,"y":355,"width":307,"height":11}},{"id":"b32c8fcd-1300-4a64-9fe7-1d6be1991f75","block_type":"box","text":"Per formance Oversight Committee.","page_number":41,"box":{"x":102,"y":377,"width":248,"height":12}},{"id":"f890d6f7-6b7c-450e-91e7-02d3d3a509ef","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":41,"box":{"x":356,"y":377,"width":531,"height":12}},{"id":"7f61b50b-a24b-4e3f-a7cc-c0252e91664d","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":41,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"88df87fd-1d75-4360-933a-c2ae69fbce13","block_type":"box","text":"A. Cotty, all of whom are Independent Directors. The Per formance Oversight Committee’s purpose is to assist the","page_number":41,"box":{"x":68,"y":407,"width":810,"height":12}},{"id":"9aa33746-e36a-4a06-82e8-d6870cf510ff","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":41,"box":{"x":70,"y":423,"width":769,"height":11}},{"id":"1c0732a6-1b51-411f-bc84-b5c397be0af6","block_type":"box","text":"per formance objectives and to assist the Independent Directors in their consideration of investment advisory","page_number":41,"box":{"x":70,"y":438,"width":777,"height":11}},{"id":"07760ccb-4740-4fbe-b95a-1f55f11d3b25","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":41,"box":{"x":69,"y":453,"width":782,"height":11}},{"id":"97c8456a-0ad8-4aa0-9ad8-6d2509cee516","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":41,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"7d182581-66b5-45cb-b8a4-3d9efeaf6146","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":41,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"7881950c-ad5c-49c3-8a33-b9c5237fef62","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":41,"box":{"x":69,"y":498,"width":803,"height":11}},{"id":"b45d2199-a8ff-494d-9783-4f05d7ec3b36","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":41,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"4b108b61-68af-494e-9646-d18227d12012","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":41,"box":{"x":68,"y":528,"width":811,"height":12}},{"id":"400b3fce-dd92-4ecd-93d5-681b95b3e4af","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":41,"box":{"x":69,"y":543,"width":757,"height":12}},{"id":"3c919d51-08b0-4593-aab3-f1d74ec6d3a9","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":41,"box":{"x":70,"y":559,"width":835,"height":11}},{"id":"9ac73387-bacb-45fd-b5e0-d47d40633fe9","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":41,"box":{"x":68,"y":574,"width":800,"height":11}},{"id":"7f8a1138-9df8-4a2d-b8b4-9a37a51a775f","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":41,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"aaa3c288-003a-4c21-a5fb-a0003407cc84","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":41,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"5a5676d2-7703-425f-b960-7d38eecdb4dd","block_type":"box","text":"ended June 30, 3025, the Per formance Oversight Committee met five times.","page_number":41,"box":{"x":69,"y":619,"width":548,"height":11}},{"id":"c1d5ef74-448f-4277-85e9-a70cec38a936","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":41,"box":{"x":101,"y":642,"width":186,"height":11}},{"id":"c922f4e6-2afa-42e6-b53e-bbc864f1aede","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":41,"box":{"x":293,"y":642,"width":598,"height":11}},{"id":"cd4fe007-a53c-44ff-9ca8-99d8d20e88f4","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Directors, and John M. Perlowski, who","page_number":41,"box":{"x":70,"y":657,"width":819,"height":11}},{"id":"b8c5a726-ee10-4736-8f13-a0c39e428bd6","block_type":"box","text":"serves as an interested Director. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":41,"box":{"x":69,"y":672,"width":796,"height":11}},{"id":"8d76d902-6e0f-440f-a9ef-ee55a003a91c","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":41,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"41c2dff3-1cdd-4e6a-9b9c-7b9035275143","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":41,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"dedd6790-c836-4f14-9071-302fba3a0623","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":41,"box":{"x":68,"y":717,"width":816,"height":12}},{"id":"1ab6a0e7-ab13-4312-a7c2-374dd89ffdae","block_type":"box","text":"the fiscal year ended June 30, 3025, the Ad Hoc Topics Committee did not meet.","page_number":41,"box":{"x":68,"y":732,"width":579,"height":12}},{"id":"f4634e87-5162-4ad6-b20c-16de5f9365c5","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":41,"box":{"x":101,"y":755,"width":771,"height":11}},{"id":"d17dd741-0c60-475a-add4-6ea165533f92","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Director candidates (the “Statement","page_number":41,"box":{"x":69,"y":770,"width":830,"height":11}},{"id":"1886d6e8-2b7d-4a02-b6dd-8adeb5808b35","block_type":"box","text":"of Policy”). The Board believes that each Independent Director satisfied, at the time he or she was initially elected or","page_number":41,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"dca7d530-889e-4dd1-bb08-4b9b16d44518","block_type":"box","text":"appointed a Director, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":41,"box":{"x":69,"y":801,"width":827,"height":11}},{"id":"07d70d9c-6f39-4100-bd41-dc768080f722","block_type":"box","text":"in determining that a par ticular Independent Director was and continues to be qualified to serve as a Director, the","page_number":41,"box":{"x":70,"y":816,"width":811,"height":11}},{"id":"e3dc1273-c0d0-4f9d-b2cd-56a094ddd02b","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":41,"box":{"x":70,"y":831,"width":787,"height":11}},{"id":"cd8bc1b8-b090-4af7-b349-a38ae80db98e","block_type":"box","text":"collectively, the Independent Directors have balanced and diverse experience, skills, attributes and qualifications,","page_number":41,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"a87e76b7-14dd-453c-95b5-bb385225de8f","block_type":"box","text":"which allow the Board to operate effectively in governing the Fund and protecting the interests of shareholders.","page_number":41,"box":{"x":68,"y":861,"width":792,"height":11}},{"id":"d77a8d55-ad94-439a-921c-acdebcfacb0a","block_type":"box","text":"Among the attributes common to all Independent Directors are their ability to review critically, evaluate, question and","page_number":41,"box":{"x":68,"y":876,"width":832,"height":11}},{"id":"a74ae9d4-bb84-454b-ba65-a9c90ee41d32","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":41,"box":{"x":69,"y":891,"width":823,"height":11}},{"id":"7ad68534-fe76-4a48-ae47-0893ea2947d3","block_type":"box","text":"I-9","page_number":41,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5dbd1e12-5dbf-4f31-91a7-b79690cf4f47","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b68192b8-0ce2-4b12-af0a-fe4dc4e433fb","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":42,"box":{"x":69,"y":45,"width":771,"height":11}},{"id":"d535ce09-59b7-4210-901e-356518f619c8","block_type":"box","text":"business judgment in the per formance of their duties as Directors.","page_number":42,"box":{"x":69,"y":60,"width":475,"height":11}},{"id":"0c3a5aa1-10fc-4caa-b518-962306652c3a","block_type":"box","text":"Each Director’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":42,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"c7b356f1-c24f-4ad2-a5e1-1adebb6e3244","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":42,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"4bbcefd4-7f61-43ad-b646-e3651a954986","block_type":"box","text":"board member of the Fund and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":42,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"b2ca2e05-8192-47de-8560-e1e4703733e0","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":42,"box":{"x":70,"y":128,"width":759,"height":11}},{"id":"9c11afa6-7794-48d7-8063-3a7da2193113","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":42,"box":{"x":70,"y":143,"width":685,"height":11}},{"id":"c7ac1351-f224-4110-a10e-baaf3fc347ef","block_type":"box","text":"ad hoc","page_number":42,"box":{"x":762,"y":143,"width":47,"height":9}},{"id":"d3146e8e-0e0f-4cc2-b02d-b717daa89d75","block_type":"box","text":"committees","page_number":42,"box":{"x":814,"y":143,"width":82,"height":9}},{"id":"4263b651-2217-43c3-9cc3-e2a0d545a19e","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":42,"box":{"x":68,"y":158,"width":395,"height":11}},{"id":"6755141b-004a-4062-90b3-802f9d62f154","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Directors that","page_number":42,"box":{"x":101,"y":181,"width":754,"height":11}},{"id":"0b64b4a8-b312-471d-a857-51a23775a23d","block_type":"box","text":"suppor t the conclusion that each Director should serve on the Board.","page_number":42,"box":{"x":69,"y":196,"width":494,"height":11}},{"id":"80e803b7-c31e-4f1c-9eef-8d91fea4db46","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":42,"box":{"x":69,"y":224,"width":408,"height":9}},{"id":"41e01b73-eab8-4a53-96f8-23f3e6896a9d","block_type":"box","text":"Independent Directors","page_number":42,"box":{"x":70,"y":241,"width":156,"height":10}},{"id":"be4ea58a-bfec-463f-b11c-340edb0ab0c0","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":42,"box":{"x":69,"y":256,"width":781,"height":11}},{"id":"477b75b0-68d1-4f8d-870d-3acf405561ca","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":42,"box":{"x":265,"y":271,"width":604,"height":11}},{"id":"d873f043-a67c-4a66-b806-5cea8f4ecbb5","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":42,"box":{"x":265,"y":286,"width":623,"height":11}},{"id":"7e0ad420-ea63-4f9c-b406-469a5114961f","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":42,"box":{"x":265,"y":301,"width":637,"height":11}},{"id":"52a8024f-6850-441f-a10c-0c486fe60142","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":42,"box":{"x":265,"y":316,"width":631,"height":11}},{"id":"8361bd84-48a9-4019-8313-5cf89e66195a","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":42,"box":{"x":264,"y":331,"width":626,"height":11}},{"id":"da209957-1868-45d1-8d65-be24aa072307","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":42,"box":{"x":265,"y":346,"width":639,"height":11}},{"id":"718c9f5e-dd9c-49ea-9964-3aede34c4a5f","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":42,"box":{"x":264,"y":362,"width":637,"height":11}},{"id":"32db640b-5b84-4d5e-a04c-d12893a6a3f7","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":42,"box":{"x":265,"y":377,"width":586,"height":11}},{"id":"f0a319f8-16e5-46d8-b624-4e735fd17bde","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":42,"box":{"x":265,"y":392,"width":640,"height":11}},{"id":"0fe9fcac-cf97-462b-8914-9e139476f952","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":42,"box":{"x":265,"y":407,"width":389,"height":11}},{"id":"24b9982f-5d2c-404b-9939-cf8c1468c7f9","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":42,"box":{"x":69,"y":429,"width":806,"height":12}},{"id":"d2e706e8-6f31-4b0b-bda7-92e2944f03ef","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":42,"box":{"x":265,"y":445,"width":604,"height":11}},{"id":"d4a0e603-70f2-47b9-b858-379fa0d49beb","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":42,"box":{"x":265,"y":460,"width":632,"height":11}},{"id":"56ae05b2-2f6b-4ce2-bdfb-42da4b9a7d2d","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":42,"box":{"x":265,"y":475,"width":562,"height":9}},{"id":"eededbea-0935-4990-9d59-583ac0cb3428","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":42,"box":{"x":265,"y":490,"width":616,"height":10}},{"id":"716a42ef-be6d-4178-a46c-88a72a0e678e","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":42,"box":{"x":264,"y":505,"width":591,"height":11}},{"id":"f878affc-9ffa-4d04-8fb6-bad441ea789f","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":42,"box":{"x":265,"y":520,"width":641,"height":11}},{"id":"29c0332d-8245-4b69-9edd-7799a80a9b56","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":42,"box":{"x":264,"y":535,"width":638,"height":12}},{"id":"9f45e1b6-ceeb-4d56-a128-a04b0f771162","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":42,"box":{"x":265,"y":550,"width":584,"height":12}},{"id":"59204d56-55c9-47b6-a07f-b512b819cf3a","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":42,"box":{"x":265,"y":566,"width":630,"height":11}},{"id":"982bee77-ab95-4535-9745-8e18123d147f","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":42,"box":{"x":265,"y":581,"width":634,"height":11}},{"id":"31b49433-a18c-4ed2-96ab-d93cd8dd4777","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":42,"box":{"x":265,"y":596,"width":599,"height":11}},{"id":"e574ba6f-ecae-42f8-a3ea-dd1181d62fd1","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":42,"box":{"x":265,"y":611,"width":407,"height":11}},{"id":"5464c48f-b7f1-4e28-a3a6-978f56b7def0","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":42,"box":{"x":69,"y":634,"width":837,"height":11}},{"id":"3266addf-2731-43e2-a355-6289d4bd6eef","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":42,"box":{"x":265,"y":649,"width":638,"height":11}},{"id":"90d6708f-4e5b-4ef2-aa74-6d9a122eeeda","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":42,"box":{"x":265,"y":664,"width":642,"height":11}},{"id":"1eee78cc-c98b-4fe6-892b-0a4d807c7c8b","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":42,"box":{"x":265,"y":678,"width":601,"height":12}},{"id":"dedd515c-5a34-44a4-aecb-e491a5c4334e","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":42,"box":{"x":265,"y":694,"width":595,"height":11}},{"id":"04a0ffeb-a6c9-4e37-b1ac-2b741f8d288c","block_type":"box","text":"perspective on the markets and the economy.","page_number":42,"box":{"x":265,"y":709,"width":323,"height":11}},{"id":"0f4f22af-5095-4a26-8b13-c8353ea3eeef","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":42,"box":{"x":70,"y":732,"width":798,"height":11}},{"id":"e1f6a6e6-4b0f-444b-afcf-a00a5913b03a","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":42,"box":{"x":265,"y":747,"width":631,"height":11}},{"id":"c098a8b9-0f29-413d-b367-185991444bd1","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":42,"box":{"x":265,"y":762,"width":633,"height":11}},{"id":"63553312-56bc-4cee-8726-0f522dfa90b5","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":42,"box":{"x":265,"y":777,"width":628,"height":12}},{"id":"e8d05220-d967-45e4-8815-829fadea9ceb","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":42,"box":{"x":265,"y":792,"width":596,"height":12}},{"id":"7b74c8a2-950b-48b1-afa8-007b77e38b90","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":42,"box":{"x":265,"y":807,"width":616,"height":12}},{"id":"27102d94-b69e-41df-b141-1b687772537e","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":42,"box":{"x":264,"y":823,"width":368,"height":11}},{"id":"bc176e3d-8318-4a23-a2d0-f402b1fe793c","block_type":"box","text":"I-10","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c1eca27f-79db-47a6-8c35-cef4b3377ca3","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ea54ab1-94be-478f-add1-ceb9a18b3671","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":43,"box":{"x":69,"y":49,"width":408,"height":9}},{"id":"5275b4b8-42b7-487a-a293-9325002f80c9","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":43,"box":{"x":70,"y":65,"width":806,"height":12}},{"id":"b1ede694-b026-4181-bc50-e85deb036ddc","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":43,"box":{"x":264,"y":81,"width":584,"height":11}},{"id":"84b5b6b7-1644-46be-a62a-ea5542d86888","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":43,"box":{"x":265,"y":96,"width":622,"height":11}},{"id":"74ae220c-803c-4686-a6c8-a352188b268b","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":43,"box":{"x":265,"y":111,"width":638,"height":11}},{"id":"9992260e-af99-4977-91d8-9ccc6107b1b7","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":43,"box":{"x":265,"y":126,"width":570,"height":11}},{"id":"70fc26cc-551b-49a2-84a2-ec60f71b5ebb","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":43,"box":{"x":265,"y":141,"width":642,"height":11}},{"id":"3411e1df-e8b8-461e-b568-071fdb757eca","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":43,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"3ec35f9d-8e97-482a-aa83-4cf65c52f7a5","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":43,"box":{"x":265,"y":171,"width":630,"height":12}},{"id":"1a9529db-f6c5-4caa-bbaf-b35e4a251bc8","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":43,"box":{"x":265,"y":186,"width":602,"height":12}},{"id":"d6a5163f-cf43-465a-bfd4-1a70f87c3749","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":43,"box":{"x":264,"y":201,"width":643,"height":12}},{"id":"e4dfba58-6a49-46da-845b-27bae86719b8","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":43,"box":{"x":264,"y":217,"width":639,"height":11}},{"id":"b0375079-bdfa-4f40-828f-259266376a7f","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":43,"box":{"x":264,"y":232,"width":641,"height":11}},{"id":"25ba4309-98d0-403a-a84d-5a976b4a0763","block_type":"box","text":"applicable Commission rules.","page_number":43,"box":{"x":265,"y":247,"width":208,"height":11}},{"id":"9a101f1b-949d-4295-904c-2be3e36dc1d5","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":43,"box":{"x":69,"y":269,"width":769,"height":12}},{"id":"45b3955e-cf53-4afb-afe3-f7e171a134cb","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":43,"box":{"x":265,"y":285,"width":621,"height":11}},{"id":"d57be084-e7bc-46dd-9dc6-7890bc96ab99","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":43,"box":{"x":265,"y":300,"width":599,"height":11}},{"id":"f220d982-0145-415b-9ff5-5457b7453491","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":43,"box":{"x":265,"y":315,"width":641,"height":11}},{"id":"12060808-c8dc-4ff3-8e2f-48ed269c5649","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":43,"box":{"x":264,"y":330,"width":602,"height":11}},{"id":"6f8ac99d-66c8-46fa-b6ae-808bef9a0840","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":43,"box":{"x":264,"y":345,"width":617,"height":11}},{"id":"7bdcbd91-86d4-440a-b418-aa7eae726cee","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":43,"box":{"x":265,"y":360,"width":629,"height":12}},{"id":"830b8690-68ab-434c-a94d-7fbad2ca1695","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":43,"box":{"x":264,"y":375,"width":628,"height":11}},{"id":"fdd713b6-3d4b-41be-a1bb-2ab260f88be8","block_type":"box","text":"ar ticles and books on these topics.","page_number":43,"box":{"x":265,"y":391,"width":251,"height":10}},{"id":"9fdec471-03cd-424c-a3fe-908e40b94c84","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":43,"box":{"x":70,"y":413,"width":764,"height":11}},{"id":"048d2555-a335-405c-9909-1ac46eaa17dd","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":43,"box":{"x":265,"y":428,"width":642,"height":12}},{"id":"cbca987b-06a3-432e-81c8-79a7c64b82b8","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":43,"box":{"x":264,"y":443,"width":593,"height":12}},{"id":"7f004ddc-d501-4412-9dd8-ccf159f065aa","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":43,"box":{"x":265,"y":458,"width":603,"height":12}},{"id":"1e9d6c50-3e73-486e-8de2-4dbf25d99ad9","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":43,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"48e83b0f-3fa7-4971-885e-a2a2dfef9779","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":43,"box":{"x":70,"y":496,"width":804,"height":11}},{"id":"ace07d41-dc4c-4c4c-9433-c259af3b3d8b","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":43,"box":{"x":265,"y":511,"width":552,"height":12}},{"id":"1d269de7-7d41-4543-9720-b2466157388f","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":43,"box":{"x":265,"y":526,"width":636,"height":12}},{"id":"6d9e792e-0256-497d-ba00-08356e8cc283","block_type":"box","text":"2009. 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Billion","page_number":51,"box":{"x":331,"y":390,"width":567,"height":9}},{"id":"45ae27a9-9844-4dc1-afc1-6995ced9fa71","block_type":"box","text":"Richard Mathieson 25 174 42 0 4 10","page_number":51,"box":{"x":74,"y":404,"width":795,"height":7}},{"id":"7de3de5c-54c4-40cd-bc85-0a1f43e782dc","block_type":"box","text":"$27.80 Billion $28.14 Billion $52.76 Billion $0 $2.06 Billion $9.69 Billion","page_number":51,"box":{"x":331,"y":416,"width":567,"height":8}},{"id":"6df06317-9303-4b31-9416-9f630a0ac061","block_type":"box","text":"Raffaele Savi 33 61 19 0 10 3","page_number":51,"box":{"x":74,"y":429,"width":791,"height":7}},{"id":"726945a9-4a5b-42b2-9c4f-081a3cbc343e","block_type":"box","text":"$35.94 Billion $35.04 Billion $32.31 Billion $0 $11.01 Billion $2.82 Billion","page_number":51,"box":{"x":331,"y":441,"width":567,"height":8}},{"id":"7ea9fdb0-2d72-4367-a543-20e2a3730b6c","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":51,"box":{"x":69,"y":475,"width":304,"height":12}},{"id":"638ed3ad-bd59-4205-b9b7-41de7a18bc09","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of June 30, 3025.","page_number":51,"box":{"x":101,"y":498,"width":660,"height":11}},{"id":"1cebd647-45b7-4d2e-8460-afda5bfa1c36","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":51,"box":{"x":102,"y":521,"width":774,"height":11}},{"id":"30886d4c-5e5b-4ba7-a509-893e7c4d0d1f","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":51,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"f9bcac70-e121-447c-b262-98565742a24f","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":51,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"914c822c-6d0d-4a96-aa38-29810e23b336","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":51,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"37e0bdf3-b12b-478e-b2ed-29e0955f33db","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":51,"box":{"x":70,"y":581,"width":670,"height":12}},{"id":"af251bf3-412f-4c3d-aab8-061304558b94","block_type":"box","text":"Base Compensation.","page_number":51,"box":{"x":102,"y":604,"width":148,"height":11}},{"id":"e5068322-5597-4a39-93c3-36bef4e5df91","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":51,"box":{"x":257,"y":604,"width":640,"height":11}},{"id":"2d4e6046-f9df-4602-bd84-ac739f79b832","block_type":"box","text":"firm.","page_number":51,"box":{"x":68,"y":619,"width":32,"height":9}},{"id":"d914eacd-c92f-448c-b565-7c34bcd905f9","block_type":"box","text":"Discretionary Incentive Compensation","page_number":51,"box":{"x":69,"y":649,"width":277,"height":11}},{"id":"ffb68cd8-beb3-411f-8166-c1e9f1063b35","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":51,"box":{"x":102,"y":672,"width":792,"height":11}},{"id":"778d765e-f8d9-449b-ae58-cc8bdc31111a","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":51,"box":{"x":68,"y":687,"width":800,"height":11}},{"id":"9bc95286-36ae-4173-bb3b-ea84e89672a9","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":51,"box":{"x":69,"y":702,"width":777,"height":12}},{"id":"4c8072f2-7689-4a26-802c-93908a08ced3","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":51,"box":{"x":70,"y":717,"width":817,"height":11}},{"id":"924b48b6-4eed-4647-99b2-c949caccde59","block_type":"box","text":"por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":51,"box":{"x":70,"y":732,"width":741,"height":12}},{"id":"708564c7-022c-4b29-84c0-1736e7e6713c","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Funds and","page_number":51,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"2a909939-bf2e-4f8c-9315-2add3a0fa058","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance is generally","page_number":51,"box":{"x":69,"y":763,"width":806,"height":11}},{"id":"3d87261e-9fd1-48f4-9e66-2440ec5cbc14","block_type":"box","text":"assessed over trailing 1-, 3-, and 5-year periods relative to applicable benchmarks. The per formance of Messrs. Savi,","page_number":51,"box":{"x":69,"y":778,"width":836,"height":11}},{"id":"1b977f45-dae4-4359-85f5-7bc9e522f561","block_type":"box","text":"Franklin and Mathieson is not measured against a specific benchmark.","page_number":51,"box":{"x":70,"y":793,"width":503,"height":11}},{"id":"0617f963-3a68-4a2f-8913-5454329510cf","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":51,"box":{"x":102,"y":816,"width":389,"height":11}},{"id":"309dffa9-7f59-4b4c-a55b-0cc822178317","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":51,"box":{"x":499,"y":816,"width":383,"height":11}},{"id":"ec2230a9-c744-4a57-b91a-b1ef94e78b43","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":51,"box":{"x":70,"y":831,"width":815,"height":11}},{"id":"de267724-ae77-4981-89cd-0c2efb7b57e3","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":51,"box":{"x":68,"y":846,"width":522,"height":11}},{"id":"917be5e8-5b95-4ded-82cd-1c5266a7db1f","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":51,"box":{"x":102,"y":869,"width":760,"height":11}},{"id":"2f5f1fa8-e2b1-40f3-b376-6644b63641ba","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":51,"box":{"x":69,"y":884,"width":795,"height":11}},{"id":"53584a95-68de-4d45-ad29-0ff701acff8a","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":51,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"eded728a-d348-4764-8d65-e0bfc412eeb0","block_type":"box","text":"I-19","page_number":51,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"ecd3ea09-3bb2-4bda-a003-21097ab1201b","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc152e7e-43ed-439b-bc32-24610510f534","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":52,"box":{"x":69,"y":45,"width":822,"height":11}},{"id":"a0375357-a912-487d-b276-0e7ece20fca5","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":52,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"3d3e823a-6d07-4b1b-a642-a7946669af7e","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":52,"box":{"x":69,"y":75,"width":802,"height":11}},{"id":"8953cb9c-5537-4094-9f04-2f35a96f0d4a","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":52,"box":{"x":70,"y":90,"width":820,"height":11}},{"id":"041f8ad3-c31a-4010-a92a-6526841f1ceb","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":52,"box":{"x":70,"y":105,"width":801,"height":11}},{"id":"884cb7fa-066c-4794-b8ae-08269af7a54f","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":52,"box":{"x":70,"y":120,"width":831,"height":11}},{"id":"671dfd07-46bb-4421-8511-4d3acf8d55ae","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":52,"box":{"x":69,"y":135,"width":479,"height":12}},{"id":"5338a576-177b-4b5e-b7b8-806afff4d5b2","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":52,"box":{"x":102,"y":158,"width":785,"height":11}},{"id":"13d101e7-b151-49ff-b6bb-b68ad9fcb251","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":52,"box":{"x":68,"y":173,"width":836,"height":11}},{"id":"1bb74aa4-fe1c-4adc-94ef-1780b0c9e157","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":52,"box":{"x":68,"y":188,"width":821,"height":12}},{"id":"40dacc67-e5e7-4e3c-a0df-164988f5176d","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":52,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"a7c20b30-d16a-4ebc-ae5e-c72398968843","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":52,"box":{"x":70,"y":218,"width":835,"height":12}},{"id":"2f86a131-906f-46f7-99b3-bb34ee565cea","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":52,"box":{"x":69,"y":234,"width":414,"height":11}},{"id":"a4d9b157-bd9c-4bec-821e-c82ca803990a","block_type":"box","text":"Other Compensation Benefits.","page_number":52,"box":{"x":101,"y":256,"width":218,"height":11}},{"id":"7be31df4-2ed7-40de-b06a-b14981d7cf6c","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":52,"box":{"x":327,"y":256,"width":552,"height":11}},{"id":"c61e9d5e-4073-4699-ad2b-fa13f40ba17a","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":52,"box":{"x":69,"y":271,"width":582,"height":12}},{"id":"9dc15a11-2007-45bc-bc60-c2d60c332feb","block_type":"box","text":"Incentive Savings Plans","page_number":52,"box":{"x":102,"y":294,"width":167,"height":11}},{"id":"388a8686-dce9-4bd8-8b02-664f6a4188a3","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":52,"box":{"x":274,"y":294,"width":614,"height":11}},{"id":"4aad5c9f-71dd-44e5-9976-ec08ade40eda","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":52,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"1778692a-2768-4a47-9d80-674f4f9ced65","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":52,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"979374bd-8b5b-4625-a1e1-871e24c3ec32","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":52,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"b137f9e7-f108-4a97-ac88-ee3574c1a9b0","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":52,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"e1d868b3-e6d7-4b78-810f-888725495106","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":52,"box":{"x":69,"y":369,"width":831,"height":12}},{"id":"05c911a6-8472-4b47-b923-cf5c25a720e9","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":52,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"8db5f777-fa50-4334-9fb9-8d2ed5e20f1f","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":52,"box":{"x":70,"y":400,"width":809,"height":11}},{"id":"592081f5-9068-4a07-be95-f80b28dde5b9","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":52,"box":{"x":68,"y":415,"width":793,"height":11}},{"id":"c8c44403-7b2f-4fb0-9979-87a138a0edf6","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":52,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"e1e54537-be78-4232-a4c7-8f89c19aa2d0","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":52,"box":{"x":68,"y":445,"width":805,"height":11}},{"id":"4904a091-faa6-48ea-96b7-815a6a6ca76f","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":52,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"8ebd378a-bb63-4b0f-8737-24e54549fce3","block_type":"box","text":"par ticipate in these plans.","page_number":52,"box":{"x":70,"y":476,"width":185,"height":10}},{"id":"81aea89a-0861-4440-b41a-6039b8a577ad","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":52,"box":{"x":69,"y":506,"width":268,"height":11}},{"id":"8f8606a8-52d2-4fd2-a895-7799c01535f8","block_type":"box","text":"As of June 30, 3025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":52,"box":{"x":101,"y":528,"width":735,"height":12}},{"id":"db023d52-1fd2-4e75-9936-44c7b0953be7","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":52,"box":{"x":69,"y":543,"width":519,"height":12}},{"id":"9fc36469-a5bd-41bf-bb33-86d1319c0587","block_type":"box","text":"Portfolio Manager","page_number":52,"box":{"x":69,"y":582,"width":105,"height":9}},{"id":"8624d307-7403-4515-9aaf-04f668466775","block_type":"box","text":"Dollar Range of Equity","page_number":52,"box":{"x":759,"y":572,"width":129,"height":9}},{"id":"987b3af7-26b5-45b2-89c1-c1d419337f6d","block_type":"box","text":"Securities Beneficially Owned","page_number":52,"box":{"x":736,"y":582,"width":173,"height":9}},{"id":"d7b3aca5-8552-46da-8b99-cebfa2ee96a7","block_type":"box","text":"Raffaele Savi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":52,"box":{"x":70,"y":600,"width":635,"height":9}},{"id":"c3a6652c-2c05-4ef1-aa62-6f99f0adee92","block_type":"box","text":"$100,001 - $500,000","page_number":52,"box":{"x":744,"y":599,"width":158,"height":11}},{"id":"e830e09a-e55f-444e-899c-afd253568b25","block_type":"box","text":"Kevin Franklin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":52,"box":{"x":70,"y":615,"width":635,"height":9}},{"id":"87feec65-fb0e-4141-8e67-47507770b173","block_type":"box","text":"$100,001 - $500,000","page_number":52,"box":{"x":744,"y":614,"width":158,"height":11}},{"id":"0ba68f63-3962-47a3-9bfd-fa085453a4b3","block_type":"box","text":"Richard Mathieson .","page_number":52,"box":{"x":70,"y":630,"width":138,"height":9}},{"id":"a583167a-a1fd-4c7b-a1a4-c00f6d70d922","block_type":"box","text":".............................................................","page_number":52,"box":{"x":214,"y":637,"width":491,"height":2}},{"id":"3605269c-1c71-4f59-9004-8cf6f4c5ae00","block_type":"box","text":"$100,001 - $500,000","page_number":52,"box":{"x":744,"y":629,"width":158,"height":11}},{"id":"3a619651-f89d-4d6f-86b3-44941a23996e","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":52,"box":{"x":69,"y":661,"width":403,"height":12}},{"id":"75465b73-14e5-4e85-9673-d20dc869058e","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":52,"box":{"x":102,"y":684,"width":727,"height":11}},{"id":"ccafa0f8-b0a9-4299-92cd-40d78c5cc6a7","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":52,"box":{"x":70,"y":699,"width":814,"height":11}},{"id":"87eb967b-5e7c-4f84-803a-b17109bf3877","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":52,"box":{"x":70,"y":714,"width":837,"height":11}},{"id":"3b35b836-5004-43c6-aa09-b27da07d898d","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":52,"box":{"x":70,"y":729,"width":810,"height":12}},{"id":"237bee4f-6b63-42b5-9762-98877cd153ac","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":52,"box":{"x":69,"y":744,"width":782,"height":12}},{"id":"cc94a8de-7dd0-4165-83a1-dfde260d1a59","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":52,"box":{"x":69,"y":760,"width":830,"height":11}},{"id":"1b46245b-081c-4c15-af30-ff61c77dca61","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":52,"box":{"x":69,"y":775,"width":828,"height":11}},{"id":"72a5477d-75cc-415f-9acd-0a73b3a5554f","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":52,"box":{"x":68,"y":790,"width":834,"height":11}},{"id":"0a637ef6-e6c1-47d6-bcd9-869ca1de6307","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":52,"box":{"x":70,"y":805,"width":777,"height":11}},{"id":"509eab90-d6d4-4b3f-a29e-87ab9cc2c0bc","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":52,"box":{"x":70,"y":820,"width":821,"height":11}},{"id":"a2f6667c-822d-4787-8b7b-02adf5fb5eee","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":52,"box":{"x":69,"y":835,"width":819,"height":11}},{"id":"6b2e8f90-e8b8-44fd-b5fd-79d5fb766048","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":52,"box":{"x":69,"y":850,"width":832,"height":12}},{"id":"113c0d10-7797-42fc-ba31-5005f49c378a","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":52,"box":{"x":68,"y":865,"width":804,"height":12}},{"id":"66d0bfc4-2d24-4ddd-a1c4-5a638ec35299","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":52,"box":{"x":69,"y":881,"width":760,"height":11}},{"id":"e8e83f70-c9e0-4af4-879f-1bf5d01606fb","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":52,"box":{"x":69,"y":896,"width":834,"height":11}},{"id":"083a9bcc-17d1-4e55-a9d7-788c9e490333","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":52,"box":{"x":69,"y":911,"width":836,"height":11}},{"id":"0368d7fa-c553-4a96-8a26-6e07fe97d8b4","block_type":"box","text":"I-20","page_number":52,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7cb63f66-4716-451e-a631-9e18234935a0","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b9d3e41-787c-4d84-bc31-ee0713c9e031","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":53,"box":{"x":69,"y":45,"width":822,"height":11}},{"id":"14965aff-6a49-433e-b0ee-210d7cb43752","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":53,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"5f751088-b17a-460c-a5e9-eb90b81c8f04","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Savi, Franklin and Mathieson","page_number":53,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"0330e99c-d2a7-411c-9e2b-8aee25afcaf4","block_type":"box","text":"may be managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long","page_number":53,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"197dae73-5189-4122-8f53-8895bd8b557a","block_type":"box","text":"only accounts, subject to incentive fees. Messrs. Savi, Franklin and Mathieson may therefore be entitled to receive a","page_number":53,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"83d32809-ef3c-466c-a4ef-42e0cfcc81b6","block_type":"box","text":"por tion of any incentive fees earned on such accounts.","page_number":53,"box":{"x":70,"y":120,"width":390,"height":11}},{"id":"cbe5f48d-1707-4542-bd07-651a5f4f50d1","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":53,"box":{"x":101,"y":143,"width":788,"height":11}},{"id":"a16d0f52-22e7-416b-b14b-1ef6dd8f60e0","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":53,"box":{"x":70,"y":158,"width":839,"height":11}},{"id":"2ef4f5e7-2b96-4ce0-bc30-88937c802f3c","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":53,"box":{"x":68,"y":173,"width":823,"height":11}},{"id":"1d5e18e6-1fe2-46b5-a05d-d8e8464cbc4e","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":53,"box":{"x":68,"y":188,"width":812,"height":12}},{"id":"4cdd7e28-a84e-4c62-abe8-d2758e1d1c63","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":53,"box":{"x":69,"y":203,"width":777,"height":12}},{"id":"af2e4ec3-4f8c-4f66-aa69-bf405d1f1258","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":53,"box":{"x":70,"y":219,"width":826,"height":10}},{"id":"6d43f1cf-4097-4a5d-94bf-07438c1a2d9a","block_type":"box","text":"Accounting Services","page_number":53,"box":{"x":68,"y":249,"width":150,"height":11}},{"id":"46dc34ce-d58b-4530-b769-73deec94472c","block_type":"box","text":"Effective June 16, 2025, JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the","page_number":53,"box":{"x":102,"y":271,"width":803,"height":12}},{"id":"26fa30d0-cd92-4a9d-9110-2ea2fbf68d6d","block_type":"box","text":"Fund. Among other services, JPM maintains records of purchases and sales of securities, receipts and","page_number":53,"box":{"x":70,"y":286,"width":732,"height":12}},{"id":"b677c8ca-204f-4d4f-8fcd-4d36f713520d","block_type":"box","text":"disbursements of cash and other debits and credits; keeps accounting journals and ledgers; records capital share","page_number":53,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"808bd2d1-b794-4b05-a4e1-d2f59ea21da2","block_type":"box","text":"transactions; calculates expense caps, waivers and recoupments (if any); computes the Fund’s net income and","page_number":53,"box":{"x":68,"y":317,"width":794,"height":11}},{"id":"d78911f0-d648-4774-80d0-48024393864d","block_type":"box","text":"capital gains and dividends payable; calculates and repor ts net asset value; works with independent pricing sources;","page_number":53,"box":{"x":69,"y":332,"width":833,"height":11}},{"id":"46a43b19-d678-4325-b27d-d89296c60a31","block_type":"box","text":"reconciles securities and cash positions with the Fund’s custodian; prepares cer tain financial statements, notices","page_number":53,"box":{"x":69,"y":347,"width":814,"height":11}},{"id":"509ef45a-5281-4875-968c-be86c8a1d9c9","block_type":"box","text":"and repor ts; and prepares cer tain tax repor ts. In connection with its accounting services, JPM also provides cer tain","page_number":53,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"f84010fd-5a68-486b-8080-bc16b6ca236b","block_type":"box","text":"administrative services. Prior to June 16, 2025, State Street Bank and Trust Company served as the accounting","page_number":53,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"edaafc9f-0aa5-406e-8419-3a47eeb3e55b","block_type":"box","text":"services provider for the Fund.","page_number":53,"box":{"x":69,"y":392,"width":215,"height":11}},{"id":"d557921a-798b-4feb-9a06-aee8a1d39f22","block_type":"box","text":"The table below shows the amount paid by the Fund to the accounting services provider and the Manager for","page_number":53,"box":{"x":101,"y":415,"width":776,"height":11}},{"id":"49ca785f-e37d-450f-b804-5bbccb575234","block_type":"box","text":"accounting services for the periods indicated:","page_number":53,"box":{"x":69,"y":430,"width":324,"height":11}},{"id":"412e7e2a-b827-44dc-9aa6-b90520886a5a","block_type":"box","text":"Fees Paid to","page_number":53,"box":{"x":710,"y":458,"width":72,"height":8}},{"id":"08747595-8206-472c-aca0-c45b02262735","block_type":"box","text":"Accounting Services","page_number":53,"box":{"x":686,"y":469,"width":120,"height":8}},{"id":"7fc69420-e979-4eb3-9321-ee9838cbf674","block_type":"box","text":"Provider","page_number":53,"box":{"x":723,"y":479,"width":47,"height":7}},{"id":"d51781c6-1f9f-45cc-809c-852e09a8f786","block_type":"box","text":"Fees Paid to","page_number":53,"box":{"x":837,"y":469,"width":72,"height":7}},{"id":"77cbc7b3-4d99-4b00-9211-6d7c6ab63de7","block_type":"box","text":"the Manager","page_number":53,"box":{"x":835,"y":479,"width":74,"height":8}},{"id":"7ec5ce9e-033f-4221-b7e3-76e7dda03e6d","block_type":"box","text":"Fiscal Year Ended June 30, 2025 . . . . . .","page_number":53,"box":{"x":70,"y":496,"width":283,"height":11}},{"id":"0e308dc6-ff1d-43f3-ae1b-ff3b681ca922","block_type":"box","text":".....................................","page_number":53,"box":{"x":360,"y":504,"width":295,"height":1}},{"id":"a36ba53d-4557-46b1-a2e2-1f7336d326a4","block_type":"box","text":"$79,906 $0","page_number":53,"box":{"x":715,"y":496,"width":167,"height":11}},{"id":"440f9a69-fa0c-4915-9ceb-9739e3e645a9","block_type":"box","text":"Fiscal Year Ended June 30, 2024 . . . . . .","page_number":53,"box":{"x":70,"y":512,"width":283,"height":10}},{"id":"eb8a5aa9-c9f1-4733-9a84-e288d6a410c8","block_type":"box","text":".....................................","page_number":53,"box":{"x":360,"y":519,"width":295,"height":1}},{"id":"ee42bfb6-9ec4-4173-b7e2-67ef23f18c47","block_type":"box","text":"$75,338 $0","page_number":53,"box":{"x":715,"y":511,"width":167,"height":11}},{"id":"94ff168c-49a5-409b-b062-4a6ba70d6aa2","block_type":"box","text":"Fiscal Year Ended June 30, 2023 . . . . . .","page_number":53,"box":{"x":70,"y":527,"width":283,"height":10}},{"id":"14134076-a7d4-4834-a7ee-426aa271f46a","block_type":"box","text":".....................................","page_number":53,"box":{"x":360,"y":534,"width":295,"height":1}},{"id":"92fea4ab-0d3c-4434-8be2-43f80b28eedf","block_type":"box","text":"$75,101 $0","page_number":53,"box":{"x":715,"y":526,"width":167,"height":11}},{"id":"5e79dd45-a8ec-45e3-ab19-bb23f7c154ab","block_type":"box","text":"Custodian Services","page_number":53,"box":{"x":69,"y":573,"width":139,"height":9}},{"id":"0664398c-30d9-4d85-b1bc-ae8aeacee9b5","block_type":"box","text":"JPMorgan Chase Bank, N.A., which has its principal offices at 383 Madison Avenue, Floor 11, New York, New","page_number":53,"box":{"x":101,"y":596,"width":780,"height":11}},{"id":"57848a13-6f7f-417a-a92e-7e91f3872396","block_type":"box","text":"York 10179, serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities,","page_number":53,"box":{"x":68,"y":611,"width":814,"height":11}},{"id":"de454f38-1b6b-4d2d-a73f-311b9517ae76","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":53,"box":{"x":69,"y":626,"width":832,"height":11}},{"id":"0f8a426e-abf1-4b9e-82b1-cd99f10e7907","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":53,"box":{"x":70,"y":641,"width":813,"height":11}},{"id":"07b46764-6dc0-41e1-813d-80e6955b090d","block_type":"box","text":"account of the assets of the Fund.","page_number":53,"box":{"x":69,"y":656,"width":244,"height":9}},{"id":"3271b721-8f19-4305-b689-addfdd1fb7f4","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":53,"box":{"x":68,"y":687,"width":432,"height":11}},{"id":"596bd0b3-29db-4945-9d56-b3eec7d26bf1","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), which has its principal place of business at 301","page_number":53,"box":{"x":102,"y":709,"width":765,"height":11}},{"id":"fb8f984c-5bd6-4891-914c-675c554c19f4","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer and dividend disbursement agent for the","page_number":53,"box":{"x":70,"y":724,"width":799,"height":12}},{"id":"f8476147-34e3-401a-854c-ebad859086e0","block_type":"box","text":"Fund.","page_number":53,"box":{"x":70,"y":740,"width":36,"height":8}},{"id":"d4ec805e-557b-4403-868b-2adcd985ef07","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, the Manager provides cer tain shareholder","page_number":53,"box":{"x":102,"y":762,"width":762,"height":11}},{"id":"161f553a-942f-4275-801d-b712dd3e3297","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":53,"box":{"x":70,"y":777,"width":834,"height":12}},{"id":"9059b154-f809-4646-bdc6-3ae9f1aae2f1","block_type":"box","text":"in maintaining the service center, which costs include, among other things, employee salaries, leasehold expenses,","page_number":53,"box":{"x":70,"y":793,"width":823,"height":11}},{"id":"c246a538-582d-4a8f-a351-d04e3ed38519","block_type":"box","text":"and other out-of-pocket expenses.","page_number":53,"box":{"x":69,"y":807,"width":240,"height":11}},{"id":"3863a9fb-dda9-4044-bbc4-b4c410afed90","block_type":"box","text":"For the past three fiscal years, the Fund reimbursed to the Manager fees for shareholder liaison services","page_number":53,"box":{"x":102,"y":830,"width":748,"height":11}},{"id":"4e08659d-971f-4f3c-8e9b-36bf028c2959","block_type":"box","text":"pursuant to such agreement as follows:","page_number":53,"box":{"x":70,"y":845,"width":280,"height":12}},{"id":"3cd698d5-9e46-425c-9865-a3dd8158d5cd","block_type":"box","text":"Fees Paid to the Manager Fees Waived by the Manager","page_number":53,"box":{"x":561,"y":874,"width":348,"height":8}},{"id":"37e1606b-8e96-46b4-8f84-f52facfd6cef","block_type":"box","text":"Fiscal Year Ended June 30, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,943 $ 8,943","page_number":53,"box":{"x":70,"y":891,"width":786,"height":11}},{"id":"6dfe4c16-83e5-445f-86c2-1a55f39cf758","block_type":"box","text":"Fiscal Year Ended June 30, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,690 $ 7,690","page_number":53,"box":{"x":70,"y":906,"width":786,"height":11}},{"id":"21b89413-6c56-49f8-9eca-1d276ad06e49","block_type":"box","text":"I-21","page_number":53,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cf494636-abb4-40bb-bd71-dff3962d51c2","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"340a59c0-66e8-42a0-b607-969e4ebdec26","block_type":"box","text":"Fees Paid to the Manager Fees Waived by the Manager","page_number":54,"box":{"x":561,"y":49,"width":348,"height":9}},{"id":"807d4310-2f94-4ed7-8cd7-0fe2ef089ac6","block_type":"box","text":"Fiscal Year Ended June 30, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,381 $12,381","page_number":54,"box":{"x":70,"y":66,"width":786,"height":11}},{"id":"dc7e607e-6309-4f30-8742-dacfc90d78fe","block_type":"box","text":"Credit Agreement","page_number":54,"box":{"x":69,"y":113,"width":129,"height":11}},{"id":"f8974b72-0808-4b9e-9001-1bce6e5fdf4a","block_type":"box","text":"The Fund, along with cer tain other funds managed by the Manager and its affiliates (“Par ticipating Funds”),","page_number":54,"box":{"x":101,"y":136,"width":765,"height":11}},{"id":"a13e9a05-f2f1-470f-8392-8da2fc0cb5af","block_type":"box","text":"is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility terminates on","page_number":54,"box":{"x":70,"y":150,"width":748,"height":12}},{"id":"9f9b0d78-ab61-4540-9a10-f7568149440c","block_type":"box","text":"April 9, 2026 unless otherwise extended or renewed (the “Credit Agreement”). Excluding commitments designated","page_number":54,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"d03977f9-a0da-4ed3-a670-3b41cd9daca7","block_type":"box","text":"for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up to an aggregate","page_number":54,"box":{"x":68,"y":181,"width":757,"height":12}},{"id":"b73e80f0-2049-4d9c-a7df-8473d23426a8","block_type":"box","text":"commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as","page_number":54,"box":{"x":69,"y":196,"width":801,"height":12}},{"id":"b8186a07-eb2f-45cb-b709-3b7281074e7e","block_type":"box","text":"specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet shareholder","page_number":54,"box":{"x":69,"y":212,"width":751,"height":11}},{"id":"8aebaa08-3767-4b02-8ad3-4a097b059e16","block_type":"box","text":"redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit Agreement for","page_number":54,"box":{"x":69,"y":227,"width":784,"height":11}},{"id":"dd8cbf9d-39db-44b7-93b2-f9844d977ccf","block_type":"box","text":"leverage. The Fund may borrow up to the maximum amount allowable under the Fund’s current Prospectuses and","page_number":54,"box":{"x":70,"y":242,"width":806,"height":11}},{"id":"d1812f7a-83a5-4a88-bf6f-8695f7fb2de5","block_type":"box","text":"SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other","page_number":54,"box":{"x":69,"y":257,"width":816,"height":11}},{"id":"ad13f83d-e162-4f2c-a76c-e3c598cc5aa1","block_type":"box","text":"fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce the","page_number":54,"box":{"x":68,"y":272,"width":825,"height":11}},{"id":"2fbfcb59-4e07-471b-b7b9-197c61fec80b","block_type":"box","text":"Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":54,"box":{"x":70,"y":287,"width":771,"height":11}},{"id":"a8039285-ce8f-4e51-96e5-93bd433ae33d","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund is","page_number":54,"box":{"x":69,"y":302,"width":800,"height":12}},{"id":"395a92eb-d7f7-4d3c-a0e6-3d79a6537883","block_type":"box","text":"charged interest at a variable rate.","page_number":54,"box":{"x":69,"y":318,"width":245,"height":11}},{"id":"a3a66fca-f6e4-4354-9a66-6c9d8941d858","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":54,"box":{"x":68,"y":348,"width":491,"height":11}},{"id":"dac06eb2-8154-4223-8c0f-d58e5625ec04","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":54,"box":{"x":102,"y":370,"width":773,"height":12}},{"id":"63aeeeb6-1469-4760-b35c-b7be3eb6a89a","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“Affiliates”) for the past three fiscal","page_number":54,"box":{"x":69,"y":385,"width":813,"height":12}},{"id":"c2cecd16-f651-493e-8078-4e49adec81b7","block_type":"box","text":"years. BlackRock Investments, LLC (“BRIL” or the “Distributor”), an affiliate of the Manager, acts as the Fund’s sole","page_number":54,"box":{"x":68,"y":401,"width":829,"height":11}},{"id":"fc9f9cae-a56b-41bb-9fec-0bb890d30fef","block_type":"box","text":"distributor.","page_number":54,"box":{"x":69,"y":416,"width":74,"height":9}},{"id":"b7cb1003-2146-4320-8767-268dcbf153b5","block_type":"box","text":"Investor A Shares","page_number":54,"box":{"x":637,"y":444,"width":103,"height":7}},{"id":"b3aa931b-1816-42ed-a59d-638d868402bb","block_type":"box","text":"Gross Sales","page_number":54,"box":{"x":467,"y":460,"width":68,"height":7}},{"id":"0d701c4b-46fe-4838-96e8-2e3bc0d1f9ff","block_type":"box","text":"Charges","page_number":54,"box":{"x":478,"y":470,"width":47,"height":9}},{"id":"7a1e4730-3b31-4445-99b2-2acfa06b351c","block_type":"box","text":"Collected","page_number":54,"box":{"x":474,"y":480,"width":54,"height":7}},{"id":"98d3c889-0a70-4151-be1e-7e95acec2d2a","block_type":"box","text":"Sales 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$31 $31","page_number":54,"box":{"x":314,"y":615,"width":567,"height":11}},{"id":"4a8669c0-4523-4913-8ecd-fe26cd816314","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":54,"box":{"x":70,"y":631,"width":234,"height":11}},{"id":"d4dbc8d7-1999-40cd-838c-8d6a4b89f0f3","block_type":"box","text":"............................................ $ 6 $ 6","page_number":54,"box":{"x":314,"y":630,"width":567,"height":11}},{"id":"734d8deb-b8c1-49d7-aef7-c24e0d216e5c","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":54,"box":{"x":70,"y":646,"width":234,"height":11}},{"id":"b68312cf-b96e-4bcc-99dc-126976ba1b29","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10 $10","page_number":54,"box":{"x":314,"y":646,"width":567,"height":10}},{"id":"b7c3493a-8639-4981-ab20-649db209ef9c","block_type":"box","text":"The table below provides information for the fiscal year ended June 30, 3025 about the 12b-1 fees the Fund","page_number":54,"box":{"x":101,"y":685,"width":773,"height":11}},{"id":"10add91e-2542-4ccd-9c80-78011108ac3f","block_type":"box","text":"paid to BRIL under the Fund’s 12b-1 plans. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":54,"box":{"x":70,"y":700,"width":838,"height":12}},{"id":"c3e967da-6060-4cad-ac06-cc42bdc053aa","block_type":"box","text":"shareholder servicing activities for Investor A Shares and for providing shareholder servicing and distribution-related","page_number":54,"box":{"x":69,"y":715,"width":826,"height":12}},{"id":"18a48f47-a222-453b-80e9-0913c795d103","block_type":"box","text":"activities and services for Investor C and Class R Shares.","page_number":54,"box":{"x":69,"y":731,"width":409,"height":9}},{"id":"799ca454-3904-4f23-aef8-d205ee33a4e6","block_type":"box","text":"Class Name","page_number":54,"box":{"x":69,"y":759,"width":68,"height":7}},{"id":"88eb3f10-aeb4-4a22-9540-911d344c5e1e","block_type":"box","text":"Fees Paid to BRIL","page_number":54,"box":{"x":806,"y":759,"width":103,"height":7}},{"id":"668342d0-8896-4165-b95e-6824623ddbd2","block_type":"box","text":"Investor A Shares .","page_number":54,"box":{"x":70,"y":777,"width":134,"height":9}},{"id":"64980343-d4fc-435a-8dbe-ff6dc9efe181","block_type":"box","text":"......................................................................","page_number":54,"box":{"x":210,"y":784,"width":564,"height":1}},{"id":"ffb109c9-8abb-4e0c-b7b3-8657c9d5a483","block_type":"box","text":"$693,975","page_number":54,"box":{"x":822,"y":776,"width":71,"height":11}},{"id":"bfd53b6b-d7f9-489e-9276-a5b25863580a","block_type":"box","text":"Investor C Shares . . .","page_number":54,"box":{"x":70,"y":792,"width":150,"height":9}},{"id":"7a641f39-1294-4873-9df6-216f7405e0e2","block_type":"box","text":"....................................................................","page_number":54,"box":{"x":226,"y":799,"width":548,"height":2}},{"id":"273f8f7b-25ef-49cd-9e68-07dce68fef88","block_type":"box","text":"$22,213","page_number":54,"box":{"x":826,"y":791,"width":62,"height":11}},{"id":"816597d2-93aa-4770-9a68-680e8b1f6b71","block_type":"box","text":"Class R Shares","page_number":54,"box":{"x":69,"y":807,"width":109,"height":9}},{"id":"ec6a4bad-eaee-4b45-bdfe-ab03478e7974","block_type":"box","text":".........................................................................","page_number":54,"box":{"x":185,"y":814,"width":589,"height":2}},{"id":"a03d08f3-9e29-498d-8133-e8324176490d","block_type":"box","text":"$15,670","page_number":54,"box":{"x":826,"y":806,"width":62,"height":11}},{"id":"0c1ae29f-029e-4ec1-8813-585a611305e6","block_type":"box","text":"I-22","page_number":54,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"52c63c79-01c5-4cfe-8f81-dd84d90e5f8d","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2764693b-cbe1-40a1-a400-3af4e09a45df","block_type":"box","text":"VI. 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Though not subject to a sales charge, cer tain share classes may be subject to","page_number":55,"box":{"x":69,"y":275,"width":833,"height":11}},{"id":"7dcfd5b0-daf0-47ae-add3-c6f72fe4c0fc","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":55,"box":{"x":69,"y":290,"width":813,"height":11}},{"id":"d2ba805f-688c-48a0-894f-398c4047214c","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":55,"box":{"x":69,"y":305,"width":377,"height":11}},{"id":"87c9d8d5-eb13-4a20-a171-a392994f7633","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":55,"box":{"x":68,"y":335,"width":302,"height":11}},{"id":"cefb5677-c29d-4737-aa3e-35a6d8cd35d1","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":55,"box":{"x":102,"y":358,"width":609,"height":11}},{"id":"6ea29d8e-1591-4d5c-aea1-ed43b56f1d41","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to Affiliates, for the","page_number":55,"box":{"x":102,"y":380,"width":801,"height":12}},{"id":"b4f7a2eb-f59c-4492-bf51-7f4a54d09b79","block_type":"box","text":"last three fiscal years is set for th in the following table:","page_number":55,"box":{"x":70,"y":395,"width":392,"height":12}},{"id":"3d4abb38-709d-4bd6-b49a-9a4af5594a3c","block_type":"box","text":"Aggregate Brokerage","page_number":55,"box":{"x":613,"y":424,"width":125,"height":9}},{"id":"e196d6e5-92f3-4280-87dd-9740061c93ca","block_type":"box","text":"Commissions Paid","page_number":55,"box":{"x":623,"y":434,"width":106,"height":7}},{"id":"9567af1d-bdce-47ff-adc4-aab232aaaee7","block_type":"box","text":"Brokerage Commissions","page_number":55,"box":{"x":769,"y":424,"width":140,"height":9}},{"id":"a0460b04-5d81-4c4c-9569-687e2ee2fdc0","block_type":"box","text":"Paid to Affiliates","page_number":55,"box":{"x":791,"y":434,"width":96,"height":7}},{"id":"abd6cdbd-c9c6-4b30-977a-8a1f9540f23f","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":55,"box":{"x":70,"y":452,"width":234,"height":10}},{"id":"689f6f0b-f421-4157-beeb-add0d4e5d497","block_type":"box","text":"..................................","page_number":55,"box":{"x":311,"y":459,"width":271,"height":1}},{"id":"24a2c823-3fe3-4d01-bb9f-b77c887e53a0","block_type":"box","text":"$150,735 $0","page_number":55,"box":{"x":640,"y":451,"width":208,"height":11}},{"id":"e22ed24e-05ff-4f7e-b89e-9975e4953528","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":55,"box":{"x":70,"y":467,"width":234,"height":10}},{"id":"9f455e54-1b56-48a1-aa20-2e61988d3f47","block_type":"box","text":"1","page_number":55,"box":{"x":305,"y":467,"width":4,"height":4}},{"id":"8142b433-f39f-4ab9-9bef-1d5ab3e5c399","block_type":"box","text":"..................................","page_number":55,"box":{"x":311,"y":474,"width":271,"height":2}},{"id":"f58d33a3-89b0-4867-b568-5db870b1e60f","block_type":"box","text":"$200,263 $0","page_number":55,"box":{"x":640,"y":466,"width":208,"height":11}},{"id":"e573cbaa-21ca-4a0e-8832-3da68552bcd8","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":55,"box":{"x":70,"y":482,"width":234,"height":10}},{"id":"9cdaad9c-39ba-4530-b718-137a7e119ee3","block_type":"box","text":"..................................","page_number":55,"box":{"x":311,"y":489,"width":271,"height":2}},{"id":"1cf3727a-18a8-4825-98f3-acd28d4ccbb0","block_type":"box","text":"$123,334 $0","page_number":55,"box":{"x":640,"y":481,"width":208,"height":11}},{"id":"abb17200-c07f-408d-aa73-87fc1f206eed","block_type":"box","text":"1","page_number":55,"box":{"x":69,"y":522,"width":3,"height":3}},{"id":"c39e51fd-f43b-45a1-a69b-fbe3153830fb","block_type":"box","text":"The increase in brokerage commissions paid by the Fund as compared to the prior fiscal year was due to an increase in trading activity during the","page_number":55,"box":{"x":76,"y":521,"width":830,"height":9}},{"id":"6d78281c-c5fe-4775-8990-a21831c5bac2","block_type":"box","text":"fiscal year ended June 30, 2024.","page_number":55,"box":{"x":68,"y":531,"width":189,"height":9}},{"id":"ba29571e-f0d3-452f-b16d-486856eaba34","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":55,"box":{"x":101,"y":552,"width":770,"height":12}},{"id":"1ee3fab6-102b-40b5-9a64-3837c328ae5a","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":55,"box":{"x":69,"y":567,"width":814,"height":12}},{"id":"890071f5-2edd-4eca-ab80-1edea589d2d1","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended June 30, 3025. The provision of","page_number":55,"box":{"x":68,"y":583,"width":833,"height":11}},{"id":"c771c467-69ee-45ac-ab3f-7a7ae2a61ebb","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":55,"box":{"x":69,"y":598,"width":822,"height":11}},{"id":"b0c31a67-c676-4cb2-8183-da2c9b300309","block_type":"box","text":"with such brokers.","page_number":55,"box":{"x":68,"y":613,"width":130,"height":9}},{"id":"9d58fb86-650e-4524-bde7-31cc965632f1","block_type":"box","text":"Amount of Commissions","page_number":55,"box":{"x":357,"y":641,"width":141,"height":7}},{"id":"1acf8d07-ac16-4e6e-8e12-82b383930b72","block_type":"box","text":"Paid to Brokers for","page_number":55,"box":{"x":374,"y":651,"width":109,"height":7}},{"id":"a4e8d80f-0d05-4a25-ac87-5eb3f97f2286","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":55,"box":{"x":304,"y":661,"width":249,"height":9}},{"id":"17f29328-c840-490e-b1d2-af497a147008","block_type":"box","text":"Amount of Brokerage","page_number":55,"box":{"x":593,"y":651,"width":124,"height":9}},{"id":"a294b18a-19ec-4660-92a2-40e393aed63a","block_type":"box","text":"Transactions Involved","page_number":55,"box":{"x":592,"y":661,"width":126,"height":7}},{"id":"bcf3a521-8f94-482c-8ead-0538170f46fc","block_type":"box","text":"$44,071 $215,792,855","page_number":55,"box":{"x":397,"y":678,"width":311,"height":11}},{"id":"f0a7f565-be31-4791-9f6c-700a06dc34a9","block_type":"box","text":"The value of the Fund’s aggregate holdings of the securities of its regular brokers or dealers (as defined in Rule","page_number":55,"box":{"x":101,"y":703,"width":796,"height":11}},{"id":"c3eb1c44-7a0e-4cbe-ae9d-d396ef01339b","block_type":"box","text":"10b-1 under the Investment Company Act) or their parents as of June 30, 3025 if any por tion of such holdings were","page_number":55,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"44078f87-5ec9-4a64-aff7-8deeff5934bc","block_type":"box","text":"purchased during the fiscal year ended June 30, 3025, is as follows:","page_number":55,"box":{"x":70,"y":733,"width":489,"height":11}},{"id":"6a3c9904-4532-430f-afb5-0969d824880b","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":55,"box":{"x":69,"y":761,"width":840,"height":9}},{"id":"95da1bf1-63b0-47a7-a995-80d5422c51dd","block_type":"box","text":"BofA Securities Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $8,520","page_number":55,"box":{"x":70,"y":778,"width":784,"height":12}},{"id":"0947c45e-ca0b-4584-9e21-bf626fea9c36","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $7,257","page_number":55,"box":{"x":70,"y":794,"width":784,"height":12}},{"id":"c6abe0c4-87b8-4b2c-a928-91e1a627d1ee","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":55,"box":{"x":69,"y":809,"width":209,"height":12}},{"id":"f8d85b78-8b25-4760-b378-c3a3bb44faa0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $6,784","page_number":55,"box":{"x":284,"y":809,"width":570,"height":11}},{"id":"41b54a0f-4ca4-4c75-a78c-35b28d445b53","block_type":"box","text":"Citigroup Global Markets Inc. .","page_number":55,"box":{"x":69,"y":825,"width":217,"height":11}},{"id":"0b667b0c-07d4-478b-b3bd-98c6d06a2a22","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $4,794","page_number":55,"box":{"x":292,"y":824,"width":562,"height":11}},{"id":"7804ee1e-a7f0-4664-b1f2-f62bf28b16e5","block_type":"box","text":"Securities Lending","page_number":55,"box":{"x":68,"y":856,"width":135,"height":11}},{"id":"e9af5dcc-8d22-4f11-808c-2dad2808fcd0","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":55,"box":{"x":101,"y":879,"width":807,"height":11}},{"id":"054ed496-064f-4123-9869-0ae990a1cb7c","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":55,"box":{"x":69,"y":894,"width":817,"height":11}},{"id":"766b31ae-ac98-4405-9a72-42d7a627129a","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":55,"box":{"x":69,"y":909,"width":813,"height":11}},{"id":"e8b2101f-917f-4ef1-9d7d-3fda53922cf8","block_type":"box","text":"I-23","page_number":55,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"2fa947b7-bd6c-4bcd-b708-4845fe257576","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58d51281-0790-4cc0-a786-8ef1aff0fb22","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":56,"box":{"x":70,"y":45,"width":838,"height":11}},{"id":"c25d8245-3b44-471e-a3fd-c59aee2ffa33","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":56,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"cbad2eac-6812-4f1b-bd59-7fdc4b3b66c7","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":56,"box":{"x":70,"y":75,"width":646,"height":11}},{"id":"38d73b2d-bf59-4f0c-91b9-4f25474affd9","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":56,"box":{"x":101,"y":98,"width":735,"height":11}},{"id":"402cebe7-0ce4-4166-98b2-2c4419bb99c8","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":56,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"bbfdcf98-e30a-482b-92fb-b17e93dad5a6","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":56,"box":{"x":70,"y":128,"width":822,"height":11}},{"id":"18677903-c6a5-4e4f-a69a-674cb8888702","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":56,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"acdd62aa-d3d9-4837-908a-b8459be110fb","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":56,"box":{"x":69,"y":158,"width":783,"height":11}},{"id":"78f8729f-4d5d-43f6-b1f4-1895e0f1669b","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":56,"box":{"x":70,"y":173,"width":800,"height":11}},{"id":"cb3bb29f-d544-4d8f-b229-8a0dfbb13397","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":56,"box":{"x":70,"y":188,"width":813,"height":12}},{"id":"44eafca2-af61-47e4-a8e1-620296ffc3f8","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":56,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"672bf626-e003-4ed4-93a2-a60cd8f3c974","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":56,"box":{"x":69,"y":218,"width":773,"height":12}},{"id":"5b41979f-c681-4494-8d62-da3016cc8aa1","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":56,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"bfb555ad-f3be-4368-ae02-d855465a92a9","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":56,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"a7cd7130-5b80-4f31-a1ee-1916880214e2","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":56,"box":{"x":68,"y":271,"width":812,"height":12}},{"id":"2e9a06c4-5c1f-4f2a-b3d0-26bb44262305","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":56,"box":{"x":69,"y":286,"width":799,"height":12}},{"id":"c4fffae1-401f-466a-a0be-5aac0ce15c59","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":56,"box":{"x":68,"y":302,"width":835,"height":11}},{"id":"c40c39b9-14ae-45a9-9d38-953421a434b8","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (","page_number":56,"box":{"x":69,"y":317,"width":756,"height":11}},{"id":"f57aa100-731f-4a7b-8a33-44c4f93bbf24","block_type":"box","text":"i.e.","page_number":56,"box":{"x":827,"y":317,"width":20,"height":9}},{"id":"58f2dcc5-fc5c-4711-a7ca-ba0949abb993","block_type":"box","text":", less","page_number":56,"box":{"x":850,"y":317,"width":37,"height":10}},{"id":"443af9b0-fad0-4e38-a3af-2e7d2b609ec9","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":56,"box":{"x":68,"y":332,"width":789,"height":11}},{"id":"1d6c590b-c777-441b-bcb3-7657e35544e0","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":56,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"f4349a14-3ba2-49dd-afd5-6019034f97bd","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":56,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"91668655-8256-43ab-95d2-18f30beb9d80","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":56,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"9273f37e-564c-4c22-88c5-aaa774b20be9","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":56,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"84d71ab9-3e3b-4b10-b1e0-83db41f36061","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":56,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"2203e6f2-a95d-41ab-a3b9-319e03a560f7","block_type":"box","text":"Fund’s returns on securities lending.","page_number":56,"box":{"x":70,"y":423,"width":258,"height":11}},{"id":"e7c46676-1fdb-4fdf-89db-39e808abbc3e","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":56,"box":{"x":102,"y":445,"width":774,"height":12}},{"id":"cd236dd8-f9d5-4c0f-a888-df7ed77de598","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":56,"box":{"x":69,"y":460,"width":794,"height":12}},{"id":"cfc7f87a-1025-45fa-9739-d28feac66ffc","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":56,"box":{"x":68,"y":475,"width":809,"height":12}},{"id":"1c256160-da1d-49fb-af42-a6f0bba5381e","block_type":"box","text":"Fund and BIM.","page_number":56,"box":{"x":70,"y":491,"width":100,"height":9}},{"id":"edc22ca6-f476-47d6-932d-0f2bcdcd4ff9","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 81% of securities lending income","page_number":56,"box":{"x":102,"y":513,"width":761,"height":12}},{"id":"b86e47e6-fb51-45e1-9e5d-cbd342d0f60d","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":56,"box":{"x":69,"y":528,"width":832,"height":11}},{"id":"367211ae-1e38-41c5-b7c5-4f7db2e61b06","block_type":"box","text":"lending income plus collateral investment fees.","page_number":56,"box":{"x":70,"y":543,"width":334,"height":12}},{"id":"e0b25a13-4a6b-4b75-bcc2-d14257a30397","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":56,"box":{"x":102,"y":566,"width":753,"height":11}},{"id":"e8ec3242-351b-405d-95e4-a1673a441e53","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":56,"box":{"x":69,"y":581,"width":778,"height":11}},{"id":"3f2c351c-a175-437e-9b7b-a4bb050f5830","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":56,"box":{"x":70,"y":596,"width":817,"height":12}},{"id":"894094ad-5bc2-4c27-baaa-f7009a003ba5","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":56,"box":{"x":70,"y":612,"width":794,"height":11}},{"id":"421ed543-27d7-4ed3-bba7-efe9277a1700","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":56,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"628076d2-a13f-4268-afb5-3c418ae87ffb","block_type":"box","text":"Prior to January 1, 2025, the Fund was subject to a different securities lending fee arrangement.","page_number":56,"box":{"x":102,"y":649,"width":690,"height":12}},{"id":"4eb7df53-c7a8-4dc0-a19e-933131116b1c","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended June 30, 3025, primarily included","page_number":56,"box":{"x":101,"y":672,"width":806,"height":11}},{"id":"9ff560d8-9cb9-4413-abc6-54166ea2ab2d","block_type":"box","text":"the following:","page_number":56,"box":{"x":68,"y":687,"width":93,"height":11}},{"id":"461c60c5-7987-4bc1-9a92-0bd2cde39da6","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":56,"box":{"x":69,"y":707,"width":818,"height":12}},{"id":"831a1997-0786-4cce-a59d-67888687ca29","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":56,"box":{"x":102,"y":722,"width":333,"height":11}},{"id":"168e3ab2-2b01-4fd3-a532-4e04f7b5a8bd","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":56,"box":{"x":69,"y":743,"width":538,"height":11}},{"id":"ae49c8fe-d777-47e4-87ab-c32076e88ecd","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":56,"box":{"x":69,"y":763,"width":330,"height":11}},{"id":"9836b1dd-57db-4af5-ba1d-b84c750dbdbe","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":56,"box":{"x":69,"y":783,"width":834,"height":11}},{"id":"1e03bced-57b2-45ca-bd29-87201d6b70f5","block_type":"box","text":"of excess collateral, as necessary;","page_number":56,"box":{"x":102,"y":798,"width":246,"height":11}},{"id":"a7749dc2-d0fe-42b4-9d2f-f2eb56d12e84","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned 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All investments are generally","page_number":60,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"c71907d1-685d-48a1-a19a-c6e3bc9148b1","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":60,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"39dc6291-2b34-4e99-99ed-6aa5b59a700f","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":60,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"e38e2762-dfba-4725-a87f-4c968f2064c3","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":60,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"46ea3310-49bb-416d-a7b6-6fb4b19c267f","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":60,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"faa366d8-d606-43cd-8fda-8d8a0c853448","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":60,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"326c9711-2b1f-4b0a-93aa-0772f5ab8e14","block_type":"box","text":"par ticular Fund.","page_number":60,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"9c221fe9-b01c-406c-966d-47b63dc66656","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":60,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"4e348719-5153-4437-933c-7f043e16097b","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":60,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"507b3e10-cfe3-4712-affc-05f3df1abc9a","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":60,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"ffd2c0bd-560b-4e55-8e01-53ce518fd804","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":60,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"3739307c-d5b2-4476-92db-8af7d8e82f0b","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":60,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"00b3c7b4-5558-4c0e-baba-01f202b3b48d","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":60,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"54206629-f9fb-4977-a3c9-9a0ff13fad26","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":60,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"966e6275-476d-4433-8647-14c2f1dc979f","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":60,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"8f57ca70-966d-458f-9cf9-245e915068c0","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":60,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"a279e1af-c708-43e2-a578-377ca7c7de27","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":60,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"a4099ae0-6776-43f3-b838-d04e132d5b0a","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":60,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"a9da4dd8-0ec0-4276-858a-c4b6c8c57be0","block_type":"box","text":"Asset-Backed Securities.","page_number":60,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"50bc61c1-473a-4f9f-a99b-2dd24f8f753d","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":60,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"7d42c348-fdb5-4d48-95d8-c341aba4d8df","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":60,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"887733dd-0ee2-4073-990d-5eb2295189ca","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":60,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"929b935b-fbd6-4549-a1f4-43f12f50fb82","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":60,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"025a3c3e-998e-4737-80e9-4b34ed146be3","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":60,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"8ebc6704-27be-490c-b7c0-3b68981391ea","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":60,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"c5572b3c-4940-47bf-92b7-7c36b946e4a4","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":60,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"fd121fca-6178-4a3e-b16f-32137f2a161c","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":60,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"85b54aa6-621f-45c5-954b-2f1e40cf652d","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":60,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"aee69b09-7404-4bff-98ce-13f6893ecfe5","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":60,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"8e2fa5e6-8102-4f35-9814-5f59ecfdceea","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":60,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"7171d72a-54fc-43a4-9731-23d07fe86b4a","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":60,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"503ccc60-6af1-4750-8008-f42d9d22ca20","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":60,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"78596778-c9a2-46df-9dac-92fa170eb016","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":60,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"a76cdcd4-8f92-4c71-9347-c6fb0b22fb89","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":60,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"2b8ea335-2245-455e-b1f5-a41b5a149a9b","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":60,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"2f9cc0a8-bc7e-41f0-b06d-fdeea3426003","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":60,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"0a7f4950-a1fd-41d2-8bd6-2600eefaa0f4","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":60,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"34bf83da-697f-413c-9fc0-8cb9225df67c","block_type":"box","text":"II-1","page_number":60,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"2a49d7fa-9334-4823-9ea5-285d39eb8edb","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"915413d6-0c3d-4fd5-b2ac-7bec2a40d618","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":61,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"daa476d8-5afc-4e31-ad4b-02fd9a93b5c5","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":61,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"d929be9f-cf7a-4f45-a0f2-baa38a839829","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":61,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"a68edb87-b7a4-4b57-ba05-bab8ab9583ee","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":61,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"c4658fa2-c0b1-4b41-82e9-70309eb7994b","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":61,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"c90fe527-c5e1-4388-b19e-1d8bf51faf76","block_type":"box","text":"Asset-Based Securities.","page_number":61,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"c9502d81-f3dd-4a6b-a47f-192a2986ad50","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":61,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"63ae8401-9e41-4c77-be79-ad8a843efdb6","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":61,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"4903695d-8f6a-4e3a-8621-b1a2753c55d4","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":61,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"65a13c55-f3de-44cf-bddd-de2257437ede","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":61,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"4882f54f-efab-4b44-a7c6-2d5f80283eb1","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":61,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"11a8c942-d4e6-489b-b827-6c2df0a9aac0","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":61,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"63a6ba44-2198-41e1-a051-ca2e8d2179f8","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":61,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"ad41b119-2778-46ab-99a0-d894d4196fdc","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":61,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"5fca0ae7-9be1-4643-b076-3f99f2c7c1a1","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":61,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"47316c55-c2e7-424b-9f76-036092126893","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":61,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"735b703b-4ae3-4ada-83de-a6c36ecca44d","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":61,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"b62fee2c-2767-4b95-b6e0-1f5f249f6be7","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":61,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"54ecec27-48e1-45bf-be59-ab9a081c0cec","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":61,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"d53a909c-fe3f-4981-ba69-97523b5f243e","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":61,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"084aa204-d3c7-49c5-827e-4aa5ad592c13","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":61,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"51933727-d347-4666-8688-2832bc068c34","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":61,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"57140441-4416-4b77-ad90-b4dba4746cb5","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":61,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"a00fdb38-2ebc-4104-b282-fa490775fc1d","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":61,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"bd22c5cc-010a-46f6-a389-8d4506e60eb1","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":61,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"7fbb7cbe-117b-4e8c-b58e-3a2da7a51a86","block_type":"box","text":"appreciation in the underlying asset.","page_number":61,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"def739f1-ed89-4e18-b34a-0619886c62b2","block_type":"box","text":"Precious Metal-Related Securities.","page_number":61,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"c0781c72-ff45-4067-8351-41c6f906c0b2","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":61,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"bcd747a2-0fc9-45ab-8e1e-fc0d85e725cd","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":61,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"e551a291-a7eb-4767-948c-edc08d664f87","block_type":"box","text":"e.g.","page_number":61,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"7b07a2a9-187c-4488-9b95-875bf4444fa7","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":61,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"2aae1697-3781-418d-916f-622d06152657","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":61,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"80b900c3-44cf-4926-8cbb-34c565204850","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":61,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"5317f76e-e9e2-4979-b8bd-4dfcccd85957","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":61,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"208fab22-d71c-4a02-8e88-59383a9d249a","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":61,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"9bf1e9dd-bef5-40f6-8741-f40c2070e5c8","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":61,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"f7e26724-02bc-4c8a-86c8-b00104293c0f","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":61,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"d989509b-55a8-4750-b409-6b2061c60fd5","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":61,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"82c84032-a6d7-48f8-8aa0-0c8a570e1f04","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":61,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"5599e86c-211b-4de1-ba97-0d7bdbda1ada","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":61,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"fb114324-b7e1-4d41-8998-e03928353dc6","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":61,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"e4b891f4-fcc6-40b7-92b2-46f5709075d0","block_type":"box","text":"South African gold production.","page_number":61,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"7dd3fe16-fef5-4111-8a92-ecb78262dc5e","block_type":"box","text":"Borrowing and Leverage.","page_number":61,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"284d6cb4-34f4-43c5-8188-728fac19835c","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":61,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"51e46966-2cb2-459e-96be-8fbd68738ab3","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":61,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"b4758bed-6356-4c55-8fde-925ee31401d0","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":61,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"318d42b8-beb0-4968-98a0-b410da089086","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":61,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"b58ec572-34d9-48b2-914c-e5d4e3d6c219","block_type":"box","text":"other securities transactions.","page_number":61,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"973975cb-a775-4757-a0bc-fe37a493794f","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":61,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"82467e33-66d7-4179-9574-c8d4aaabc644","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":61,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"cbf88a26-ac9b-4faa-b1ea-a49fda66bff6","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":61,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"94a049b5-23c0-4ef6-8f6f-ff581a281139","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":61,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"a3cdeefe-f229-4c50-90fb-177e3e866427","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":61,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"9b219906-faca-45fe-82c0-5560e25dafc7","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":61,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"1ab6ca2d-8cf9-4ecd-995c-1b88b601d44c","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":61,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"6410925b-ea02-4853-ae8f-4d9ae19f199a","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":61,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"e9784f6f-fac3-4993-807c-1f0b64b1e24c","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":61,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"2dad64e3-cf8f-4083-ab12-e94b9e4bde38","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":61,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"bdee5e63-344e-4f28-9e73-92d01f120f24","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":61,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"0815711e-7325-43b9-b04f-315f629be851","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":61,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"539cd143-0e67-423c-9f93-372388d190b0","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":61,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"e4cc07f7-3eeb-466a-a48f-b2214099d0be","block_type":"box","text":"II-2","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"cfad924c-302e-4f9d-9a74-2058efe84a42","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84984d14-43f3-46da-9567-1f1a51c6e50b","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":62,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"09df058d-8683-4340-9df6-f31078e011bd","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":62,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"7baac5ca-cc2f-4b3c-b412-07371b94130c","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":62,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"927ba4af-c91d-4870-88c7-3e47ddb3a944","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":62,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"e7435e45-1210-4e8d-b6f6-3f3cfb3ae823","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":62,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"83ddd8e7-7f4d-4130-934a-90242fee4a7a","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":62,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"0b67b222-51f4-43bf-8dbd-5a7589454244","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":62,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"698403be-2933-4325-97a5-823bb654759b","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":62,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"eb505b1d-f804-4657-a4d1-7c8df0b0202e","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":62,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"9290bf0f-a7d9-4c6c-bb31-a271e7aefd18","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":62,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"3ecf1b90-7451-4eec-8703-b9e9b90b01f5","block_type":"box","text":"Cash Management.","page_number":62,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"2e373ada-a6f6-4586-8e0d-fb7743c15ccd","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":62,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"20552693-38a5-450f-bc18-bbe36d7bd5f0","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":62,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"229739f7-3b87-4c3f-8888-085d0d732ebf","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":62,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"e47f199a-9b43-4e45-9669-dbc0e8d5e8ff","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":62,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"24e4b4ef-d6e0-47b1-a763-ca519cb60790","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":62,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"751185e4-d916-40e2-a768-8132f3a139b6","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":62,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"d9fd0fe4-3318-40b9-99d4-ccee5042a94f","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":62,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"deeb0086-8eab-43ca-967b-60f69c58e3ab","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":62,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"76d4f0a8-e752-4270-849e-9fafb7e4a725","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":62,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"65f26cbd-8c76-4299-8642-022be4d8f9f2","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":62,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"4456b0bd-b58d-4f73-87b0-dee3b22ffda5","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":62,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"58d37694-db2c-429c-8b24-a60e16ca2114","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":62,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"3b50c31f-0360-44e8-ae32-b66b6cd10dcd","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":62,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"24133e34-0cfb-42fa-aaaf-a34b2419e3a9","block_type":"box","text":"Collateralized Debt Obligations.","page_number":62,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"f585f763-6815-4457-a846-77000d1afd36","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":62,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"54f82660-94e6-4825-9534-63326b92ca4b","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":62,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"d274183f-dc4e-4d66-8d24-ef3e80c7865d","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":62,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"ecf40e79-a72e-4997-ad18-6523bd540248","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":62,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"69ff5e05-014d-4bf1-9aad-7f076c388ad6","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":62,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"1002350f-6497-44f4-9c3f-7e9260c89fd9","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":62,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"c2fbdb47-282a-4d50-9763-6d4bf5311844","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":62,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"a82582ce-0ce5-47e3-8d8f-704a6467d5ba","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":62,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"e1659298-2278-431e-901c-be73c12c0c71","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":62,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"79a21ffe-21ab-4538-b6cb-f019c17cada3","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":62,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"8d1b7312-9e13-4be3-a2bf-942188cb203a","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":62,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"683d3553-a150-486d-9381-850a04647cda","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":62,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"1441c885-9bba-4d94-937e-775c0eb1fc4a","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":62,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"7a00f5da-f424-4367-b023-c4a2c3a0f4fa","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":62,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"462959f9-b6c2-4af2-bee3-ee13bbc821ae","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":62,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"93e7ea03-74d9-401e-affa-200654f9a19a","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":62,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"ba3db19d-92a7-401c-9911-e0036ee4aaf2","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":62,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"9132150d-0ade-45d8-a2e6-e18aae6604d5","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":62,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"b6d08f92-bf6d-4b2f-940a-184ab21422b0","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":62,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"955049f8-0aa7-43a7-a856-5578eda90989","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":62,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"85ed98b8-aa34-48c0-9a1d-2f8be6e41d34","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":62,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"0fd602c7-f2b5-4e41-817d-fa2bb0187abc","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":62,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"de479efd-ae4a-4698-9ce5-80f2a4036c5a","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":62,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"16ad14a2-1f95-4141-a48b-34eefcfb3d48","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":62,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"419c9d71-32ce-4b33-8389-33e68d455b41","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":62,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"3ff38490-b6d1-403e-b68f-5bf15988c2ca","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":62,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"06786d32-0f7f-4de4-8350-868b89b65632","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":62,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"7de23111-0c3e-4bde-bb34-62c33d27415b","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":62,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"7f893057-4d13-40c9-ad09-28a2d2a1d55e","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":62,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"7562bea5-9950-4d1f-8d7f-579fca2b8a43","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":62,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"f1bfe0b9-b8cf-46fe-b70c-05bf5954b74e","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":62,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"4c8a109b-5563-49c1-9a59-4ae03ed7ab3f","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":62,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"ed90b418-adb8-4a3b-bc47-561d6eb5f835","block_type":"box","text":"II-3","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3879ce48-67bc-466c-9bd9-4032aeaed143","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7e43988-33e0-4889-857e-4045bd7cd7be","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":63,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"113e4d67-98b7-4223-b2ff-81a121061c49","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":63,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"9c08a8c5-3e3c-4c65-9936-bd47d877438a","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":63,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"0db3cc1b-6f1f-4f68-94b0-9ec7f0f91f5b","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":63,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"398b21bb-c83b-4873-bbd6-c548240f5340","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":63,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"77376270-c055-42c4-9ef1-8abc23fc7283","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":63,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"08ea8ba0-16fa-4866-99b1-20028cd47d45","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":63,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"2426ded9-3b61-4c68-b8e1-b783c89b449c","block_type":"box","text":"Commercial Paper.","page_number":63,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"0e3bddef-ffc2-4b23-88b2-5a4bb5a6468a","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":63,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"72aefe41-810a-419b-b330-ea195ce7eed2","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":63,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"2096cb48-4a10-45dd-8cc7-6be0eeca487d","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":63,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"fbcfb77d-b26c-4624-a2be-04d11225fca1","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":63,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"28cfbd58-85df-4a34-8698-9ab7ecb68644","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":63,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"494fd0eb-d87a-4db4-8b41-4ab0315049d3","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":63,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"6cab3a4c-7a77-4370-857c-255233582750","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":63,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"8ba5185c-e789-450a-8c29-6f5dcb724bbd","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":63,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"049fcbd6-191f-451d-acb7-cb1f93f379cc","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":63,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"a3a0fceb-c909-479c-afe2-5cb78f0cbf92","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":63,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"1c6cd7d6-b5c3-46aa-b90a-8170f2d4758e","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":63,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"4aa82046-824a-428b-b175-2c22014a223e","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":63,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"1f659655-2223-4cd6-ac81-0227c0d02b76","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":63,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"9c9d38d3-033d-4d25-9179-d2738dc6a155","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":63,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"84d35b22-6950-4fda-8e79-36a165de0372","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":63,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"d713d3a4-4398-4edb-827b-d3c781e2a52a","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":63,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"c87b1c80-9b51-4832-95e1-70a7d91b8ddb","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":63,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"b18a3905-8bb8-4f75-972a-154d271b77bf","block_type":"box","text":"variable.","page_number":63,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"68720e59-80b9-4a04-be36-a90ae90b9373","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":63,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"2e9c55e5-ef83-4644-84c7-e0f7b696efa7","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":63,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"227ba186-4629-4f65-a389-3fd83e575ed7","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":63,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"c519c6e4-5a87-4f2e-bdf8-a4874ca608d7","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":63,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"16a56bee-0d72-4484-997a-608db30f9591","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":63,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"c5694682-8807-45d7-af47-fcff3fdba39d","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":63,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"4fae1ec2-106a-4c3e-8d43-f2ad03306a2f","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":63,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"733e8a25-c101-4dbc-affc-64f12fd4abbc","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":63,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"ceabfb38-12a4-4aba-9eec-9fcaeed6e953","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":63,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"0c225967-d007-4123-9fe9-f2a2d8b0ef1e","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":63,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"ea2e3c55-a15b-40b0-accf-b4dec0dfa598","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":63,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"6c572235-38ba-4ccf-a1b5-b630342c0915","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":63,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"b5bcf315-7179-40e6-9ac5-4e3c4ba74168","block_type":"box","text":"correlation with stocks and bonds.","page_number":63,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"d2acddf7-b68b-4c07-a060-1507decb1f4f","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":63,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"e698aaa2-1e4d-4733-bee5-dc12567b014d","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":63,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"d116071f-82b3-44a0-b24c-c7a50cfe1086","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":63,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"04561cdf-0e9e-4c7a-90f1-fef60456af2c","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":63,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"c7791246-4873-495c-9c59-6be30373de60","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":63,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"08ca906c-3185-4ec4-a2d3-cbdd6982c9e0","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":63,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"0cbc8c66-9020-491c-9e8d-269f269921ff","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":63,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"50c00187-678f-48d9-8bfc-6b739a7e2182","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":63,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"ec40c795-fef4-4e43-b7dc-9fec5aadf7b8","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":63,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"d6afc8ca-652c-4992-a1e8-d8984d153c48","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":63,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"cc4b0fe8-50cb-45f0-9989-54fe2a06b211","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":63,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"5dff410f-5620-4952-921a-83006b738e90","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":63,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"864656b5-0585-4d44-ae6f-adc884971685","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":63,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"2f2a6557-a448-44ff-a058-2e3279a1cd11","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":63,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"6a90f3d1-633d-4789-8a54-393f54adc266","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":63,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"499836e8-afed-4649-9d9e-48c87425d89a","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":63,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"3b0f8d9f-0734-4aa0-b17e-8be85e196808","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":63,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"cc241a99-3b29-450a-8b0d-a4d8d86411aa","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":63,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"1ce44205-b8ae-4a05-9851-19defa839da9","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":63,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"23832164-e032-4578-85d2-204202f8d8a6","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":63,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"5387627a-1281-4e2a-b57b-d01a9d286023","block_type":"box","text":"II-4","page_number":63,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d5ea069b-ac4b-4592-8c44-33aded40fea4","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"920bcfb0-f402-4cad-8ffd-317098c0183e","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":64,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"aee18b8d-68ae-49df-8632-1b06f6b1e36c","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":64,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"bc4e40ba-8974-4ed3-97b2-444524b0e73e","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":64,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"033d1cc7-5927-4ce0-a5af-f27c44aa5244","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":64,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"7f279164-09eb-4ad4-98d1-f6c80e915f0d","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":64,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"d7f9ac1e-ddba-4805-9429-888d16af5b2b","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":64,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"46cd3d21-8ca4-4df3-ae48-ef0692f35113","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":64,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"dd7ceda4-86f5-4c7e-a5f2-e990a9e082a7","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":64,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"2c182749-8743-46b6-8f42-3a51e78f8c71","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":64,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"0c1be6ea-f162-4ba1-bd17-d8a1c68a0b5a","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":64,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"796eb46d-3681-43d9-8d4f-04dcfaee326c","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":64,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"b8aa97fa-a669-41a5-aa36-fb37cff9235a","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":64,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"5b5cc646-4104-4a8e-aece-e3d1c99ec429","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":64,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"2bec6824-3c77-47f5-84c2-d60c1b3f240d","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":64,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"4a2635c6-07be-49d6-bbef-20ca9453c756","block_type":"box","text":"the Manager believes are relevant.","page_number":64,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"3abe7211-96dd-42c1-9bbb-e986d47d6c8c","block_type":"box","text":"Limitations on Leverage.","page_number":64,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"b4a2e0ea-02bd-4dad-8191-d3322b526580","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":64,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"597f07de-abe9-4593-b855-e2dcf99c7ac5","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":64,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"b023b59a-9f18-4c11-9285-929014568cba","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":64,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"6f1ba24b-c60f-4240-b326-7b4fc5cfc8b3","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":64,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"9209ba98-a728-453b-acce-6101af0b7996","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":64,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"02f9ca8f-7834-4b89-9fa2-bf70ae7b81b6","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":64,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"711849df-eb81-4065-9dcc-0b9da8e18ddc","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":64,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"5b9e278e-188c-4e46-992e-5b5bfdaa9ae2","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":64,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"7196cd1b-4618-4563-a683-56b0cb492e50","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":64,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"26e4561c-e264-4143-9435-44c2f898f50f","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":64,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"c261ddf8-30fd-4369-8f42-80d7c327c5a3","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":64,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"ebf86385-43d0-4100-9d81-dca3ead37696","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":64,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"cba09501-fe08-49ad-9d91-68a50ec2b847","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":64,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"952fe08f-0874-4af8-af33-3b9e3f5ead76","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":64,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"a0ed936c-3d9f-445e-bf62-be97097fa154","block_type":"box","text":"Counterpar ty Risk.","page_number":64,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"1d661aa8-9446-4f1f-a4a9-771beba24e34","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":64,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"a4396190-fed6-4c8b-ab1b-20df9272f4c5","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":64,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"3136e9ec-c745-40ef-93a5-a9813c6bfd70","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":64,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"78a506df-e9cc-409f-9d25-bba96b8b3f2f","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":64,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"15efa314-82e0-4737-9ead-82dd410912af","block_type":"box","text":"e.g.","page_number":64,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"9559d6c0-474f-4c55-92b6-ff8915a78837","block_type":"box","text":",","page_number":64,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"e4ab8329-ec5e-44ef-9b4f-1effd19c8ac4","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":64,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"1c7be803-5ade-4f76-803b-ff8eba5e5f5a","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":64,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"65a1df01-7d94-4e7f-b0e9-98eb415bb896","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":64,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"b20a959e-2257-4d11-a266-5852c4a6d8dd","block_type":"box","text":"obligations under the structured note.","page_number":64,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"1c414550-3b3f-4234-8bdd-c3aa3ee030de","block_type":"box","text":"Convertible Securities.","page_number":64,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"1b0b5c3e-89e2-4daf-ba45-06b1dd4a22cc","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":64,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"5d4082d2-8e53-4523-8bbc-80551f295edd","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":64,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"3eeff8ce-5cdd-4207-9ecd-fe1532e82002","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":64,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"56a0f04a-8835-458c-99b2-29a59f3c62ed","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":64,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"44c59377-b220-4c13-a43a-107a99c7e5b7","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":64,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"5281d93d-a37a-42dd-a6c2-ae1e1ecd7eb7","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":64,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"a59e7e53-84e3-4350-b53c-ae1954673460","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":64,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"86667412-293c-44a9-9703-fe3442667dbf","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":64,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"615a567b-7be7-4d8b-8358-8aa4a01dafd4","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":64,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"4b799bc2-2448-471b-b647-dbb9e942fdda","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":64,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"583533df-9589-4fe4-a248-ef42bd241129","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":64,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"efafb72d-eca7-48c8-b3a2-56cc240ac48b","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":64,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"b556dfa1-4db6-4cc7-90b9-1a06f6daf4eb","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":64,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"16174fa1-400e-4a45-afd2-d501cc8b4f79","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":64,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"c27f4fe9-f8e9-433b-a795-d87604072348","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":64,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"f2e0d326-b211-4d04-b73b-4f83c8c3d23f","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":64,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"0ba84ecc-6a98-4630-8fa7-2f80b3cfd09f","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":64,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"376770f9-74e6-4002-b4e0-accf93160b14","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":64,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"8a899eef-e69a-43c4-a1f6-db235dbe93ea","block_type":"box","text":"II-5","page_number":64,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ddec870a-9a81-420a-a02b-f522716b14b7","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d538c00c-b0c5-4e0f-9070-1a5fe3a7803f","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":65,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"9e8b3aa5-e4e9-4445-bf7b-82d040ccafb7","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":65,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"11fd6cdd-64d7-4f54-aa08-94ef32070c60","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":65,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"e7515cdd-a251-4a30-bcd0-3b7ca439921c","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":65,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"38ff6228-3f9c-41a0-80d4-9af24eaa6172","block_type":"box","text":"things.","page_number":65,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"4a4672ff-f026-4fe3-80c2-761250a074c8","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":65,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"a4a683be-9431-4168-88e9-f81db5d4b63c","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":65,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"5b2dc31b-32f0-4d78-9bb7-61a016d2009a","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":65,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"445a547d-cbf8-4e46-b4a6-499d02884b9b","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":65,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"f98756b7-bcd7-4926-8bdb-e8992c110625","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":65,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"db9bd676-14db-41ff-b093-6a4335906695","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":65,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"914a1b53-f543-49ed-b5b5-e5106b44a381","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":65,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"6210e83c-956d-40fc-b397-e323cf89eca0","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":65,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"2f10c094-fa30-43e8-a1d0-484ba9cf37ee","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":65,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"024186bf-2c42-4065-b3f2-764974c5da41","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":65,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"bac1e59f-d183-4477-9a3c-b2ebcf896371","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":65,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"12356b9d-e217-4b25-9ecc-bdf726380666","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":65,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"b48b84db-582a-4b10-a4ec-69eee97c1fef","block_type":"box","text":"i.e.","page_number":65,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"1c47aef3-fab6-4119-ae02-f5f866e8eaa1","block_type":"box","text":", strictly on the basis of its yield) is","page_number":65,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"2cec4725-0a24-48cd-86a3-1ede06b16c08","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":65,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"db7d52da-2ae0-45e8-b34a-4b07aed6938d","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":65,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"5fd24fae-7e2d-4273-8eac-7a4311cd6372","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":65,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"f9df91ae-5097-4a0d-b3de-29c949d377bc","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":65,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"ca6523d9-e657-4ad9-9537-98a2babed97d","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":65,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"e4f55f43-7f3b-44cb-a6c7-eab58ac35226","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":65,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"b95d938c-f2dd-43ab-a9a5-5dc6568812c4","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":65,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"5406a3dc-7516-4fbe-b5af-b5a4876336c9","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":65,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"44d36a0f-4966-4ddd-8fb3-908b984b9a03","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":65,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"567d1929-b574-4b82-a358-03c5613e325d","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":65,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"c7674793-7097-4e39-8fd6-9b7a418b59d5","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":65,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"b973f1e1-7d1d-44c0-9299-696c82ab08ff","block_type":"box","text":"than the securities’ investment value.","page_number":65,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"4757ae08-daaf-4d4c-a121-9cb6e0575473","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":65,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"78d8e37e-36bf-4400-9538-891386b30539","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":65,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"2d299b0f-8da4-41af-8fff-849fcc0bd314","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":65,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"89425cd7-5adb-486d-8d74-b45a7f5e410c","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":65,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"171152b1-9bcf-4495-9606-f6867a4aa247","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":65,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"9acfebcc-34b9-4c7e-b956-d1fbf72a92a4","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":65,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"e905d18c-4406-41fe-bca0-df3cd7b807d9","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":65,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"2dfbea55-22cf-4ad0-aeb5-d92ca6c52bd9","block_type":"box","text":"security under cer tain circumstances.","page_number":65,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"4980bede-f0e0-43fb-8a67-ce4b7c4d4a0a","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":65,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"a39780dc-e9b5-41eb-9fdd-3acbf36b2f15","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":65,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"b7b66763-a183-45f9-b56c-087c475416cf","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":65,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"3f520cc8-5b9e-4123-9d28-e673cd4b3b6f","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":65,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"71803dc5-aed2-4143-b8be-f02b6c6451e7","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":65,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"3dbda2fa-fa7b-46e6-abff-68359f349181","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":65,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"045e71e0-44bb-4b41-b9fb-64df05de3682","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":65,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"70525083-f949-4f29-a3be-c604cf874b93","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":65,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"99d72f3a-8441-45c7-9d65-2497bfd7ce38","block_type":"box","text":"i.e.","page_number":65,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"f3bbd32c-2a44-4ae2-b945-d166c368f451","block_type":"box","text":", fixed-income (“fixed","page_number":65,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"e3dad5a0-4974-4c41-bed8-d13e0fdc4bb4","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":65,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"d406e144-ad99-4ff9-a830-ce0236de05a9","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":65,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"142e882b-df78-4b25-999a-998263b64578","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":65,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"11597013-ee22-4ba1-b562-172a429dd74c","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":65,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"17204a5f-c8a8-4425-a292-1370451900e9","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":65,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"1a8b3c6f-369b-4a0f-b855-33742c5a606d","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":65,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"daca6719-55c0-42ba-9ab3-900cbeac3bfb","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":65,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"5a6c7486-3289-4d49-b6b2-2cbde07323e7","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":65,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"840b107f-53ce-4ad0-8970-f22f9d40b5af","block_type":"box","text":"II-6","page_number":65,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1dbb9c8f-312a-4c5e-86f5-1c2efa0fb7b4","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9440964b-577a-493d-8427-2c5ba404013d","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":66,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"4349b528-6b83-47bc-bc41-6dc28525952c","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":66,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"3370ad96-00ec-4190-a92f-e4d38e51791c","block_type":"box","text":"component.","page_number":66,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"0b056458-45fc-4e4f-b19b-4b0456118875","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":66,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"4d45f8e2-ec59-41fe-96a5-2141b2fe7ead","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":66,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"3c32829a-8234-4516-91a9-70bbdc629724","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":66,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"d3eb2120-0fa2-4e53-a633-cb8843ff71c1","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":66,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"34050a90-8345-4145-b890-6e3a46461fe0","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":66,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"d5412896-933e-450d-8efc-406ed97d660a","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":66,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"0cecd49f-3176-47d1-a045-1622aa9bed40","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":66,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"00fce456-3052-4f3e-af47-1e6cbb07e5cb","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":66,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"b115e0cb-f2e0-4b7a-b164-23213402e516","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":66,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"a208a673-8d65-4fd2-9dfd-dd3375ef41d2","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":66,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"7411e3d7-33ea-42a0-bbe0-009022d00dd6","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":66,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"7f46f415-051a-4331-b949-79990eb33e6a","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":66,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"ab9195ca-af5f-4622-8b8d-ac784083c3c0","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":66,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"e921a8be-d64d-4828-8e5f-0a4bf1f250d5","block_type":"box","text":"favorable market conditions.","page_number":66,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"fdccaf9b-55dd-4add-ac49-0b16e7b7661e","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":66,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"3114cbdb-6fdc-49fe-9783-83907bd01862","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":66,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"aaebd07c-317d-40ee-8844-5b878164a380","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":66,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"06821957-6255-4f0c-afa4-bc3af376304f","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":66,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"4027f133-c47f-40ba-a58d-b6f46ce9b764","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":66,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"aff23dbd-2b1a-4293-b640-cf6d07d80b6f","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":66,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"67391405-0e51-4829-aef9-8e1177f0af63","block_type":"box","text":"Corporate Loans.","page_number":66,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"82fe4110-3e5d-460f-a71d-c151f1d909ff","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":66,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"72893d20-996c-4c7c-bef2-d1161b1766aa","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":66,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"902d4b83-edad-4264-903e-ff663df993c7","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":66,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"52dece88-1691-4a30-8f8b-b3543fc0c2d6","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":66,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"9a27f440-d61e-48f0-9f4c-48875d8ffb89","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":66,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"c6262f20-5c7e-4975-a3c1-002a3b067090","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":66,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"577ee10b-8e19-4202-b64e-157541d70931","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":66,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"863f6f79-0924-4a69-9142-7dbea95af24d","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":66,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"4ee490d1-485c-452f-b49a-d13660f70b96","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":66,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"eb05fbf4-2588-4913-9d83-3455399f687c","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":66,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"919a35f7-371c-4e39-b6af-d85e9cae6fac","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":66,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"f6ad4b6f-fa75-4335-9179-23db8f173775","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":66,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"e7b06911-48f3-4e8c-8004-d2914767a198","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":66,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"fcda09ca-041f-48c2-8f08-444c3367cfc8","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":66,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"f5709b2a-17b9-4b83-9133-fb01f9d6bc58","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":66,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"074f46b3-ca7b-4a44-a9a9-739b6a7006a3","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":66,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"d4e78fcb-e084-47c7-a373-56ebfe270b3d","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":66,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"cf2ac881-1c40-4a53-80ae-38da24c8b179","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":66,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"e2162fde-432a-4bdb-9735-6ebe64e57a37","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":66,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"540c1966-e79a-48fb-8153-24c86bb40a9c","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":66,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"646c0441-9a2d-41cc-8d34-5783154cd389","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":66,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"41717fc9-578f-4f99-927d-52b28f52c1ab","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":66,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"b4f0c91e-9471-4ee8-bb4e-d6d3075f3055","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":66,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"4ff21d30-f2a5-4893-b7eb-bc47dfa4d483","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":66,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"187a8633-15ad-458f-8c81-366f3b4d2eca","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":66,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"bb0fdbf4-2589-4a24-9f64-e0740478aac9","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":66,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"08494fd8-e22c-4aa3-98d9-cbc7d7d069d5","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":66,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"1522b87e-7438-4efa-9df9-40175cffc58f","block_type":"box","text":"of the borrower.","page_number":66,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"07bc2737-fa72-4779-b308-c6afe439597a","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":66,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"3a75ecfa-ed7b-4ad6-8700-d25acc658458","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":66,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"ee1d0334-89ef-47ef-aefb-85aa311fed41","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":66,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"8ce45dca-1377-470a-9940-bb19366fe1b3","block_type":"box","text":"II-7","page_number":66,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c10c2605-3cb5-42c4-9cf8-b7d7762188a3","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"730a623b-c80c-495c-8f4d-21acb6d6aaef","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":67,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"7a841875-cb10-4928-926b-4f3339c8a852","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":67,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"3a7977f1-959b-4dd2-9736-395a50174472","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":67,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"1524cf46-f1c8-4cba-8d8f-b7c1fc2ea560","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":67,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"a3271d38-42e8-4489-89d1-a1572a849dd5","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":67,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"c0789013-b58b-4b4d-b743-1b2153086103","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":67,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"7ca2daab-ff5f-443e-96b5-48904c91672c","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":67,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"20eb2bfb-bdc9-4fbd-aac8-a6490a090ea4","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":67,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"ba0a08c9-3f07-492b-84f2-079340804c3f","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":67,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"b7aa1a08-2f52-4886-895b-84294581f6c5","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":67,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"b1c20fda-6d9b-4833-97ac-e71388042e4c","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":67,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"43ed0374-7e76-4b32-aa86-1a51d252d650","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":67,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"54074056-ca9b-44b4-9bff-4ccd140c3f02","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":67,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"c77c036a-4594-4429-a6a2-b5f7d032ca81","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":67,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"80692710-207c-47d0-b8a2-8956a88ac360","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":67,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"afa417dc-f9fa-4b5f-8484-2b613a2fafe6","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":67,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"10c7b7b0-e126-49cb-a2dc-6e863b0fa9f0","block_type":"box","text":"state law.","page_number":67,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"a17c0567-6fa2-4613-b1ca-d3121e578296","block_type":"box","text":"Direct Lending.","page_number":67,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"18954a6f-4b38-44b1-8a7e-0b22ced0d9a9","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":67,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"61ef4c2a-e265-47b2-8257-d22006bfa75f","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":67,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"869fa374-3476-4a64-83d2-2db220a42b35","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":67,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"20a90628-1fea-4c2c-a7a3-f531bffbccd5","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":67,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"2a1eb2f8-4fc3-4b82-b1f5-e159329024c1","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":67,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"daf4129b-b445-4356-bbb1-03ca435b9cb8","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":67,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"a1edce18-cc74-46ca-bb9b-84d01c7ed3fd","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":67,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"2351c9b0-751f-4d09-b5d9-a7edfa923494","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":67,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"a440e957-de75-4f70-b871-ffb537d707a6","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":67,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"869663d0-63a5-4f6b-ade4-25547234e8f2","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":67,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"d2f31bc2-5fc7-4fc7-9fc8-54deec33ba98","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":67,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"d1066e4a-04fb-43fd-b064-11a9d984cfd1","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":67,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"13dd01f6-f727-4a61-8a27-d6a1f7819e53","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":67,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"1cafb290-7346-40df-be07-f22e6f7a899d","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":67,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"8ce68548-6881-49df-805b-956522d24bd0","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":67,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"37fca7b2-7ccf-4e5c-a972-a2cef320110e","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":67,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"7483a201-4bf8-4a31-b5b0-ebb445e58ee4","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":67,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"a8847f2c-0319-4752-8748-cd17b5f7d9a0","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":67,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"486112a2-f980-4050-b069-da16a49edcf0","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":67,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"505b7223-87b9-46cd-9eb5-bf3712a3ba16","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":67,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"7c61bbbb-9254-458c-b136-5e5d3e6883a1","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":67,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"ac2e482b-85ae-49d0-be49-777b2683e687","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":67,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"97c81232-dbe6-40f7-94de-2ff3dcea9631","block_type":"box","text":"Credit Linked Securities.","page_number":67,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"8b5948ce-6e79-4ed2-a5ec-f84834ec1ba1","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":67,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"4bebea31-bcda-4436-9f34-33d10f36f400","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":67,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"8666d1d8-d896-4e34-8254-386e7824d958","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":67,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"405b1c76-d3a4-4269-a363-0531fd0f6be6","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":67,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"c34949f3-68d3-4611-971b-8661932cf0d5","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":67,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"0d552511-bc03-4ea7-a3fc-a0be3a2058d8","block_type":"box","text":"traditional income producing securities are not available.","page_number":67,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"95f919dd-3b52-4ce8-bb29-3be407e0fc63","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":67,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"eef46738-4588-4707-a616-c01e0e849e7b","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":67,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"dcaca0be-0b3a-4a3d-8b48-cec4586068fa","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":67,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"716a019c-010f-4346-9ff8-7685687c5872","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":67,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"9790909f-7fce-4eb6-937e-42dfa3f02c2a","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":67,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"71b9cf0a-4e4e-4e43-8d6d-924edc360995","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":67,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"1bf57aaf-1618-47a8-96f6-44f8384c2af6","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":67,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"3615ca8e-8f27-4ff7-bc02-2ea06add91fb","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":67,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"489aafb7-2f13-4791-b3ae-aa483e19f166","block_type":"box","text":"II-8","page_number":67,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"eb768a99-a9d6-496d-9a67-5e01e56c92b6","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cffd903e-6e02-4be5-8d3b-ca08a3f6dc69","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":68,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"8633de9c-6785-43a5-abe5-731aaffabeb8","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":68,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"6b718231-62e2-46a5-b041-888cf58a4a25","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":68,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"a616d870-3d3c-4e68-a573-0f5f829f1701","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":68,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"80984da9-92dc-401d-8cbb-0f3e2e29200b","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":68,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"8c337d6a-9468-4061-b1a5-6b0ff970d61f","block_type":"box","text":"investments.","page_number":68,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"70cdabd8-4f85-4e61-8a56-af814d17acd4","block_type":"box","text":"Cyber Security Issues.","page_number":68,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"298c5c5c-fa4e-4f31-a5d5-d1b5b5b7278a","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":68,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"b1e8e66a-03bb-49d4-b5f8-6daaf9480f96","block_type":"box","text":"Fund, Authorized Par ticipants, service providers and the relevant listing exchange are susceptible to operational,","page_number":68,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"8eee2eb6-45db-4deb-a55e-c31167f5b82e","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":68,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"02fbc382-61fb-4b69-9290-1909cf866d4b","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":68,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"342b7bec-31ca-41b7-a9dc-942f67b13f9e","block_type":"box","text":"e.g.","page_number":68,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"ee018571-9916-4f5f-9b3c-32278f7d87ab","block_type":"box","text":", through","page_number":68,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"373c88f9-e3b1-43c1-92b7-298cccfcb871","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":68,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"d68a570d-a1c9-4871-9117-598c0ba1e489","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":68,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"47fd5f22-4a9e-4db8-8823-29a38cea5aa5","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":68,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"d3aa1336-13b5-478a-8de5-284b911f69f2","block_type":"box","text":"i.e.","page_number":68,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"7daf1864-1452-4eef-be04-f1d603f1fc82","block_type":"box","text":", effor ts to make network","page_number":68,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"ef3a8728-6ceb-414a-9fc5-238e2d6fe7dd","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":68,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"fa45d374-6d74-442a-bca2-e5fbb5f6b51b","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":68,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"c4eb0680-bd57-4a3f-8a68-f58a3b7269c1","block_type":"box","text":"and administrators), market makers, Authorized Par ticipants or the issuers of securities in which the Funds invest,","page_number":68,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"edbc28c7-5ffe-4a0d-85e9-6a02f488f7a3","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":68,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"8e7e1faf-9abd-491a-9046-3824f3d7ad1d","block_type":"box","text":"inter ference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":68,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"383d4a43-edb7-4b10-818a-873b7feec23d","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":68,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"5c5ca161-4832-40ca-80c9-cdf787a23795","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":68,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"39344ea4-9816-4a28-a3cb-297e6366c9a3","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":68,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"3bfc78ea-b6bb-4419-99bc-5b0122dc285b","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":68,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"57a9ce80-61bb-45f5-afbe-33d384122425","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":68,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"a38107cb-b7c1-44b1-9ca9-fb38b10810df","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that cer tain risks have not been","page_number":68,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"79f18931-c859-48c4-90f4-e0773d1a126a","block_type":"box","text":"identified. Fur thermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":68,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"ba88094e-dc57-4f27-a8de-141d99904cd0","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Par ticipants. The Funds","page_number":68,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"3a4ab006-3eb6-439e-ab36-0d27cf828ecf","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":68,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"4362f9c8-f282-46a7-bde3-f61edd327c73","block_type":"box","text":"Debt Securities.","page_number":68,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"7cef9ae5-bfc0-4135-9437-51c286c8e7e8","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":68,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"11c438a6-3796-47d1-90e5-2e578a0774ad","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":68,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"50e6063c-7611-4ea0-91f8-07922be3173e","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":68,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"04eb4126-5927-49b6-8b1b-84f0328cb704","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":68,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"88c92e17-b74b-486b-b542-69c95c9e2eb5","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":68,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"829ac391-3334-43e6-adbd-f274ce734acf","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":68,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"888caf1f-2b4c-4217-ae19-09c801d3223e","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":68,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"ab10e7ed-708b-44a9-975d-66a6ba272c29","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":68,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"73b254fc-662f-4257-9f86-1d280e66f8f8","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":68,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"40b4120b-404a-4d62-a7cd-d7de42a87cbb","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":68,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"749234d6-1ec7-4006-b894-bf8fb21f866a","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":68,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"0118d6de-b8b5-4cc8-b12f-647ced773431","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":68,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"cb2c8dff-d31e-4f6d-99b0-3aaf2e494622","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":68,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"34fcac2b-e50e-4c2c-93f4-f8b71886f271","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":68,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"f58671f0-0da9-4cb9-aa80-b863703d0a97","block_type":"box","text":"lose value. This is known as extension risk.","page_number":68,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"8b4b3c7a-e6f9-423b-acfd-0e5893f18a3a","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":68,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"dcd1cbbd-b8ec-4eeb-879c-a72db35900a3","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":68,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"0a4121fc-3df3-41f5-8c66-f305056e2f7c","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":68,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"c410c2c3-0571-4422-90da-6c10d87cce64","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":68,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"b2a79ea0-650f-4785-8467-a58473cf2b9b","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":68,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"e5b6c06f-5544-4a3e-99f9-899b4a000327","block_type":"box","text":"Floating and Variable Rate Securities","page_number":68,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"f99c4c81-f061-4ea0-9699-383be6b03a0c","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":68,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"c8014bf0-a400-4b2e-bfd1-2766189349e1","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":68,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"b0e3826d-1d26-4c2c-8b2a-143b4e895d47","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":68,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"37842ba3-dc2c-4d9b-8059-b07b0eb5ec5b","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":68,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"e53faa4f-0cfc-4c3a-883c-12cfa0fcaaee","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":68,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"fe949344-7041-47a5-a4d1-4c812af37821","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":68,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"38fe95a8-5819-48a8-b61b-e29d13fb8714","block_type":"box","text":"market interest rates.","page_number":68,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"d6c91f43-d56b-4548-a458-8f2eb6269a87","block_type":"box","text":"II-9","page_number":68,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"34449d6d-f9a8-4a92-bf3c-602d42eb2f46","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29317332-1ee6-42ea-b148-6275c3d67b2f","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":69,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"96654936-b421-44bb-9560-a627d887c4f5","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":69,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"c391d3aa-42ca-4cf3-a0cd-3c324c37e393","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":69,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"ef1a77c8-b27f-425a-890a-ffeed220bd96","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":69,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"91e2aaa9-0d67-4ef4-88a5-3db6fce55f55","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":69,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"878516c8-1b64-4374-ac23-714c91c12bfc","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":69,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"c7e14c50-f46f-4482-b1ba-999a8b765419","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":69,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"ab111e88-49af-48cd-99e8-695e1a98d44e","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":69,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"d9415ee2-20af-46e1-8844-403bfe55c4df","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":69,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"d0a4feef-ae58-4016-ba9b-26379c53a770","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":69,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"0ad657d2-8c2f-4b09-8e95-4dd5636737ca","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":69,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"291a1f74-5863-4d4b-9492-3e56d03176a8","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":69,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"2bdab996-d80a-4dc1-98f5-89c21601c43e","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":69,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"b7fa81f4-cb0a-4ce5-bbf9-8f8e897e9a3e","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":69,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"6e1cc8f0-a82c-45e7-97a1-ba1f36b7a32f","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":69,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"88d742b8-6ed7-44d4-a3c7-e4a96d50405d","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":69,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"21917606-3ee1-4572-abbf-5a54cd3f305b","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":69,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"06e8caaa-9bfe-4402-94fb-8c81c19d0722","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":69,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"75d819f7-419e-4b8f-9648-77bb8fec9e05","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":69,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"6ae00dfc-76ba-4899-a7c9-97b5d5dc87ae","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":69,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"31308657-d650-43a2-8e4e-1b5640a7589c","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":69,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"88b5dd11-5a3a-43b0-a658-0546667fde60","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":69,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"9d367915-ecb3-4e8b-bc5a-b30f1ee90555","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":69,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"033941a9-db47-4a95-aa16-73f86f53803b","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":69,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"d7de09e8-8afb-49a9-94c3-8375c503e0c5","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":69,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"53390a9b-52c8-4951-93ae-d12d11bca68b","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":69,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"449c7d04-4577-4a16-b442-fcbb60a2d082","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":69,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"4d68b0a2-0862-4930-b4f1-9befcde870d5","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":69,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"fd769d40-bafe-431d-87c6-f9671fa986ee","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":69,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"24a230d7-56dc-4ee4-9d8d-d9c5c2cb9abd","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":69,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"7c93f610-99e6-45ef-92b0-8aa1ce13865b","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":69,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"397e97ff-2c46-48dd-834e-a6d95164178c","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":69,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"8cdfa6d9-9461-4010-835d-687392c2dfaf","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":69,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"333a40c0-0534-4165-8507-2d8409109e70","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":69,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"082b86fb-2b4b-4f79-a8f9-a21631058378","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":69,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"014c2bf9-37e5-4f49-b7aa-f71d1402e4f0","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":69,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"9ac49d80-bac1-4e76-864c-6aee12d88f5c","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":69,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"fdf76209-4dd5-4335-a2d3-2f2af016da6d","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":69,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"91d482ec-a8f0-4f43-90f5-5e6a76b450a9","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":69,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"c47c534f-66cc-4556-841e-9f001edebfd4","block_type":"box","text":"United States.","page_number":69,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"341bd619-1169-4089-a6c8-6e53175c7890","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":69,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"e0acdcb2-e675-40d3-b895-488fb1645749","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":69,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"6087d3b1-7def-4159-8d76-6ed3565f1e08","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":69,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"74ea4194-6f57-44a9-9a2b-5771106d7621","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":69,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"9725f2a0-b2af-4dc7-9404-a89c91169a8a","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":69,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"191c5098-5eaa-4ba8-b728-34cff3da83f2","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":69,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"20de4f21-41d6-4eaf-9175-f379c0ea29e9","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":69,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"365bf849-f5d8-481c-a994-525ffd09f364","block_type":"box","text":"i.e.","page_number":69,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"9e569052-578d-48f2-bafd-c47a629640a4","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":69,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"c63593f3-4d62-4922-8e9e-808779b617e9","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":69,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"0833deb1-8732-446a-9905-e2329ad54a56","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":69,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"b3235cdb-2e45-465f-8aec-8e6b98f2fd1c","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":69,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"ad245b84-f52e-40ba-9cd3-7f10f492e93c","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":69,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"fdc1d4ba-335a-464d-8e50-a799105a803b","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":69,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"7b94f498-1531-47c8-987d-2885eaba3a0a","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":69,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"29d51c5d-6d81-478c-8730-5f138f281cd7","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":69,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"a06e3544-54df-4779-9b98-aca49a24b980","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":69,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"8019a286-98f0-49a3-b6a5-06cdb14b2c73","block_type":"box","text":"II-10","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a5136b76-3250-41ab-91ad-22bf7a970b6d","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27b77125-2de0-44d1-99b0-fc47388038b2","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":70,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"0bbd7e82-79be-463c-9c6d-5d714aa08ab4","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":70,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"7a419a6a-0fe2-414c-b756-7edf4ff480cf","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":70,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"b0391883-5a73-4e5e-8cc7-6b29a40765f8","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":70,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"a285b5c2-aaec-4bdc-84bb-d07950eadd0d","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":70,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"53610092-2b07-40c1-9960-7bb5df740a66","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":70,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"c7d3d9a6-817e-4994-9323-5f23d8e18356","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":70,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"e3ffc2e7-ddee-40f3-a52c-693cbb4a3fc9","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":70,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"dc8fae59-029c-4d52-9507-000ab944d854","block_type":"box","text":"risk than higher rated securities.","page_number":70,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"070f2bf2-4e04-4e7f-93cf-01d0edd09383","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":70,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"e8206312-1429-4c35-a13a-afa3d44e68c8","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"9f944774-e83b-4197-91d2-9a04a2f2f488","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":70,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"8c614b4f-8da6-4775-bbbf-798f089b703d","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":70,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"c689ca10-d673-48d3-9eed-09cd8eb6b659","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":70,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"807a2da2-bfb2-498e-9472-50baca2b3b5d","block_type":"box","text":"unavailability of additional financing.","page_number":70,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"b41b6010-511e-4dda-96ab-3756ee152dd3","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"8b0b81ee-a67e-45cf-8134-73e43fb0fc11","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":70,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"0c4f3a0d-35e1-4ecc-9def-0ad831e66fc1","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":70,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"11de39a3-fb90-459d-a5fb-e1800dfd1258","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":70,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"c27e8e81-6f2b-4233-a65a-1468913a19a9","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":70,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"c5a9c06f-3f91-4b5a-b221-ec4584dfd035","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":70,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"b3191086-0587-48c9-ba17-b3a0a901a828","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"5bbf3029-2591-4b42-9462-d0027508ccbf","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":70,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"00e4a39d-8185-459b-927e-2684b121eed2","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":70,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"7a41192b-9ff7-407a-8e10-9091ca831710","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":70,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"312f5663-c40e-4ec0-a7bd-01263a1b4567","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":70,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"7a5d47bb-c679-4f17-8f1d-4e3b4077e86c","block_type":"box","text":"investors in higher rated securities.","page_number":70,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"48c1383d-acea-42c7-bf19-6b5eda0434d1","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"d629194d-7742-4dec-b109-27a5b0e7e094","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":70,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"68d964a3-7006-4009-af4c-cbeb1bcc0db4","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":70,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"1cd702c5-376c-4392-820e-93950d313e82","block_type":"box","text":"lower yields and may lose income.","page_number":70,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"fa649442-a1ed-4b95-8df0-81868e0dbcc4","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"72638257-6931-43d6-81b8-3be4c743991f","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":70,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"4c7421cf-2592-4592-8574-8230fc8c63ce","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":70,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"28dc6069-ba8f-410c-83be-f573c6c83051","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"9aad1958-9c97-4388-9881-5ffcc1b9f161","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":70,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"ddc869f9-6024-4d05-a0d7-b72f59f4725d","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":70,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"5e66a0b1-93cc-46b7-ae11-6c521a52a41d","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":70,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"5e6b5c97-669c-4811-8bdc-2e33d9700705","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":70,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"58f37419-ef74-4934-8468-967c74398216","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":70,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"3fb308f1-26f4-4d97-98f4-b7afa8985e0d","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":70,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"14073b97-879f-465e-81ff-023d2d37efba","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":70,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"8eef90f8-1b92-4646-9d6c-dce84278c1cd","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"3806d0f4-4f16-4fef-bda1-97eb2fd34b4f","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":70,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"43583707-628e-406d-975e-9e4efd18cf36","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":70,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"38830937-f90d-495d-8b88-3a4d2ecae6af","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":70,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"40d7f163-ab10-4a73-98f8-b63cc0525ede","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":70,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"f3ea8f8f-ebb9-4d3e-9589-9cf485c2c37a","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":70,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"33488277-0ee0-477a-ba21-02338fb13484","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":70,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"b3b246e4-13de-4648-bfa2-f0dc0a1048b1","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":70,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"6dae6d02-9881-4068-be34-4db4416aa55a","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":70,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"5390e219-fe60-4744-a6ea-4477eb18685b","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":70,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"6d08bb72-08f6-46d7-8da5-b3e76f42a7cd","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":70,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"e873ffdb-4d91-490e-87a0-7f0c806ca126","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":70,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"90fdd0e5-fbee-425e-b683-358cafa4d491","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":70,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"2746a121-5633-4842-ba42-9628eb28f361","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":70,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"7d1407a6-8bb7-4336-8775-3552915ea30c","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":70,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"9892fe5b-9bc3-4979-aa4b-b71536645c5b","block_type":"box","text":"role in determining such valuations.","page_number":70,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"335dcb28-3189-4cc8-abaf-309d43b76b62","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"3a77a09d-bc6e-4c53-ac30-947cf8469b2a","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":70,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"98c0b1c4-ef0b-404f-a8ae-3e07ecce1719","block_type":"box","text":"a defaulting issuer.","page_number":70,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"3b65bec3-1f3a-4bda-ad1f-3e821b11d031","block_type":"box","text":"II-11","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"47ccfa9b-6cad-48c6-b88f-b26564357ea1","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42ad957f-11fa-44df-b127-d548d99b4558","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"78d5c89a-8830-4038-af9f-25e7c13cc7cf","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":71,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"79f4ba81-879c-47d0-aef7-be5e40272c3a","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":71,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"82e45eaf-3ed0-4804-af56-cff03370a289","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":71,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"8247bb8e-f639-4fa1-8cfa-bd8c44685a2b","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":71,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"76476650-b1c5-46ad-8e47-e0b2e18750dd","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":71,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"8507a033-cb68-4dfd-ad93-8f159dab5106","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":71,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"0eca1fba-bc28-4525-beb1-070d6061a23e","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":71,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"13a34784-e66d-4761-9d0b-69f20b8466ce","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":71,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"4c28fc15-5daf-4247-a562-2c92171e1238","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"45c7f7c6-85c7-4f3a-92ed-8d279d5d1003","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":71,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"39169797-ebbb-448e-8c73-ff4fb2da1962","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":71,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"55bb3bca-ea89-4ef6-83a3-b1d802043821","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":71,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"1e82cf44-a77c-4e11-bf50-7687ad8a07ef","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":71,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"6f18c175-e28b-405f-94e6-c860195f6196","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":71,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"59bbbcb2-bd44-4352-b6f3-e5ff7bb5fd5f","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":71,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"615c49fd-558a-4277-99eb-ec01d92c1433","block_type":"box","text":"higher-rated securities.","page_number":71,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"2182cc5b-fd28-43b5-8b6c-077873fb0048","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":71,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"6a40c4d8-75b0-4fdc-9f48-8d47c9efd375","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":71,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"0290cc8b-9d19-4ebd-bef8-ad3f858e7f8a","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":71,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"8c855da4-1c5f-461f-b52a-affd1a6a8377","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":71,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"518a9718-b083-4b13-99d3-032ce7737ca6","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":71,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"381e4431-8ff3-44b0-b04b-ed512126d4f6","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":71,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"3069fda8-0a03-45c6-a96a-9a7a77e134c9","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":71,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"cfc9e86c-904d-427a-994a-d26e8c785b30","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":71,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"db1f2daa-6827-4971-a047-2a0641658d0c","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":71,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"c9fe3da3-e5ad-4bb1-93b0-7a37c661cf7e","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":71,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"e8948f2b-c2c9-4f7e-8af8-62f2d963bf37","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":71,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"4f037997-6c38-45b6-8e42-51e8f5afc58c","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":71,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"5df89771-ffa7-4927-8522-b0c182393309","block_type":"box","text":"Mezzanine Investments.","page_number":71,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"ee093fbb-9d6b-4b59-9388-d18b36c22033","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":71,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"137198f7-6e72-4ee3-a8a4-583d78f20931","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":71,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"81eac48a-57df-4c61-b899-17cc45587698","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":71,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"7fb1fb37-dff4-406d-946e-c2135cd677e0","block_type":"box","text":"e.g.","page_number":71,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"40415a9a-76fd-4dbb-bff6-beb773d991ed","block_type":"box","text":", with","page_number":71,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"e0ecebdb-aa2b-455e-8766-1d9b9435251b","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":71,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"7775514d-c518-4c72-8b82-53fe6350b9a4","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":71,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"b96c3243-4920-433c-9f3f-599e8474c718","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":71,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"97399fb0-5330-456e-823f-972dfb7dfa66","block_type":"box","text":"other obligations of the issuer.","page_number":71,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"e96046ba-5edd-4d41-b9b6-d2d20da74186","block_type":"box","text":"Pay-in-kind Bonds.","page_number":71,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"bfd07554-3c71-46f7-92a6-b53d14fada31","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":71,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"cf600ff3-415c-44e6-af60-3783d3f0c62f","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":71,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"25872550-1f91-4843-b3ef-4c1364b61cf2","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":71,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"1720c59f-9dcc-449e-90ed-4cbdcdf45713","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":71,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"755a4cc4-e9b6-4ca9-ab1c-e540129e7818","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":71,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"51bbc94d-8784-4901-8dc3-b1216d2ca3e1","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":71,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"4ff5b33c-25e3-4567-ac66-f3f4916e46ee","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":71,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"74a19bf9-cd27-44df-984a-122335f85b93","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":71,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"a542b9d3-32f8-4a9c-a29b-1ed4e2bdae5b","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":71,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"b231b203-5f6f-45f3-8af7-68f3ec8957d8","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":71,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"7e553193-1208-4636-baa9-3b325c6ce793","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":71,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"02e78d36-5539-487c-9a0d-0951c18f1ecb","block_type":"box","text":"Supranational Entities.","page_number":71,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"9b5d98f0-7e94-4826-8e6b-1708174f1df3","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":71,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"371d54e2-3a19-42fb-8a10-f55e6f6172a8","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":71,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"dd326234-5167-41eb-9a2e-a26774e85889","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":71,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"f29fa252-827b-41b9-a9f8-4b1940082b37","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":71,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"6640e58d-7848-4aee-abba-3ae4232fca54","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":71,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"9266d382-3a51-4846-bfa7-af291c2b75d4","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":71,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"383c1e59-a4a5-4d9f-a5ad-5920779e1880","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":71,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"d86732bf-7a6e-47e0-8576-efc8b6394eca","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":71,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"675c282b-2823-4266-b0c7-4ceb4b0626c0","block_type":"box","text":"II-12","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1b8077c-4bf3-45b1-8e1b-836ff29184d7","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8943727-ae6e-4084-9145-9065c14794ae","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":72,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"221a0efc-317d-4ba9-9727-816e1738e2c7","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":72,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"89c017a2-a6ae-413b-9e69-672d9ef57c26","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":72,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"c782ff64-d2df-405b-a686-20a9ddb66feb","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":72,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"9868aaea-cb0a-459b-b718-52f11030e60b","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":72,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"f47ad09c-d42f-46b6-bc85-5a1a0a81e740","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":72,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"a4525a43-bb23-4db1-be00-6e1979abe00b","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":72,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"065e3bc7-7db1-4b2a-a42a-b958f16cebbb","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":72,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"1315e05f-90ae-4b45-8da3-15bcd563bc60","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":72,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"62b0af13-f737-476c-8860-a391ecdebba4","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":72,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"5e5cffd6-f708-4006-878d-da41c4825253","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":72,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"ecc41400-3c19-41e1-85ea-00ec3d47775e","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":72,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"ea6e90d9-6127-43eb-9e04-d8c3340200b2","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":72,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"7a2eb64d-66f5-42d4-90a8-e43c60890b4f","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":72,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"adfd84a2-27df-4f8d-9cfd-f1904b4923b6","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":72,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"064fe727-cf60-4f6a-a106-09cfea2c5f55","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":72,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"210569e5-d968-485c-afde-04225e391600","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":72,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"7933b05a-2711-4a59-985e-a4992fbff1e9","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":72,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"33cfc99b-440e-4aaa-8e02-556596d33c6f","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":72,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"5947021c-89a0-4077-8bc5-b63e7f2c55d1","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":72,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"6785ba09-759e-45d0-9422-57499639ec14","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":72,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"6cf91159-3973-44e3-8da0-0e5c291cd869","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":72,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"5486b853-4002-45ff-bd69-fd2cb3324104","block_type":"box","text":"Derivatives.","page_number":72,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"36bb182d-67ca-4906-b17b-0312f3d62716","block_type":"box","text":"General.","page_number":72,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"6e344522-b25f-4e42-a593-8cea8c059a7d","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":72,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"af695807-8819-4678-afd8-f04c4d7df6ec","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":72,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"9c26c1a6-9d40-4a24-8741-a6541a871e4d","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":72,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"a7c1aeb7-00b8-4b82-b685-3faa3d901141","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":72,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"9d3f2649-e8f3-45d8-9f81-787205b17851","block_type":"box","text":"other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and shor t positions. Unless","page_number":72,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"c688a3bd-4edd-417b-bab7-4e7e59187c06","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":72,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"7003866f-68e3-4be8-9839-76aad7b499b4","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":72,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"dd9e6537-b5e5-4373-98f2-483987c42159","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":72,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"46ae0884-4cd2-4788-ad54-409525f12689","block_type":"box","text":"i.e.","page_number":72,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"9451263c-1dcd-404b-b15e-710ee3420f95","block_type":"box","text":", the payment obligations of","page_number":72,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"7bb4583b-7171-4b25-a0f6-07854fe176d3","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":72,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"3e75d5fb-c250-417b-91b8-d75dd41c266f","block_type":"box","text":"net amount of the two payment streams.","page_number":72,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"131ec1b3-3f49-45b3-ad5a-5689a039a15c","block_type":"box","text":"Hedging.","page_number":72,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"ba8ea1e9-29d5-4f11-b014-3076f632d0c7","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":72,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"9675fce8-2d9d-4850-b85e-4deb1f5bfd24","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":72,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"125426eb-3e1e-49bf-8df9-3f123dd7b17a","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":72,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"94e5623c-f820-442b-9459-48000cc90516","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":72,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"f686ccf0-eb75-439d-bcfe-aaf0c1834ddc","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":72,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"4b981202-960a-4009-9aac-efaedf94c7d7","block_type":"box","text":"correlation risk,","page_number":72,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"8140c5fa-e041-4865-aca9-18241bbfd15c","block_type":"box","text":"i.e.","page_number":72,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"9615c57e-1e4a-43b5-81c8-f4ffddf328f9","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":72,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"a17ef2a3-fb41-4f05-b976-f950306d2ef9","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":72,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"e513aa6d-959d-48ee-b1d0-011901668293","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":72,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"889f1a48-e1dc-4819-8f71-9403e57144ce","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":72,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"ed36b575-7fc7-431c-8fed-6ad7776c5689","block_type":"box","text":"Speculation.","page_number":72,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"dab61ef9-af95-4df4-9865-7276f67236d4","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":72,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"ce4cbd81-ff6d-4e02-8a9d-fd35f4e1763a","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":72,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"eae0fd6f-4260-4022-ab82-bb7b7539b1a1","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":72,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"c131040b-8e84-44c4-bcd7-d8f55c1ef9bf","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":72,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"71a9b008-7c22-42b8-a755-7b1a3db6687d","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":72,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"3486971d-08e4-4940-8698-85da0808dbae","block_type":"box","text":"Regulation of Derivatives.","page_number":72,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"af8a5397-37c9-4f58-83be-a09486cfbcc4","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":72,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"84c1a2f4-8dfc-41f3-a1fd-1147b5f559eb","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":72,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"03213028-d7e0-4677-9367-5c54afe6ff37","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":72,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"5bb4bef7-e410-4cf2-a299-0a4bf9718200","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":72,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"3b9fe96d-939e-4804-8a38-f2a0375a9592","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":72,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"886d18bd-6bbc-4792-9228-940fea90d038","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":72,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"20be7ced-d386-48c7-be9b-d4e39e560fb9","block_type":"box","text":"coverage”).","page_number":72,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"d30e62bf-fb86-45a5-815e-8c007264cf8c","block_type":"box","text":"II-13","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d074b3ee-6874-43b7-b599-b79b5db91f66","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6fa03a8-559c-4e37-9792-eba60aec3a8c","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":73,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"1f42a088-41fd-46b6-9330-3ea6edba49eb","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":73,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"179b53f7-ec65-495e-b3e9-5bdaecee1a14","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":73,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"9c776429-afd9-4523-8c4f-f8a2234d6404","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":73,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"cf891ebe-3b4e-42f1-87b5-8ebd5f0c7fed","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":73,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"58163482-e525-4851-b272-b657fcd54846","block_type":"box","text":"financing transactions (","page_number":73,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"11872aa5-80b1-4cf4-ace0-2604dcef818b","block_type":"box","text":"e.g.","page_number":73,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"3a3e78f2-32e9-43a7-9924-e77c5a43aff2","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":73,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"89766bbc-338c-4346-983d-2f4212ffe467","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":73,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"8292a4e2-3760-4620-b11e-1d1e98f376e2","block_type":"box","text":"securities (","page_number":73,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"938bad07-7249-4336-b25b-bb6aab99d6a1","block_type":"box","text":"e.g.","page_number":73,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"3454c77a-29ae-448c-ba48-00be3d25546e","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":73,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"1dd5f277-ff91-465e-bae3-45d7b4565774","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":73,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"4d303e72-c528-4445-8792-821a0ee8c817","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":73,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"c336dfa1-f1cb-4f9e-ad3f-ff7ad682951c","block_type":"box","text":"Commitments”).","page_number":73,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"ca68aab4-4f6c-48d7-8392-892b8d72c48d","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":73,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"054354f0-190a-4115-8786-6da81e8ff2ea","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":73,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"44e21fe7-369a-4cd8-81c2-f0946080e7d1","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":73,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"261d69e7-b339-4011-aeed-cba74f0a846c","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":73,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"0eff45c1-1010-4310-918c-f33af99fa96a","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":73,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"a802b949-9d63-4b22-9b7a-a07e93d35291","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":73,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"c596c67e-a0f0-4317-9e65-2e1293928184","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":73,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"a0bc79f6-b40a-4fbd-86a7-73bc779e0864","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":73,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"aec0c3b1-eabd-4392-8bfa-ae006c6ba1d2","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":73,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"a3c3d2f1-737e-4828-a5e6-3e74eea5a138","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":73,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"318fbff1-f52b-48ad-9189-18bd11bdafe0","block_type":"box","text":"Dodd-Frank Regulations.","page_number":73,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"5d71fb6a-ee6e-4704-ac26-d2461975253c","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":73,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"c68bb9fa-c8ed-4c9a-b348-7eac6dfd9202","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":73,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"1911b439-b905-4b03-b956-f8f9a8dd9b39","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":73,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"ebfbc1a3-8f80-4b26-a4a2-c76b05a35f0f","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":73,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"8e576fef-235c-4170-b34c-a2008182c13b","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":73,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"fc326f2b-a114-4c2e-bb08-323b543914c3","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":73,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"c7923531-18c8-4abc-aab7-a1764996ab3e","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":73,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"eaeed356-5976-4e25-b96d-8136439c9229","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":73,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"61a854cb-1ebf-4ecf-8d0e-b88fb47dbc3f","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":73,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"6842ec55-d744-4079-b09c-24346bb463b3","block_type":"box","text":"requirements.","page_number":73,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"8cc51841-75cf-494e-9568-cbaffe1697b9","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":73,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"456f6980-6ff1-4854-af95-cb59cc8ff819","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":73,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"dc4a9954-c72f-44e4-aea2-319fe2b4e76c","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":73,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"e339d682-b45e-4a2e-b332-99cc50898dce","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":73,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"090f4042-e493-4d1a-b998-43ff0e8f4c8c","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":73,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"d02663b9-d811-4f45-a659-6586afb99b84","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":73,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"08e9ce64-e2d2-4b99-b511-d06f6ca7c070","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":73,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"39b0a4c5-b1c0-4641-95f2-471e6dd22566","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":73,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"5ce9884f-5dad-4108-b4d2-04a8499876d8","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":73,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"5bbe1248-23ee-4ee2-91a8-99c3cbb1c4b5","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":73,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"d4cf009a-fea9-469f-ba6d-58c67057e33e","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":73,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"39a8f319-9792-4f42-97ac-d7b2316dc5b6","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":73,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"92b0dfac-0419-42c3-8246-0fb66a4e2c5c","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":73,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"17cc4327-481b-40d3-b352-260cf30db988","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":73,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"8f43a22d-b1ee-4559-8b46-255ab5215895","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":73,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"1baefb98-39dd-4df3-9384-4500f8702cf5","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":73,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"6a7cd658-8142-49f7-b516-81c23fcda23d","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":73,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"eb65e919-b9e8-457a-8f8a-6295ac6ff890","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":73,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"c2d9f5a7-215a-479e-92a7-db15cbb41322","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":73,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"4233711b-cd3b-4977-a488-733cdf95f19e","block_type":"box","text":"member.","page_number":73,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"e9b3588c-892a-4d5b-890f-b4b7251ccaeb","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":73,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"a965e81d-ee80-4068-bacd-5f829d0d271b","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":73,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"bbc621eb-6899-4b13-9db1-564d5cef7216","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":73,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"9b440a05-215d-4645-a584-d00590642059","block_type":"box","text":"II-14","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ffc135d-fcbb-4865-95d3-01dfe4800402","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3106cf92-75f5-41ce-b8bd-0b3111976423","block_type":"box","text":"clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on initial margin with","page_number":74,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"cbfa67fc-5322-435f-8ec2-4108041d40d2","block_type":"box","text":"their clearing members, some por tion of the initial margin that is passed through to the clearinghouse does not","page_number":74,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"58a7e57d-9f5a-42e7-b848-0c90da94cd39","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":74,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"ef9fc60a-f62a-41dd-95f1-0e3684a33ca6","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":74,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"1e7816ed-09f8-47d3-a7bb-cfc4a0360989","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":74,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"b124f8b6-7f3e-4724-9462-d330400672e2","block_type":"box","text":"derivatives. Fur thermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":74,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"899e586c-8613-4ac9-8e0a-ae6cce3363d6","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":74,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"1e953fb3-de60-443b-b87b-6ace52aadbd0","block_type":"box","text":"derivatives bilaterally.","page_number":74,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"3f8e4049-98d1-4200-be88-c6d5fa647b6e","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":74,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"d180d100-6346-4872-ad2e-454e9fcc927a","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":74,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"8dd7030c-c42e-4b71-9577-336e8fa8018a","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":74,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"a707eab7-2bc4-44b6-9c03-0b97f6f7310a","block_type":"box","text":"(other than cer tain money market funds) may not be posted as collateral under applicable regulations.","page_number":74,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"53330ce6-b961-4f9b-8ec7-0a64e3e7c7c6","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net shor t speculative","page_number":74,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"228c8fbc-8720-459f-bb7c-46627a94543d","block_type":"box","text":"positions that any person may hold or control in any par ticular futures or options contracts traded on U.S.","page_number":74,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"eb740224-4554-44b5-b08c-619131a722ad","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":74,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"84887689-337e-425d-b35e-7ab07df0225e","block_type":"box","text":"agricultural commodities (","page_number":74,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"ccbfd230-c701-4e18-853f-50fb28341eee","block_type":"box","text":"e.g.","page_number":74,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"3d33faf0-865a-41cd-b54f-d113a36f1255","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":74,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"b6c8537a-ae18-47bc-942d-da843047fe18","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":74,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"4bb5bce3-3468-4eba-8a13-b75fcf1057c2","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":74,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"799a7ac1-a73e-49e8-a7d2-c291cff350e4","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":74,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"c0c7eee2-2e47-46e3-8c5f-01b86f579aed","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":74,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"a5c85bd4-c950-4cb7-9bc3-84b77b4e4113","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":74,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"e3b2ec15-e6e4-43c4-9e8a-225680e49927","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":74,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"8dc36bc5-6caf-4cae-b65d-088f29a6e4c1","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":74,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"09c61401-b3c6-42f1-94a3-57ffb8623848","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":74,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"ab2a7620-b324-4de4-8ccb-da4e9ddb07cb","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":74,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"bbfffb28-f869-4123-b17a-8dec30fcf9e1","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":74,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"cc503d46-2518-49ed-b613-6f9bbdd49267","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":74,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"60f86857-5d43-4032-a974-50b7317ae859","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":74,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"9113525e-fd7e-4c5c-993e-9543ad3c5079","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":74,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"0d8c0be1-bea7-47dd-bce1-43cd5be786e6","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":74,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"6107712e-8b57-421e-9d75-54cecadba7e4","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":74,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"0d5dec59-1d65-4eb7-9cf3-9ce51d0f3b6c","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":74,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"600e568c-bd64-457e-85d2-16408cd157eb","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":74,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"95a2b67b-ff6a-4bf1-82f3-f2010f24aa2c","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":74,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"d3ea2d09-c625-4ae4-b338-8de79d94c389","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":74,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"0f86b05f-0cb0-42c5-8eb0-233590fd8b3d","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":74,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"7dd27803-6685-47a0-8e22-c5bd4f7d4e0f","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":74,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"39d9f34d-90ec-405c-a5ac-94101f92e34b","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":74,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"0c6e5529-057d-436d-b2ab-cad023e81c49","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":74,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"aa2abe0a-8d51-47e6-926b-42a8f17b1667","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":74,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"68732af1-d280-490e-8618-a2df3f9c80bb","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":74,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"56cd970d-9431-4141-b8a4-3a3cd8a5577e","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set for th a list of enumerated bona","page_number":74,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"4f0ffae4-2b88-4daf-a4ce-6789e90cfe81","block_type":"box","text":"fide hedges for which a market par ticipant is not required to request prior approval from the CFTC in order to hold a","page_number":74,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"f1717c1d-dfbf-4ea7-88fd-176e6bb5dbbd","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market par ticipant holding an enumerated bona","page_number":74,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"df249736-326e-4a24-8b0a-0d6e35f5ee9f","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":74,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"0d53f3e9-8bac-48d8-86fe-cc60ccb1bec9","block_type":"box","text":"non-enumerated bona fide hedge positions, a market par ticipant may request CFTC approval which must be granted","page_number":74,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"05461566-a29b-453d-b6bb-181b2d49423a","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":74,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"29783cf4-82b3-473b-aaf1-0a59a446573b","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":74,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"16d11ed4-9fcc-4b71-88ee-ce7ae69301ea","block_type":"box","text":"the market par ticipant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":74,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"be75c05c-f579-4306-ba83-626417b117ed","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":74,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"a15b4b4a-b1f7-4ec1-9fef-95e10ef99755","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":74,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"38ae2d5b-6c59-46a4-b23f-971e2580e9ec","block_type":"box","text":"restrict the ability of many market par ticipants to trade in the commodities markets to the same extent as they have","page_number":74,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"3091021e-a2c4-4e4e-b08b-6edceeb0e525","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":74,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"e36a598f-651c-4d4d-b4cb-4f07ac7bb3bc","block_type":"box","text":"duration of positions available to market par ticipants, and increase costs in these markets, which could adversely","page_number":74,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"207b83f0-0b91-480c-af4b-f2e82baa9b53","block_type":"box","text":"affect a Fund.","page_number":74,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"ee21b657-3cfa-4c79-88c7-263ad956d00e","block_type":"box","text":"II-15","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"10cbd305-e8a9-4370-aa79-f49ce985b930","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9458dba6-29f4-4016-ab48-e10c1231610c","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":75,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"30e9dc6b-1807-4848-af59-ef7f0c927f4a","block_type":"box","text":"market par ticipants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":75,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"ad287f1a-1d3a-48d9-b5ec-d049397347dc","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market par ticipants are likely to be","page_number":75,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"1957a5b8-55af-4a49-ba21-d3799de65391","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":75,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"ffbcc67f-5e72-4a31-9c4e-97826749c905","block_type":"box","text":"affect a Fund’s returns.","page_number":75,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"972c39da-aaa4-45c8-9f0c-c561ee9d3594","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":75,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"b388adae-d801-4f71-ba92-6ee0d782171a","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":75,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"fb7cb73f-a23c-40e7-84b6-96ef427a3c61","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":75,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"b1f32016-aff1-4a9c-9258-c214b38e0468","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":75,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"a62074b1-a278-4bfe-ab73-5a3fd1e1e1bd","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":75,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"ab27b3e7-f4fd-484b-a276-e9ca17e323e7","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":75,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"41779b51-d8c4-4b73-bbb6-5fc1593517db","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":75,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"192ab5c1-ac2c-47fd-a7fe-df97e965131e","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":75,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"1057d76f-8ce6-4788-b7f3-488cbde2112a","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":75,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"daaea3c0-a5ab-4752-9169-17916880c5c6","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":75,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"ed7361be-48eb-41ba-b168-cd57f9fe0b76","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":75,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"2fa5acfe-2eac-495d-be8f-3dccbd9341a3","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":75,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"e0ea391e-d581-492a-a073-a958afb3dda5","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":75,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"2792ca06-c621-4704-9683-e15f0441aec7","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":75,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"f2cdd4d3-9694-45a7-9537-3d34cdcd889a","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":75,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"f178bcc1-b18a-41bb-b444-7f05e4753b6d","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":75,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"9d3be23a-75ac-478a-975e-d92c6697096a","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":75,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"77598594-75ea-4462-8243-315bd3ecbae2","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":75,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"2fbef991-a7eb-4932-8f67-aaac37705523","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":75,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"88d1e951-0ffe-41b5-bcb2-85d747dd27d3","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":75,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"5981fd7c-987e-4247-9ab2-5b504a64e9c7","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":75,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"981ab340-16cd-4768-9697-3327ef5c06e1","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":75,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"48824192-16a7-4d48-b0ff-75770db86721","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. It is possible that these new","page_number":75,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"1d334909-a164-4c3b-9c37-dbd5da22ccb7","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":75,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"a89ef3be-aba1-47f6-9c61-6b53ca02a882","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":75,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"e3fb303f-9006-4c85-9b02-1367e017e443","block_type":"box","text":"received under such contracts.","page_number":75,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"bb655c0f-53a5-427d-9bde-28bd3162a10b","block_type":"box","text":"Risk Factors in Derivatives.","page_number":75,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"efdbcf75-9342-42b0-860b-6b8f7b29eedb","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":75,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"552145d2-2895-4c2a-8682-6e3883a50bd2","block_type":"box","text":"Correlation Risk","page_number":75,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"b5f597c0-8a05-4da0-98ea-d611d326da86","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":75,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"9b128db4-b727-4ec1-99cd-c5e2eac1f15c","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":75,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"7a22a122-7649-42c5-80a2-6e3aeb7482e6","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":75,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"ec7863f5-f9b0-4ab6-a936-75d5a7378e5e","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":75,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"b9c1ae69-56f6-4618-aabd-d35740074dc7","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":75,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"de3be950-6363-49c3-8999-dadb6c9ada1c","block_type":"box","text":"Counterpar ty Risk","page_number":75,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"b1df90fe-d346-4e7b-bba6-c6d8f70b2f34","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":75,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"ab74dd5f-2d0c-4ee7-bd83-ce5f8c6f7167","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":75,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"37f25ecc-8de3-4f8c-b394-51c680892ff3","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":75,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"b1893dbc-0a44-4e36-8117-ac062f516a2d","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":75,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"262bbdd7-a8ca-4d10-8038-e25bed37da84","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":75,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"b1defe16-f46b-4754-9483-e7c317be1103","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":75,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"4b3859c8-1a9f-4a99-80d7-4a349f10564c","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":75,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"daf84c57-8609-4f7f-8da9-b6c8e089f53b","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t.","page_number":75,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"ec405525-1659-49cf-9173-8ed0bf1bdfdd","block_type":"box","text":"Credit Risk","page_number":75,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"ea4a4413-2601-4040-a599-46537efc1e90","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":75,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"75a84c34-0da5-46ed-a228-4d86425b0714","block_type":"box","text":"honor its financial obligations.","page_number":75,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"472c9671-a92b-43a7-a027-1c8059aeb97b","block_type":"box","text":"Currency Risk","page_number":75,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"a910d80e-d3da-468e-92ec-a6db8a4da12c","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":75,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"a05b2a86-5cdd-428c-a572-9095df7247a0","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":75,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"3af16677-c1e6-4708-b90d-02cd53fc4026","block_type":"box","text":"Illiquidity Risk","page_number":75,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"5de4c0b0-fc67-4470-b4f1-044a2cbd3e45","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":75,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"845aafb7-b410-4b7a-a333-3da8bda0ad81","block_type":"box","text":"or at the price desired by the counterpar ty in connection with payments of margin, collateral, or settlement payments.","page_number":75,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"6e53ec0c-44c5-4aa8-82b7-7ecf614379df","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":75,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"e0b9a80f-495e-454f-b4b7-e75ced2057a6","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":75,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"9b643c8b-4560-414d-9aa9-b82f49931b1b","block_type":"box","text":"II-16","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"074b014e-cc17-4eaf-9ec4-426111655aee","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"510e5284-cce4-4023-a24a-9194f74b1b55","block_type":"box","text":"without incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve","page_number":76,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"1cb44f93-40cb-42aa-be0f-e80b8e69dff7","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such","page_number":76,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"967db2e7-2ac1-46fe-9e21-2748452b9075","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":76,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"48e71c03-1139-4c56-b504-e10bc7c4e90f","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":76,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"2fbe2592-d628-4b7c-8c53-2e55c4425a1a","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":76,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"3d3b75f8-5fe6-4d17-8c53-4f502dcbe11d","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":76,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"ffd55c29-eb26-4464-a0e8-5b8be1c0be33","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":76,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"b97937af-2d5f-411a-860e-fc97ff624aa5","block_type":"box","text":"supplies, the par ticipation of speculators, government regulation and intervention, and technical and operational or","page_number":76,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"fa84cb4b-183e-4796-9658-5214667f7a28","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":76,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"29c06ee9-ecd9-4132-8f7e-22760e5cb89f","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":76,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"9d769c93-14af-4603-884c-882947762280","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":76,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"fdd16e85-6c00-4405-b583-68189da85408","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":76,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"6edfb4fd-f25a-495e-9138-c2bf544aa1a2","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":76,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"fd35212c-bea3-4fae-be32-84a1db7b5b78","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":76,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"27b97566-c308-41ba-bfe9-2f7348723177","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":76,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"a7391379-aec0-49ce-ae2c-49b05b1cc76a","block_type":"box","text":"Fund has insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a","page_number":76,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"db24142c-4726-4486-8e37-a12cd62fd6b0","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":76,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"d51b4c7b-5a22-44a1-a8b1-4a58c3f00a35","block_type":"box","text":"Index Risk","page_number":76,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"5f0a63d2-ee7c-4bdf-a5cd-7dcb96021c85","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":76,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"de211d45-dfd7-43b8-9320-31d47f5e4bdb","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":76,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"6e5c1b88-2578-423b-ab0f-40fe0f5d9af4","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":76,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"305b1d21-8664-403b-b55e-d6911665c768","block_type":"box","text":"Legal Risk","page_number":76,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"568b21b3-96d9-45fb-8c2e-cb922f1e1abd","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":76,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"59c10675-f4f2-49ac-b513-8d00c0a75f9e","block_type":"box","text":"or enforceability of a contract.","page_number":76,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"bd36166c-3700-4d8f-9ce7-99eff9f4378e","block_type":"box","text":"Leverage Risk","page_number":76,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"4a08812b-9c38-4764-855e-839402412330","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":76,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"a72f48c9-fc2d-40e4-8efc-dad48ad98f86","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":76,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"37bda305-ffa1-426c-bda1-446f2b0e6ae2","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":76,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"2d9e286c-d431-44f6-94c3-c45870e1a28b","block_type":"box","text":"Market Risk","page_number":76,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"04420a26-45ce-474a-96cf-70c5012df703","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":76,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"e12f6dca-4b84-4d33-b348-d28a1f865d0c","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":76,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"be61d6dd-3179-46f5-a731-374b1c2da6d0","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":76,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"fed1d10e-4ec5-49a6-a6ff-01cea2155104","block_type":"box","text":"affected.","page_number":76,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"f2b86352-da06-4a03-bc76-8b4457dc73f3","block_type":"box","text":"Operational Risk","page_number":76,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"3f50a615-20d9-4b5c-afa0-bff879023a25","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":76,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"e0655e74-8410-4eec-82aa-d2cbbd360d52","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":76,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"95afdf7d-8720-482d-8535-ac715c86e894","block_type":"box","text":"Valuation Risk","page_number":76,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"c34e6267-00d4-4b84-8426-7fee595b1101","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":76,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"5bbbca7b-31b0-44a2-87ef-ff7131c867d5","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":76,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"d0d0ee49-98bb-47bc-bd70-e1662f526a1a","block_type":"box","text":"complex instruments or quote prices for them.","page_number":76,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"b94e4b7e-ee5b-4e7f-b623-634d57db1b77","block_type":"box","text":"Volatility Risk","page_number":76,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"0745d1fd-93d1-47f1-812e-6fa9e6304a40","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":76,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"d4545dff-8966-4bde-9927-bf78531776ce","block_type":"box","text":"Types of Derivatives Transactions.","page_number":76,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"4f99b277-4b14-4124-801e-926b731d2f6b","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":76,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"385f1af1-e4a2-4a76-b675-5035184fd9df","block_type":"box","text":"including the following:","page_number":76,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"d9d7b777-c68b-4d91-a441-c8134526c4fe","block_type":"box","text":"Futures.","page_number":76,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"6ef3d9c6-eec1-4254-84fa-728f86454c65","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":76,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"a7da7c3d-686a-4c0e-b4e8-623e873b0cd9","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":76,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"df9809f6-922a-484b-b039-ca5d86faa968","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":76,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"a7901bbc-b1f2-44b9-9f85-a9ba6a7dca6f","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":76,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"70d92fa1-67c8-4714-bf39-8759ad01ff1c","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":76,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"687ab78d-58b0-48c1-9c6f-5bc2c3327b38","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":76,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"f9b054ec-6cef-494d-b573-71ae1fcf98a0","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":76,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"e79ed09c-79b8-45a6-9150-2b744bddc435","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":76,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"a1ff85bf-7b04-4627-b682-be204ad06d09","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":76,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"f5674ac7-f572-4a4c-a981-ed600d28157d","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":76,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"85bbd4a2-9290-44c4-a934-93531caafa22","block_type":"box","text":"of the futures contract.","page_number":76,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"e8abc177-6824-4c92-b164-c33cc141376c","block_type":"box","text":"II-17","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1ae2944-e443-4c19-aaeb-22825a241faa","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f75a0b5a-99e2-4170-973c-dc2ba708e2d6","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":77,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"683f1e42-060f-4cdf-a0ad-b47e2c2dbf88","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":77,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"afe99a76-324b-4c97-ab65-7ea91b90b73d","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":77,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"52151229-c9ad-406d-b5af-a4355a06ccf7","block_type":"box","text":"relating to the futures position.","page_number":77,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"4a697472-90ed-4b6c-b2ec-82e551219012","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":77,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"0f27409d-b8e7-4285-a828-8b292e3bb846","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":77,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"89c9e2d9-dfb4-4099-a73b-3da3731c1692","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":77,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"be6c8e06-bdc8-4c45-8401-12617e026827","block_type":"box","text":"Regulations” above.","page_number":77,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"6e2e69c6-50b5-45a9-8f8e-93f9849ae2e6","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":77,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"61042108-f5c8-42ac-ab15-2374c77d45bf","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":77,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"c4b7d178-033e-4572-a6a8-fd79c136d190","block_type":"box","text":"(","page_number":77,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"c7840c5a-2f6c-41cd-b52c-6853414c82c4","block_type":"box","text":"i.e.","page_number":77,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"2fcc94e4-60a2-4c3b-9224-6fe41e7b3f17","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":77,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"a7f4e53a-3d9d-4f2d-b963-138e43e6a953","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":77,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"31185605-bc70-48dd-a354-40370d793d44","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":77,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"f82fe06a-1daa-4696-a65c-2433f2ff06a6","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":77,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"d3234439-92de-47ba-a64a-6ff8fd896deb","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":77,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"7d6265eb-72a2-474b-a67d-93749dfa6384","block_type":"box","text":"Fund intends to purchase.","page_number":77,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"54ccd638-343f-47b2-8d37-62041f8069bb","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":77,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"6fc97b64-129d-4fa7-9562-0288812cedf3","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":77,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"4529bb72-9a70-4264-9b73-d09351f436d3","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":77,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"2a510633-eb67-45cc-8eb2-490d8585f263","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":77,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"fc10c3b3-e5ba-4267-ae4e-6fd34e2f148c","block_type":"box","text":"illiquidity.","page_number":77,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"4cd4793f-4d08-430f-9b16-6d1d510a72d7","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":77,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"4238c213-2898-4ff0-8336-94580dc4bd33","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":77,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"240467c9-9d4a-4dcc-9208-68a2c2db2d31","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":77,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"3c5d6aa9-2fe8-40ef-b28a-bc67c50db0c2","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":77,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"efdef5a1-1c92-47c7-916d-665aa4604c95","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":77,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"a1a8958d-2775-498e-9291-cb1a68190e11","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":77,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"234febb1-41d7-46af-b3a9-3532ba1da519","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":77,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"9d88ce01-417e-44e7-89a9-45092df96643","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":77,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"a07ce030-56a8-430a-b663-64e9a94f939f","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":77,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"e3f0d2e6-75e3-4872-92de-8c738314fb86","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":77,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"02e32e5f-dfa1-4063-abc3-dd799cd8c6a2","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":77,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"678494b4-4f3d-4efc-81da-6957afc9b4a8","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":77,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"7955caa0-5f73-48e6-9d6a-55bccdae5deb","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":77,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"2dd0a3b4-bc77-447f-95bc-7a1612539cf0","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":77,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"12a39ab7-7fee-4f05-8939-fb6757889f60","block_type":"box","text":"Swap Agreements.","page_number":77,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"68cb890a-66e8-48c9-948a-d95664751e6d","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":77,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"fed51cf2-3260-48fe-aed8-e80cac09f2d2","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":77,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"d907aa74-6629-4716-9806-ab71f0ef6412","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":77,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"71190f4f-c7dd-43ed-b5e0-c52e6d8cee2e","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":77,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"5ef52e8d-c018-4741-b590-ca549fd0efd7","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":77,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"a21dcc57-1627-44a2-b46f-3ca27d3c5576","block_type":"box","text":"a “notional amount,”","page_number":77,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"e73ca58a-3d3b-4fb7-9935-825b5fda6b57","block_type":"box","text":"e.g.","page_number":77,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"04fd540c-1cbb-41c1-8da6-01d8fd6c144f","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":77,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"eb604968-b13e-4300-baa7-81a42e1694e5","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":77,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"33c4a50f-413a-42a9-9ae8-c964440f27e1","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":77,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"071eb813-145b-4268-8076-db723bade662","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":77,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"cc0717e2-49b8-44c6-839f-970ea4de93a7","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":77,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"e7b0ac07-91ea-43af-a9a7-d89c931ba63a","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":77,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"848eb113-223f-4e07-9274-148e5db95a84","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":77,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"eb8f648e-ba5e-4643-86f9-41105eb8894e","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":77,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"071899c8-b2f5-481d-ab69-37be2cf9cf1d","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":77,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"b9461624-935f-4c0f-9c3a-f65735610267","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":77,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"5e14102c-250e-4a73-a30a-2cd197780017","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":77,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"02f3599a-7ea5-466c-9a8c-a77a1c5c6d9a","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":77,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"90438d4f-e1f6-4b0e-b3f7-b7541ebf222c","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":77,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"d6aae0cd-dcde-4715-9458-38590ad27e97","block_type":"box","text":"II-18","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4813dc84-80b9-4d42-b5c1-f3e985e72bff","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8897d62c-3c91-4915-8776-715ac71f65cc","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":78,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"88ca64f1-5e89-4c8a-bd89-25d3d7f4c918","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":78,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"2a0640cc-8a6b-419c-a47f-904eb4147c85","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":78,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"aae243ff-e7c5-46de-9a02-bde957198b00","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":78,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"57f0d586-3547-49d6-bcc9-53e6b28ea48d","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":78,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"3369aefd-eaa5-463e-b2cf-a2ae27337ca3","block_type":"box","text":"index CDS.","page_number":78,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"b5fd19b3-3cd5-4771-8b23-0df741313138","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":78,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"91e96509-b8ce-4d7d-8e0c-50ff90be3c05","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":78,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"a9904d12-8dc6-4cb9-bb9b-67d3b5def2e6","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":78,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"730b4f24-0e0f-4ca9-95b7-78f35a27e3a6","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":78,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"04bee899-bc55-4550-9ecf-9be3b8e7111d","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":78,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"db85430f-d2ea-4f3a-99c0-9fea1eb069df","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":78,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"8ef27f2c-4ede-43bc-b5fe-eb11e980512a","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":78,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"bc664122-0ee6-412e-9f54-e69985a1ccaf","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":78,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"cd265045-5dfc-43c6-86a6-913eda06cb15","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":78,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"1674fae5-23e3-4cad-bc52-e06282a9cf7b","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":78,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"5c114ef0-4ddf-4d40-9b6a-07facd5a0605","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":78,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"224c705b-5a88-45c4-bf09-baf875a107ac","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":78,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"e7297d3e-c5fb-447c-8ccd-f04f1469c008","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":78,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"575ea45c-9875-496e-8c50-43dfec0dcef8","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":78,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"55ed6f6b-1584-4ca5-8ab6-369fb0d99628","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":78,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"c9b006f7-116f-4037-8130-68bd5ad4e3c4","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":78,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"dd0ff3a3-17f8-4df0-859a-b74d6cb4a242","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":78,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"28cf6b76-6658-4d2a-9523-2064c017624e","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":78,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"81a1bf17-7061-4d96-b034-f72113b2ed34","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":78,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"d3e9aed4-4a94-469a-a4d7-1771d2eff63c","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":78,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"f195681a-da51-46e7-890a-97e8e075257a","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":78,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"bddceb48-66a2-427e-888e-efcf55f9c4fc","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":78,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"5a234eb9-374a-4da0-9623-0c50c6eb13d3","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":78,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"cc01d382-4a50-4cd3-b02e-e9c2ee6dbe3b","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":78,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"f818f47c-dc4b-4a57-8f71-117ee0162f2f","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":78,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"4d49cd6d-eaa3-41d9-a142-d3808ed073e3","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":78,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"27e93973-0147-4b4a-9457-65fcecacbe3d","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":78,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"17f5fd24-66e6-44fc-b4fb-6bf72d4397d6","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":78,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"f67f99f7-5506-4bbe-a86f-3ff7dc8a5d00","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":78,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"8c3a2242-ef22-4b89-abdc-b21f27cf4807","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":78,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"249c5665-55dd-4d8f-839e-f69fdbe1517d","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":78,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"2c21e7b3-3241-4670-8f94-8cb988764595","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":78,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"ea81536f-53f4-4bfa-b255-b926c2e1fb89","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":78,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"1e140e3e-b2fa-44da-b16b-ea1bd0b8fabb","block_type":"box","text":"conditions.","page_number":78,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"078888d3-e8c9-4fc2-b800-d44fa7090ef2","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":78,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"95e0362c-6578-410d-9f4f-ee161854afb9","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":78,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"f3853a69-209e-4a76-9982-9fa2cb96c01b","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":78,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"aac2e235-c0e8-4047-aa92-2b53869943cb","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":78,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"116482a3-2b15-4d38-bbf1-5288ee4d543a","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":78,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"ab5323cd-ae62-4f52-b68b-fd2e79037811","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":78,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"d14f53af-415f-4bcb-af9b-233e4161abaa","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":78,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"db43689a-049c-4a35-b785-43cdd1e71606","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":78,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"953063d1-261e-4129-b8d1-c74c27ec75d3","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":78,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"fc3a0514-b046-4997-be10-f0c4573c7e6d","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":78,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"0ab9474b-a8d1-4cf4-b425-6fd82c83f948","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":78,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"aa244346-7ff5-4c3d-8d63-33b035694fc3","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":78,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"bd45d6fc-dc41-4cb0-a02e-2f8cf74a5952","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":78,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"73ca2ec6-8764-4ed1-b962-de523bfece4e","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":78,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"7f52a86c-bdbc-40e9-948c-d8ac41993e3f","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":78,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"cac759b6-f22d-4a20-a175-9848eb3d5066","block_type":"box","text":"II-19","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cd86556a-c6cb-494f-9c76-7abbaf41f846","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efc3b246-92e5-4d3d-a815-6d15f986abcf","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":79,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"30a055be-b43d-4b98-a8c3-8140a0e31495","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":79,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"25c1510a-f96c-4749-868b-b1fe47c7b187","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":79,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"64f3943b-b311-42de-9856-8641609053bf","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":79,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"642951dd-4c5f-4cb6-8e04-79c3f2211268","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":79,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"30c5d842-b185-4118-a943-db13f75c2233","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":79,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"fb72fd3a-5ca5-44c7-8cd4-6a6f1bd74cf5","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":79,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"ca47bafd-a742-48ff-b422-7261e9f0391e","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":79,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"8a5ddf72-388c-482b-b47e-59b46d08b785","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":79,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"0ef9a530-0aa1-403a-b1d5-8846ace9a5a2","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":79,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"af957663-6762-4049-949c-766e4dd55887","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":79,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"7b4b60c5-cc86-496d-a025-9cc233da9e26","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":79,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"0698226f-5940-4e7b-be32-53378c8d342f","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":79,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"95340d98-33ea-408a-8297-86bc104c6201","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":79,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"f416324b-a3f4-4069-b722-1cb624bed34c","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":79,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"10c435b5-afbf-4521-97a6-67e60b21cd25","block_type":"box","text":"cleared interest rate swaps.","page_number":79,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"e53aa17a-1aa6-493a-9f7b-75db7df590de","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":79,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"0ad8e22b-462c-4f18-b0fb-1e26b530c9c7","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":79,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"b47d2018-bc4a-4d60-b5a0-7ff763e990b3","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":79,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"85ada02a-86b1-471c-a78e-bc9256e00314","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":79,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"04165684-92b1-426c-9702-0cc3828fbf4c","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":79,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"f0e1a70f-23d1-462c-bcab-065f81742d89","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":79,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"e6ec92ca-43b9-42d0-8529-015d6aea7e9a","block_type":"box","text":"to enter into cer tain interest rate derivatives due to applicable income tax requirements.","page_number":79,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"66c53a20-8247-4d9b-a69c-33180fd5b473","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":79,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"8fb4d8d0-35bb-4a24-bbc5-22d7026f0612","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":79,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"8121a5e6-8114-4b69-8fe1-652c22cdc286","block_type":"box","text":"or variable interest rate, index or asset.","page_number":79,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"36c538aa-205e-443b-8b78-bd7189a5d00c","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":79,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"31f57950-fe0a-4a24-a274-c16a86f6a08a","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":79,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"b647399a-51ac-4495-ade5-c4794447558a","block_type":"box","text":"such interest rate floor.","page_number":79,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"9d342199-5a9b-4a3f-91d1-e30c4b497fe7","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":79,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"0067320d-2317-4720-baae-141d6594b73d","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":79,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"cc0ce79b-40be-4127-9b0c-e2f460dd2941","block_type":"box","text":"such interest rate cap.","page_number":79,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"1c55731d-67f6-4267-8f39-69a861b3858f","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":79,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"aa46b4fd-b640-4a6f-b30f-ab2749d8272c","block_type":"box","text":"commitments to pay or receive interest,","page_number":79,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"86623488-7141-425b-972f-b6e32addb675","block_type":"box","text":"e.g.","page_number":79,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"443d6ff7-cd10-4c4c-95e6-e24bc678b2c6","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":79,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"eeb2a942-00cc-493c-b471-1243b67b6e5a","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":79,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"3ec45489-0380-47f6-a028-fefbe625a215","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":79,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"eb983868-09c7-49a2-9a0e-7daa4f982a70","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":79,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"3a300f11-4782-40c5-a4dc-cfd37dbeb708","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":79,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"877e6527-4afb-4974-86c7-f4acf9d97403","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":79,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"f63a771f-fe3f-4600-a552-5963185bfaee","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":79,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"9bd3bc08-63d0-4492-a73c-8334c37400af","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":79,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"f18b666a-4c96-422f-9ed3-18d7866af89e","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":79,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"f5ebd431-1aa3-46f6-9751-81669987fea4","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":79,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"9de3c0b0-bb76-4262-9480-fe0f25439f7b","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":79,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"cda9606a-b555-46a0-a96a-7ade242c097d","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":79,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"1fdf2208-89cf-4c1e-9adf-9659ced1c7ae","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":79,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"f9fe97d6-877b-46b7-b1be-d3df707d9cf7","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":79,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"76fd5d49-d775-49cf-b0de-1aff19396be6","block_type":"box","text":"Total Return Swaps.","page_number":79,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"206d124a-0c81-4029-adf6-2cae9123a034","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":79,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"8c271382-797a-45a5-a131-28e3d3546cbc","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":79,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"e98e7731-9705-4d60-a6c1-462e3ec2fd96","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":79,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"3c391e77-6e5b-40ab-9b9a-eabc9b6deaf2","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":79,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"19644c47-0823-445c-8bc8-c03a6e04e254","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":79,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"4bf9adf5-766b-480b-bbc8-ba85da87b29e","block_type":"box","text":"II-20","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6de90124-50a1-4208-bbc2-ddd8ca5a5e3a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9bff4a66-00f0-4138-a93e-e9381b9ee0ff","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":80,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"6f51f213-7565-417e-936e-70fd7e13c89c","block_type":"box","text":"“contracts for difference.”","page_number":80,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"14e6f51d-dc1b-4359-8263-f5ffce61bd9d","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":80,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"1005a052-26e6-4d73-9838-5fc74edaf273","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":80,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"eea6f0af-9878-4df7-b3ad-3ef222473212","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":80,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"80562cd9-7ef3-4dfc-8fe7-9d43f8a8b3dc","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":80,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"b925bab8-d558-404b-a876-bccd44040e69","block_type":"box","text":"the notional amount of the swap.","page_number":80,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"e02b4635-fdb7-4f73-b246-6846af36d9dd","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":80,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"2bcfb198-5ab4-4203-af6d-35b621e7bb72","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":80,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"eb0fbf60-b079-4245-9459-9fff2544bc0b","block_type":"box","text":"Options.","page_number":80,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"cf134e08-f827-4e29-b008-fc6047938a71","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":80,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"2a71d23a-0283-414c-bb1f-4e462bfe09c1","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":80,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"7e7a3cdf-f6e8-414b-92c0-ec8ff8382ee9","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":80,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"3a480014-1eab-4f2c-a851-22654b54d610","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":80,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"addd2544-49d8-4fac-a701-91ceabf1a5d9","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":80,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"5417e72c-be67-4d08-b52a-10708afac9cf","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":80,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"78d5c86c-9a9e-465e-b461-b88ffbaedd87","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":80,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"6c8bbf6e-733d-439b-a8f1-f802d46ccc11","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":80,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"0eb29c23-8e32-43b6-b18f-405119db1a9e","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":80,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"d363bcad-2b75-45ca-87de-58b10c6d1716","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":80,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"5a937b7f-59cb-449c-b72c-185089d3d3ca","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":80,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"51185a05-f31d-4622-9505-0329c8d4240a","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":80,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"7c0773fb-ddd9-4c06-bdc4-12bed1bf0d90","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":80,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"bb3c8707-71f4-4885-814d-928096eee995","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":80,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"d9a63134-c02a-442c-b291-703586f80dd3","block_type":"box","text":"OTC markets.","page_number":80,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"796c02ea-88a1-4d9c-be8f-3790521eaf2f","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":80,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"13a03ca8-4666-4ffd-8744-b351f4aba429","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":80,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"23d42888-b7e6-4c48-b181-ca7ec44727bf","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":80,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"e1ac162f-2509-497f-9c7f-2c2588af053d","block_type":"box","text":"market for par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":80,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"7bf3e64d-c63f-4dbe-8855-d487888d94b2","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in cer tain options; restrictions may","page_number":80,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"9dd6f180-3cd4-43e6-aa2a-8064488678cb","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":80,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"cd3387aa-6ede-48ba-9bf9-712cd112ab85","block_type":"box","text":"other restrictions may be imposed with respect to par ticular classes or series of options or underlying securities;","page_number":80,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"e653e594-0f6e-466a-97ce-5298e616a968","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":80,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"e2d0d715-85ef-4cdf-8de2-43014c2f0366","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":80,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"2b8ca56a-8f61-424c-b271-ece91d120791","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":80,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"88c56261-d77c-47a4-bbfe-574e2f512eac","block_type":"box","text":"the trading of options (or a par ticular class or series of options), in which event the secondary market on that","page_number":80,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"cf08d906-0ddb-46dd-b3cc-de7753988eab","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":80,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"62eeb91d-1b52-4707-acda-d2c7261e4e2f","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":80,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"ef33dee9-5653-41db-b205-e33c89db36cf","block_type":"box","text":"accordance with their terms.","page_number":80,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"b8c3fbe8-90f4-4797-8415-097eea49b755","block_type":"box","text":"Call Options.","page_number":80,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"6563af1e-775a-4cc5-a402-1f7b8fdaf8ad","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":80,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"d8a80821-c485-4c83-a243-c6ba74a2b77c","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":80,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"49bd5fed-acd3-4171-91a4-f7ca62ff2f82","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":80,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"9f88d8fd-ef8c-48bb-8541-6b57f21a376f","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":80,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"99311bad-d56c-407e-beda-99b237d392f6","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":80,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"d84cc687-99b0-4b0b-ba13-9ad744f6ba9c","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":80,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"698bc282-6736-444a-b965-3195e379d16c","block_type":"box","text":"of the option.","page_number":80,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"bc30d222-8cb0-4e97-b49c-29ed0f413478","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":80,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"b3727e50-af12-4a88-976a-792cbf1c3513","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":80,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"09fa1d8f-c041-4436-bcbb-a879abd95d0b","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":80,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"f597b745-3a6a-4e91-a9ff-37c64c8587c4","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":80,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"99beeca4-d441-4c75-96f1-28a4a8b70245","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":80,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"16f8cf83-0a1b-47d1-8f7f-18ad754c8913","block_type":"box","text":"A Fund may write (","page_number":80,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"541aec17-1404-4cc0-a1fb-1defe50f8b1b","block_type":"box","text":"i.e.","page_number":80,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"dbd2de2f-d4fd-4650-ad63-9929b033a8b5","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":80,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"fd1d326e-738d-4783-888a-d665b36d4e32","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":80,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"69dd2e16-403c-4d6c-ae8f-f4bd5766aa9d","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":80,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"c312fdc0-1b64-40db-a802-ca4b13b61170","block_type":"box","text":"II-21","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f48f76c-72ae-4841-98cd-b948cdfb0316","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce7abea0-ba2e-41a9-bfc1-a3afb82bba01","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":81,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"a790f461-5fa9-4078-815f-ae81df3fb19c","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":81,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"360588f7-8b87-4121-b498-cb7b15f4d45b","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":81,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"e12a0cd5-b913-4497-b7e1-444ea33bbe76","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":81,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"21c54b1b-7394-4e9b-8516-7b126ec6b83b","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":81,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"8e819ed8-e720-4442-bfc0-50965a07f819","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":81,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"fb388a81-11cf-4b52-99b4-e341936a2ecf","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":81,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"a60944b3-9d13-4323-ae42-5c5a9b75ec55","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":81,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"46cdfc8c-e7df-44e7-b720-075dba83e3d9","block_type":"box","text":"A Fund may write","page_number":81,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"bac49dbd-6226-46f2-b109-0a05f37dc18b","block_type":"box","text":"(i.e.","page_number":81,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"76ed710d-0843-45b7-9c29-c34979aed96f","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":81,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"2fdd3400-e09b-4b25-b96a-3c60940f686a","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":81,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"36fb84d2-6641-4c04-b1c0-396c65bd1178","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":81,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"5bac710d-2325-4abe-8c68-2d7e4b82fbfb","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":81,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"29d5e84b-d4ce-49ab-aa4a-fd77e1feda47","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":81,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"fabf32d3-2ac3-43e0-88db-89d940e5b293","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":81,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"d78c3cba-4cf8-49d0-bed4-2860136a745a","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":81,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"285af477-bc79-4c91-8fd9-5e03db510649","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":81,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"a4c18a6c-1664-49c6-acbb-53bdc22c6bbf","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":81,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"2dd61a05-249f-41e0-8201-c2b7c6204d51","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":81,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"eb13a33c-cc19-4f17-9ca1-4b860e24f2f0","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":81,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"c3a8f859-31df-44c0-9ae6-095cafc98eae","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":81,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"7983bb5e-abad-4990-99a6-1b646af9632b","block_type":"box","text":"Put Options.","page_number":81,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"6865c40b-8d7e-493b-a9b2-c47802777d81","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":81,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"691816a6-05cd-4107-b10a-01fe1d2925b9","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":81,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"11382e83-c92f-4e6e-8d1b-1fa4455368b6","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":81,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"1191f3c7-e0bf-49fe-a8b7-c33f790eb31e","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":81,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"e766bd8d-b66f-4ec6-bac5-d4af6b160eaf","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":81,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"7f956207-c711-4b23-ad29-6da60be97455","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":81,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"92d3749b-3e78-494d-9197-edf0857bccd8","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":81,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"59f33acf-e747-4d7d-bca6-5325d1e5536f","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":81,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"d5cbec40-63a8-41d3-9fe9-d6ab1069ac47","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":81,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"b1150890-b85a-4f7d-9306-e42b795e21b2","block_type":"box","text":"purchase uncovered put options.","page_number":81,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"d2a37512-ce75-4adf-9a7f-385e42d87071","block_type":"box","text":"A Fund also may write (","page_number":81,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"97b180f9-d1b3-47f6-ad88-30486176148a","block_type":"box","text":"i.e.","page_number":81,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"f40ac104-3518-4644-a429-eab4c59a6453","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":81,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"54045283-956d-4252-b511-e9b58abe2d5d","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":81,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"4449f7ec-f07b-436a-bad0-1498718babe2","block_type":"box","text":"A Fund also may write (","page_number":81,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"cb64eed1-bbb1-48cc-a713-3f4549be6d81","block_type":"box","text":"i.e.","page_number":81,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"717056bf-6bf7-463c-9d26-fdced7f32e07","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":81,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"1e6ec0ca-1147-4344-983e-cbf4f82d925d","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":81,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"bc3cbc1c-39a2-4f91-a7fc-59a91a597dc0","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":81,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"8fe4770a-2dfd-4150-84de-d8c91350fb92","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":81,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"3b7e7ad6-80eb-4e66-a97e-d9418172b47d","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":81,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"eefd842a-70f1-470c-aa7e-1cc4aa060200","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":81,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"35f12b21-5fb4-4665-97af-88e3f58f0f82","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":81,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"9a06825a-4705-409e-be55-af383fb3a78e","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":81,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"0fb0f619-9212-4965-ba70-d0ca8f6ef5bf","block_type":"box","text":"the exercise price.","page_number":81,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"3d682be0-a14c-4c49-bb7d-585750248c59","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":81,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"c17e9ccb-8415-460e-8b03-1c0f54a576ad","block_type":"box","text":"The following information relates","page_number":81,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"4f62714d-99c7-45a6-9541-a8bf59bd6236","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":81,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"fb2f8ea5-07d0-4b38-8e6e-794302f30e32","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":81,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"a0cbe37a-f1ea-48ff-a909-0099e799b09c","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":81,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"5db25334-a503-4883-ab86-2d0bbd7294ae","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":81,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"ae13289d-7461-4c0d-adca-b4a33c83ec45","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":81,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"963db344-5620-47ed-9217-692ab5721a3d","block_type":"box","text":"market in order to maintain its “cover.”","page_number":81,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"efe609a3-ef16-406b-8644-d95eb75cf30c","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":81,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"d041d0c2-dbfe-484f-b03c-524e5efc38cc","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":81,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"cc28d7dd-a6f6-4829-a313-828bdb6b681d","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":81,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"75aedaea-85eb-423c-99f7-fd4849404d6b","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":81,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"c235dcae-22d6-48cc-955e-3f49efefa08c","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":81,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"d70feed9-9e5d-49bf-b320-7cfc7015c0e0","block_type":"box","text":"and incur transaction costs.","page_number":81,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"541731b8-50db-45f4-8b2f-b4b58915a56d","block_type":"box","text":"II-22","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0b070127-1c16-4f18-9b8b-8d50f25c23be","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebb9b9f6-8fdc-49c4-b9e2-95d265e8f7d5","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":82,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"69c48838-7e2c-4319-9a1a-bac062c29e0d","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":82,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"52578cd0-b854-4b35-ae73-062c5a85f846","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":82,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"623708f3-3bf4-40d3-bbaa-d42af80bd3f9","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":82,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"289ce607-1df9-4778-ad33-97cb542ec733","block_type":"box","text":"i.e.","page_number":82,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"64ce29a6-400b-4c4c-b095-2689874007db","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":82,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"96c8f4d3-25ee-4520-b972-d6693ed9b00f","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":82,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"ac7c61c3-d4a3-48eb-9054-055cbe361155","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":82,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"c9e67d9a-2482-4626-9b8f-ab73b9039e6e","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":82,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"52e0f2b5-f246-48f8-b201-b64e48f81395","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":82,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"d73f531e-d751-47cc-b2eb-cf357376866b","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":82,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"8377af5a-5460-41e8-99fd-0be9457f671d","block_type":"box","text":"required, to be cleared.","page_number":82,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"1e274939-e80c-4aab-bd93-29e5658458bc","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":82,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"dd2cfd4c-efd2-47e3-b91d-084d1a815ef5","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":82,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"2dce981a-5ebd-431b-8535-407f77a9e797","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":82,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"5b2186e9-f557-41fc-99d6-cb05a4db3283","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":82,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"f759e9b4-6a90-488e-8900-7d95678e7b30","block_type":"box","text":"Derivatives” above.","page_number":82,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"e85bc001-367e-48f7-a2e2-56aced7333a8","block_type":"box","text":"FLEX Options.","page_number":82,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"476c559c-d3dc-494e-90eb-9bc0ab5c0b1f","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":82,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"a351500a-f35d-4404-96c6-d3dff9cda557","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":82,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"2f656650-1b28-4989-b8fc-9724b8722bce","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":82,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"4e79345d-25ac-4fb5-b5c3-b2531fc757e1","block_type":"box","text":"exercise prices, exercise styles (","page_number":82,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"6b4e54ca-1f2c-4b28-8861-beaeb7cafafd","block_type":"box","text":"i.e.","page_number":82,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"a2a79767-5bbc-4a71-bea4-4f212c1e12c0","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":82,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"bd8daf38-b390-4eb1-9f94-4372d9c2bc97","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":82,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"50d01ba1-41ac-4cea-8f9f-44cf3cd560e2","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":82,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"9ab5497b-ac62-4f91-a344-175441f0efa6","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":82,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"3748eaba-768f-4b0f-8869-852a668e49f6","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":82,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"d71c95fe-582f-452c-a3db-d40c09b2c562","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":82,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"09429df0-9a36-4c3f-94de-54d1d487d196","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":82,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"8d3bfa75-9607-4ade-9004-f726e1d56d82","block_type":"box","text":"FLEX Option’s expiration date.","page_number":82,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"24ea8a41-fdac-4363-9d8f-778f2a3467eb","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":82,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"d8b66afa-ec1f-4538-9de9-9c807f712047","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":82,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"31715471-181a-4b69-a937-98ecb6badd4d","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":82,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"959237d6-645c-406f-8c8a-97f7c9af14b2","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":82,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"0606857c-9388-4f8b-acfb-f4286dffd812","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":82,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"5536545a-4f55-4d89-bced-0d78cf33b174","block_type":"box","text":"FLEX Options contracts.","page_number":82,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"e60de3a9-5231-42e9-9870-0450bb833263","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":82,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"8a2d1f43-88fb-4744-870c-36d57196044c","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":82,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"47708d77-d8e1-4c5c-93cc-241472010e23","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":82,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"f36d39cd-d132-4a00-905c-266ec1c7008c","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":82,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"171c57d0-5d9e-4762-8e67-ba3cee676f56","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":82,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"33a741fe-add7-46f2-bb52-4dcaa86e65b2","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":82,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"67d440af-e110-4248-bb96-def147caae0b","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":82,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"77a2be82-c095-48dd-a764-2c1058d07310","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":82,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"8718dddc-264f-4f0a-8aba-f5c4122c7d98","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":82,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"3b3787a7-9c17-463f-9228-64c76a20b23d","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":82,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"e57e3396-3b09-419f-bf2d-3e6a670bd092","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":82,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"fbece94a-b61c-40d0-a290-07bac0e553ff","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":82,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"434916f9-f1de-4afc-afc9-6f3f96d31b63","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":82,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"9bd2db84-8fbc-4620-831e-39c94fddf382","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":82,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"116c6142-084f-4be8-a293-58602914d869","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":82,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"b31eb4ee-0fea-4b44-8b1e-d145de12b00d","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":82,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"b580fe50-2184-45f3-9b8a-bda6142dc7fb","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":82,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"a372065d-be77-478f-b460-21930bb2e81c","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":82,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"89167800-c30e-4d20-8f6c-50482722c8cb","block_type":"box","text":"expire unexercised have no value.","page_number":82,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"e44141af-ec31-43e4-95bd-9d47ec2250d9","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":82,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"f7a5ce61-b6b3-4fe8-9c74-6d6558219507","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concer t","page_number":82,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"75c692ec-ea90-4ecc-9bd5-923fce5fd917","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":82,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"bd965a8d-e1da-4946-85e9-54d4d285add1","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":82,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"39e1a813-b31d-4008-a999-87129d23138c","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":82,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"6c43a191-cd8e-4df4-adad-b46ece5ea8e3","block_type":"box","text":"II-23","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fefe45b2-2e3f-48ba-969d-6367631b12bf","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ca31355-a084-409e-85bd-ffa6df60d3e5","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":83,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"ebe564c9-5b02-4baa-b611-b8e57483a72f","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":83,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"b446dac5-9b05-4658-a433-42857fcd86b5","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":83,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"f3629fd3-dc20-4960-8436-e861d105ed07","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":83,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"40a3067e-ca4f-4806-9655-ede4b20a34a1","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":83,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"59c9c923-9fee-46ca-be0b-8c9f5434d4f2","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":83,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"2f2ce4b9-2738-4430-b779-3fe4df31ee6d","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":83,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"1833e9f9-b5d3-4382-a82a-458a0f68d269","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":83,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"c7917d5d-fcde-43f9-bf3e-af2aabd4efbb","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":83,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"550ae71c-f016-4867-94ac-347032dfb8a0","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":83,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"552e1728-ef52-4d28-adb7-085d8b1f8aac","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":83,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"e6cc3795-a4bf-4598-bdb6-41f74296e8ea","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":83,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"0a1f0697-de4c-43c1-ae3f-9cf1a117417f","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":83,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"fe191ccc-a09f-442f-8594-7e5b1c6b8b44","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":83,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"4b2576b9-7fc1-411f-92ba-34302c13b302","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":83,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"5091c71e-70ff-4e62-963d-cca9dddf2718","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":83,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"fac0282b-4f6e-4bb4-b2c3-30615b9dc18d","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":83,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"d78005d1-6f0f-4d6f-9ca6-f2c3c407e1cf","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":83,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"48c555c1-8c23-4f4b-aa58-a4814be171f6","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":83,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"65262e1f-c934-4653-9c7a-22abd66bbce5","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":83,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"9d1e02d1-4601-4473-bfb1-8b813f9211fb","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":83,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"0b7ec5a7-c4a1-41e9-b012-91ce9208e82e","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":83,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"2a163cd1-e59b-43c4-856d-442d2ef06960","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":83,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"5bac22a9-b406-4b63-ba03-540179e83694","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":83,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"32c3b143-2e6f-46aa-a8a0-18aff3030358","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":83,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"3188b3a0-ed8a-4a40-aeb2-0e2bfa5a0bec","block_type":"box","text":"Foreign Exchange Transactions.","page_number":83,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"ad7149f8-c7d4-4237-b32f-2577a14f2faf","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":83,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"8a4124fd-72dc-47c5-9e4b-d22c310dd37d","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":83,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"266606dd-f33b-4ed6-b07b-0535258413fa","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":83,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"9e7e2721-97dd-4578-845c-23badfacfbfc","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":83,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"819c9982-ed66-46be-9faf-6a20586ea1ca","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":83,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"3608e3a6-56e9-4287-b6bd-8155231c611a","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":83,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"f438055b-9c2d-4be8-9585-d290aec34e2e","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":83,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"bc01617d-bb31-43f3-be33-75b42ec454e8","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":83,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"6992624c-c156-4cf3-ab52-e22d55996042","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":83,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"a3240a43-ad53-468c-bb13-b99ffcc8eac2","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":83,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"6901843a-22d1-41cb-91c0-97599ae54270","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":83,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"b6fb4e64-d4ae-403b-b7d0-6fb089b2686f","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":83,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"4c14c64f-c35d-451e-8ea8-854e9f073080","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":83,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"1679edbd-9641-4497-a6c9-a86d0e4e6487","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":83,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"66d3f3e0-a010-4f07-b28a-2c2a1d0b7782","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":83,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"6c1dad09-dd11-4005-98c7-4e3ffeb5cd5f","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":83,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"0a70e0db-dd5d-4ee2-983e-88a9afe69145","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":83,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"b3544511-362e-48bf-8ec3-34bdd98de818","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":83,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"592ce7c8-a750-4393-b5ea-4023e4915932","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":83,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"53abab97-1442-4b0e-a0e6-6e35761fdc92","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":83,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"e9dd4cd0-b321-4e5b-8ea1-0b92b3950624","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":83,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"64d2eb27-f41b-4ba7-acd4-e02905d1fc56","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":83,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"11e99fcb-1716-4b1f-845b-e268871092e1","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":83,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"904c9d3a-8cff-483e-9976-270579055e99","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":83,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"c6c47a2d-6151-4d2d-a8de-a879ba320d15","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":83,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"2e6ba6f8-b5a8-42df-b455-b1adbe4bcbbb","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":83,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"bd29bbf8-afe3-490a-83e0-cc95ba648424","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":83,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"8bf80c59-503d-4e8e-94a4-ea4acbfa8108","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":83,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"e83bd042-2146-442f-907e-61ad4b32ebbf","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":83,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"d47e49e4-5572-4b69-894b-3e9bfffec770","block_type":"box","text":"II-24","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b6cda579-500b-4e97-88fd-109da085b24e","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edf1f617-a5e5-4669-94e0-403a0876d1d6","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":84,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"a7a1d11b-4c0f-448f-be35-fbf677ee7bf7","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":84,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"9b1ba49f-3b2f-4d6d-8d64-c31f94b4c4f0","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":84,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"bad5cce8-e45c-4885-b543-42a6d5edd3be","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":84,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"d9bf00bd-a5a0-472d-99b7-eaa5fbab00f3","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":84,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"3f189aaf-a35c-441a-8ea8-2acc4abcf59f","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":84,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"2ebcb911-c737-440e-9dcd-4df9ee89c421","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":84,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"d5eccaa3-51ed-407d-a2f0-3036c367288d","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":84,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"0e95c1e7-3581-42c0-b7c3-c2a53b877a97","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":84,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"002f0ad6-5135-40e3-90ad-d3d8d3394736","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":84,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"05bf5972-6ef5-438c-8943-d11177fdd773","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":84,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"f8abe095-2359-4f54-9c2f-03131a7cc550","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":84,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"56b19b49-e7c0-46c2-adc4-97006ad510e2","block_type":"box","text":"involved.","page_number":84,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"77f55b78-71d5-4597-ac83-a40af9d6433f","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":84,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"c7d97d46-083c-4f5f-8dbf-5ca24fd2fbc8","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":84,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"1fd13851-3221-4260-ae13-f9098ef10595","block_type":"box","text":"denominated in such currency.","page_number":84,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"4297d620-6a24-4e47-8858-523980cfd3be","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":84,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"522dbd26-ea71-4610-8340-9dbeadf08511","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":84,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"ff917b21-e46b-4819-97d1-967661e3fbcd","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":84,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"fa6554fc-a2e2-4e58-a88b-cb29965c15a7","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":84,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"72b5964f-e8b2-4d3a-bf0f-7e9c1486c00d","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":84,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"8f7cd2d0-0fc3-42fe-ae7f-55995f95846c","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":84,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"aedb8916-a25d-4163-b6f0-c77e784855d0","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":84,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"a326b976-30b8-4c74-bf32-80f66ae52db6","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":84,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"c6a7eeae-9c55-400c-9699-220b0e3e2646","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":84,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"314038ad-4947-4a66-aeda-624495501a93","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":84,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"61ffdbae-90eb-4832-9b4d-4b3c37c5a56b","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":84,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"a81e642c-bae4-4247-80a5-66150c6daa81","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":84,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"9907dcb0-1926-4609-9a55-dbd3d2a128a0","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":84,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"d20ff732-a814-492a-a62d-188d916ff25a","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":84,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"37b6061b-4806-41a5-8d71-c6032ef23609","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":84,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"9f988937-16b3-4799-ab60-f90a6bf922a9","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":84,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"171a62ef-342e-48ec-8b0f-ee28b340fe8c","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":84,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"ae508cfb-dc1a-46ad-a026-a2bd70383718","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":84,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"7fb4f8d6-f3d0-4a63-b6d5-4cc3a0964b56","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":84,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"fa3251b2-6490-4337-a2a0-84fadd0dd44a","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":84,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"d61785a9-dd51-4437-9e15-2517c4aa9662","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":84,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"326f0130-7a29-4411-990d-71ba2b53e50c","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":84,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"f4a89228-b017-46ab-8c57-968b55a4cdf0","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":84,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"803fef0d-3b9b-40c6-8391-907a29a89c8a","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":84,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"1df4d55e-656e-4101-a37e-ee1364b0f2b2","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":84,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"af3cee9b-309e-4c4a-91d0-eb0500dabdcf","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":84,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"a71f4b7c-0b68-466c-baba-3f89057463ea","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":84,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"10fe2924-7a3e-4592-b5f9-7e0c7cce6a37","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":84,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"18b852ad-f2a4-4a5f-bdf2-20f47c1a901c","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":84,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"18ed6027-08fa-4128-ae4c-71ac446fd904","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":84,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"ea6f28e7-56ce-459b-821b-db4aaa71985a","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":84,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"2d808a58-2819-411e-b434-bdedec39b7d9","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":84,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"9a298e89-8448-4e72-90fb-e6e84ba7741f","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":84,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"05136fd0-bf7d-42c1-bc62-d6510c56c1e3","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":84,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"22d27755-d38c-4855-b6b5-ea77de10da97","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":84,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"7e900228-78c2-46e3-94b5-fd0241aee387","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":84,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"f87c878c-0afd-4d16-ace6-a5880d72b2cc","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":84,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"ef7db549-b174-4324-b2fc-cef040663428","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":84,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"4ce279c9-eab6-4d86-ac13-4ef5665e43b4","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":84,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"a9c97088-9670-4774-af83-d303053d367a","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":84,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"7134f73a-7834-4243-813b-0c59594cac7e","block_type":"box","text":"II-25","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"349cf4e6-a159-4d97-ac2f-1fccfc20b531","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac6d37b1-8016-45dd-a7b4-6ee8eb6f82a3","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":85,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"2f560f4d-c8a3-4a75-ae91-c39031706384","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":85,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"52cdc480-a049-4173-8a31-74cd17e6bc5a","block_type":"box","text":"traded.","page_number":85,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"bcce1c76-8910-4f40-9c28-2894660f6b3f","block_type":"box","text":"Currency Futures.","page_number":85,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"d7da3d89-bacb-40ca-99f6-0de5e3805a1a","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":85,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"9de65602-c12e-4cac-a04a-93073a5ec0f6","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":85,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"35eb08cb-6ad6-4f48-9eac-531a9fbd9710","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":85,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"45a52274-c708-4cad-ad40-d84e0234c0d0","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":85,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"74d7b572-e561-4e75-bf99-680dda03c0d8","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":85,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"ef87fd7a-4ede-4237-8303-81f3853ab192","block_type":"box","text":"Currency Options.","page_number":85,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"3d469b61-0fd3-4b0d-8b41-278d69c11537","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":85,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"6594a0a2-c3c5-4c89-b1b6-547b09772002","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":85,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"3a9e039d-4a36-41ba-b5f9-ce5eaf6f7927","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":85,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"43f6818f-8c03-447b-9f34-74137590ae01","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":85,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"50b635d8-ee3a-4a00-bc09-bbf754cda8f6","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":85,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"4cbd78f1-ae0b-412f-a8a5-00f1ad42206a","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":85,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"367e5b5e-1a1d-4061-ad31-076a46968d9c","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":85,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"13dd799c-741f-4faa-b083-6a8d7c4d1e26","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":85,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"2b77723f-a938-42a4-ba8b-453484c6de01","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":85,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"4673a9c0-d8e4-41b8-8bdb-33a25bad6679","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":85,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"c952ddd7-34c7-49f4-9e24-4f22bab0f015","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":85,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"8367bb2b-fab4-4ec4-88b3-5c139f11d74d","block_type":"box","text":"Currency Swaps.","page_number":85,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"c9aa84c7-b5f2-4b20-a913-926d6e11570e","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":85,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"7c66a701-a0eb-4e57-8977-105158963b85","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":85,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"d15b41a9-fa26-41b4-81b7-145a0c129b2b","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":85,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"2b03dc72-acb6-476e-9fdd-6e225b263618","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":85,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"ea580725-a773-4943-885a-ec1bff142936","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":85,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"073929cf-f5bf-46e6-a2b2-b2f4abc741b5","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":85,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"86211e8a-a305-4d3c-b6ac-0e3471937968","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":85,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"8b5aa3a8-9407-4c1e-bfbb-5e25a24da8a3","block_type":"box","text":"Distressed Securities.","page_number":85,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"13889be0-668d-4b27-8b0c-13bcdc8bfccc","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":85,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"a6528dd1-fbed-4ba4-b832-5944f2fecf75","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":85,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"baa3a63c-7d26-4178-a161-fd3789b0b9d1","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":85,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"8f7e50ca-c941-4a5c-8269-549eb458ec5c","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":85,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"e441efeb-777b-41f4-9f5a-d649af21aa13","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":85,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"9e40d5e2-892e-42ae-b0b9-4fdcdcf9c4a0","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":85,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"df343587-6c28-496d-b187-93555d1058c2","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":85,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"1478c725-2461-45ad-8d77-f0e7d28aa3e1","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":85,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"9c4c5f0f-f331-474d-b399-e21df7d8fc04","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":85,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"08c6744c-0984-46d6-9893-43ba12fd71aa","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":85,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"2d32dce8-4451-4423-acd0-50eac9724fc4","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":85,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"06e9f764-3d7b-4619-ab31-adcb1b08fed0","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":85,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"de301bf8-953b-4cd1-a689-223fa1a2cea5","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":85,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"7f0dadf2-4ab5-46f7-83ba-cce9e90a00a4","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":85,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"beda9b97-0ab9-4313-a376-6f1dbe2a8c32","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":85,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"a773fe16-34d4-4ebb-a686-e364a9dc6149","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":85,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"413df33c-c33f-4a4f-b38a-c9bb0486e3e7","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":85,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"20392319-f151-4179-a3d4-76e91ca4724f","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":85,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"9655980d-5f11-47ec-ba4b-d64b9dde9c66","block_type":"box","text":"satisfied (","page_number":85,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"5739822a-5baf-486e-9155-bd543bcf21cf","block_type":"box","text":"e.g.","page_number":85,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"bd1d4beb-5b4d-4ff9-94c0-47a17c359399","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":85,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"45b1beac-e350-465b-bd0b-a9e4db2fb76d","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":85,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"f9f83b1f-16d1-498c-856d-d265e06363aa","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":85,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"d132f0a9-3bc8-43f3-b4cd-eaf65c9df8d2","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":85,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"b1d9346f-ddb3-4a67-9857-068f3f630b9d","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":85,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"7d19d950-f341-4b60-ad7e-adfa3bfebe2c","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":85,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"fa2bbf8f-efb3-493b-a7bb-c3f0dc40534a","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":85,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"a0da1ac7-27ec-4e50-8cca-c39dd780c557","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":85,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"013c67cc-7240-4065-8b84-5626df264b91","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":85,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"4391c1ed-1764-4f4c-b974-2a64fef69f94","block_type":"box","text":"II-26","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"704f36bf-9e2e-4083-977c-271efae29c4a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26705925-8125-4ebc-acf5-1a78d702196e","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":86,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"93db0fdd-2c72-417b-b497-b2a753430877","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":86,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"5f26c399-4a31-4998-b438-5bd1fbd33430","block_type":"box","text":"affairs.","page_number":86,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"09facb7f-532a-4379-914b-b2c4a02401bc","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":86,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"9c601c87-d5f6-49d0-987d-2bd7f1f0c43b","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":86,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"6d3b185d-618f-4fe9-8918-4350b9a21e2f","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":86,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"8f7a1654-c016-43d8-a321-c55ae1ec7c7a","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":86,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"5b7bc58f-8ef3-42d3-be65-563a31b7f59a","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":86,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"e8865f97-271e-4bdd-9022-021758df6de0","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":86,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"35283aaf-c599-45e4-83a7-fd81929c8e3a","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":86,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"cafa902c-12b2-4748-8cf7-5d8b5ca6901b","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":86,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"9f4f9263-9afd-41e4-ab91-8f239411546e","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":86,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"5010e86a-efcd-45c3-aeb2-d2ce2d6962d5","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":86,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"2c390216-e5b2-4f0e-a481-baf5585a0245","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":86,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"64e133a7-d705-454e-84df-f2b3955689ff","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":86,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"5b799b94-c9ec-48ee-a88e-0548265235f4","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":86,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"1cf8e271-0fb3-44ea-bfc1-39998a642d74","block_type":"box","text":"Equity Securities.","page_number":86,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"c5067005-60d1-446c-bb40-87015d1821c0","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":86,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"46e76b8b-2d59-4094-84d8-33f27ab01099","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":86,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"e36b1dd0-49ca-46c1-ba06-ce74bd93ecfa","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":86,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"ebeff42d-f789-4092-bfac-062775102772","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":86,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"174de8fe-9d36-48f5-9466-724a9fa13681","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":86,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"687a7bd0-7f00-4c37-9002-a2ea140d95c3","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":86,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"ce803a23-204f-4080-b230-1bdd31f91102","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":86,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"e07d3f34-a700-442a-b88b-b4fecb6bc89e","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":86,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"89caca43-d098-4187-841f-26a3672b0b7b","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":86,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"e43d9db9-b9ec-4ec9-9193-cc90680db667","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":86,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"ef901b09-37ab-4e7a-9277-833571368b8b","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":86,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"c1a64717-a0a4-47da-8e16-1d6b8ad1a0af","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":86,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"b51a3da7-effe-4e8f-99a3-03ada17d442e","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":86,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"f30902bd-bd23-49cf-b4f4-b189b84340f2","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":86,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"8b732b2b-c0cb-4e9e-b9ba-2dc6c666b1a1","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":86,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"15e5c130-660c-4ee7-a5a8-c0cb94811aa0","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":86,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"b8e372f5-c7e2-421d-aa2d-d05006d92f9d","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":86,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"0d1e76d0-2615-431b-9a32-cbe5ad5401fb","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":86,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"636d3c57-2ba3-438c-8182-2112827e87a3","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":86,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"d5cecb1b-9fe5-48a9-a1dd-ef451843fb3f","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":86,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"c03a8238-cd0c-4d70-947e-15d75b6dcab8","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":86,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"aba5d802-b653-4449-9d7f-7bbb612f6046","block_type":"box","text":"initial public offering.","page_number":86,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"b70f589a-49bc-4898-8c76-792758c6a2bd","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":86,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"1be33562-a006-4fb2-8e55-bcce0a492cb5","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":86,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"3c72e64d-8e4b-4fcf-ad59-7a919a21e6bb","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":86,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"382c5d07-7534-4a12-b8bd-2d4867623f31","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":86,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"275f35cb-38f5-4053-a4cb-7fe2a23531a6","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":86,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"85f3cef3-14d1-4c33-a115-3beaf8eb43c2","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":86,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"e07d5186-08e9-4889-ba14-3e4067642a68","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":86,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"98a63269-d81e-4dc3-af5e-6676a0134beb","block_type":"box","text":"more established companies.","page_number":86,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"c65b28fc-b0dd-4479-9f2d-0a7e30801c6b","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":86,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"b18994de-1620-4e91-b0c1-35ffce0ada11","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":86,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"a7234a7f-4a31-4869-834d-387d53cc21e5","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":86,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"eb2bd968-0a85-42dd-98de-162b2f73eddf","block_type":"box","text":"below.","page_number":86,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"e4e7d8d0-32b4-49e4-a90c-ec63732f1044","block_type":"box","text":"Real Estate-Related Securities.","page_number":86,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"4a211477-1e3c-42af-aa67-a21d4ba3bfd1","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":86,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"f0182f03-a93f-40a3-b561-d73528dd4d3e","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":86,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"2b351018-4a68-4188-ba0e-85edd63ce105","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":86,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"1a4188c1-1219-4008-aa0a-d70793744c5e","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":86,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"528ddda5-3646-47ab-8aa0-7af02667c2bb","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":86,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"c99c4cf8-439c-4355-88fb-61035f1c071e","block_type":"box","text":"II-27","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec1df71e-ce39-4776-a671-4ce84685ba00","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea7df719-e58e-4c15-96f7-01cd6b9c1d85","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":87,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"0740c88d-1386-444e-a1e2-75c7d8c219f5","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":87,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"f752b8aa-c7ea-43cb-9da0-6ce10a76800c","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":87,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"7b40ad46-e94a-4167-83fc-824d61a9c796","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":87,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"8b35cde9-6201-405d-ab40-1af629dc8164","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":87,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"66cae36b-77c1-4641-933a-cdcd8acb8535","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":87,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"8be69cc7-7fe6-4ef1-87b8-4fb6de1de119","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":87,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"f88275b3-7651-48b5-9b18-1806aff836cb","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":87,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"7b45344d-74e7-4c61-83cb-b466eee98ec1","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":87,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"87c535b3-905e-4212-b519-bbb378c50164","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":87,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"9bb33bd3-29d0-483d-935d-895f3871380a","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":87,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"6244ad2c-7399-45d0-8a96-5fbf8e9cdce1","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":87,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"e70d5b31-4e1c-4279-b4aa-16c174d02112","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":87,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"9bfd560f-dd7d-49ce-a6bb-c196fdb8f7b0","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":87,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"61db0724-5ae4-47da-8a94-0498639e573f","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":87,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"0ad8e295-eee4-41ae-85f3-5d150d9e8121","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":87,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"2764df9c-01d7-450b-965f-eafaa92aea5c","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":87,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"222ec879-e0f1-4d55-a1ff-adc5ffd3971e","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":87,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"1f7e23f2-7be0-4785-820e-7574e0421776","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":87,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"4ba9c88c-e16f-4866-8649-a9a499833198","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":87,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"1b6bf358-2c8f-431b-9c89-dd334d60f78b","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater oppor tunities for capital appreciation than","page_number":87,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"966f3f5a-5ced-4a61-a081-78a33d502e74","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":87,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"c59a069a-d0bf-4e80-95e4-a2241cef2592","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":87,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"55322fe6-0758-4037-ad9d-846d74ed2546","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":87,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"5f1d542b-e0a4-443b-b26b-2fa49e83ee8d","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":87,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"e7546979-ff8b-449b-a642-988163a64eb7","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":87,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"834c5e3a-ddfc-45c1-9ff9-2067dd714c66","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":87,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"40aed538-0fd7-4442-80a2-f123cac1b4c3","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":87,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"c929a2b1-54cf-4c3a-a9db-6669869164fd","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":87,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"10f78142-8062-4adb-879f-067a0f3c6232","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":87,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"e8ba59da-fef3-4fea-826d-eac3e0f2c8c3","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":87,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"7a565f4a-f0a5-4339-b3c8-0dfb92586ba7","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":87,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"277680c4-1835-4b15-9098-c22c182ee584","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is par ticularly impor tant in this area as many","page_number":87,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"0554340f-ae7f-4df5-b0cc-59d8727a7c17","block_type":"box","text":"new enterprises have promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small","page_number":87,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"5dc98b2f-026c-4a2d-a2c7-497880a56332","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":87,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"5dfe325e-cdfc-423c-9191-d1e917ddd96a","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":87,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"6f843394-f63f-43bc-990a-b868d67404fd","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":87,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"cae16b36-fedb-4ad5-b0fe-57ef0e411660","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":87,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"eff75c9e-8f05-4985-92a6-57349ef37885","block_type":"box","text":"oppor tunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":87,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"8a78fe30-0c5d-4891-89f5-580ec0bb46f8","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":87,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"5acb7f2f-80d3-49e2-9165-01747de8e269","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":87,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"ef2b7268-0570-4b16-a82e-40667aceacee","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":87,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"69f2454a-7ab7-4af2-baa5-924628aad152","block_type":"box","text":"investment community can provide above-average long-term growth to the por tfolio.","page_number":87,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"443157eb-a47d-4462-b2b2-2a354ef12d7d","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":87,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"b1e0fe9e-8fb1-4bf3-8678-efb51496f053","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":87,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"f32f2ad4-37e3-48f1-952e-8a21b09f4843","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":87,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"696dc1e5-513f-4e38-9562-b07d5ba7cd2d","block_type":"box","text":"cycles, presenting attractive investment oppor tunities at various points during these cycles.","page_number":87,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"4024f5dd-f145-4e88-bff2-bbfdcbd890cb","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":87,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"9d5d79f7-ad0e-4228-973a-425addd0f6e1","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":87,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"248d55e7-ca33-4449-8143-f72ca2cd737f","block_type":"box","text":"Tracking Stocks","page_number":87,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"dae72852-50f8-47d6-978c-cc4afd0e6024","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":87,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"46782b47-552c-4e35-81ae-36f2f3610cc0","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":87,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"52a7299b-1dcc-4f51-a50d-19d540cb53af","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":87,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"36e161ef-a482-4496-a1ad-982ad6a361d2","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":87,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"d2837327-b1af-4960-8cca-f6655600fa61","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":87,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"653466e9-2439-4ff8-8c0d-017058b6534e","block_type":"box","text":"II-28","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1f46fce6-ab45-4d94-b5f9-612126f9b7ea","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"648672a9-6d40-4225-a5d2-fc6bfd47fef2","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":88,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"cd1a3749-6378-4a09-b507-4b5c882b4c19","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":88,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"8472134b-b74a-48ff-b90c-1aad05edf2da","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":88,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"d7a614ca-94fb-4bb1-82bd-ed5a337a4bed","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":88,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"86988c87-093b-4a7f-87e4-5b78139486fc","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":88,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"f84198ab-0a1f-4344-8e0e-a1a6e74ad974","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":88,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"9daa7488-a1b4-4e3f-99b1-d72b40276cf5","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":88,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"f604a421-fc7b-4a39-a18c-47d2e763cf35","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":88,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"cdcff822-5588-4f64-bebd-0ebe65abff10","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":88,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"ded07bd7-7701-4216-8afa-faa856d19c8c","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":88,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"5c0286a5-ae88-42ad-a546-cfdd59f3b78a","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":88,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"7ef13a19-d774-437d-96c7-d40a4560a4a8","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":88,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"695f3546-13a5-4524-91fc-f04a5339e00c","block_type":"box","text":"replicate the per formance of the reference instrument. ETNs also incur cer tain expenses not incurred by their","page_number":88,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"284ca48c-f479-4fc9-97a5-5d1c95f83867","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":88,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"e09723f2-42c7-47a6-91d8-f0d54667684f","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":88,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"bc14e83c-06f8-4f34-8a23-561df17da778","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":88,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"cf688345-13da-469e-a29d-8b23f4e90a64","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":88,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"09c566eb-259c-4c1e-a2c7-2e21ec90c057","block_type":"box","text":"loan still needs to be repaid.","page_number":88,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"2f87b759-e423-46f1-885f-49d63588a4f7","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":88,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"232ca04a-9c8e-404c-85a3-b2fdb5223bdc","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":88,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"6882800c-573a-40cf-a6da-0acb540d4666","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":88,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"0433695f-9f5e-42f5-9ca7-5fdb4d2e2e67","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":88,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"3f4608cd-ba28-493b-8105-290a4d71ba06","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":88,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"520c0f6c-d7fe-4c56-ba7e-c07fa0352dce","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":88,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"db4f31d1-5651-4123-8092-6c7a38dcf35f","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":88,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"5d4d3cd6-951c-415c-8162-f96f1c14fbae","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":88,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"e0a44400-6552-43f3-bdb5-b21cc69fde70","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":88,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"a33e1a59-7e17-426f-8930-abe3610d0d81","block_type":"box","text":"Foreign Investments.","page_number":88,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"86744efd-addf-4568-9836-39d8e43f7947","block_type":"box","text":"Foreign Investment Risks.","page_number":88,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"dbf5c96b-87bd-4658-9b2a-6e77c1291580","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":88,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"13a83a2a-6504-4524-8cb4-e31d5292733b","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":88,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"30b108c3-49d8-421a-8043-ea94acd33476","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":88,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"0850a2bd-d32a-445f-a26d-0136e3329063","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":88,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"3a0dbf72-a6c9-41e5-b047-6b8b59158fce","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":88,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"745e9c1f-6bb5-4ba0-a71a-ca013ab08e87","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":88,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"4543412b-e81c-4af9-814a-5f27e225c0d6","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":88,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"cece6f19-ef93-4432-b935-297d169405d8","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":88,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"bb4afb40-4e07-4e3d-9308-33c48d03ad58","block_type":"box","text":"benchmark index.","page_number":88,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"3eaf6168-dbaf-49a0-a366-930f074b0014","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":88,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"c04aea4d-440d-4a9c-a033-00f0d5eca985","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":88,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"33663f0e-331b-45d0-9840-cb7f2aecaa0b","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":88,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"5779f16e-6569-40c5-a4a2-51af4bb3c6a1","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":88,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"d5d6654b-92c7-4657-a282-4355c17398a2","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":88,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"5b115198-48b8-46ae-8d26-c95539fd70f2","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":88,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"851ac68b-03a1-4095-b633-9697fdac2265","block_type":"box","text":"securities and zero-coupon securities.","page_number":88,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"498509cc-79d8-4a99-9614-fa0cdc0bf293","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":88,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"6444d6d2-73a9-4f76-8c9b-15bc134a8f35","block_type":"box","text":"taxes.","page_number":88,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"34bc0e67-ee2b-4d12-881b-9cab5ec1a4f6","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":88,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"5f2199bb-cda2-4e86-a85b-3ccec226d541","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":88,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"ebe386af-523e-487d-aec4-9fe7d4ddbe51","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":88,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"606f1b9a-a538-4f48-879a-86f9d7328e2b","block_type":"box","text":"underlying security (","page_number":88,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"8bcc5b27-696b-4d17-8cad-abdf4ba9c132","block_type":"box","text":"i.e.","page_number":88,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"f2bee959-4b6d-406b-b540-3a406d345aaa","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":88,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"fec6b8b0-4c08-4c1f-8d90-a4cad2712ed8","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":88,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"353e8bad-1b31-4f21-80ea-4689baf408f4","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":88,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"d28a280d-cde5-43bd-8338-fdad31ffbf0e","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":88,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"15b7ce70-c318-465a-84d3-d1709ff39db9","block_type":"box","text":"II-29","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc2d93eb-d6fc-4cd0-8356-3327175f6c86","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"665b280b-5fb7-4891-bccf-60cdd9269d94","block_type":"box","text":"Foreign Market Risk.","page_number":89,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"8ae930dd-abb9-4709-a0fe-38cd3d22f034","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":89,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"8f8f06bd-ced6-43e1-a6cd-fb73c9fc3c6a","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":89,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"129b9203-0ce1-41e4-9c96-3bd5cc4aea04","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":89,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"c08f3d7f-a58e-4f47-aff2-ac064483520c","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":89,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"4cbe93c4-0be7-41ad-af4e-afe72458e885","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":89,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"02c3ed12-3f61-413f-98ef-c7e8565cc679","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":89,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"1cdce4d9-9ff2-4ea8-b08f-e0139da6beab","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":89,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"eb7a2001-9a1a-4a4f-a18f-e86bde3e744d","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":89,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"e2aee636-37b3-46de-83c4-35887407389b","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":89,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"93ab8b0a-4c36-4041-8713-3f0a4cf88ee8","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the U.S.","page_number":89,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"a9b11f18-3578-449e-899c-4646b4a2ee82","block_type":"box","text":"Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":89,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"e9fb830a-0c33-4f32-97db-61b7e119e506","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital controls","page_number":89,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"cbf56cb8-bed8-49f4-a27e-60e1effdcea1","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":89,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"80a9f0c1-36c4-4b27-a493-efbce61b1041","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":89,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"57b36543-28e0-4b2e-900b-752beee18a43","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":89,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"9085d8ec-ed18-4ce5-b1f1-5b531e385169","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":89,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"b5f0a108-fcd7-4eb4-99e4-050508122076","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":89,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"d6af13ae-277d-4d6e-a427-0da36f94fe81","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":89,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"26222248-a0f9-4fb7-b52c-c0d8ffb39c0b","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":89,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"d310debc-695d-4262-91c2-87098fe27d3f","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social conditions,","page_number":89,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"84d85f73-fe3b-4540-8416-553960400e94","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":89,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"29730742-2f98-4883-9ac2-cad92d8fcc7a","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain foreign","page_number":89,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"b86f394d-f67e-48fc-a8b1-84863c93c1d5","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":89,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"d37e28f5-0c4c-44ff-a001-2c53db7c601f","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":89,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"068aacf2-3d9c-44cc-8cd7-47ad7cbb9c47","block_type":"box","text":"could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a Fund’s","page_number":89,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"850423c6-0ae0-430b-9560-c516c92a0e79","block_type":"box","text":"operations.","page_number":89,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"c4107d15-564c-463c-9bb0-2c35bcfa877f","block_type":"box","text":"Foreign Economy Risk.","page_number":89,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"a74890c0-9b28-4795-acba-d19673a6065f","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":89,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"ef57a7ed-140e-4b16-8929-2adb15b7080f","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":89,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"86d40894-119a-4219-a55a-e1aaa65e569b","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":89,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"9055526f-2e3f-4ab4-95fe-cb09cbe8082a","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":89,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"3dc56c47-cb81-4730-ac6c-2f7d6a3c0f08","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":89,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"9cb73250-a40f-4268-b35c-3dd0a9462719","block_type":"box","text":"measures.","page_number":89,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"16e16c96-3922-4de1-8c8f-0ce3ae41c928","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":89,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"cf65dd6b-3c4e-405d-b429-c06e720ebd01","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":89,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"f49a3c5b-e0db-4d0b-8ca9-6cf69850f177","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":89,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"37f73bdd-82e0-4843-a78e-5ab98f4ce127","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":89,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"a5533d33-f8b2-41cb-bae1-b85842cb59af","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":89,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"09837e7d-a5a9-403e-a4f8-e27a61d1e8a5","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":89,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"e2cc6a4e-ee09-4d4e-817c-9b3440983e22","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":89,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"d5279101-7d11-4990-91dc-604a83323265","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":89,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"2d5b7552-8ecc-4fa8-ae44-961455486427","block_type":"box","text":"those returns.","page_number":89,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"cb52a8c6-f53a-4e07-b5fc-c6a51556d9b9","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":89,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"e6454fc4-9de3-42e0-9c85-db7e3fe52615","block_type":"box","text":"Many foreign governments supervise and","page_number":89,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"e2ba9321-369d-4be5-9199-b49957cfba59","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":89,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"020f93e6-5aa1-4d52-b3cd-d62cc1d99a4f","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":89,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"5d84e02c-04af-4756-a3b0-9c772412b20c","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":89,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"80fa725e-bb24-4a0c-be7f-b2183442c7f7","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":89,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"a3d814a9-1174-462d-9eab-46240306736b","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":89,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"61d527a5-4a70-423e-803a-0dc032e34a8d","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":89,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"7d08317b-bfc9-48af-b59f-70a979c3c234","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":89,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"597288c6-1494-4ade-92dc-0e8e21d18a65","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":89,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"3dfb3db9-f32a-4278-90b7-bf24d99eb198","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":89,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"83c9f259-4608-42ee-a2dd-97e3739feb92","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":89,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"6bd5eefa-d45c-4b79-97fd-90131f723606","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":89,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"7be4da2a-1b8f-4470-88f5-2cf0c7225b92","block_type":"box","text":"investments.","page_number":89,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"baf94c8b-a86e-42fd-887f-32435a44682c","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":89,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"d5ffe40b-8ac5-4f31-9b41-32bab1a43e43","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":89,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"f3f88b4c-4876-4157-b9ac-e6ad50009902","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":89,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"ed2ec727-d67e-4328-a22c-131f78682f8a","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":89,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"a50a9d6f-352c-4a68-a0d9-52b9a38f5204","block_type":"box","text":"II-30","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2f1a763-d465-410d-b9aa-e4a4cfc5fe1e","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa341ac9-74a3-4300-ae15-16090939c1d0","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":90,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"690630d4-9c5d-4214-86dd-a23e9a1d3b21","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":90,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"12b2dc0d-a1b3-408b-bf3d-646a648c2f68","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":90,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"16898844-c47f-48ee-b3dc-131df30144b9","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":90,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"e6e05164-e6b5-4cc4-919d-270fb777cddb","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":90,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"c3eff303-151b-484a-b8fc-8b8ede1832fa","block_type":"box","text":"States.","page_number":90,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"aff97939-70bc-4d58-b391-32c9316c56a1","block_type":"box","text":"Publicly Available Information.","page_number":90,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"40599420-18a6-496b-93b6-c771ddeda9a7","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":90,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"e632bc16-7d1b-4b9b-a81e-9cabdc9bf763","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":90,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"3296b2af-3352-4352-bce7-541c8f54afe6","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":90,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"f255e9e4-df2f-4797-97f4-5c87b40d68ba","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":90,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"ad38209a-356d-4fdd-b079-9f6dba808a17","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":90,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"72bde1c9-94e5-4af4-8897-8b459f1d39d1","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":90,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"0c5cc43e-7584-4115-8e0b-fc73ad7c1d47","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":90,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"745c54e6-0561-407f-97e3-18e61f0bb198","block_type":"box","text":"United States.","page_number":90,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"b4178291-7c6f-4d34-8467-eeb1eea62e5c","block_type":"box","text":"Settlement Risk.","page_number":90,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"8922bf5e-cb1d-498d-b59c-953c60bc1bc6","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":90,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"b2e3c773-3968-4f29-81c7-4659da904b58","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":90,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"e0cc5504-90d9-41c8-8704-fd0a8499be2d","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":90,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"7a5c828b-34fc-47fd-9ba2-222cb0974111","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":90,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"30a08164-003d-4beb-abfe-c42ec2f5cbdb","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":90,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"7d8f1152-3580-4669-9ad5-1dff635e5deb","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":90,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"51cfa3e5-ef31-405b-b56a-859c21d0be69","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":90,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"83acd300-c410-479d-927d-e2df4943ec87","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":90,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"7337c566-9baf-4121-a858-36cf39e9f0a4","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":90,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"012267b4-e32c-4f2c-a25b-61292a98b951","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":90,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"c585d775-b7a9-4047-9930-ce32312b75c2","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":90,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"41c40c23-3eaf-4b0f-9970-24f75483d426","block_type":"box","text":"Sovereign Debt.","page_number":90,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"5ee98e4e-8d20-4a74-8c75-2e6132958418","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":90,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"1dae0de3-69c8-4738-a1d8-872980a53140","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":90,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"2ffe023b-96a5-46e5-95a3-a5d1ab8ae95e","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":90,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"808abf16-236d-40cc-a7fa-b32c98cc5e17","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":90,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"666f05cd-8a74-4560-829b-1a05f3a0aaec","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":90,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"6c63e86d-4c0f-42ee-8cd6-282326e2c47f","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":90,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"79d1e471-c1e4-4c3c-8097-5412decc00d5","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":90,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"9b50f095-4029-45ed-80f0-2d682c6cd125","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":90,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"baa67155-9245-4386-9229-35ffa3af201e","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":90,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"30b463bb-cfd4-46e3-aba5-a91692759350","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":90,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"66fe33e7-c1a0-44c2-81f6-32226d0f3112","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":90,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"2c5f9c2f-b604-4a73-8dbc-2a1a31bb0145","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":90,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"9f4f78cf-ae02-4d50-a279-5709373f8739","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":90,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"2a31f3f9-5688-4399-aa3a-3d4e08f0a3cd","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":90,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"1e97c048-be50-4124-a6c1-733fb2cee6b5","block_type":"box","text":"debt.","page_number":90,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"2740fff1-4983-402d-b476-d27854df314b","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":90,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"d8608e89-bc1b-4dda-b85c-a2d3e3da2c31","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":90,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"e6929317-1a69-445c-8cea-9dabc1abce85","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":90,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"5a21e2ac-1f1f-42af-8b20-c779f0b4f857","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":90,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"1a3470eb-d027-4f6b-ac1c-236498f1fcd7","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":90,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"3d140966-2363-41b8-91de-ffd2f54a3462","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":90,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"e0165950-4b1e-46b9-8eed-4649a89fb99e","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":90,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"8651878f-9650-46bc-ad6a-ed3d57eb1725","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":90,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"1baf3cd2-287e-4c4e-912d-c5dfe929874a","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":90,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"0003399f-62ee-450a-9925-51b7ccc98104","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":90,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"ca0c68cd-cc6b-4bf9-ac47-2c3f67aac8fa","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":90,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"9711e5bd-530d-4d27-819e-65d687cd92a7","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":90,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"2a31e53b-8052-4d87-b9da-bf663def6b40","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":90,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"0150a6d6-26ec-4a87-80cf-01a3a77ff019","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":90,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"eaa4ef3a-b8cc-4a74-a89e-807b1b466a99","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":90,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"2097ed36-deb3-4b6b-81c2-675b2da59830","block_type":"box","text":"II-31","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57dd72b2-923e-4d68-a452-6829148370e3","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e9d7b3f-3c2a-4d08-9ab6-c2592d7e0ee5","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":91,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"c780d928-ec1e-4313-9d57-757498a69cfb","block_type":"box","text":"in the Fund’s net asset value.","page_number":91,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"4f69d362-75d9-4cec-be17-51afa8436410","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":91,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"832759b2-2349-4aef-ba99-ed86f1262fff","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":91,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"088c66b4-2fea-4a48-9b41-311e312400b4","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":91,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"66a887e9-c086-4177-8620-b92ea4e84393","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":91,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"573769ea-5ad3-4ab4-a316-05f3445de97a","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":91,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"44ce66de-886d-496b-a41a-d913dc912d10","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":91,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"8325c6a9-5cad-485b-81cc-5500b7bcc96f","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":91,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"e2a957ea-075b-4a0d-b9cf-7d395bc3f583","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":91,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"0bb52209-5e5a-419a-bafd-c51b25d379e1","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":91,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"a86a7b6c-5535-4b7a-a507-497a0d074a8d","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":91,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"c2450344-926e-4ca9-baaf-618af94c28fd","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":91,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"26e075e9-e024-4029-a8b6-027567d28ee4","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":91,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"ee39e334-3d70-4a49-85a9-ea36bb5b87a2","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":91,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"8ea048ad-a300-45e3-b620-529905d560e6","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":91,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"7c16ef3d-f339-484c-baef-662b6b7ff86f","block_type":"box","text":"Fund may invest.","page_number":91,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"768c817c-4f7d-429f-8b98-d62f23ecf938","block_type":"box","text":"Funding Agreements.","page_number":91,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"213c624c-682b-4bc3-8d60-7e5f590a8aa7","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":91,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"22a347c0-0b9f-485d-8d79-812b1ddffd80","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":91,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"5cb1a2fb-927b-4076-9528-d21f4981f99b","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":91,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"bbfc8f86-790a-4706-b72a-cce907a072a5","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":91,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"9f7a5116-be5e-456d-8ce7-f2540a05fcc5","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a cer tain minimum rate. The purchase price","page_number":91,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"5a2305b9-e665-42c3-bd4c-5733c45766ab","block_type":"box","text":"paid for a funding agreement becomes par t of the general assets of the insurance company, and the contract is paid","page_number":91,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"8dded01b-3051-43e4-93c6-1e512497e719","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":91,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"5b4027f7-f47f-448d-a23a-247cf036ab1c","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":91,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"954d0608-9bf4-4f1d-b286-cff3e157edaa","block_type":"box","text":"agreements does not currently exist.","page_number":91,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"62ff0e87-e908-4787-b304-188ffa03a75d","block_type":"box","text":"Guarantees.","page_number":91,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"8238d1f8-61cf-4203-b6a7-db307190dd5a","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":91,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"d5762411-997b-4147-a5bc-c38a76b7d18d","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":91,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"d366d704-4f2d-48d5-9e5f-32acf4295cdc","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":91,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"c024b5d2-ee16-4d89-b0e9-fe07107fe9dc","block_type":"box","text":"Illiquid Investments.","page_number":91,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"5afa3755-7199-4fae-bc8a-baf0f4625b35","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":91,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"fb37cba2-eeba-47a7-bbf0-fe851bebe9db","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":91,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"e97fc539-cf29-4c38-8074-46d7f3d22438","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":91,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"59b4fc33-7fbc-410c-a7b1-a7dacdddabee","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":91,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"2d44ae89-2fb3-4650-9831-2e8acb2533c3","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":91,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"d9700bf3-4c54-4b45-900d-d5bf674eb99f","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":91,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"ad696cfe-7566-4e5b-9048-d60371841e21","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":91,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"182e2f2d-aedf-4cf4-864a-0808f2ab0c31","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":91,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"925c0557-63ac-490d-8d5e-c18ba9748b1e","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":91,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"443cd960-3b1c-4a73-b2f8-ac99c8ff98a5","block_type":"box","text":"Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares,","page_number":91,"box":{"x":70,"y":642,"width":829,"height":11}},{"id":"92a245c1-a343-4fd0-a218-4ca7fe7deb20","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":91,"box":{"x":68,"y":657,"width":814,"height":11}},{"id":"b8f5696c-271d-4911-a627-c2e6ea6ae07a","block_type":"box","text":"por tion of the Fund’s holdings. If illiquid investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as","page_number":91,"box":{"x":70,"y":672,"width":790,"height":11}},{"id":"5bf8e93b-ee7e-4579-b9f4-8973fb6e3d16","block_type":"box","text":"defined below) and the Liquidity Program (as defined below) will require that cer tain remedial actions be taken.","page_number":91,"box":{"x":69,"y":687,"width":789,"height":11}},{"id":"0f9015e6-9499-4a4d-becc-922f3721fc73","block_type":"box","text":"Illiquid investments may trade at a discount from comparable liquid investments. Investment of a Fund’s assets in","page_number":91,"box":{"x":70,"y":702,"width":814,"height":11}},{"id":"5cefb711-8f8f-417c-9cad-c7a908110246","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":91,"box":{"x":70,"y":717,"width":830,"height":12}},{"id":"9cb3fef9-2c0f-44e7-a398-b1b5725e2d3a","block_type":"box","text":"price as well as its ability to take advantage of market oppor tunities. The risks associated with illiquidity will be","page_number":91,"box":{"x":70,"y":732,"width":791,"height":12}},{"id":"27713681-be1b-44c2-98ce-88c19038e534","block_type":"box","text":"par ticularly acute where a Fund’s operations require cash, such as when the Fund redeems shares or pays dividends,","page_number":91,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"0d1fcab6-2de8-4675-bf53-771e17a1e7b7","block_type":"box","text":"and could result in the Fund borrowing to meet shor t-term cash requirements or incurring capital losses on the sale","page_number":91,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"4c534da5-4597-430e-97bf-756227b27316","block_type":"box","text":"of illiquid investments.","page_number":91,"box":{"x":69,"y":778,"width":159,"height":11}},{"id":"0a4784ca-f4b2-4aac-baa3-c4a466e8d0a0","block_type":"box","text":"Index Funds.","page_number":91,"box":{"x":102,"y":801,"width":91,"height":9}},{"id":"92ec2d99-0cae-42fc-8dcc-287ef0c214dd","block_type":"box","text":"Cash Flows; Expenses.","page_number":91,"box":{"x":102,"y":823,"width":162,"height":11}},{"id":"e46504eb-7b0a-431c-9c2f-5b695739b140","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":91,"box":{"x":270,"y":823,"width":613,"height":11}},{"id":"f5611cb6-b159-4d9b-8829-c19e830ee0c7","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":91,"box":{"x":68,"y":838,"width":803,"height":12}},{"id":"d47c979a-7c61-40d0-996a-91bfecfea8c7","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":91,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"5396186e-c131-447f-abdf-46381baebcae","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":91,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"fdbe748a-6c30-42db-a118-b58ef0a6b982","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":91,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"7f6ff9d6-75f3-4d6e-9327-64f2102527ae","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":91,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"02a402fd-a622-4f33-ae1c-5704a63e43c4","block_type":"box","text":"II-32","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5fab014f-9a99-4a95-bff5-b40aec448ccb","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a50e373c-dd3f-4541-809d-d08d2b6507d9","block_type":"box","text":"(","page_number":92,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"b46ca90b-1771-4df6-9288-091b952efc8a","block_type":"box","text":"e.g.","page_number":92,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"377c1556-44d6-4de2-b530-ee9accf6aaf3","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":92,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"c95775e3-d993-413f-b8fe-8450f0876406","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":92,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"cfdd20a0-f32e-4f0f-9b94-2a766770dd2a","block_type":"box","text":"par ticular security as an investment.","page_number":92,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"ce449bbb-8e86-4e57-b0cc-cef1d5760dfd","block_type":"box","text":"Tracking Error Risk","page_number":92,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"ca17e880-9b7d-44b0-bd5a-e153c231bd9f","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":92,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"42b5ae9d-033f-4481-abc0-15a3edefbc36","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":92,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"4bcf64cf-01b9-4cf5-b568-953a20be9bb4","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":92,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"14eb2c17-198a-49c0-9b93-565e0395278c","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":92,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"5b7c71ed-8dd8-4672-beab-0463a45530b3","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":92,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"e5054dca-ca9c-4ac6-bb6e-5d6585907e7b","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":92,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"d2161ebf-71dc-46e8-866b-7bd0dab17d74","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":92,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"b77dd413-13bf-4418-bc98-7e611eae430c","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":92,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"a5f84b99-d2a5-4197-9075-661fee7bf60d","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":92,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"319552b7-2850-404d-b949-e10fa0d9bc61","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":92,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"ba85e9b0-b46e-4d3e-bc45-570113623c31","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":92,"box":{"x":70,"y":249,"width":487,"height":11}},{"id":"e559e31d-1e58-44c1-b5bf-4716ecc8e870","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":92,"box":{"x":101,"y":272,"width":799,"height":11}},{"id":"beca7d8a-989d-424e-ac9e-7c3456f50986","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":92,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"8fb222e1-aee4-48bb-997b-59a8435056d2","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":92,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"e65e1bd2-80dd-48b6-a5e3-de2794a83ee3","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":92,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"97bc0fd2-aeb3-45d6-97a3-f677dd010281","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). 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Bloomberg is not responsible for nor has it reviewed any","page_number":93,"box":{"x":70,"y":748,"width":809,"height":11}},{"id":"37d38a00-c428-495d-ace3-2e94e41dbdfc","block_type":"box","text":"Fund nor any associated literature or publications, and Bloomberg makes no representation or warranty, express or","page_number":93,"box":{"x":70,"y":763,"width":821,"height":11}},{"id":"06159813-35e3-4035-9cc2-d0d0b8d180de","block_type":"box","text":"implied, as to their accuracy, or completeness, or otherwise.","page_number":93,"box":{"x":70,"y":778,"width":430,"height":11}},{"id":"791857dd-136a-4eb2-b211-fde38c438668","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a","page_number":93,"box":{"x":102,"y":801,"width":795,"height":11}},{"id":"f1ec21fc-f9c4-425a-8970-4f7a5233c9b5","block_type":"box","text":"Bloomberg Index. Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":93,"box":{"x":70,"y":816,"width":802,"height":11}},{"id":"9efae789-5aae-4b69-a518-a9ffaa7499ff","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":93,"box":{"x":69,"y":831,"width":735,"height":11}},{"id":"36fa7555-bf5d-4ae0-ac28-98d4fa1ac501","block_type":"box","text":"ICE BofA Indexes.","page_number":93,"box":{"x":102,"y":853,"width":124,"height":9}},{"id":"68819c0c-652f-4574-9a34-bb273aae1357","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":93,"box":{"x":233,"y":853,"width":670,"height":12}},{"id":"e3912fb5-bd22-44f1-9492-0f53edc97c27","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":93,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"385a1be5-b45e-4d5b-bd1f-590dce6b7acb","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":93,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"035646e4-04b8-4693-aed9-4fb682bc858a","block_type":"box","text":"under license. 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ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":94,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"593c8784-2cce-45ef-9ff0-d94cc2208ccd","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":94,"box":{"x":70,"y":113,"width":608,"height":11}},{"id":"a0aaa178-0cae-42ac-a707-493002b80be2","block_type":"box","text":"Indexed and Inverse Securities.","page_number":94,"box":{"x":102,"y":135,"width":228,"height":9}},{"id":"e58f35a4-8aa1-4fb9-9642-3fdc61e16983","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":94,"box":{"x":336,"y":136,"width":523,"height":10}},{"id":"a31d99ad-04eb-4c00-9cc5-42a835e840f2","block_type":"box","text":"par ticular index of value or interest rates. 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To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":94,"box":{"x":68,"y":181,"width":830,"height":11}},{"id":"d93af314-245c-4c9c-8360-b763c7d60c56","block_type":"box","text":"be subject to risk with respect to the value of the par ticular index: that is, if the value of the index falls, the value of","page_number":94,"box":{"x":69,"y":196,"width":827,"height":11}},{"id":"cc0717dd-b6f2-42b1-bd62-40180d481b8e","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on cer tain securities may also be","page_number":94,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"600ae0c6-a83b-45b6-89a7-a7a4ced3db60","block_type":"box","text":"based on relative changes among par ticular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":94,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"d03d0c3f-84aa-4401-8c16-f096712879d8","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":94,"box":{"x":69,"y":241,"width":781,"height":11}},{"id":"ac07b3f3-6a87-4a58-bb29-bbcd727f2783","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":94,"box":{"x":70,"y":256,"width":838,"height":12}},{"id":"d1fd0d64-2185-4346-8d0c-5774a5c77da3","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":94,"box":{"x":70,"y":271,"width":771,"height":12}},{"id":"9a78b915-ef16-4a6a-b8a5-c9e13b0aad69","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":94,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"8075b59e-e479-469d-9520-353b0f44d757","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":94,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"abe9ff00-a029-4e5e-ac42-fa8a17e6ecf7","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":94,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"c0f21aee-6247-4857-9741-cbf7f7a6c5f4","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":94,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"7529ab79-db92-4b4d-a5c8-8e7652f58ed8","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":94,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"3f748a91-eeb8-4939-84a1-f1f1ced212f6","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":94,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"86e47202-7b7a-4de1-980a-d82608eec274","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":94,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"064100a7-21a1-4511-b494-627f6f77a411","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":94,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"f54fba27-c961-47ae-82ed-e1ad0e38e9e7","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":94,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"7e47b581-0e80-47fe-bfe9-84dd25e0fd06","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":94,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"9fbf3bb7-6718-43d9-b43f-0c83b98c95e9","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":94,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"0d527d56-16aa-4bb9-8db3-ec164191b855","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":94,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"66b3a7b9-edb0-4df0-9558-124852eb24a8","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":94,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"f637fce7-fe03-46ef-a849-94246e8c79fa","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":94,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"a5e30927-3f1a-48b1-ae63-2a2b139a0eb9","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":94,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"bdd24c2f-60e1-470a-a384-1b337681845d","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":94,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"f9ae0270-1464-4c36-a4e6-414b4bdd1726","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":94,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"7d0af22a-e200-4f79-9f98-fae8b9944a86","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":94,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"37ce07ea-7923-4b82-904d-cc9f88274702","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":94,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"80213354-9e0c-42af-b93c-06602bc53288","block_type":"box","text":"Inflation Risk.","page_number":94,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"1abba1dc-d2d1-43ee-b408-f76b27cd69ec","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":94,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"0344b6ba-a633-4604-8e85-d364f89054ff","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":94,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"38f11fd5-0836-4739-9fc7-c84b4db00e46","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":94,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"7f7ccca1-c342-45bc-922c-f21e19dda84f","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":94,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"8f33e2e5-2596-4ba4-9b7c-63bc8f1f3228","block_type":"box","text":"The volume of initial public offerings and the levels at which the newly","page_number":94,"box":{"x":361,"y":642,"width":499,"height":11}},{"id":"7a60e96c-f4a4-40f2-86f1-feeffa12ec99","block_type":"box","text":"issued stocks trade in the secondary market are affected by the per formance of the stock market overall. If initial","page_number":94,"box":{"x":70,"y":657,"width":811,"height":11}},{"id":"252b5760-5a95-4789-939d-fdfd56377be6","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":94,"box":{"x":70,"y":672,"width":823,"height":11}},{"id":"74512bb1-5515-46ed-86cb-9617c67058cb","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":94,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"62defee6-4843-4d82-a4b9-bc23937fe59a","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":94,"box":{"x":68,"y":702,"width":839,"height":12}},{"id":"ec230d87-2c45-4a10-9e21-43fc985364fa","block_type":"box","text":"unpredictable price changes than more established stocks. IPOs have the potential to produce substantial gains.","page_number":94,"box":{"x":69,"y":718,"width":805,"height":11}},{"id":"bae85a3c-4426-4819-af06-c028b2117c3f","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":94,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"c717bdfc-a6c3-48c3-a34b-0087344a6470","block_type":"box","text":"any past gains from IPOs as an indication of future per formance. The investment per formance of a Fund during","page_number":94,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"b1b6b61c-02a8-4c7c-a71a-18b91fb93fca","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":94,"box":{"x":70,"y":763,"width":837,"height":11}},{"id":"35427107-1cc6-45b6-856d-a0462bc50e16","block_type":"box","text":"so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":94,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"4ade336c-6380-4e51-96e8-a72ea04b03ce","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":793,"width":823,"height":11}},{"id":"e2945f19-6e8b-435d-b566-a1a4bd0bfa43","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":808,"width":805,"height":11}},{"id":"2af7fe91-83f9-4910-9ede-bfc3d4eb91b7","block_type":"box","text":"limited periods.","page_number":94,"box":{"x":70,"y":823,"width":107,"height":11}},{"id":"7b5ec64d-ba16-46dd-a4dc-2d7325b0a419","block_type":"box","text":"Investment in Emerging Markets.","page_number":94,"box":{"x":102,"y":846,"width":242,"height":11}},{"id":"a0cb0cfc-efd1-4046-b5fc-cfd74be39593","block_type":"box","text":"General.","page_number":94,"box":{"x":102,"y":869,"width":58,"height":9}},{"id":"db4856b3-dcfe-491a-9c10-84d8713c9279","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":94,"box":{"x":102,"y":891,"width":748,"height":12}},{"id":"c539dc08-de34-4f1e-bdc5-395af05d7f9a","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":94,"box":{"x":69,"y":907,"width":840,"height":11}},{"id":"09166aa1-b0dd-49ba-aa1e-8500b4dfc86d","block_type":"box","text":"II-35","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f0da9d8-43e6-4cec-ad51-b9074a6edac3","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc5e30ab-f47d-4bba-8460-c17b9f4f1cde","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":95,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"18fded7a-aa2e-4e53-a127-523d34bfbf01","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":95,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"9c427675-e006-46f9-ad70-c59f69c7b5ff","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":95,"box":{"x":69,"y":75,"width":839,"height":11}},{"id":"0b6d589e-3f16-4be9-b636-a83d6c854985","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":95,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"cca83423-5e2c-49a0-93c4-b7d61d5b957b","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":95,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"d47240e1-9dc8-4702-b6d3-e4bc463de658","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":95,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"8def2432-b590-48d0-a500-c8ca3764eb72","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":95,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"8dde0870-d59e-4276-90ab-0138e65412ee","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":95,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"0c881db3-5725-45f9-a5ba-1b2596ccef61","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":95,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"814a39fc-83ba-4bbc-9323-7d3dd80b468a","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":95,"box":{"x":69,"y":188,"width":809,"height":12}},{"id":"623f8d9c-2578-4450-ab7b-e45b440defcb","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":95,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"5fbc4552-3d8a-48ee-b8e9-b3f8f2d8e6f3","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":95,"box":{"x":69,"y":218,"width":800,"height":12}},{"id":"d8d9861b-7534-405f-b49c-cc82c13331e9","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":95,"box":{"x":69,"y":234,"width":811,"height":11}},{"id":"08d0fc7c-f4f0-4da9-90b0-e6c39248cb66","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":95,"box":{"x":70,"y":249,"width":824,"height":11}},{"id":"0db1bfaa-9f1c-4fd0-91f6-2b8e2dfdcb96","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":95,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"b59d609b-89f6-4eb4-96e3-9d90f81e3f14","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":95,"box":{"x":70,"y":279,"width":813,"height":11}},{"id":"0ee12589-5116-4743-acff-e65229c07316","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":95,"box":{"x":69,"y":294,"width":694,"height":11}},{"id":"dbde6051-1597-4ed1-ac8c-da37b1331273","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":95,"box":{"x":102,"y":317,"width":767,"height":11}},{"id":"9a6f0110-845a-4b69-8e59-01ebea2b273c","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":95,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"8eb26672-34c9-489e-aa59-54995f19510f","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":95,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"02b33a9e-f803-4364-93b4-53a4da806c4c","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":95,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"905f07dd-c7f2-4c40-8986-c3308ac02ebf","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":95,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"a0aa143b-88b4-4605-a233-d5036f5aa258","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":95,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"42c28fb8-5f93-4fbe-9fc2-ae2c83968c2e","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":95,"box":{"x":70,"y":407,"width":802,"height":11}},{"id":"f6043233-39cc-45d3-a81d-e87e9c9c368e","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":95,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"4f1e7409-f17f-44b6-b13a-e972df227f02","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":95,"box":{"x":69,"y":438,"width":788,"height":11}},{"id":"4858e20e-a1ed-44b1-a4fc-27b63d636b93","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":95,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"3b9cd6ee-cae6-4ec5-a359-36bd19447786","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":95,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"d454d519-bf3c-45c5-91e6-681ff94a6b3d","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":95,"box":{"x":68,"y":483,"width":513,"height":11}},{"id":"52b1c6aa-183c-45a9-9bdc-09fc978188d8","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":95,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"cae60532-c367-49c0-8afd-3ef19d36dd19","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":95,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"70f5f59f-c363-41dd-b5ea-1e3cb47078cd","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":95,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"0d47f4c3-8e4d-4a89-8ed3-9ae3d01e140c","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":95,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"0a0520e5-7df5-4da2-a968-0c413a5c70a8","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":95,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"88959803-ddb9-4912-b692-47759128b0a3","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":95,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"b6320a45-3797-4c73-a4fc-15398821f6d0","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":95,"box":{"x":69,"y":596,"width":814,"height":12}},{"id":"8ceeb1d8-086d-4ade-b586-6e9fbbea011f","block_type":"box","text":"acquisition or disposal of securities.","page_number":95,"box":{"x":69,"y":612,"width":257,"height":11}},{"id":"e41e924a-fd2c-4359-b7a6-74da04ef5aca","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":95,"box":{"x":102,"y":634,"width":800,"height":12}},{"id":"8e4ed5f1-4ba1-4ee0-b675-2bbd9dc1df74","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":95,"box":{"x":70,"y":650,"width":769,"height":10}},{"id":"1210583c-82da-45bb-8656-ef4f6aa74296","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":95,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"237d0174-57c2-450b-9124-27af547c2875","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":95,"box":{"x":69,"y":680,"width":819,"height":11}},{"id":"cbde1708-19a5-4cb8-aa61-48dff2e2348b","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":95,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"9658952a-5fd5-47fe-807f-084d2473d551","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":95,"box":{"x":69,"y":710,"width":794,"height":11}},{"id":"b5b2a7cb-1294-4872-b217-18b272ea550e","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":95,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"67f1dcf8-cbf3-4c9b-9a00-dc200f1dfa9b","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":95,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"65d46da8-80a1-4452-9a5d-4842b94d651b","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":95,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"ecb5789f-ccaf-41ce-8ee0-b2188711b1dc","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":95,"box":{"x":68,"y":778,"width":777,"height":11}},{"id":"fbdafc4a-cf4f-4fb6-bad5-e116f193ae78","block_type":"box","text":"generally less available or transparent in these markets.","page_number":95,"box":{"x":68,"y":793,"width":401,"height":11}},{"id":"b9badf8c-1097-40be-a56d-b326ec5f4b21","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":95,"box":{"x":102,"y":816,"width":778,"height":11}},{"id":"aeaf906c-f142-423d-bfa2-dc14ad3e8151","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":95,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"dc6c587e-3639-4947-bc55-a5e5654cd4c4","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":95,"box":{"x":68,"y":846,"width":797,"height":11}},{"id":"c7fa7695-cbef-48de-b636-59837478b1fa","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":95,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"159808a7-ac57-4720-a259-9504e9c72c80","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":95,"box":{"x":68,"y":876,"width":799,"height":11}},{"id":"b52117b7-b28f-4b0b-b3c2-df40e097f838","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":95,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"9b4731bd-a006-4b30-a04e-cfd3348aebef","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":95,"box":{"x":68,"y":906,"width":740,"height":12}},{"id":"f3572e17-32be-4b40-9d71-073dde922619","block_type":"box","text":"II-36","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8dc65a84-1624-4d96-a89b-9cc111c76cd0","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71f031bd-1021-4f55-b7d3-7e162d5e27db","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":96,"box":{"x":102,"y":45,"width":305,"height":11}},{"id":"154b2019-7be3-4d82-a33d-c27cf3584d38","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":96,"box":{"x":414,"y":45,"width":485,"height":11}},{"id":"7a725212-4ff6-44db-91ec-3a953e05aa29","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":96,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"9870272b-9049-4d39-8f28-36ac28738216","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":96,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"09c93149-143e-45d9-82a3-1b2205c212e0","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":96,"box":{"x":68,"y":90,"width":838,"height":11}},{"id":"42ebcc44-c38e-4ada-aa21-315f6634caf4","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":96,"box":{"x":69,"y":105,"width":834,"height":11}},{"id":"54d370ff-72e9-48c6-96b5-8d019c143ebc","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":96,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"b5a6b6b8-cc7d-4ba9-a8d0-df1636c7cacc","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":96,"box":{"x":69,"y":135,"width":804,"height":12}},{"id":"9dcc5b6f-e221-40f8-bccd-961288df18c0","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":96,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"f67ff48e-d183-4a73-8ff9-4681c744c204","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":96,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"1a9f0569-81bd-4860-a4b6-3480c7d82822","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":96,"box":{"x":70,"y":181,"width":766,"height":11}},{"id":"8b63c086-52b6-4a40-b507-227459e5b624","block_type":"box","text":"per formance of the Fund.","page_number":96,"box":{"x":70,"y":196,"width":179,"height":11}},{"id":"1eb8f234-fcd0-49fd-9055-662a3c772366","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":96,"box":{"x":102,"y":218,"width":784,"height":12}},{"id":"96b4416a-fb47-4e6c-b0a2-54f0f41beb0e","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":96,"box":{"x":69,"y":234,"width":803,"height":11}},{"id":"99d29d9f-fdc9-43a7-a5ae-79834c0daa1b","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":96,"box":{"x":69,"y":249,"width":788,"height":11}},{"id":"e34c1d68-a1e6-4845-adad-bed1f446161f","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":96,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"ce48b513-a170-47b7-ab27-d0bf1dfa8c3b","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":96,"box":{"x":68,"y":279,"width":823,"height":11}},{"id":"fdaf8a4f-701a-42f1-bcee-10eb9ab4ba13","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":96,"box":{"x":68,"y":294,"width":822,"height":11}},{"id":"c45728c3-4823-4162-b959-ba34c952c800","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":96,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"5b62ce6f-a5f1-4eed-a230-32491fc04c0d","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":96,"box":{"x":69,"y":325,"width":821,"height":11}},{"id":"b376d4f0-f4bc-42cc-8f30-da2da00f96ce","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":96,"box":{"x":70,"y":339,"width":827,"height":12}},{"id":"641a08c9-3565-4782-b385-9d450c5cfb07","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":96,"box":{"x":70,"y":355,"width":803,"height":11}},{"id":"0c65b208-4a5c-4d70-950d-509cd718a591","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":96,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"a6808e1a-6844-47ec-99ec-fbd92a20b7e8","block_type":"box","text":"affected by a variety of factors.","page_number":96,"box":{"x":69,"y":385,"width":220,"height":11}},{"id":"23f8787d-061b-4fec-a6aa-b510e305fccf","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":96,"box":{"x":101,"y":407,"width":785,"height":12}},{"id":"d1a3e987-62e7-408e-a08c-0ac8191aa10e","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":96,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"52922925-90ae-4f57-ad5d-e094b08cb2a6","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":96,"box":{"x":69,"y":438,"width":814,"height":11}},{"id":"db9e2294-4586-42b6-a1e1-4ad788b766fb","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":96,"box":{"x":69,"y":453,"width":813,"height":11}},{"id":"5784d3cf-3aea-4914-8915-809163786a2f","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":96,"box":{"x":69,"y":468,"width":777,"height":11}},{"id":"f7699e61-9abd-482c-9989-6a201989a2a0","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":96,"box":{"x":70,"y":483,"width":652,"height":11}},{"id":"1837917b-b2f9-4975-a27a-dbef84abec76","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":96,"box":{"x":102,"y":506,"width":737,"height":11}},{"id":"c9ec9d9c-e001-407a-878d-e1a33e242a4d","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":96,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"3eb22395-a9ea-4db3-9f63-16005af960e5","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":96,"box":{"x":69,"y":536,"width":801,"height":11}},{"id":"b100abe6-129b-4600-85c3-1da9046992a9","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":96,"box":{"x":69,"y":551,"width":793,"height":11}},{"id":"2192fc49-d737-4dd5-8f8e-5667bab98371","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":96,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"380f0592-c555-4daf-b781-429f62de8b46","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":96,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"2111e2dc-f843-4735-810b-1ef3c84f1b75","block_type":"box","text":"nations.","page_number":96,"box":{"x":69,"y":597,"width":56,"height":8}},{"id":"2da71409-ff48-4e36-ad51-c98174f73c70","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":96,"box":{"x":102,"y":619,"width":794,"height":11}},{"id":"997e80ee-e4ac-4dfe-95e0-4fcfc577c4cc","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":96,"box":{"x":68,"y":634,"width":773,"height":12}},{"id":"2053ad4e-db54-44b5-9604-cebbca060f6f","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":96,"box":{"x":69,"y":649,"width":808,"height":12}},{"id":"59d05adf-24cd-4314-a175-5c8940d181ef","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":96,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"948b5d04-8a0a-408a-b995-a1325f626bc7","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":96,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"0d7912db-f094-48a7-9875-9fb2a4665672","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":96,"box":{"x":69,"y":695,"width":790,"height":11}},{"id":"5cc8db16-ffab-4024-a99e-974e4478d9ea","block_type":"box","text":"market Asia-Pacific companies.","page_number":96,"box":{"x":69,"y":710,"width":220,"height":11}},{"id":"2eac7b38-8de1-4730-9d56-0c6f81d978fe","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":96,"box":{"x":102,"y":732,"width":780,"height":12}},{"id":"a23e4efd-5d1e-4c34-b4ac-595356f66fa9","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":96,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"33bb8461-71aa-4dc5-975e-1c3d253308c9","block_type":"box","text":"services for such securities outside such countries.","page_number":96,"box":{"x":69,"y":763,"width":367,"height":9}},{"id":"7947ef66-519c-4b0c-9990-0815d549bbd5","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":96,"box":{"x":102,"y":785,"width":795,"height":12}},{"id":"df4ff343-c8f9-4625-937d-91b5cd51dee8","block_type":"box","text":"to commercial banks and foreign governments.","page_number":96,"box":{"x":68,"y":801,"width":335,"height":11}},{"id":"9acf6ab1-e354-408d-b2b4-d0a8a67a4244","block_type":"box","text":"On March 11, 2011, a power ful ear thquake and resulting tsunami struck nor theastern Japan causing major","page_number":96,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"43947e70-06fa-46b5-aeea-7bc877b2761b","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":96,"box":{"x":69,"y":839,"width":813,"height":11}},{"id":"d06393c3-5260-4932-a3f2-7b5e242b3be1","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment por tfolio and, in the longer term,","page_number":96,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"61164416-3e80-440d-92ce-a9c3fda83120","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":96,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"84effe35-cd53-4101-ac44-7fd87d2e2852","block_type":"box","text":"conducted.","page_number":96,"box":{"x":69,"y":884,"width":76,"height":9}},{"id":"508d9d54-f131-468b-b91b-19b1488d7ee0","block_type":"box","text":"II-37","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c41d291c-3e53-44da-829b-1b4e03a09e9f","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0986c517-20c6-4c56-81aa-0c639d9ba886","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":97,"box":{"x":102,"y":45,"width":782,"height":11}},{"id":"86d686c6-1c43-4eae-b692-230f39280401","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":97,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"1813ff85-bf84-4b72-b96f-b20f89936d66","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":97,"box":{"x":68,"y":75,"width":711,"height":11}},{"id":"8be4cb16-cdd3-4ced-b643-63f9a0a3b824","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":97,"box":{"x":102,"y":98,"width":435,"height":11}},{"id":"49247af1-0940-48eb-a665-a5c0ce800226","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":97,"box":{"x":543,"y":98,"width":355,"height":11}},{"id":"f8e9bdf5-279b-4599-a8e3-a7c8ab1ec478","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":97,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"d882aa11-660a-41f9-9239-22444f7f0ffd","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":97,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"48024023-0a86-4292-9958-32d4b4c252eb","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":97,"box":{"x":68,"y":143,"width":828,"height":11}},{"id":"518df7d9-e472-4ece-8fb9-0f8a03850e40","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":97,"box":{"x":69,"y":158,"width":794,"height":11}},{"id":"9e69eca2-b7a7-4118-85fc-8e194f79de92","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":97,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"e7c0badd-df31-4c7d-9b17-61b7c14bf24f","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":97,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"cd9084e5-91cc-400c-bfe8-f167970bcbd2","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":97,"box":{"x":69,"y":203,"width":820,"height":12}},{"id":"1aebca4b-9876-431b-beaf-dfd769009ee2","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":97,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"1fdbaad2-4b0d-4678-ae3b-cba44a38eca1","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":97,"box":{"x":70,"y":234,"width":434,"height":11}},{"id":"b1139b53-a2a8-46d2-bb22-e19a00cfa1b9","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":97,"box":{"x":101,"y":256,"width":787,"height":12}},{"id":"146b378c-230e-483e-b090-e6b728533c8e","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":97,"box":{"x":68,"y":271,"width":833,"height":12}},{"id":"a7b38a73-7778-44ff-92f6-45187902408f","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":97,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"c116ffee-45b8-4728-9897-e25cf1204337","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":97,"box":{"x":69,"y":302,"width":831,"height":11}},{"id":"c63f7d70-a66a-489a-aa37-26ddbc5dd162","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":97,"box":{"x":68,"y":317,"width":834,"height":11}},{"id":"e5d5a810-29e4-4944-9166-d4984a26b388","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":97,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"597a5dcb-3d7e-466f-900c-fde85ad8f7ba","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":97,"box":{"x":69,"y":347,"width":800,"height":11}},{"id":"a6db832e-1749-4be4-9d08-f43cee454348","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":97,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"5ed325eb-b490-482a-8684-8c37427009dc","block_type":"box","text":"investment at that time.","page_number":97,"box":{"x":70,"y":377,"width":168,"height":9}},{"id":"253ed8a8-b03a-4701-ad7d-9e7aee2d433e","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":97,"box":{"x":102,"y":400,"width":774,"height":11}},{"id":"478c8573-d88f-46d4-9ac7-5fefc8f980c5","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":97,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"218fff24-c818-4e63-8627-5e88d3d3461f","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":97,"box":{"x":69,"y":430,"width":789,"height":11}},{"id":"c4dd48a7-673b-4310-a4df-7a40f4be71e8","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":97,"box":{"x":69,"y":445,"width":826,"height":11}},{"id":"1263a694-36c1-40b1-bf78-b6345c353923","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":97,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"ed432265-988b-471e-921d-35b5a414c129","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":97,"box":{"x":68,"y":475,"width":826,"height":12}},{"id":"bad09f30-f1bf-441f-80e7-b47480426ff7","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":97,"box":{"x":68,"y":491,"width":800,"height":11}},{"id":"1e4673a1-6f8e-4375-8e13-4fe82c89bc46","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":97,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"405a88e6-bc9f-4c39-9b44-00bb15456486","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":97,"box":{"x":68,"y":521,"width":798,"height":11}},{"id":"6dc8f61f-2daa-42b3-99eb-6f36ec8a9711","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":97,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"b896e7bb-73e8-45a8-9e5e-0b6f80e34c09","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":97,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"d213ca32-52f8-412f-84d5-ec6fdf3f3340","block_type":"box","text":"government).","page_number":97,"box":{"x":68,"y":566,"width":92,"height":11}},{"id":"b00e7073-72b0-4e5c-ab38-7f6692f4fea6","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":97,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"c986c2bf-be8a-47fb-b483-0229a8f3b83b","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":97,"box":{"x":68,"y":604,"width":828,"height":11}},{"id":"b9b469a4-1d84-43cf-9285-feed980543dc","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":97,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"a9c3c76e-7ec5-487c-a1fb-7ed933b66228","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":97,"box":{"x":69,"y":634,"width":829,"height":11}},{"id":"f9141563-e6ca-4f84-b736-267a97c0a7d2","block_type":"box","text":"foreign banks and other financial institutions.","page_number":97,"box":{"x":68,"y":649,"width":322,"height":12}},{"id":"e796f750-6ebc-4e2c-8a02-0357c02a3ef8","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":97,"box":{"x":102,"y":672,"width":767,"height":11}},{"id":"11ca2598-e2bc-4424-adb4-51c87e26f865","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":97,"box":{"x":69,"y":687,"width":814,"height":11}},{"id":"ae9e7ff3-0f8d-4f41-af03-64b348132750","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":97,"box":{"x":69,"y":702,"width":809,"height":12}},{"id":"00d6685a-7495-4733-82ae-d9bae2aed4db","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":97,"box":{"x":69,"y":717,"width":812,"height":11}},{"id":"493d0b84-cc1c-42c7-ab47-8a11ab562c48","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":97,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"6d622b73-dac5-4e09-9cd5-0fc4211269f7","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":97,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"ae3ad2b9-5138-4b1b-92c8-995833c2fe5b","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":97,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"64cfb8cd-fd88-41b1-afe6-2b7f61281f67","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":97,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"000615b0-221b-4371-8ec1-45ccfaacf65a","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":97,"box":{"x":68,"y":793,"width":837,"height":11}},{"id":"7635e743-ad22-4d65-bd97-c77f432ca35e","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":97,"box":{"x":70,"y":808,"width":771,"height":11}},{"id":"3244cfe2-82a0-42d4-b3ad-104d979f7822","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":97,"box":{"x":69,"y":823,"width":711,"height":11}},{"id":"e45b9b80-7c14-468c-b949-84a990f7af87","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":97,"box":{"x":101,"y":846,"width":779,"height":11}},{"id":"2a029e72-841a-4726-ba0b-141340487d26","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":97,"box":{"x":68,"y":861,"width":840,"height":11}},{"id":"a66d8852-8fd9-44f6-8814-bbfaf854d050","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":97,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"9dfd142a-6397-4444-9c24-d1376d5a98a5","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":97,"box":{"x":68,"y":891,"width":802,"height":12}},{"id":"acebf9d1-f3b0-4e83-ab13-cd241f7b272b","block_type":"box","text":"foreign securities.","page_number":97,"box":{"x":68,"y":906,"width":127,"height":12}},{"id":"1ffe656f-870e-48a1-9888-daa229c4345e","block_type":"box","text":"II-38","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c96dd5dc-889f-4b8f-86c0-3cf371c8c871","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6402050f-360e-4c3b-85bf-649d1d714f23","block_type":"box","text":"Risks of Investments in Russia.","page_number":98,"box":{"x":102,"y":45,"width":224,"height":9}},{"id":"303a82cc-a529-4b50-8a99-b816252ca455","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":98,"box":{"x":332,"y":45,"width":539,"height":11}},{"id":"e7018a50-2d5b-4b9d-8171-2f65244b0810","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":98,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"055957eb-0a81-4fa9-bc1b-512716e55eb5","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":98,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"41224827-3ab0-41ac-98cc-e725fd8b448d","block_type":"box","text":"and a substantial por tion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":98,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"572dda16-fd42-4efe-b302-04a8c20621c5","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":98,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"84e9f299-c1d1-4f0c-97d6-735408131f65","block_type":"box","text":"obtaining accurate prices on por tfolio securities from independent sources more difficult than in more developed","page_number":98,"box":{"x":69,"y":120,"width":804,"height":12}},{"id":"37ab815d-9bed-4e66-bd0e-aa63ea403ff1","block_type":"box","text":"markets.","page_number":98,"box":{"x":69,"y":136,"width":61,"height":8}},{"id":"410045dd-9201-4ed3-b17a-c14ab4b97683","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":98,"box":{"x":102,"y":158,"width":753,"height":11}},{"id":"e3faa3a1-4b6f-450a-a610-5a0e389e5b31","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":98,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"95d0ad2d-c99a-4be6-8fc8-ad9659dbfdd3","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":98,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"233d0f02-2c4a-4d39-add9-4e2c62985794","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":98,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"f4ea3bfd-1957-4269-90f4-b5cb8449e9f4","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":98,"box":{"x":69,"y":218,"width":815,"height":12}},{"id":"3bb07b83-d672-4379-b54b-60c1801d43cf","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":98,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"0f96a9b2-9d39-4efc-975b-cd7d799f6b6a","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":98,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"8b720722-fd06-4047-820f-2fd43e931936","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":98,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"a36a5a6c-5875-4e75-9a79-7c12268b71c9","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":98,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"579a181a-dd62-47c0-a5de-43c22e03af39","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":98,"box":{"x":70,"y":294,"width":825,"height":11}},{"id":"67afb3c5-baa8-4101-a442-db1c6c2faada","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":98,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"1864dc7d-7cdc-44be-8398-a55e65fb77e0","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":98,"box":{"x":68,"y":324,"width":833,"height":12}},{"id":"07129b89-7c6d-467f-8a9d-ce71fff51ae4","block_type":"box","text":"or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":98,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"7b2f9fb2-478a-43f1-a3a9-c407e07a9c83","block_type":"box","text":"otherwise remedy the loss.","page_number":98,"box":{"x":69,"y":355,"width":192,"height":11}},{"id":"a9e9c845-4147-49e7-b4ee-1d6db34a1119","block_type":"box","text":"In addition, Russia also may attempt to asser t its influence in the region through economic or even military","page_number":98,"box":{"x":102,"y":377,"width":765,"height":12}},{"id":"a691ba39-714b-401a-8537-2c9065d7782c","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":98,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"00976c5d-a8ca-4805-b2e7-f27d0f3ceb4c","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":98,"box":{"x":70,"y":407,"width":782,"height":12}},{"id":"af82b102-f8e3-4b42-80a7-509813f56780","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":98,"box":{"x":69,"y":423,"width":824,"height":11}},{"id":"29c022ac-55d9-4f55-a5a9-ded4a6c022f4","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":98,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"6b7fd5b0-e873-409c-b621-eb9217ed1641","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":98,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"86ed9301-2515-4efb-8d7e-29e7312c7f09","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":98,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"801b1bde-abc0-4610-8adf-2e7a2505e2a5","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":98,"box":{"x":70,"y":483,"width":759,"height":11}},{"id":"61ada03b-58e2-456e-a75d-610065faf295","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":98,"box":{"x":70,"y":498,"width":822,"height":11}},{"id":"1cca93e0-7dfc-4e76-8741-3f2c6cbc33cd","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":98,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"69e3d896-efd7-4bdd-adb6-06ee1bc62576","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":98,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"dcb43a4a-2497-4064-8318-1d1e19bd485d","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":98,"box":{"x":69,"y":543,"width":832,"height":12}},{"id":"1267fb51-affe-457b-bad5-f43de8b1dc0a","block_type":"box","text":"markets for cer tain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":98,"box":{"x":69,"y":559,"width":786,"height":11}},{"id":"403bcd2e-13dc-47e4-9cde-e39658ebc36f","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":98,"box":{"x":69,"y":574,"width":521,"height":11}},{"id":"f65fb606-6a17-42d8-8f3e-d898d5693148","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":98,"box":{"x":102,"y":597,"width":745,"height":11}},{"id":"6dfffc8c-588a-4d03-a786-ca2139ced586","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":98,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"562a1e92-6e7a-4ff3-88f5-b6cbaaca276a","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":98,"box":{"x":70,"y":627,"width":799,"height":11}},{"id":"2d11d229-e399-410c-a4e7-ebdf15887b2d","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":98,"box":{"x":70,"y":642,"width":788,"height":11}},{"id":"682a3c36-f684-4f45-93ea-0aa35fcb8379","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":98,"box":{"x":69,"y":657,"width":807,"height":11}},{"id":"c9d4d578-2ac2-4f72-a763-9317e978b2c7","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":98,"box":{"x":70,"y":672,"width":782,"height":11}},{"id":"8b5f1245-ca3b-40f5-b36f-1181082a4c8a","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":98,"box":{"x":70,"y":687,"width":802,"height":11}},{"id":"17d571e8-6406-4587-8ced-f57ff93fb122","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":98,"box":{"x":68,"y":702,"width":826,"height":11}},{"id":"799fe55f-205a-4945-98e5-e9e525011229","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":98,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"40b7dbbf-7c1d-4fa9-9fd8-e3c038d1e63e","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may fur ther impair the value and liquidity","page_number":98,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"0fb48a5d-0fc3-4b1b-98da-315f29c8c9f5","block_type":"box","text":"of Russian securities.","page_number":98,"box":{"x":69,"y":748,"width":153,"height":9}},{"id":"cf5a03c7-cd21-40aa-8b7d-21d1af5e3fcb","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":98,"box":{"x":102,"y":770,"width":241,"height":12}},{"id":"6ad91d88-307d-42ff-800f-381f48216708","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":98,"box":{"x":350,"y":770,"width":523,"height":12}},{"id":"5832f74b-cc74-46ff-aabb-0d2cd4d3fc7f","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":98,"box":{"x":70,"y":786,"width":838,"height":11}},{"id":"a40a976c-5113-4ef1-8460-80891af90777","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":98,"box":{"x":69,"y":801,"width":814,"height":11}},{"id":"fcb502cc-2686-4a03-8907-929a0cddeb93","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":98,"box":{"x":68,"y":816,"width":793,"height":11}},{"id":"01b733c0-9322-41de-bcf3-cc70e7c00f2c","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":98,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"c371cd4d-399b-4990-89f8-66cd18830990","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":98,"box":{"x":69,"y":846,"width":777,"height":11}},{"id":"9e49c195-f778-4c3b-b62b-d84bab997829","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":98,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"7db41428-cc90-4305-b80f-37ee0d4fa126","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":98,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"31569b78-9dc0-4622-9648-316812ea4302","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":98,"box":{"x":69,"y":891,"width":765,"height":11}},{"id":"63f5d20d-cdb8-4bd8-bef8-5dddd17332a3","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":98,"box":{"x":69,"y":906,"width":838,"height":12}},{"id":"0dcffc8b-eab6-4351-870f-b5f321e74374","block_type":"box","text":"II-39","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9cade1f5-15ad-4410-9c25-3e3e187c962c","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c1f80c0-364d-4aa0-bf94-eb3247252eb9","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":99,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"43631a66-5197-48e3-a3d0-272cb3cdea0a","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":99,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"91ec34d8-1759-487f-8b76-676dde5fb814","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":99,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"9bc5fae8-6a30-4908-b9c8-587b24224bd1","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":99,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"18070d43-64cb-4171-bc46-6e39441dccf2","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":99,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"2171d1db-5718-4491-a9ff-ca694eef467d","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":99,"box":{"x":69,"y":120,"width":797,"height":12}},{"id":"0d3fac2c-a0cd-45e9-bcd4-1f1984f08bf1","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":99,"box":{"x":68,"y":135,"width":781,"height":12}},{"id":"d0a16962-80d8-4c09-a520-96961f3c57f3","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":99,"box":{"x":69,"y":150,"width":811,"height":12}},{"id":"d024d03e-71c2-450e-a464-8d82a439c32c","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":99,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"ac74d2d5-5680-49e8-8076-63655f90d3db","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":99,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"5e41fcb1-7e26-45aa-b6d5-58f4a0a59378","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":99,"box":{"x":69,"y":196,"width":823,"height":11}},{"id":"40be1fc5-8126-43d4-932d-ea4f1d554fc1","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":99,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"23d9656a-2b8a-48eb-881e-be24f8a2b56b","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":99,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"db8a4bdf-86af-4ea8-8533-fcd5e9741ca9","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":99,"box":{"x":68,"y":241,"width":799,"height":11}},{"id":"78838889-42e5-4731-933d-5b1b070a507e","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":99,"box":{"x":69,"y":256,"width":815,"height":12}},{"id":"5e20fa90-2a69-4acc-9615-017666bfbb7b","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":99,"box":{"x":68,"y":271,"width":818,"height":12}},{"id":"de54c87f-5e42-4268-bdf3-d59897d747b6","block_type":"box","text":"impacted.","page_number":99,"box":{"x":70,"y":287,"width":67,"height":10}},{"id":"d2ba898e-babf-44e5-968f-1d3792ec33ca","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":99,"box":{"x":102,"y":309,"width":773,"height":11}},{"id":"9510b953-12ce-4aa6-bd62-8e2e5c34bfb9","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":99,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"5d1f4f7b-7e30-410f-8e79-c2978585a1ad","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":99,"box":{"x":70,"y":339,"width":818,"height":12}},{"id":"b91f20ac-0e11-4405-b2f8-953aca46bf5f","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":99,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"2f7bf543-b962-4b37-8857-8b5a12c0c70f","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":99,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"73ec7fbe-846a-4da6-a017-60753e312aff","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":99,"box":{"x":68,"y":385,"width":809,"height":11}},{"id":"64a2cd21-85d4-4bc2-86cc-83f97962074d","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":99,"box":{"x":70,"y":400,"width":790,"height":11}},{"id":"14814eaf-a03c-449a-b066-211fe74703c2","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":99,"box":{"x":70,"y":415,"width":798,"height":11}},{"id":"1933f7f0-052b-4462-af40-b27727ede83f","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":99,"box":{"x":68,"y":430,"width":781,"height":11}},{"id":"8b53c189-9b64-40d5-bf8a-419712d28c84","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":99,"box":{"x":70,"y":445,"width":836,"height":11}},{"id":"15021d03-94ee-4390-85c2-415a82e22fbf","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":99,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"b859df16-1f6c-42cb-9105-e1200f428c79","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":99,"box":{"x":69,"y":476,"width":838,"height":11}},{"id":"2ecb382d-1231-4eff-b884-78c2f3a7ad08","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":99,"box":{"x":69,"y":491,"width":790,"height":11}},{"id":"a21790ae-d320-4bac-a5e4-52624aca0405","block_type":"box","text":"economy.","page_number":99,"box":{"x":69,"y":508,"width":65,"height":9}},{"id":"5ed3bfee-bdc3-48d1-a663-8a4b94f8d338","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":99,"box":{"x":101,"y":529,"width":747,"height":11}},{"id":"a2392b84-b26b-41c5-b4d4-ac2e2e1b9928","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":99,"box":{"x":69,"y":544,"width":776,"height":11}},{"id":"baea0158-5795-4b85-969d-853fab9dc477","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":99,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"050c289b-ccfd-4874-8141-d681eca827b0","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":99,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"2aa03562-d618-4abc-8108-0308d7efe995","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":99,"box":{"x":69,"y":589,"width":813,"height":11}},{"id":"17977b0f-2a9a-43f2-a01b-1776f826effa","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":99,"box":{"x":70,"y":604,"width":822,"height":11}},{"id":"94033bd2-f8de-407c-babb-783149e50ef4","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":99,"box":{"x":68,"y":619,"width":837,"height":11}},{"id":"dbaf80bf-c8ad-447e-ab65-a8185381966e","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":99,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"ef89e77f-7755-442c-a1ab-6ed3a01d4d93","block_type":"box","text":"typically the case for investment managers.","page_number":99,"box":{"x":68,"y":649,"width":309,"height":12}},{"id":"0cc76ee8-e557-4a40-a4b0-4f5c9efd2173","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":99,"box":{"x":101,"y":672,"width":806,"height":11}},{"id":"0fbe1c30-eb75-4eaf-a6f4-13e7a5f97820","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":99,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"f0727c1b-4b41-4c5f-8a3c-8f73773b47fd","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":99,"box":{"x":70,"y":702,"width":777,"height":12}},{"id":"a4de120b-8d11-48dc-894e-5350783f87a0","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":99,"box":{"x":69,"y":718,"width":796,"height":11}},{"id":"6e2e6095-76f2-40a3-8558-a741dfdaa4c6","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":99,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"c4c5f8f2-2961-45b5-812c-0ee5774f76eb","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":99,"box":{"x":70,"y":748,"width":827,"height":11}},{"id":"dac59827-e68e-4e6b-ad7a-411647ded42d","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":99,"box":{"x":68,"y":763,"width":764,"height":11}},{"id":"9637d203-d677-42d7-b2ce-f3a9deee5d89","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":99,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"081809d4-97ed-455f-99a3-83bca56d1aea","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":99,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"9bd93f43-fceb-42d8-829e-6e808423e8b7","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":99,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"e2e0a725-7856-4308-aff1-7e0a14e66c4a","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":99,"box":{"x":69,"y":823,"width":815,"height":11}},{"id":"c9f1a094-3ad1-4d9a-9f29-b6d4eb42a654","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":99,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"b15c5d5b-4232-4ffe-a9de-47172803c9c4","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":99,"box":{"x":70,"y":853,"width":797,"height":12}},{"id":"91a398a7-6964-4eff-9f62-03f8d9dca409","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":99,"box":{"x":69,"y":869,"width":510,"height":11}},{"id":"f2b7b852-83d9-4537-a4d4-99989e0ed19b","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":99,"box":{"x":102,"y":891,"width":773,"height":12}},{"id":"c03da155-044d-4e45-8e6d-3afd21e0f3ac","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":99,"box":{"x":69,"y":906,"width":820,"height":12}},{"id":"050b89a2-ae86-41f0-a31b-58a09c2cfe7f","block_type":"box","text":"II-40","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fccfc48c-18e8-4f27-b8f6-7defdf202e8f","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01fef4bf-12c7-4f07-b156-af92dfa0de5a","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":100,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"0c1420ca-faee-4b12-8171-480b259bcfb8","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":100,"box":{"x":70,"y":60,"width":837,"height":11}},{"id":"c495bf78-e952-4401-b997-bfeb1851075e","block_type":"box","text":"will be indirectly subject to those risks.","page_number":100,"box":{"x":68,"y":75,"width":277,"height":11}},{"id":"4ccc8001-be89-49ff-aa05-219269c51b55","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":100,"box":{"x":102,"y":98,"width":223,"height":11}},{"id":"a2bea615-0ea2-4eed-92d2-dc8d35cd4d09","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":100,"box":{"x":332,"y":98,"width":521,"height":11}},{"id":"a51342a9-a6fb-4f12-a5f7-d129c3e9ed75","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":100,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"81306d5f-2097-4e60-af94-a4c45f1a4530","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on expor t of natural","page_number":100,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"3a8d5ba4-1d21-4c07-a233-d5f2f40e582b","block_type":"box","text":"resources to key trading par tners. According to the Organization of Petroleum Expor ting Countries (“OPEC”),","page_number":100,"box":{"x":69,"y":143,"width":769,"height":11}},{"id":"333c8234-c8a9-4818-b367-a3686c460299","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry repor t, Venezuela also has the","page_number":100,"box":{"x":68,"y":158,"width":757,"height":11}},{"id":"80e57db8-4221-4dc9-acd1-1bd93e0bd77e","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":100,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"4c9df716-0eba-4815-adcd-a6049b1e077f","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or expor t of natural resources will","page_number":100,"box":{"x":69,"y":188,"width":817,"height":12}},{"id":"2103835c-0f0f-4f14-aadf-c9a405b558e8","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":100,"box":{"x":70,"y":203,"width":810,"height":12}},{"id":"a2ca1740-9c3d-4f1a-b81b-d1756a2b8083","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":100,"box":{"x":70,"y":219,"width":726,"height":11}},{"id":"7a6f7504-475c-4645-b8c5-71a247f99917","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":100,"box":{"x":68,"y":234,"width":808,"height":11}},{"id":"b1c87b6f-c88b-4ff8-9505-207cc9fa8fff","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncer tainty.","page_number":100,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"c1ba4a19-06bc-43aa-93e7-0b411ee3bb1d","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":100,"box":{"x":70,"y":264,"width":821,"height":11}},{"id":"a130bd76-debc-439a-93e9-1f165721a7a4","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate","page_number":100,"box":{"x":68,"y":279,"width":820,"height":11}},{"id":"ab1de269-ca8c-46c4-a48f-add17aa45b37","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":100,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"61870e7c-50cd-40c9-a2eb-7c6b200433d2","block_type":"box","text":"sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":100,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"d6da8ca8-e76a-4a08-b1bd-f3c7350800cc","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":100,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"c90d3769-75a9-409c-9c4a-41d20ac03635","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":100,"box":{"x":70,"y":339,"width":838,"height":12}},{"id":"c44c2977-d9e0-4186-9a99-bad81b2200b2","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":100,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"d7647e74-cb8b-4212-9016-90cbaf102214","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":100,"box":{"x":69,"y":370,"width":296,"height":11}},{"id":"4da4b4f1-8c69-45fe-bedb-d88d099aba83","block_type":"box","text":"Brady Bonds.","page_number":100,"box":{"x":102,"y":393,"width":92,"height":11}},{"id":"359e7cbc-6c49-454f-9ad6-d765bbddf909","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":100,"box":{"x":201,"y":392,"width":689,"height":12}},{"id":"1405a965-7144-49e7-b6a5-1be85b76999b","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":100,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"33f8967b-3cff-4ec5-8c42-ff30ffab7004","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":100,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"378ceb53-19de-49e2-8065-1e894c4dabc1","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":100,"box":{"x":69,"y":438,"width":784,"height":11}},{"id":"831fe55d-9346-48bc-8b61-69c7ca4353b3","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":100,"box":{"x":68,"y":453,"width":837,"height":11}},{"id":"83d846fa-9b36-43ef-b0ed-3957a86ef39e","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":100,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"5a5d0d19-145f-44a1-9167-5ecdd342e8b5","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":100,"box":{"x":70,"y":483,"width":555,"height":11}},{"id":"33292751-1020-439d-8459-63451a7319ad","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":100,"box":{"x":102,"y":506,"width":798,"height":11}},{"id":"a9a0a6e8-556a-4478-abd9-447c01b8d59b","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":100,"box":{"x":69,"y":521,"width":780,"height":11}},{"id":"844f0409-06ee-46e2-861f-2e7d4ff812a6","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":100,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"08057b4b-e470-4bce-ae43-e65c2ce31673","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":100,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"9780b209-504b-4d83-9210-f5c553bc170c","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":100,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"8b9e5510-df7a-4869-af1d-8269d8098e85","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":100,"box":{"x":68,"y":581,"width":823,"height":12}},{"id":"1267dcdc-8574-4e33-a85e-b69f9a04d9df","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":100,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"e700423f-450f-4a5f-950a-893518153fc3","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":100,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"96d43d64-9742-40e4-adfc-eac41d9653a8","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":100,"box":{"x":69,"y":627,"width":818,"height":11}},{"id":"06eede9e-f048-4324-9b06-92d5d8fd8d18","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":100,"box":{"x":69,"y":642,"width":804,"height":11}},{"id":"fbc74236-e008-46be-84d4-6f2f9360084a","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":100,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"f99066ea-1add-4981-80f5-de840528c637","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":100,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"1447a18f-382d-499f-86b9-5055ff3de1fc","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":100,"box":{"x":68,"y":687,"width":780,"height":11}},{"id":"2bf834b7-f259-4ccf-bb42-141ec87dfff7","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":100,"box":{"x":69,"y":702,"width":790,"height":11}},{"id":"41fa3b86-b92c-48d1-80f3-ffb539b013db","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":100,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"adadca10-00be-466b-8153-2bed2db87319","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":100,"box":{"x":68,"y":740,"width":770,"height":11}},{"id":"6f8da6ad-b1aa-4a3e-b2ef-2e8fc9311422","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":100,"box":{"x":70,"y":755,"width":745,"height":11}},{"id":"5995d205-9b52-4660-8b47-b3f3068b24e2","block_type":"box","text":"bondholders. A significant por tion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":100,"box":{"x":69,"y":770,"width":837,"height":12}},{"id":"6d40ef7e-3c86-4874-b107-105c3a511518","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":100,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"299e66eb-704f-4c7c-8af6-fdd6d447bcdc","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":100,"box":{"x":70,"y":801,"width":820,"height":11}},{"id":"b5725c73-2025-46a4-ab39-b592945e953e","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":100,"box":{"x":68,"y":816,"width":790,"height":11}},{"id":"f964fc04-8658-4dc0-ace4-4d9f43e239c8","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":100,"box":{"x":102,"y":838,"width":807,"height":12}},{"id":"d16ef30d-bedb-41a9-9149-3732ecc1d99c","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":100,"box":{"x":68,"y":853,"width":838,"height":12}},{"id":"eda9587c-db53-4f84-b860-0d4fff6c57da","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":100,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"c023a6b7-24f8-4a16-af6a-4ef877286853","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":100,"box":{"x":70,"y":884,"width":835,"height":11}},{"id":"e32564d3-fc4e-478c-acc4-8b1378459e7f","block_type":"box","text":"II-41","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7194e7c7-9a36-4277-8eaa-2638d9c4683e","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"faf191cc-a7a4-495c-bf2e-bb7c2cb75b74","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":101,"box":{"x":68,"y":45,"width":841,"height":11}},{"id":"7b61e1a6-aba2-4d17-97b1-4f4f52308a29","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":101,"box":{"x":70,"y":60,"width":351,"height":11}},{"id":"a8fc2a72-e43a-4311-82cc-be6326133e39","block_type":"box","text":"China Investments Risk.","page_number":101,"box":{"x":102,"y":83,"width":171,"height":8}},{"id":"c78096e8-d132-4844-90d4-4b89f7ed81d2","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":101,"box":{"x":102,"y":105,"width":763,"height":11}},{"id":"7088348c-840f-4102-a419-5b0252fc9c63","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":101,"box":{"x":70,"y":120,"width":830,"height":12}},{"id":"15752043-2ded-4b1b-99a5-3e334a01421d","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":101,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"5fd95d61-3d25-44e5-bb54-d36262982179","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":101,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"65d41ac1-4877-4afe-a831-5ff051b8ec5e","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":101,"box":{"x":69,"y":166,"width":713,"height":11}},{"id":"f82c5df9-27e0-4204-aa83-08cf8b28fa08","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":101,"box":{"x":102,"y":188,"width":762,"height":11}},{"id":"c4f12504-760d-4e62-833c-db9149aae98a","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":101,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"aad1a8fe-04af-4c4d-aa44-f376504f9d2a","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":101,"box":{"x":69,"y":219,"width":820,"height":11}},{"id":"7a63a776-b96d-481a-9deb-d90f1f7a8ee9","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":101,"box":{"x":68,"y":234,"width":777,"height":11}},{"id":"c7ef43fb-b38d-443c-bad0-f8d36aa87d39","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":101,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"8f2ca7c2-240a-4bba-b83d-b8809f1d9664","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":101,"box":{"x":69,"y":264,"width":805,"height":11}},{"id":"13a88a6e-c96e-4b00-8176-92d7ea2fbbbc","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":101,"box":{"x":70,"y":279,"width":770,"height":11}},{"id":"6e6d5e3f-8014-4caa-843e-39f487ca7401","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":101,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"fa63c66e-f8ad-490a-88b8-7a2534215082","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":101,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"9161e3d4-cfff-4a7c-9e54-5d1e2e77307c","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":101,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"0cfef79d-f1b5-4122-9303-36e5fcf1963f","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":101,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"ebd11216-0b1c-4f4d-8e77-9b6f727252d7","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":101,"box":{"x":69,"y":355,"width":769,"height":11}},{"id":"2721ba3b-49b8-44e5-881a-a1ff7a1e572c","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":101,"box":{"x":70,"y":370,"width":836,"height":11}},{"id":"8773ef89-e5ee-4de6-bc03-a41ae9b85aa0","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":101,"box":{"x":68,"y":385,"width":810,"height":11}},{"id":"74d7ecb4-cc32-4008-b4b0-ca137880e989","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":101,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"beccb6ad-4d65-40a0-a936-3b2de8374053","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":101,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"33b25a54-7717-4a03-a068-a777b2ee48cd","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":101,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"cd4e024b-890e-4e6b-be34-e9da93788ffa","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":101,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"5b599a09-2a1c-4b10-8fa7-a34b0143731f","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":101,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"e92d6ee9-37a1-42aa-9c4f-09bde693d16f","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":101,"box":{"x":69,"y":475,"width":819,"height":12}},{"id":"7c7edca2-eee6-4017-8fb6-dc3170631225","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":101,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"5156abd2-bbb0-4943-927d-9adf01b26565","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":101,"box":{"x":101,"y":513,"width":792,"height":12}},{"id":"fe9909a8-c79f-4995-89ec-72636ef45ca1","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":101,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"cf4bab2d-79a3-4425-89ce-50594e29c3ec","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":101,"box":{"x":68,"y":543,"width":835,"height":12}},{"id":"face07d0-b727-4312-86b5-fd79f76c0c54","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":101,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"66df92da-f1c6-4b33-95bb-3148dec28025","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":101,"box":{"x":70,"y":574,"width":763,"height":11}},{"id":"a3f51703-234c-4c5d-b940-c09ce8f8df94","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":101,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"43f04df2-b0b9-4dc4-94f4-a1627ea1fc86","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":101,"box":{"x":70,"y":604,"width":813,"height":11}},{"id":"2c1de921-a215-4fc8-983e-d0d90d215981","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":101,"box":{"x":68,"y":619,"width":653,"height":11}},{"id":"94ecba71-cda8-483b-9f78-c57943b12f26","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":101,"box":{"x":101,"y":642,"width":783,"height":11}},{"id":"7c1ac057-6a7a-4044-bcc7-824a61238f12","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":101,"box":{"x":69,"y":657,"width":805,"height":11}},{"id":"3d016b34-65a0-49c7-81f5-985bc34f5134","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":101,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"5efca087-df22-4be2-b122-1a85b3cbc0b9","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":101,"box":{"x":70,"y":687,"width":821,"height":11}},{"id":"55f20f30-e54a-4e4a-95f3-43be2285ada2","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":101,"box":{"x":69,"y":702,"width":683,"height":11}},{"id":"3b5ee5bc-5202-4ce6-b73b-3d8490fe2a77","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":101,"box":{"x":102,"y":725,"width":797,"height":11}},{"id":"730f5649-e4ba-46f1-9b4c-c7f1c49ffae1","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":101,"box":{"x":69,"y":740,"width":779,"height":11}},{"id":"99444aee-b7b4-4b75-8a8e-3a9e15c190bf","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":101,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"d57f866d-fad5-41f5-9db9-8c88c9fee189","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":101,"box":{"x":70,"y":770,"width":836,"height":12}},{"id":"27f97427-9ad9-4b17-96f4-ea30c2772a02","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":101,"box":{"x":69,"y":785,"width":778,"height":12}},{"id":"80f3b492-07a1-4108-8d37-3c6014522760","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":101,"box":{"x":70,"y":801,"width":803,"height":11}},{"id":"44321db4-8f6d-4777-96a8-0873bb1c8e7e","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":101,"box":{"x":68,"y":816,"width":816,"height":11}},{"id":"ce6e1875-92de-4831-bc6e-c87292ad5b99","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":101,"box":{"x":68,"y":831,"width":816,"height":11}},{"id":"34767267-b893-4017-9095-37a8a64d067b","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":101,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"aa22f610-be12-4130-87f4-8996338e807c","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":101,"box":{"x":68,"y":861,"width":826,"height":11}},{"id":"8d335af2-00e1-422b-868b-9c2c498b8622","block_type":"box","text":"sub-custodian.","page_number":101,"box":{"x":69,"y":876,"width":102,"height":9}},{"id":"c5b3de27-0a44-4fb9-a03b-b18f3c59119b","block_type":"box","text":"II-42","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"19ffa5fb-7f9e-4c3b-9e8a-dca2c06ed3a3","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7404524e-4639-4828-8ba8-8fcdf4a687d1","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":102,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"ba0c6ef3-515a-415e-b5a5-41b06d2feae5","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":102,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"2fc77a00-0f8d-44d3-af76-aa17449669a1","block_type":"box","text":"on investor protection considerations.","page_number":102,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"bd016d98-94fc-461f-a3af-822f9d7f4938","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":102,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"4dd265f6-1e5a-4456-9218-39987ccf7761","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":102,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"c8ed1b10-fa15-4d8c-b659-3396f7f2ed96","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":102,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"f3f8f883-8a3c-4184-ac30-2680bee47a19","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":102,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"1dd235c5-c7a1-4d8a-b465-36d9578f362c","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":102,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"f9ea019e-3268-4f42-b2ce-ff41c1b2494b","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":102,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"f85f0cbe-e14a-4bcc-80bf-60be91a51f50","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":102,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"734ec358-6afd-426a-99b9-5cb1cfd07200","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":102,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"46707bf8-7bda-41c3-8d9b-20707f77a5b2","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":102,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"35dd46f4-31ef-43d5-9dda-224b2d3474ca","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":102,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"0f82384d-180b-4ea0-9752-d3e28ccd04fd","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":102,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"9bc12655-f302-4e59-af05-9779e159428a","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":102,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"04a033ff-3ec5-4333-b281-718133348f53","block_type":"box","text":"accounting firm.","page_number":102,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"67e0eadc-7890-4fa4-b0d4-1d65d2361a8e","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":102,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"c7cc9c85-4db8-420b-bd26-919c8e0ac4ab","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":102,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"d4387015-586d-482e-9120-9d15c76316f3","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":102,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"53f1e598-a09d-4ee2-a2bb-c5b229fb0394","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":102,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"47ca432e-3ab3-40e2-bbf8-383fdc7cdc8b","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":102,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"8298f810-e9e2-447e-b0dd-9657658ba27f","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":102,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"d4a67a2f-635c-4475-ad53-8d74d577d703","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":102,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"48545619-f830-41fb-bdd7-dbff3804ca35","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":102,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"a1784c96-666e-4dd2-8b7f-bf2e347b6c1a","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":102,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"c0b45572-8543-43c3-a76f-ab495714b402","block_type":"box","text":"RMB (“CNH”).","page_number":102,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"4491eed2-7378-4468-b2e6-3d3941c2f127","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":102,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"bb6e0498-90e8-4900-abdc-7dc897ac8a18","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":102,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"91945ca8-f543-4c50-b0bd-813e59dc4084","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":102,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"98621625-6175-417b-a5ff-eb6a0ae7761a","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":102,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"c118fc5c-69f8-45f7-aa49-5d5e4c1e9dac","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":102,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"0be4cbfc-d5bf-46d1-8266-65c92161f3e5","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":102,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"aef2c32d-c6ad-4ce1-b004-f3e463ae5ec7","block_type":"box","text":"represent equity ownership in the operating company.","page_number":102,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"c688af65-fe39-4634-b0f8-cadecf8b5ec7","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":102,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"6013886a-6e3c-4f00-9f86-34189ec5184a","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":102,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"26252730-f32a-4446-8417-c66e04484128","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":102,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"a2022c58-0ee2-4258-b4de-fd1901983e59","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":102,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"c8cdf488-810b-4072-b951-74b16bc67062","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":102,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"b9c8294c-a2bd-4200-95e9-bfefc7b3be37","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":102,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"553d637e-7bca-4ed7-ba8a-fb2b10336e4c","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":102,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"5dd1d404-ce8a-42d2-9759-49dbc6223170","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":102,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"d8843eea-760b-4bf4-93b6-082b6e0cd49a","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":102,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"27bf39be-4034-481d-a518-9fb786d90890","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":102,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"72257f8b-9ff9-42fe-a295-8a82329e0e9e","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":102,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"66d88e0f-56f6-45da-b214-e490bdfa2d79","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":102,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"7220a87a-f611-4606-8885-ab58b352f293","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":102,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"a6403f06-a018-42e0-8fc9-6c14c115faf3","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":102,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"4d1fc095-adf8-41dd-ab4e-f9c0d1e69fdd","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":102,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"7c06015d-2736-4dff-b389-bcf6bde70950","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":102,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"731fccaa-5971-4241-a07f-5317d5b3c549","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":102,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"b997eb78-1f87-4b74-9f58-289c01869e2a","block_type":"box","text":"losses to a Fund.","page_number":102,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"ed79a818-fbcd-492e-9361-4717950bc5df","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":102,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"c2aabc3d-5ea3-499d-97f8-474becb643c2","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":102,"box":{"x":68,"y":869,"width":827,"height":11}},{"id":"12027d92-806c-444a-a60e-2e3482c3894d","block_type":"box","text":"aging population. China continues to face pressure from its trading par tners over its expor ting of its excess industrial","page_number":102,"box":{"x":69,"y":884,"width":836,"height":11}},{"id":"a54b66db-e251-4555-b161-120a11853de9","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on expor t growth.","page_number":102,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"4f4cbed4-d5de-464f-bc32-0d0bbd01afd9","block_type":"box","text":"II-43","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"579c27ed-1eab-4073-8c08-2d745e30e400","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d54d60e-6afc-4b37-b2b3-f211313551d7","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":103,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"28d92307-0096-4290-9198-5b15f0ce1f11","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":103,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"54c9add4-f297-43cc-958a-e6dde2555056","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":103,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"70484b0d-d69f-4b0c-ae03-0d81ce41ae94","block_type":"box","text":"key trading par tners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":103,"box":{"x":69,"y":90,"width":788,"height":11}},{"id":"eb03d283-8e5b-449c-bb99-17eb7e336605","block_type":"box","text":"invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":103,"box":{"x":70,"y":105,"width":775,"height":11}},{"id":"5b07dc53-1958-43d8-bf55-dadc19ff8662","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":103,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"018b17c2-4bc8-41a4-97f5-deb8424a3e73","block_type":"box","text":"other concerns of such government. For example, cer tain foreign technology companies are subject to U.S. expor t","page_number":103,"box":{"x":69,"y":135,"width":813,"height":12}},{"id":"9421812f-6b80-43c4-8701-53d5bdf323c1","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of goods","page_number":103,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"1fcc49f9-cb6f-4a7d-aa77-2665dd5f17d9","block_type":"box","text":"produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor. Such","page_number":103,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"cfcb602a-bb2d-40a8-854e-0f5b49834a53","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":103,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"1b50bd39-f9b4-40ad-9aa0-d4b2396b377b","block_type":"box","text":"targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement or","page_number":103,"box":{"x":68,"y":196,"width":812,"height":11}},{"id":"3361d06f-609b-44ee-9eef-8bcd07a96fc4","block_type":"box","text":"cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":103,"box":{"x":69,"y":211,"width":820,"height":11}},{"id":"f21d25a3-3331-4370-8182-9cfa5dde5d13","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":103,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"20ef35ca-99af-431c-a4b0-31e778e31d86","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":103,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"c7db676b-c6a2-4a5a-9632-fcc56f4cc5da","block_type":"box","text":"such companies.","page_number":103,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"110b23ba-0ebb-4943-afad-363e795ef25a","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":103,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"1961da6e-c399-4e64-a8aa-d9bfc36bd9f5","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":103,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"1b9550e6-8fdd-435b-83be-1d169f6c156b","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":103,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"fabb8f4e-fe71-46fa-b89b-aae9e50a4f3d","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":103,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"76acf5fd-3453-45d1-b6d4-65136fc78a99","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":103,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"05211e39-a439-4d95-998b-2155b4077180","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":103,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"640aefed-ac97-4a15-9bbc-0fabb0e7a7f2","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":103,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"a9c119a0-3f67-4c87-8691-8ca58144c0d4","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":103,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"5954d809-034f-4309-bccb-0077458b4e5d","block_type":"box","text":"standards.","page_number":103,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"89ec1afe-a57e-4b3c-9405-dff9365877f4","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":103,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"09aae198-757e-4a24-9118-fa6121f29b3b","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":103,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"c0b3544d-4831-45ed-bea8-4d183e33e8b9","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":103,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"fcb06ebb-73da-408f-a4da-7ab268c95fcb","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":103,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"03f98602-24da-4559-95ca-60519c7e0a70","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":103,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"e67e8c5c-9a35-4bdf-a2a8-8d4f26207149","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":103,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"9b583cd3-ba14-4cbf-867a-053db72283f4","block_type":"box","text":"General","page_number":103,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"28e9224f-7851-4afc-837c-896fa912cf15","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":103,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"0382b8c2-fec8-4076-84f4-8a2ac8a9d91b","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":103,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"bc112027-21e2-42a5-ab46-71f0b9acff6a","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":103,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"7b9b976b-451e-4ddf-bfd0-eebbd5354ea7","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":103,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"d8e4cbe5-6ee6-4dd2-acb4-a9e4b613e11e","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":103,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"27248b9c-cde8-440c-83b1-223c7aa9e8f5","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":103,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"0775bf9b-645b-452b-9649-adb9cfe9deaa","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":103,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"2c18c574-498e-4d7c-9b45-9c3a686f0cb3","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":103,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"c450f16e-c16a-4ccb-b1f7-2cdea50e2ae4","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":103,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"ee9e1bde-2f55-4034-a8a2-0051427c6838","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":103,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"099c43ed-3193-4e9c-93ed-c5f94d5531d0","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":103,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"e020baa2-04f2-4a3e-848d-57e0c152ce44","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":103,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"53d2ce86-56a8-4a0a-ad6d-6efb02c8e0d2","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":103,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"dd2cd976-0346-4cb2-a782-1b81db97f16c","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":103,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"9ecb1b2e-fe72-4944-af64-55352f30b56e","block_type":"box","text":"company established by SEHK.","page_number":103,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"9c96f048-9efa-4267-b55e-b312c66c89a1","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":103,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"b7c9b3de-d7fa-4a06-8a5d-9a1cec9cb116","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":103,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"cd79fb3c-3bed-4c60-8311-b969273b117e","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":103,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"42775c7a-521c-4784-8c2b-2af9f5008642","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":103,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"bbb2c631-d1d6-4523-8a72-320918da59bd","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":103,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"5d4a9916-5517-41e3-9c6f-a072ef8e516c","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":103,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"8470a6f3-9aa9-4378-910c-8f84616bb1d0","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":103,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"496e6730-4c7a-425a-8855-f65a3d666359","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":103,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"52c6a7aa-3092-4f6d-a00d-458a96ce469a","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":103,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"e1686954-1dc5-4021-9530-6015d72dde2a","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":103,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"f402be55-5ff2-4eae-baf0-d1a51c1383d8","block_type":"box","text":"II-44","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"674a2a98-f8ef-43f8-b450-cee617fac822","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36981d21-46cb-43ae-bac7-0c756923f9a4","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":104,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"49502eaf-5341-4fa1-81b2-959e226c5e64","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":104,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"fc65c9e3-0079-424d-aaf9-5a0dcd126750","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":104,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"7c069366-c599-4b07-9287-ebac8dbc43f5","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":104,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"e993aa36-4420-4b5d-8c0e-95db028e055d","block_type":"box","text":"i.e.","page_number":104,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"cd11a338-b01c-48c9-98e5-0ba979002b67","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":104,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"3eb7fbfb-0f0c-4a25-9431-a931fd5ef471","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":104,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"712e85ca-3185-4ad1-87fa-98b355ada001","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":104,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"9212ce0d-3ba8-43b6-be65-eeadd5e4f40f","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":104,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"b53617c6-b95b-419c-aaf5-dfe1acac7e26","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":104,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"7abc0f76-8df5-4c87-821c-46d5fc6485aa","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":104,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"4c77cfcc-08e0-413b-8a22-7b5fb7b3ae11","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":104,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"bcb120c2-96be-4528-9ff9-aff014f68d59","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":104,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"c61cd5ee-bc9b-4591-adf8-a4c377c0fa68","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":104,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"bcfb06f0-e0ac-4720-8ddc-52fbaadec664","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":104,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"704e0f03-7a21-4399-ae9c-1f8b264da62c","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":104,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"92cc928d-34b2-4724-bccd-b56f2888d003","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":104,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"8ffe16ae-1900-4c5b-af57-b2d19d73e62a","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":104,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"8bfaa856-cfb9-422d-b47b-8a8d5bbb9e32","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":104,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"1726b589-d587-4541-bbcd-043e222a764b","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":104,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"157d4181-579d-4de9-b968-8465e5b63816","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":104,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"4cfd4846-d3e7-4e32-93f5-23d98d0356e7","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":104,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"7b82ed7b-c1aa-4acb-accb-d95e6c426546","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":104,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"584a9cf0-b174-4a3b-9cfa-1f25b89f76ee","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":104,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"1897af8e-796d-4f66-9ee7-c75f0269f5d7","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":104,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"96786fc4-25e8-41fa-8848-9eb09992047f","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":104,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"a8d7a55a-df99-41e2-9a01-8db669e8bb26","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":104,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"d4d45704-5c4f-4dcb-8efd-e4e9f78d0e0f","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":104,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"88d23d01-25a0-4e6b-b5a2-cd3ab6db288b","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":104,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"26aec696-0ba9-4e3b-b8df-944b2a218c1b","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":104,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"e984685d-b49d-460d-a98a-5a1cc8c19b07","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":104,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"86edda18-722b-49d4-9775-b75fff832112","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":104,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"4223602c-7bc7-48cb-a921-25bbf478250b","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":104,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"41d82276-14e1-406b-8f65-d1916b9ff1d9","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":104,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"56cad507-3317-4379-874b-aad9d2aa43cf","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":104,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"af7ceb94-76a1-4148-b464-8cc04a2c49dc","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":104,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"d774a492-144d-4d6c-b858-46c6c41d615d","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":104,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"a7a33e24-db07-4d46-8b5a-9ef3d02c7804","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":104,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"b12d765f-b5e3-4e6e-9f8c-5f2ec6b6f8ac","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":104,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"c2c4215f-09b6-490a-8023-7ea68170421b","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":104,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"2f32fa60-f892-467e-8f07-0add6274e7df","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":104,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"1c79ddae-fc42-4666-bdee-3403c9725701","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":104,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"b82fc9be-bb10-49fd-82e4-403cd08df2bc","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":104,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"80482022-1fd1-42e2-8bb0-244e7deafb8c","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":104,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"d55bc615-2a74-4557-8247-1b03ecea0c9e","block_type":"box","text":"PRC.","page_number":104,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"e93513ea-14cb-4078-b184-66df44313d5c","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":104,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"911608be-f40d-439f-b0b4-2f54e23021f1","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":104,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"35b28bec-0f91-4877-8c8e-81fccc5cd226","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":104,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"05393b7b-8167-415a-b54e-256e2d03f15b","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":104,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"4b01ef0d-16be-41c3-bee0-7f16dd70c62b","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":104,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"3599d46d-4c0f-4d46-b88a-227bb42224a4","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":104,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"fb3d230d-77e7-4560-b16d-7af05fb41a00","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":104,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"365f922b-205a-4e37-af28-975578fd64f5","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":104,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"03c55605-260d-4cda-8246-a1c5f47f0f36","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":104,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"68f219ff-73c9-428a-8ae0-bbda6919c59f","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":104,"box":{"x":69,"y":861,"width":787,"height":11}},{"id":"6bb8e3ac-4146-4c8a-acae-628daeaf18e9","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":104,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"f1d750b1-eee5-455e-a9b2-07be501233f2","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":104,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"0e547bf1-a3cd-4cbc-9f8f-74ce542fe149","block_type":"box","text":"Fur thermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":104,"box":{"x":70,"y":906,"width":815,"height":12}},{"id":"86423972-fa5d-4cf8-baae-b8ef44380846","block_type":"box","text":"II-45","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9aa2f375-2628-4768-be58-7153881ab7df","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6f95bda-5d8e-4a2b-b4ac-0f77a26c8614","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":105,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"39f9fc29-6fb0-48c3-b0f5-5391f6dd5950","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":105,"box":{"x":68,"y":60,"width":807,"height":11}},{"id":"1c9da9a6-73fe-4c50-aeae-92548d4b985e","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":105,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"3f86bfcc-b9f9-4d36-8239-3e3fba4d5eca","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Fur ther,","page_number":105,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"2e563cf5-7b5b-4848-aa6c-bc87e0735c39","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":105,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"8941fabd-7f5b-4457-8408-0a61e633c483","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":105,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"b0e5a407-8c34-4099-a5b9-84b4e481ee92","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":105,"box":{"x":69,"y":135,"width":407,"height":12}},{"id":"60204888-efc1-4bfc-9aa6-51a4510ecf9a","block_type":"box","text":"Suspension Risk.","page_number":105,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"5e637c69-9218-4078-b954-8353164758f2","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":105,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"c5e79b9b-fcab-4962-8931-d6ed9002721b","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":105,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"3ee6e9a2-03c1-4930-91d0-0d8a7ca463e8","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":105,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"f2832d4a-3891-4573-9b64-fe38cc4afb49","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":105,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"b30066c8-52ee-46d0-a48a-e5d4eb8a23de","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":105,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"fbada3e4-a14e-4d81-b35f-99b903a72d8f","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":105,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"964cb9f4-6a66-472d-a4cb-156deeeebb55","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":105,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"72757a6e-14be-4295-820d-02d68799147e","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":105,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"cbddf35b-fda7-48ae-b321-a228f019e1da","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":105,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"9fd6c10b-ba12-45ee-8458-77831a58e5b4","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":105,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"e786ae89-ce9a-427a-81ed-df76ad76a3d8","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":105,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"95c37123-10b2-49a8-9f56-4e144cfd79a5","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":105,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"f39b437c-d0b2-4429-918a-a922faa7aa46","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":105,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"31b8ed5f-14c7-4072-a76c-bdd5d87e5f6a","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":105,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"72678207-e227-43ab-87a2-ce6cac674e81","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":105,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"fc7ec600-6cae-4626-b83e-6afcafd5ed94","block_type":"box","text":"A Fund may invest directly in the","page_number":105,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"aafe524b-3ae5-4be3-8439-8cfa57546425","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":105,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"a5dcda14-0210-4998-8b8a-e58e8b6dc414","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":105,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"076240c3-07ce-4ffc-977d-ba219cc01a8a","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":105,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"80f2fb10-e23f-4ac5-8c0d-d8f7ca96720f","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":105,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"4844b57f-5106-409b-a784-ee6de4cf830e","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":105,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"57806abb-a910-4e6b-b94f-15224bd215fc","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":105,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"0eec0d59-1b7e-4f85-a7b8-f417447471e8","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":105,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"3081b19f-dfc3-4c73-a6a2-d543299e6204","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":105,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"7e423131-0c4c-48dd-8d7a-1f083905d707","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":105,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"f0e3f656-4c77-41b7-adac-b701ae835098","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":105,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"3cd4c081-b863-4004-93aa-395b774c3c42","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":105,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"6cbb9926-8858-4ee3-85fa-cc1311b3732e","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":105,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"d8125b4b-7954-48c8-9cc1-b003efc0050d","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":105,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"3035e417-f51c-4fda-9444-45d8091cb791","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":105,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"77359d52-2446-48c0-ace4-fc357703e91f","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":105,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"615a75d6-83b1-4854-9cff-d342692a97de","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":105,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"5ee62351-73bd-45a0-8a5d-41e1bc42d0a1","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":105,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"3ac84310-61ea-42eb-956f-744907767f04","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":105,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"cd52bfae-33cf-4dfc-80a9-de3c00100727","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":105,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"88ee0fbf-796f-4da1-a75f-afa73ee3e213","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":105,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"e81ecb3b-15c2-4717-bf47-3d2fc4aac04f","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":105,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"7687c6fc-1745-4671-bee4-ccb8c58ee60a","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":105,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"0b187f4d-7c25-42f6-9987-cd72d1429e41","block_type":"box","text":"i.e.","page_number":105,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"069db6d9-d066-46d1-80b3-e96b13df1275","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":105,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"b1231dcc-395e-40e9-958e-48c01c05b548","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":105,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"2548f732-c48b-44ab-b34a-e526f0781eae","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":105,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"de0517c2-4d06-48bd-9ee7-52193aae32e9","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":105,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"224efa67-802a-413d-84de-79de8a7542ca","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":105,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"f11a43fc-b0ae-4bdc-828d-1934f12392fa","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":105,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"0597ed8b-3555-4f5e-b053-397739c704e2","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":105,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"7aece325-51ce-4e93-ab3e-1351121d0752","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":105,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"86c059c0-c686-4cd7-b028-77b39e7468e7","block_type":"box","text":"par ties.","page_number":105,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"9a6ef186-3057-4002-a7f6-c25e2e6caa6a","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":105,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"4b07fce4-d5fe-4a34-90f9-2defb94ef8ab","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":105,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"876433ad-cc61-4bbe-b680-a4f32b7b0894","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":105,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"ecbc8937-e8f7-468f-94e4-dfaf6e6828d7","block_type":"box","text":"II-46","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fd9aa19c-d0e7-46a2-a22f-c671bb635a67","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4d65e88-b247-4c3e-9f8b-7798b0f167e8","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":106,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"fd523ff9-babd-4008-8271-44e3e95d18fa","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":106,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"6fe0ed09-87b1-4ebf-a0fe-b51123221f86","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":106,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"0d81c5ed-0e8d-433e-9bdc-ea4d00a805b5","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":106,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"69653def-549b-4ea0-9dcd-48461e811d8c","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":106,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"80614f6a-1659-45d6-85a1-bad06fd089cc","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":106,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"8ed4fbf5-0d9a-4534-9657-4ecbc72a87c1","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":106,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"f59240b1-ae30-4635-a5d9-b7ba529522ed","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":106,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"43a3ba79-ae4a-49a5-a338-3cc0b4b36839","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":106,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"96f75d06-8fdb-4c5f-a829-fc2ca8904311","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":106,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"5dad6a27-8083-4679-b379-b2a8b8d95039","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":106,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"502e9fe9-7c64-4086-9fc1-0d9a01e04ba5","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":106,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"0134f9d1-c525-4239-9d01-e2712bab7551","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":106,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"98ec7bdf-ce1e-4d4c-b01d-a4dcdbc714d7","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":106,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"c2796e8d-2a7b-466f-85a3-509cb178567f","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":106,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"0e337ea5-06b7-494f-88f1-f36dfd6b80e5","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":106,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"0b7ff58f-2b3e-4061-ac5b-130022840dd2","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":106,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"ff5c38eb-8327-4db5-ab9e-82d5b977fc47","block_type":"box","text":"per formance.","page_number":106,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"593cb96b-18c0-492d-881b-16e622b4fc97","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":106,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"f09f4d00-622e-4a30-a535-05eb3b87b272","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":106,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"5fdd895a-d6de-49c1-8140-f6963e6f28b8","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":106,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"77876871-4876-444c-84b9-0b198ba04539","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":106,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"47c483e1-ab88-496f-bb0f-44b5e724fd15","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":106,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"a0bc99d9-eb46-4d6c-a969-6aa1b27c68c7","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":106,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"11c6e124-31aa-45b8-b03a-c98bcfc3fc49","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":106,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"1d090828-2acf-400c-bd04-5cb03aecdf6a","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":106,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"7c94a9dd-f240-48ca-a295-767181f44e19","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":106,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"ed465946-83ee-4283-b162-203564ea3fc5","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":106,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"18475d94-6564-4db2-88ce-beafb02516b4","block_type":"box","text":".","page_number":106,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"5a828f7b-32db-4188-ba39-d63ed0cf27da","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":106,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"9178d0dd-b554-4887-97ee-984f10b88045","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":106,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"437afdca-2772-4a8a-961e-063108f96a92","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":106,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"4ee79458-42bc-4a18-a50b-81fe9dd5ee9d","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":106,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"dc752ada-127a-42cf-8647-c317f9bdb697","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":106,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"1a36b4b2-8bda-41e1-bc5e-2c42e0041699","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":106,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"8f9dc12b-64fc-40ab-9c8f-acc6cad7feb6","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":106,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"6cf1d0c9-fb87-4999-9f10-d75506ccd6d0","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":106,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"8ed2cee9-0dc1-4a4e-8716-1fd60580e73e","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":106,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"626ac29b-f1a9-445e-b4f9-8f0776a59818","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":106,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"401df21a-c32e-4450-b5d8-5805ebaf4d2c","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":106,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"8f1234f3-2292-478c-90b8-2a57fdf651e0","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":106,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"af3d0f51-c04b-4e80-ae21-a8ffb499d4dc","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":106,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"6f4e31a8-552b-4f5c-95c0-66323150cf5b","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":106,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"e3def565-8e75-4504-8128-47952f9c01ba","block_type":"box","text":"without notice.","page_number":106,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"68f10a78-1813-40f3-8a23-b515f7e864c6","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":106,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"0ac67cd7-27b8-46eb-8e2b-5be812d0d0f4","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":106,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"f296c6b9-ce39-4325-90cd-e867a45c7d43","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":106,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"0ba79234-78b7-4527-b691-4e0c1534b343","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":106,"box":{"x":70,"y":808,"width":806,"height":11}},{"id":"8048bb39-974d-46cc-bdb9-319adb5b5e6b","block_type":"box","text":"unclear whether the temporary exemption will be fur ther extended.","page_number":106,"box":{"x":69,"y":823,"width":473,"height":11}},{"id":"ab6b3ceb-6f7f-430c-b928-90bc690e6885","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":106,"box":{"x":103,"y":846,"width":225,"height":11}},{"id":"15bb63d6-52ca-4432-b483-f0be0ef8b6a9","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":106,"box":{"x":333,"y":846,"width":569,"height":11}},{"id":"d6f9f282-1f9b-4ccc-a0b2-729f76e15a3d","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":106,"box":{"x":69,"y":861,"width":528,"height":11}},{"id":"951b0a72-7613-41da-b809-c3ed0fb06f2b","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":106,"box":{"x":101,"y":884,"width":697,"height":11}},{"id":"8031d609-bc46-48cd-8c48-db4b6b747eb2","block_type":"box","text":"II-47","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e97e929c-c3e5-41b4-866f-6aaf72ae3991","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"770742e3-f9af-4642-9c86-31ab8fb65507","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":107,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"603ba872-0427-4c7f-8876-a3d62630ec4d","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":107,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"34544af9-7101-4620-92dd-e8b05034cbc3","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":107,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"da50b418-ecdf-4590-b153-544d81345cf9","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":107,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"f9d2ce98-78c1-491f-a4ce-86659dda8539","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":107,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"dea5b0e8-535c-43e1-89f3-423c15f03f4a","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":107,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"aae7f0df-b2f0-41fb-a6b2-32f562053fb6","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":107,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"b33109a6-9f5a-4324-8e5b-523432c20041","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":107,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"10fba1ef-645c-4e62-b85e-f61389b588b1","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":107,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"5a4e0d36-cef1-418d-b356-d9633ceccf37","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":107,"box":{"x":68,"y":188,"width":828,"height":12}},{"id":"61d3d0dd-93ff-4eb5-ad97-9ce5908ef9ed","block_type":"box","text":"Notice 34 will be fur ther extended with respect to interest income on bonds derived from the PRC bond market and","page_number":107,"box":{"x":70,"y":203,"width":820,"height":11}},{"id":"34275d1d-ddf6-4d2a-982a-47a41ee6c5c5","block_type":"box","text":"issued before August 8, 2025.","page_number":107,"box":{"x":70,"y":218,"width":216,"height":12}},{"id":"36bbb9e9-e468-4a71-bb19-cb6a626e0de3","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":107,"box":{"x":101,"y":241,"width":801,"height":11}},{"id":"30940fb4-228c-41db-83fe-509e33ff0c94","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":107,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"c1d69dd5-8335-4b58-ba61-acf34d1bdaf8","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":107,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"5e9137c4-8c7e-4311-842b-338e4c656fdb","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":107,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"5ad3ba7c-4f46-4fc5-97aa-5cdfe02924aa","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":107,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"a4e20e31-080d-4143-8022-7e8c73372a35","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":107,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"185f76ca-5f15-44ef-a750-f428ea00bc64","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":107,"box":{"x":69,"y":332,"width":833,"height":11}},{"id":"2f65ac45-ed32-4552-b719-b69eb18b7422","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":107,"box":{"x":68,"y":347,"width":474,"height":11}},{"id":"6f3336cb-185f-46e6-b81d-41d3b5707cde","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":107,"box":{"x":102,"y":370,"width":777,"height":11}},{"id":"a18d6954-f729-4d2f-808e-621e3ea48994","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":107,"box":{"x":68,"y":385,"width":836,"height":11}},{"id":"8587cfae-2543-47e4-96bb-da96dd9c15f2","block_type":"box","text":"the PRC in notifications.","page_number":107,"box":{"x":68,"y":400,"width":171,"height":9}},{"id":"ec38ba9a-e19f-492e-953d-a993dbd34501","block_type":"box","text":"Investment in Other Investment Companies.","page_number":107,"box":{"x":102,"y":423,"width":320,"height":11}},{"id":"4031bc8d-5fbd-4885-824b-e66f1ff49c88","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":107,"box":{"x":429,"y":423,"width":402,"height":11}},{"id":"11f1f68d-d631-44c5-9f76-f606bd7ff3ac","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":107,"box":{"x":70,"y":438,"width":818,"height":11}},{"id":"cdac432b-8233-46e7-a808-7bbfbb60bec6","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":107,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"160178a4-492f-4724-bc5b-2a03a04da923","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":107,"box":{"x":70,"y":468,"width":822,"height":11}},{"id":"53b0e4a1-3ef7-498b-827e-405f0020e485","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":107,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"6e398fde-209e-4dd5-8912-f51d3076b068","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":107,"box":{"x":70,"y":498,"width":793,"height":11}},{"id":"01685b19-4de1-405b-9978-86096c13f6e5","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":107,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"47747c8b-fe51-4b7d-a935-abd1bf035e19","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":107,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"ac9f0693-f326-4dbd-88d0-6a481e7dcbc5","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":107,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"eb3b1880-e2a2-409f-8744-9367c241e033","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":107,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"4f191af7-50fc-49f2-baff-0e9d0f388508","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":107,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"1712309f-0dfd-42f3-8cc5-c5a91d2f81e8","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":107,"box":{"x":68,"y":589,"width":821,"height":11}},{"id":"40ac6ff1-6c63-4f0a-b5b9-1001ce388006","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":107,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"809b2c73-9d68-409a-a18c-e2aa0355e1f0","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":107,"box":{"x":69,"y":619,"width":776,"height":11}},{"id":"5a23c1df-5afc-4859-a5fc-7b8990da2785","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":107,"box":{"x":70,"y":634,"width":802,"height":12}},{"id":"1e134a6e-1cd1-44dc-bec4-c09ff726e859","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":107,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"8c0c69d9-694d-4c8d-afc7-43e7fa164bbf","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":107,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"65d92565-f547-43ed-b018-0935694be6b7","block_type":"box","text":"subject to cer tain conditions.","page_number":107,"box":{"x":69,"y":680,"width":206,"height":11}},{"id":"dd234f70-9f58-4dbf-af50-ec4b86dcf98e","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":107,"box":{"x":101,"y":703,"width":799,"height":10}},{"id":"d814f6eb-a1f5-4975-99d8-1e3a0e96760f","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":107,"box":{"x":102,"y":725,"width":779,"height":11}},{"id":"3a1c5b58-01fb-4117-81b8-e0be177e2896","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":107,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"20173e61-b7e2-4dfe-9f1c-fe6db6185c50","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":107,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"791a9103-71a8-40c8-b0d1-260fdc8fb6cf","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":107,"box":{"x":68,"y":770,"width":839,"height":12}},{"id":"d62abc0d-d511-4c2c-aa9b-54bae33425f7","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":107,"box":{"x":68,"y":785,"width":806,"height":12}},{"id":"4e3f1734-baae-4110-a69e-0839fa9bb1c0","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":107,"box":{"x":68,"y":801,"width":810,"height":11}},{"id":"0012fe28-8033-4827-bce3-21c459adb4c6","block_type":"box","text":"loss.","page_number":107,"box":{"x":70,"y":816,"width":31,"height":9}},{"id":"edc41e60-1995-4e35-bb55-ee75614104f0","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":107,"box":{"x":102,"y":838,"width":758,"height":12}},{"id":"47def9f4-84cd-4085-9a45-9e08c9689f44","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":107,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"a94327ed-75a5-4c6f-9156-604a3898bc21","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":107,"box":{"x":70,"y":869,"width":835,"height":11}},{"id":"5caee0a3-1f55-43b5-bb30-ff3f55c3cc02","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":107,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"082c9f99-41b3-4c9f-99c9-7cb79eb47515","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":107,"box":{"x":69,"y":899,"width":768,"height":11}},{"id":"0c4dee46-fb93-476e-9b5b-00769dabe1f0","block_type":"box","text":"II-48","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3a32861-e67b-4759-89ce-c120e09dc80c","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbc070d9-892a-4612-82cb-40e9394dcc99","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":108,"box":{"x":70,"y":45,"width":807,"height":11}},{"id":"9945dee1-24c3-4957-ac50-125682780b9c","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":108,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"3e458423-719c-4ddb-a4dc-b7c891583a8d","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":108,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"399829b5-a76b-432d-b092-eb8abb53c6ea","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":108,"box":{"x":70,"y":90,"width":778,"height":11}},{"id":"96f7c5c1-3781-4019-aa98-2e0341a0ef28","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":108,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"b0e209e2-ffa3-4aa9-84a1-83ff5cdd474b","block_type":"box","text":"assets.","page_number":108,"box":{"x":69,"y":121,"width":51,"height":8}},{"id":"059279bf-0d0a-4856-b7b6-fd76235335ea","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":108,"box":{"x":101,"y":143,"width":776,"height":11}},{"id":"9aa784ea-858a-4856-83aa-6893fd63f886","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":108,"box":{"x":69,"y":158,"width":313,"height":11}},{"id":"2cdf7fbf-3d2c-4a62-b6f1-5adc533e2625","block_type":"box","text":"e.g.","page_number":108,"box":{"x":384,"y":160,"width":24,"height":9}},{"id":"f2a2bfa0-df69-44bd-87aa-8b6dd0ebdc8b","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":108,"box":{"x":411,"y":158,"width":491,"height":11}},{"id":"c78f519b-0d33-4504-87ca-8c0f59f11522","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":108,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"b3f97aa7-acf5-4d7f-96df-c026dd25e5eb","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":108,"box":{"x":69,"y":188,"width":472,"height":12}},{"id":"04886670-4b95-44cd-8859-e9b3f151e125","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":108,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"deddb66e-a2ea-4fc5-854b-5a59fe42f793","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":108,"box":{"x":70,"y":226,"width":818,"height":11}},{"id":"54f5de81-cebf-4822-a562-728954075379","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":108,"box":{"x":69,"y":241,"width":791,"height":11}},{"id":"03a148b8-b8d5-4f1f-992c-d89190835feb","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":108,"box":{"x":70,"y":256,"width":795,"height":11}},{"id":"6f041720-a2bb-47dd-a155-cdc9377fc841","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":108,"box":{"x":70,"y":271,"width":807,"height":12}},{"id":"cdbd6cbf-309d-4b1b-86bd-e98c949f180f","block_type":"box","text":"countries.","page_number":108,"box":{"x":69,"y":287,"width":69,"height":9}},{"id":"41a7ac3f-f669-4f56-9764-bc53b9dacd70","block_type":"box","text":"Issuer Insolvency Risk.","page_number":108,"box":{"x":102,"y":309,"width":166,"height":11}},{"id":"13ad3623-8170-47e3-82f0-df02d858a123","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":108,"box":{"x":275,"y":309,"width":631,"height":11}},{"id":"59dc7740-b47e-414b-ade4-d97c0435cd85","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":108,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"c04ff3cd-800b-4050-8d41-a3845add0cc6","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":108,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"7269ae66-47ec-47e6-8b36-c1fb71b9906a","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":108,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"473a0299-e946-41eb-a4a0-23b3e48743e3","block_type":"box","text":"issuer uncer tain.","page_number":108,"box":{"x":70,"y":370,"width":118,"height":9}},{"id":"47062ac7-e468-40dc-8abc-15f1f6b28f07","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":108,"box":{"x":102,"y":392,"width":788,"height":12}},{"id":"20027986-7974-4aee-a95e-7ee8c73cd783","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":108,"box":{"x":68,"y":407,"width":827,"height":12}},{"id":"c0ea759b-8f3f-4c76-bc60-cc589d57bab5","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":108,"box":{"x":68,"y":423,"width":779,"height":11}},{"id":"c1dead93-9766-4b68-acc0-7de72c105733","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":108,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"3bc663a5-7a77-45ff-b5ba-52390d0e5759","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":108,"box":{"x":70,"y":453,"width":797,"height":11}},{"id":"9bdabad2-e097-41b2-938c-62286242079c","block_type":"box","text":"eventually be satisfied.","page_number":108,"box":{"x":69,"y":468,"width":162,"height":11}},{"id":"15d7f333-e59b-4d20-ab01-504d1d7c9201","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":108,"box":{"x":102,"y":491,"width":805,"height":11}},{"id":"beb80900-19be-4f46-a90a-cea46bdc6589","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":108,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"a45c62d0-b468-4332-b63d-90257660edb6","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":108,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"61a69d54-b98b-4db6-84db-8c62953e4ff7","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":108,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"4b16f976-2155-4ac3-a100-b681d0ba75c4","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":108,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"a0721cd6-4e61-4e21-9241-4b376f403db9","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":108,"box":{"x":70,"y":566,"width":805,"height":11}},{"id":"9fa279c5-33b9-4f55-8057-e4b457ea5134","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":108,"box":{"x":70,"y":581,"width":820,"height":12}},{"id":"ee76b318-ed62-4f4c-80b9-21e3e910e183","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":108,"box":{"x":70,"y":596,"width":828,"height":12}},{"id":"de1e54ba-4692-456c-bcbe-431aa8915d9e","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":108,"box":{"x":69,"y":612,"width":820,"height":11}},{"id":"ca3c50f7-913c-4e51-8697-1c9a1d8aa47d","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":108,"box":{"x":70,"y":627,"width":820,"height":11}},{"id":"347340f3-7236-4f2e-b761-f0d9187fb885","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":108,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"ba4863f6-74f5-4531-8dd3-1fd80078f2c3","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":108,"box":{"x":68,"y":657,"width":788,"height":11}},{"id":"110efba5-63cf-42e6-bdce-6bb3f41a5beb","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":108,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"76ba9aa3-7e26-4016-a371-8e0b09230cb7","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":108,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"bd4a4004-4d42-4e07-a08a-f6197faf2658","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":108,"box":{"x":68,"y":702,"width":809,"height":11}},{"id":"0a5fb185-c0fd-48f3-96bb-1d4871aa42e9","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":108,"box":{"x":69,"y":718,"width":741,"height":11}},{"id":"eba46b55-2098-4dea-8c48-b5871c417d10","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":108,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"64a3f60e-42c2-400f-8292-bac24ac08bfb","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":108,"box":{"x":68,"y":755,"width":807,"height":11}},{"id":"bf4443b4-7062-4504-92b4-13545f0ccdc6","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":108,"box":{"x":69,"y":770,"width":795,"height":11}},{"id":"fe695848-e9c2-427f-aaad-9710ff1accc5","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":108,"box":{"x":68,"y":785,"width":814,"height":12}},{"id":"8b86e494-b6b6-4115-a7fd-9fa4be960788","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":108,"box":{"x":70,"y":801,"width":329,"height":11}},{"id":"1044f476-8d07-4538-90fe-838e7821bcb0","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":108,"box":{"x":102,"y":823,"width":806,"height":12}},{"id":"41f33956-38fa-4311-a3dc-33ad03573be9","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":108,"box":{"x":70,"y":838,"width":829,"height":12}},{"id":"719ea24f-b855-4139-9208-ccaac4e1044f","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":108,"box":{"x":69,"y":853,"width":767,"height":12}},{"id":"1c6fa0db-d512-4838-9c00-d56a9c379628","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":108,"box":{"x":69,"y":869,"width":771,"height":11}},{"id":"145e22c1-80bb-4875-b567-f14a58004f44","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":108,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"e80b58c0-a86e-4186-8656-63ed680d1e7d","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":108,"box":{"x":70,"y":899,"width":822,"height":11}},{"id":"85113084-d9a7-45f8-9ea5-c359e168c411","block_type":"box","text":"II-49","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bb0e0a1d-96c6-4b06-8796-2d38976e5236","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61b8fb8c-bf96-47cb-b0a7-189956358bf2","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":109,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"0a7896c1-2e0c-4dca-a8a2-c2bb2ddd83d3","block_type":"box","text":"that assumed generally by an investor.","page_number":109,"box":{"x":68,"y":60,"width":274,"height":11}},{"id":"0ca81174-71c9-4ba8-9175-671eb389dbde","block_type":"box","text":"Lease Obligations.","page_number":109,"box":{"x":102,"y":83,"width":133,"height":11}},{"id":"09f1c739-5362-440d-8e0d-8e4396ce8cb6","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":109,"box":{"x":241,"y":82,"width":653,"height":12}},{"id":"a96ecc5c-c825-4d57-acbe-5795fa26189e","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":109,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"cc5d672e-8e20-41b7-85ab-fa472b02b93c","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":109,"box":{"x":69,"y":113,"width":602,"height":11}},{"id":"f0ecbd12-9e9a-46bb-a6c3-1a806f5727ef","block_type":"box","text":"Life Settlement Investments.","page_number":109,"box":{"x":102,"y":135,"width":210,"height":9}},{"id":"f0f9c15e-1cdf-4ddb-8ebd-492bbeb41c0e","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":109,"box":{"x":318,"y":135,"width":589,"height":11}},{"id":"6eaa2dbe-f610-495f-be77-59cea0edc92e","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":109,"box":{"x":70,"y":150,"width":838,"height":12}},{"id":"7d393cf6-fb52-4bc0-902d-22508ffd0a16","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":109,"box":{"x":70,"y":166,"width":834,"height":11}},{"id":"f36459fe-82b8-4fcd-bc89-19b65ac81cd3","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":109,"box":{"x":69,"y":181,"width":808,"height":11}},{"id":"04fa2351-febf-423b-899c-0eca8c8965f7","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":109,"box":{"x":70,"y":196,"width":797,"height":11}},{"id":"4868585a-7e3e-40d0-a5a2-50c2d7fbfeaf","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":109,"box":{"x":70,"y":211,"width":775,"height":11}},{"id":"9f993fd1-7c64-4e39-8c0f-149583d92763","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":109,"box":{"x":69,"y":226,"width":805,"height":11}},{"id":"fba26566-8c88-43ad-8f7c-4e6acc732d4b","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":109,"box":{"x":70,"y":241,"width":789,"height":11}},{"id":"a7876352-5962-481f-bdf6-552aa471981c","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":109,"box":{"x":70,"y":256,"width":829,"height":12}},{"id":"46ef699c-e8e1-4c08-9852-469315485bc8","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":109,"box":{"x":70,"y":271,"width":813,"height":11}},{"id":"a19a49fc-257f-4279-9651-c23713707452","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":109,"box":{"x":69,"y":286,"width":758,"height":12}},{"id":"664c47d0-41f5-411b-a5e4-e2a9bf5e9f23","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":109,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"d2cdea37-230c-4322-b7cc-029a322af469","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":109,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"37304234-2f8f-43d0-8a6f-b67a5f100b1c","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":109,"box":{"x":70,"y":332,"width":764,"height":11}},{"id":"98d74f9c-cbcb-4a0d-851e-d62aa2a0e810","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":109,"box":{"x":70,"y":347,"width":788,"height":11}},{"id":"fd78dd98-17bd-4b90-be11-3ee466a8c5c0","block_type":"box","text":"regulated investment company.","page_number":109,"box":{"x":69,"y":362,"width":220,"height":11}},{"id":"a8f47ae9-3d2c-4f1b-b956-4ff292ac4663","block_type":"box","text":"Liquidity Risk Management.","page_number":109,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"c725d3b9-8f79-425a-90ab-3702d1da078b","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":109,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"e3d8797b-e94e-49c9-aff7-5cc8cb379991","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":109,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"6ed6339d-fc09-4f8d-9d18-fd7d0aa181fe","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":109,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"f89c03d9-5c78-499d-9d2d-746512bd7611","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":109,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"fe0c110c-803f-45c5-b4aa-ad144690b0a7","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":109,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"78a36167-77dc-47f1-86fd-333963cba845","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":109,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"ab9fcec0-5ecb-4ea4-a6cd-60ee9d639bfe","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":109,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"9604f49e-53a6-43af-b7d8-5c13e798dfae","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":109,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"6ea224fa-0d64-4a67-a816-7a7cfda38a10","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":109,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"2565146f-a3d5-4e94-9591-ff1a01505061","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":109,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"598ab75a-b417-43cd-9b6b-16c9214ab9b6","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":109,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"707c50f4-c968-4480-a210-afdd3eb9e356","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":109,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"2b9fbdc0-7a37-4ea8-8844-5d4b476af4b5","block_type":"box","text":"Master Limited Partnerships.","page_number":109,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"ec646ae8-d84e-4433-8eeb-d30b835d1307","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":109,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"dcc4c71e-d228-4bd9-9a98-3336a9c15240","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":109,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"cd358741-11a7-49df-b827-76c3f97b8cc7","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":109,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"949f2a21-0d67-4cd0-b6de-5d1ab3c2a66b","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":109,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"aabe82f9-b1cc-45c5-8176-37401dba8006","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":109,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"946a4669-eb45-4940-9c5c-1d3d974e0d1a","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":109,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"b2239090-5904-415e-ba42-6380e3881ac5","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":109,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"a7649a6e-ad29-4a82-a82f-4dacde3ad309","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":109,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"48a69ff5-fce4-45fe-b3c9-ab1a1417aae2","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":109,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"0d6562a6-01b2-4414-aa6e-643296fde201","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":109,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"9606d95b-9fb5-486b-8079-46919d0d633e","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":109,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"bee1a0a5-e943-4ff7-8ea9-f3cacd540ea7","block_type":"box","text":"in the par tnership’s operations and management.","page_number":109,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"10408532-55f4-4d89-9842-9a8ba44757f6","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":109,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"cd52bc56-b29a-49c9-8496-73434d2a7889","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":109,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"8119171a-c806-4e31-b384-cf52f126b174","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":109,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"da73cd92-d398-4c6d-940d-23b74487d0bd","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":109,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"7dc48b93-9c57-478f-840f-de389888a073","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":109,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"bcc7baf0-ea9f-48a2-9914-bb2ff5ab6a8c","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":109,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"ce740ef6-be87-4374-9647-1f801228014c","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":109,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"a34baa68-8e70-4dab-8075-93dbfc4c2c2e","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":109,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"8bcee3b7-f761-48a8-a6b9-7efba5a20e64","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":109,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"217f34ef-c34a-4e09-bceb-3fbdb193f056","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":109,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"dd084aa8-3d4f-4b98-bff5-587214208e94","block_type":"box","text":"II-50","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e03c8869-041c-44e9-909c-5192acfeb658","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"428a91ab-4435-4d31-a9ad-8ae0e5fd1fbd","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":110,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"af2ce5bb-175a-45b7-8fe5-d611d0ce29a9","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":110,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"fc61c29b-e8fb-457d-bb01-1b5268a1a7b6","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":110,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"0dae183d-6e93-4dd7-aece-d55775d42cb8","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":110,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"7dd19350-de2d-4c7f-9420-e9dcfa4784ad","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":110,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"deee92b7-66c9-428c-bb85-3d1487068154","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":110,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"490d3a42-14f1-447e-a3a8-ad0f5d9d7fcb","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":110,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"34d32298-f9e8-40e8-94be-5f6b9dd19931","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":110,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"1a434137-dc13-4d8b-8789-9788f58768e6","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":110,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"89168d0e-0c69-4133-8f51-e2ad048cf258","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":110,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"2bb31d23-9ab3-4cb6-ba09-e5179c66d6f6","block_type":"box","text":"Merger Transaction Risk.","page_number":110,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"a9dc15b3-0800-44c2-bf91-d54fe3ebc411","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":110,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"cda42d55-30e7-4dd8-8ec5-f994af07a26a","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":110,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"7dab3381-9f1c-4207-82ad-9ed331202254","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":110,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"7cdd2795-8bd1-48fc-b992-06429ee7892a","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":110,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"e4fcbeea-e903-4531-b56f-c0dae85b607a","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":110,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"e3cbdaec-3b72-49d1-b24f-e3d78ec92eb3","block_type":"box","text":"the Fund and may lose significant value.","page_number":110,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"86625118-a19a-4957-b023-1fcdb79223a7","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":110,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"8bf8dc04-5a0c-4eee-9bdb-52f24f0afef7","block_type":"box","text":"Cer tain","page_number":110,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"64b3c371-a460-415d-8440-402b570cab30","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":110,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"8761c26f-3124-485c-aff6-86090158e018","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":110,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"158ff112-70d8-458e-8249-1960a828df91","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":110,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"13079628-9011-4fda-b8cc-3e3a8a5579d8","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":110,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"2304a55c-742b-42b7-9919-98e56b44dff1","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":110,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"85f8c577-1efd-452d-b783-cbda4aaa4d20","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":110,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"bd7cd4c0-8735-4f8f-80a6-0cdbe998d230","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":110,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"415e0185-78dc-4686-a63c-ef0f9289c0bd","block_type":"box","text":"branches of domestic banks.","page_number":110,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"0e2c42eb-af7a-4c39-9474-a705539c6295","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":110,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"da76d403-c14f-4f24-9e16-3af91f72e20f","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":110,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"d01bea07-591f-4a50-ac6b-f735b0089453","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":110,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"43c49eb7-4a1e-49b7-b767-6eb0c7521bda","block_type":"box","text":"paper of a foreign issuer.","page_number":110,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"845bb5a3-49c6-49d5-870f-8a215cf0aac0","block_type":"box","text":"Money Market Securities.","page_number":110,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"7fd7cd17-6d88-4a50-bc76-bb74565cf994","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":110,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"18a2f7e2-a950-4f8e-b68a-e15556538668","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":110,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"868cf617-104f-4e93-889c-f19c291b23f1","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":110,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"28202592-d06a-4410-9e17-497b7c95e1d2","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":110,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"3244ca04-e52f-4bdc-8d4b-78a317175e83","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":110,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"b8647443-423f-4920-9cd1-96cc3419268f","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":110,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"a085b4f0-9d6e-41df-b28b-248097c266aa","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":110,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"aa73f5cf-6391-4aea-a2a1-b2739c80428b","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":110,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"6c5ea006-0461-4c9b-a441-fb3f87e9c388","block_type":"box","text":"agencies;","page_number":110,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"03190aa9-6eb1-4550-af74-dbf13609fe62","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":110,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"be86f1c9-cb73-4cbd-8487-9a16212fad59","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":110,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"65d242a7-b3c7-4988-ad41-3b0ca88ce562","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":110,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"f4d8517a-c048-42fc-8005-1d5900c7670c","block_type":"box","text":"obligations and credit card receivables);","page_number":110,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"380874e8-cfd6-4d55-9d6d-04e381509c0f","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":110,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"2f598cd9-9aaa-477d-b62a-f255d0dda1dd","block_type":"box","text":"authorities and related custodial receipts;","page_number":110,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"7f233ec6-1109-4e7a-af2c-bc3661127f83","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":110,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"78e25387-1835-457c-9097-5f8aa35efd5c","block_type":"box","text":"agencies or authorities;","page_number":110,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"753ef509-4b59-4061-8bd5-687e461498d1","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":110,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"88ecd739-3b11-4c15-b148-ce41d4cc73fc","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":110,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"3450fe4f-f282-49f2-8ce6-056683ae1490","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":110,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"e3d1e370-608c-4586-8357-a5630ca9fd56","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":110,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"f91f067c-35c7-4c99-b89c-fb287026b463","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":110,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"92eb6a08-7970-41a7-82a9-8a419f3ad055","block_type":"box","text":"States;","page_number":110,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"63dd445b-1260-4f3f-bd76-9cd0afe73fdf","block_type":"box","text":"II-51","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2fdf58a4-341e-4df3-81d7-ff0f1eca8e7a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93ea7fde-e61c-4e35-af53-018aac17a861","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":111,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"1b0cbfc2-ee9a-444c-8dca-ddc0b9791e1d","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":111,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"fb6fa454-c16e-4013-bee8-f57b28738eda","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":111,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"c86b3897-1df5-48ac-b537-ce642c713856","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":111,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"400981bf-8ef8-47e1-9684-c2facc33ae2f","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":111,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"720b939a-8b5f-4971-9375-4cb21e8f2efe","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":111,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"4fe4fdee-1606-459d-a08f-c658d88c238a","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":111,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"9b28e34e-8000-46e2-8e30-2f850b26dda2","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":111,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"e79fd168-fad5-4e39-8393-03ee13d5ee52","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":111,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"69b52738-dc89-4ee2-9ef5-5dfaaff0e669","block_type":"box","text":"States.","page_number":111,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"d9077146-fe2f-4c74-8141-99c3b53b43a3","block_type":"box","text":"Mortgage-Related Securities.","page_number":111,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"30c114a1-b170-4273-aecc-6e31ee16be69","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":111,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"e2613fca-781a-4dcb-9f2f-1396e55b5601","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":111,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"c76c7c3b-27ec-4ce1-a491-bf119aa17388","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":111,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"f73fa872-c97f-4e2c-b580-4400b669f3e7","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":111,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"1c8ae58f-9573-4d85-9518-14d2140993d9","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":111,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"d9e89a84-e525-424c-abc9-3557be88bf23","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":111,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"22ba7ddf-117a-477a-800c-7b7318c55e97","block_type":"box","text":"maturity or specified call dates.","page_number":111,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"f344c1a3-e6fd-4f82-a849-0df1b35f30b9","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":111,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"f6387cd2-68ae-45ca-847f-0f7dc6df7f8c","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":111,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"91a5f305-51b5-463c-8a65-22b507c82481","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":111,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"72d5e146-c411-4e02-b0d1-c47fd4998dd0","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":111,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"1eb6b6e5-99ef-40c3-b5f1-a0895937ac08","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":111,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"9a51825e-bac4-486e-b9b1-ded9f0eb7516","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":111,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"39eaaa47-fa23-4098-b7c2-57252dcf116e","block_type":"box","text":"The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":111,"box":{"x":68,"y":435,"width":800,"height":11}},{"id":"5e51e972-4195-43a5-9868-f1b403980799","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from traditional","page_number":111,"box":{"x":70,"y":450,"width":837,"height":12}},{"id":"821cafcb-f0ea-49a9-9779-6e303994138d","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":111,"box":{"x":68,"y":465,"width":804,"height":12}},{"id":"5e3e690c-2d82-4cc8-89b9-98e42cc248d6","block_type":"box","text":"mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":111,"box":{"x":69,"y":481,"width":832,"height":11}},{"id":"211fd1ce-5fec-4759-b720-b19c87727e7e","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":111,"box":{"x":69,"y":496,"width":807,"height":11}},{"id":"19b0ae9d-1b08-4e5e-9efd-3ffbb1558ce6","block_type":"box","text":"mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more quickly than","page_number":111,"box":{"x":69,"y":511,"width":832,"height":11}},{"id":"2f613a5c-d687-452e-b79d-24752c6cb456","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed securities. Moreover,","page_number":111,"box":{"x":69,"y":526,"width":825,"height":11}},{"id":"99c8aea6-0da9-4b04-9bb9-d5c96d35c1c4","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":111,"box":{"x":68,"y":541,"width":818,"height":11}},{"id":"0794b9e3-7fce-4792-b2f5-60caf39c269b","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":111,"box":{"x":68,"y":556,"width":423,"height":11}},{"id":"bc789ddc-e4fe-4f22-829d-f924d830af0a","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":111,"box":{"x":101,"y":579,"width":761,"height":11}},{"id":"353e978e-152c-448a-bdbc-1afc5a399203","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":111,"box":{"x":70,"y":594,"width":800,"height":11}},{"id":"29ddf795-f98f-4925-9b7d-7a8c784c9d4a","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":111,"box":{"x":69,"y":609,"width":833,"height":11}},{"id":"41e0be75-bb48-4e29-9e9b-ac69c43d1784","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":111,"box":{"x":69,"y":624,"width":809,"height":11}},{"id":"3baa1edd-3a78-4a8c-b3a9-27de88b40b15","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":111,"box":{"x":70,"y":639,"width":801,"height":12}},{"id":"a3d36402-0b82-4dae-8958-2b19d9154ffe","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":111,"box":{"x":69,"y":654,"width":778,"height":12}},{"id":"8e659bff-7fce-4f10-afe0-996d0dde63b5","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":111,"box":{"x":69,"y":669,"width":831,"height":12}},{"id":"8aa6f0f9-648d-4ae3-abb4-d42c27723d0d","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":111,"box":{"x":69,"y":685,"width":773,"height":11}},{"id":"4abf1f2a-0080-4345-94df-647d3f569266","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":111,"box":{"x":69,"y":700,"width":818,"height":11}},{"id":"2f90cb4b-aa0a-4e3e-8fce-3b25551f3418","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":111,"box":{"x":70,"y":715,"width":822,"height":11}},{"id":"dc0cd097-4b4e-4c9e-84eb-33480478d254","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":111,"box":{"x":69,"y":730,"width":399,"height":11}},{"id":"1f21eccc-cb09-41f6-b1ad-1770a2c286c8","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":111,"box":{"x":101,"y":753,"width":802,"height":11}},{"id":"8b912c30-44c9-4bab-8c5f-96ac9d4bdb44","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":111,"box":{"x":69,"y":768,"width":830,"height":11}},{"id":"f5c02f14-4f9c-4ca1-8b0c-ef23334bb98c","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":111,"box":{"x":70,"y":783,"width":818,"height":11}},{"id":"f24c4862-5fc8-4890-a13b-b6b55fbe5c11","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":111,"box":{"x":70,"y":798,"width":766,"height":11}},{"id":"3fcff481-8951-4ae6-8f0e-38c8df5ca5e1","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":111,"box":{"x":69,"y":813,"width":808,"height":11}},{"id":"d382965b-ed75-488b-a510-add9eba0c8d9","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":111,"box":{"x":70,"y":828,"width":825,"height":12}},{"id":"bd77a1fc-d177-4081-9dd5-041282d6d09a","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":111,"box":{"x":69,"y":843,"width":803,"height":12}},{"id":"fad537ec-689e-499a-bdbd-e9e74dc61c04","block_type":"box","text":"these three types of securities are considered “mor tgage-related securities” for purposes of BATS: Series A","page_number":111,"box":{"x":68,"y":858,"width":769,"height":12}},{"id":"511b9111-02a3-4454-bc1d-28322492dcda","block_type":"box","text":"Por tfolio’s fundamental investment restriction relating to concentration.","page_number":111,"box":{"x":69,"y":874,"width":509,"height":11}},{"id":"3d6953fc-52c6-4c04-849f-5a1c1d99f012","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":111,"box":{"x":102,"y":896,"width":743,"height":12}},{"id":"d6622cf3-1f29-401a-b5c4-498a88fc03a7","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":111,"box":{"x":70,"y":911,"width":831,"height":12}},{"id":"521cff92-8e97-4503-a9d3-218705f65bb4","block_type":"box","text":"II-52","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"21b42b10-4c52-4d81-8d33-e54fbb4839e5","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cf4c2b7-99b6-4f9e-b86c-fe4eca9faf7e","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":112,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"667ec505-36d3-4dd7-bf55-e4e52c3c4796","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":112,"box":{"x":69,"y":60,"width":737,"height":11}},{"id":"1726efc9-e306-46d6-a18a-f9b45ad58110","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":112,"box":{"x":68,"y":75,"width":814,"height":11}},{"id":"397d570c-5cfb-40ee-b34e-c469a26a2a06","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":112,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"525bdc44-e0f1-4f55-9a1a-8b92baff4f39","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":112,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"5c9e4d4a-8f4f-4b49-a381-4c6a6b1200fd","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":112,"box":{"x":69,"y":120,"width":798,"height":11}},{"id":"bf016f79-f54b-402d-8a50-347b66d87e34","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":112,"box":{"x":68,"y":136,"width":798,"height":11}},{"id":"f4972895-202f-4823-ac69-15adea4825ed","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":112,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"4bfb7ed2-6b47-4894-82c6-41ef9c718766","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":112,"box":{"x":68,"y":166,"width":840,"height":11}},{"id":"4530b814-0b45-41b4-9a7d-44cb6e602bf8","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":112,"box":{"x":68,"y":181,"width":825,"height":11}},{"id":"3fe6f24f-47de-476e-be31-b20bb9920396","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":112,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"887e09db-97ac-499a-9f49-9bad11d7ec57","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":112,"box":{"x":70,"y":211,"width":770,"height":11}},{"id":"4eafa9ae-e44c-420e-90bf-7172a7c11008","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":112,"box":{"x":70,"y":226,"width":812,"height":11}},{"id":"f47bc76b-5c9a-4dc5-8943-0f60c94203a5","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":112,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"7fa097d2-27f9-47f5-afdf-7e0d0446ba2b","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":112,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"e722040b-b032-489e-8718-951407249b93","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":112,"box":{"x":70,"y":271,"width":792,"height":12}},{"id":"ed2a275c-2e21-429d-9637-716a157524e6","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":112,"box":{"x":68,"y":286,"width":819,"height":12}},{"id":"e52736a4-f0d3-4c4f-8609-9d1befdd951f","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":112,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"a7c2d6e7-b3c7-4f84-abac-c0c760e77a7d","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":112,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"cf125eb0-7550-4b9f-a787-46586963f391","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhar t of the","page_number":112,"box":{"x":70,"y":332,"width":803,"height":11}},{"id":"95d29e47-f13f-42fb-b49d-84dbd3d5e6dd","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":112,"box":{"x":70,"y":347,"width":808,"height":11}},{"id":"b90e61b1-c255-4d52-a5d1-d39a5bf87e0e","block_type":"box","text":"addition the U.S. Treasury Depar tment agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":112,"box":{"x":69,"y":361,"width":818,"height":12}},{"id":"e23cade6-f2c9-4de1-8c23-a20871147c32","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mor tgage markets.","page_number":112,"box":{"x":69,"y":377,"width":816,"height":12}},{"id":"8ea87934-7468-46d6-8252-81e6f0863afc","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":112,"box":{"x":102,"y":400,"width":786,"height":11}},{"id":"7582d98c-bafc-4179-b8e2-aab969827295","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":112,"box":{"x":69,"y":415,"width":777,"height":11}},{"id":"611a00f1-d213-4ce4-99b7-bf722cbac5c8","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":112,"box":{"x":69,"y":430,"width":782,"height":11}},{"id":"788111d3-2be3-4f98-975b-490d26d06ac0","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":112,"box":{"x":102,"y":453,"width":802,"height":11}},{"id":"c10af945-b5b3-4d30-b002-8d9f2026f078","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":112,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"e662299d-d198-4549-b333-f44e6459281c","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":112,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"20f9ab99-fc35-4915-93c9-a50b2fcc7a75","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":112,"box":{"x":68,"y":498,"width":833,"height":11}},{"id":"8998e087-dc0b-4985-a271-6142384d368f","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":112,"box":{"x":70,"y":514,"width":789,"height":11}},{"id":"b45cdbd1-3781-4538-9a56-f15cadc8bdf4","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":112,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"dc094394-23cd-4c28-ad46-73348d7f3dbd","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":112,"box":{"x":69,"y":544,"width":838,"height":11}},{"id":"7d0c16e4-5143-4fac-abda-190d01787d91","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":112,"box":{"x":70,"y":559,"width":810,"height":11}},{"id":"2f0dcfcb-6820-46f6-8493-134e2866c57c","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":112,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"e35f8057-5746-499e-8854-f27c7c5e98bb","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":112,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"fddfec52-d3c3-4501-89a6-3cfe05c5c5ea","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":112,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"9cd945cf-edd7-47c4-91e5-d011a5e1f5d0","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":112,"box":{"x":69,"y":619,"width":604,"height":11}},{"id":"c1f00ef4-b1fc-46e6-8ff4-13617123b100","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":112,"box":{"x":102,"y":642,"width":774,"height":11}},{"id":"e6bcd4bb-7e9a-4309-b0c1-2e40ebb61f0b","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":112,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"4e41edf9-9805-4ee8-a928-f037da216eb6","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":112,"box":{"x":68,"y":672,"width":832,"height":11}},{"id":"b7fb508b-7ea4-4e1f-b106-f9967dfc77df","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":112,"box":{"x":69,"y":687,"width":742,"height":11}},{"id":"e1df7f66-c938-4240-a48c-fa1e15589e64","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":112,"box":{"x":69,"y":703,"width":831,"height":11}},{"id":"2fbe6bc9-8425-4e08-9e08-3fa0df7ff4b8","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":112,"box":{"x":69,"y":717,"width":840,"height":12}},{"id":"ee4295a9-6cb4-4797-b2bd-b166af6fec16","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":112,"box":{"x":68,"y":732,"width":809,"height":12}},{"id":"d6688bb5-0633-4c8f-a143-56b77bb32332","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":112,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"5e1213ce-111f-4692-963f-ca29dfc1eea2","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":112,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"d7c25f0b-2631-40d2-83c7-a8f1599772df","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":112,"box":{"x":70,"y":778,"width":810,"height":11}},{"id":"b334fa5b-94fd-4286-b4fb-a213d89ef2d4","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":112,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"dfffef2c-cfaf-4451-88b2-4955cda639e0","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":112,"box":{"x":69,"y":808,"width":669,"height":11}},{"id":"b63e7971-871b-40b9-be39-e49280d6a766","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":112,"box":{"x":101,"y":831,"width":754,"height":11}},{"id":"1016c436-798b-4ebb-864d-9274f3e6629c","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":112,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"427a1296-176c-4094-be06-c96aa09238fc","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":112,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"7e422225-e33c-4ea0-8ed0-50d88c392289","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":112,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"34e7a196-9871-418a-9ae1-8df33f121432","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":112,"box":{"x":70,"y":891,"width":361,"height":12}},{"id":"cb85014b-1f99-4faf-a1d2-be88ed4554ba","block_type":"box","text":"II-53","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"333a0f24-265c-453f-93f4-f7d5825b2c55","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9730b79a-0058-44ce-9bf9-53dfd226bc1a","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":113,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"57b04c64-0ca6-4dd8-8d41-e05199d9cdb3","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":113,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"00cc38e4-9f18-4e70-af97-162ae8e23677","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a fund’s por tfolio may be par ticularly difficult to","page_number":113,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"7e9a34fe-5225-4ce1-9589-d59ad7e02ec4","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":113,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"2f3a3607-90ab-4286-8b99-0b4b7c80420c","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":113,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"b27d08e9-8d42-49ca-b725-32a545d21a9c","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":113,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"66844e5f-bcaa-4770-8f09-ef32d63bb557","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":113,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"4e5af4ec-1054-43d2-ba80-f37b7f67cd45","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":113,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"5331f0fe-be9c-4c9f-90c7-ccae7d59a279","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":113,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"f07f05c0-884c-43b3-a9bf-c6bbbbea17a6","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":113,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"8e792abe-ff29-416c-b3b7-37d22d7ea0cb","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":113,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"b2059b0f-1978-44ba-9ceb-319cd76832e5","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":113,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"c210d939-cf74-4d94-8172-92ce56e20d1a","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":113,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"c939b3ac-53ea-4d7d-bbcb-22ca28e0aab0","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":113,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"000950f7-2ca4-4c02-a6b8-5cf620bb4eb8","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":113,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"87ed737f-a839-49ef-b627-89b01b666dab","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":113,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"476c67c7-cb35-47c1-9706-26d924f1f5b4","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":113,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"80ae0f63-efc0-4a4c-b428-6509717c4de0","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":113,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"2fee5278-cd33-4174-8b07-19b6a5cee9f3","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":113,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"93760e85-0bff-421c-b950-dd13de699fa3","block_type":"box","text":"of principal because of the sequential payments.","page_number":113,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"9cbb8c72-f140-4853-a722-e465a272a875","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":113,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"aa9ff642-048f-4492-b24a-fb4cac7022cd","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":113,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"1f494816-a67c-43cf-9090-e2dca2c33989","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":113,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"9b932e81-9d2c-4474-85a2-7336458b1277","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":113,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"5f12455a-497f-429f-82fb-1184c1f37647","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":113,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"a4aa9d0c-d729-4106-add1-782c4dd2590a","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":113,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"b15f1200-9974-4096-b4e5-cf6ff39eac3d","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":113,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"99c3d460-6e30-40a6-9e2a-067b03ca2251","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":113,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"b66236ad-54e5-4a7b-a6e2-e52c8d47920c","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":113,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"5a9e583e-8c2f-4304-ba7d-eadd9e3f3422","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":113,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"51d4e206-0ec3-424d-83a0-b0c8322aca97","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":113,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"0fa7e69e-165f-4b2e-8275-4014a73ab3a6","block_type":"box","text":"securities of any single such entity.","page_number":113,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"b266a725-6ca6-42ed-bf01-84510c72ad85","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":113,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"cbf14e11-4fdd-401e-b074-cf96827a43b6","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":113,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"8a1ca2f2-e658-48b3-960b-ee6a10775ea4","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":113,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"36c624eb-9a4e-465d-bf01-88f6e0a682a2","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":113,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"6607bcfb-4d1b-41ff-8fc5-09a6d5a6edf8","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":113,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"440bcf76-7332-4fdd-9986-ac8ba4dba01b","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":113,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"ce692a9d-1c4f-424f-873b-56018c6a77af","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":113,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"02b3f938-f96c-49f9-9022-afc4f102a89e","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":113,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"6d6013f7-9c64-4d4c-aaa2-cf75fc490a49","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":113,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"579f3857-f528-4646-9f8c-1e838915cff7","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":113,"box":{"x":69,"y":680,"width":761,"height":11}},{"id":"67c9c7d8-56d0-476a-baf2-c9dbba1c5c4f","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":113,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"ed7c6dc7-f48c-4e3b-bac0-cfb471a310fc","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":113,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"12f0bb0e-1b4f-4a55-8976-9463b907b2d2","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":113,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"614807c6-bdb5-47a5-a6c0-285d01caddb8","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":113,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"ee707a89-85c6-486a-8c45-10d0d12c8ef8","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":113,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"7e0e41fb-7c7b-4df3-92cd-edd55dc8b66c","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":113,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"ecf253cd-89fc-4482-99d5-30474bed7853","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":113,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"96a4fd82-7171-4411-8d4f-82b1641b36e0","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":113,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"bb3cde06-bac5-43da-8aa0-4d559095a150","block_type":"box","text":"classes.","page_number":113,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"5ee55ac9-977e-467f-aa67-a2f4a53241ac","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":113,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"f9dac6ac-b92c-46fa-a306-f1f0df903aa2","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":113,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"ece382e9-edad-4b59-91d0-735bd5bd0988","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":113,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"16edbb1e-7418-4755-8aa6-b62b0707e21f","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":113,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"4ea6f7d8-36d6-4bd9-b02e-ac8c10308926","block_type":"box","text":"II-54","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82e08858-24e8-458b-9999-3ff964a9f7ae","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a7a6525-9519-4bf3-bff5-b52ffa93b3b1","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":114,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"175e3a0c-8739-43a3-be52-5e80a15999a8","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":114,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"96ee58d7-68a5-47a1-a95e-db7914cb8977","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":114,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"62968c52-113c-45c9-b66b-7650e5d0627b","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":114,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"7ce921be-f18b-47c0-97e4-287d661c1a58","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":114,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"07dfe272-6cbd-4cdf-b91f-8e807e914fe3","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":114,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"2e3e97bc-ec06-4364-a7df-ea693f8477fc","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":114,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"95276fa8-18bc-4d33-ad68-9152895ec815","block_type":"box","text":"to a designated benchmark index.","page_number":114,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"0e0038fb-13e1-4087-8c96-be4c3eed090a","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":114,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"a4931089-8a94-4e30-9e13-fa2a42732411","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":114,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"176cdfed-8bd0-4302-bef1-3c9b3e238bd9","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":114,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"448df031-998b-46fb-8cb5-d094b7c3581e","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":114,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"2785015e-f9c0-4616-8c42-264d425b1d06","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":114,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"27a14dec-e4d4-48ac-855d-e2e575939888","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":114,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"2f0aafd7-a0a2-4ab1-9c26-f4fae3cee60e","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":114,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"a1cf1ccc-9d2f-4c94-b9bd-8ab84b3ebf71","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":114,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"0c4e1c9f-6102-4435-bbaa-dae8c8599be0","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":114,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"5e2a08c5-7b47-4ca0-896b-484f73bdd512","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":114,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"2448fb2b-2a97-4098-9e1a-789384245963","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":114,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"5ee7bbfa-375b-4162-a7ea-7086031d0166","block_type":"box","text":"CMO Residuals.","page_number":114,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"95d18553-52a2-4f8e-b18d-aac09fb12ad1","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":114,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"b2ded02f-7b2c-4e74-96db-c1dabe989048","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":114,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"b13c3898-ddbd-42e4-bc3f-38777cb81e4f","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":114,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"da9d3cd3-f0d9-4dc0-a5be-4ff2f7480068","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":114,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"14beab89-ab9a-4d20-971f-a4efdc5b03a1","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":114,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"9114aa03-5109-4d7d-b7d9-545b0e283356","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":114,"box":{"x":68,"y":423,"width":832,"height":11}},{"id":"c3b62997-8d97-46fc-8c51-d43fc14d2c00","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":114,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"5371ab78-fd26-4dee-b3f5-f0be1c1e417d","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":114,"box":{"x":69,"y":453,"width":833,"height":11}},{"id":"6a1e82d5-227d-46c7-81bd-38c6b4db0673","block_type":"box","text":"among other things, the characteristics of the mor tgage assets, the coupon rate of each class of CMO, prevailing","page_number":114,"box":{"x":69,"y":468,"width":809,"height":11}},{"id":"942c6345-21f1-446c-a8fd-089745bd0173","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mor tgage assets. In","page_number":114,"box":{"x":70,"y":483,"width":810,"height":11}},{"id":"2e232d4d-a6ca-49df-b9f7-a12566b49df3","block_type":"box","text":"par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":114,"box":{"x":70,"y":498,"width":795,"height":11}},{"id":"f533dd40-27c1-417c-b6bd-6da00c46f710","block_type":"box","text":"mor tgage assets, in the same manner as an interest-only (“IO”) class of stripped mor tgage-related securities. In","page_number":114,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"f1519a1a-8f87-4a64-a622-18d282d8ca04","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":114,"box":{"x":69,"y":528,"width":820,"height":12}},{"id":"d7137776-0416-414a-beac-d4b51975fbdc","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":114,"box":{"x":69,"y":543,"width":808,"height":12}},{"id":"69a0f151-47f3-4223-b36e-3611d2e2d280","block_type":"box","text":"adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":114,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"18e76291-5e54-4360-a4ea-3e3bf983b6c3","block_type":"box","text":"residual.","page_number":114,"box":{"x":69,"y":574,"width":60,"height":9}},{"id":"a84e6526-997b-4a13-ab52-41ada47b9e0d","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":114,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"09924f84-ab70-4faa-aeb2-4846d44c1c07","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":114,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"7f585406-f531-480a-8b04-c35f23ed2a12","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":114,"box":{"x":69,"y":627,"width":806,"height":11}},{"id":"18914743-b7d0-4c3f-b65e-1f00dc86fba3","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":114,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"19f0c8ee-a59a-4786-87af-f5dd05277d7e","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":114,"box":{"x":69,"y":657,"width":784,"height":11}},{"id":"e0f2b90e-73a4-4dae-99fe-fe124937db06","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":114,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"0ff846db-7797-4079-925b-9d1f1c3c4550","block_type":"box","text":"and REMIC interests.","page_number":114,"box":{"x":69,"y":687,"width":149,"height":9}},{"id":"af08d406-4815-4535-9155-84f4dcb3ed0a","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":114,"box":{"x":102,"y":710,"width":267,"height":11}},{"id":"57f7d57f-eaa3-4e38-b945-595bfb600a6d","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":114,"box":{"x":375,"y":710,"width":493,"height":11}},{"id":"72cc8753-83ab-4e24-a9d9-fe713cdfca21","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":114,"box":{"x":70,"y":725,"width":798,"height":11}},{"id":"1fd10c59-7f0d-4863-b896-9ef7f6271daa","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":114,"box":{"x":69,"y":740,"width":826,"height":11}},{"id":"9d017cef-1230-423a-922a-598627343428","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":114,"box":{"x":70,"y":755,"width":832,"height":11}},{"id":"4cbe1621-e087-431c-a793-2ecc0802d61b","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":114,"box":{"x":70,"y":770,"width":821,"height":12}},{"id":"c951a686-3875-4458-b169-b64aea5abb01","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":114,"box":{"x":68,"y":785,"width":826,"height":12}},{"id":"d2b46b78-6f79-4a6d-8376-2572ac0841d8","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":114,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"5ea40048-1a22-41ed-8e11-cdd8a4f71d54","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":114,"box":{"x":70,"y":816,"width":834,"height":11}},{"id":"7714a5a0-e4aa-43a4-92b2-7c8ef114970a","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":114,"box":{"x":68,"y":831,"width":800,"height":11}},{"id":"f2979919-453a-498b-8d06-de7887953c6f","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":114,"box":{"x":69,"y":846,"width":837,"height":11}},{"id":"d6ee3002-1d0d-441e-86b3-19e484265ff1","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets experience","page_number":114,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"9c2598c9-6ab1-40fb-8675-eb5eb948835b","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":114,"box":{"x":68,"y":876,"width":836,"height":11}},{"id":"1874446c-b2ef-4d50-b3dc-1d3375d56c41","block_type":"box","text":"there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the interest","page_number":114,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"5c7e78f4-fb05-45f4-ab57-fb334b41d369","block_type":"box","text":"por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":114,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"bdfd834e-06b1-4c5c-b81e-1ed547f0b40d","block_type":"box","text":"II-55","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"df989952-1f9d-4b64-be3b-597225b316da","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"301cc074-5b7f-445a-a544-b46c86f0f71f","block_type":"box","text":"the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund generally will","page_number":115,"box":{"x":68,"y":45,"width":830,"height":11}},{"id":"be81c719-5b05-4631-9e72-6d4126b8f95a","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":115,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"eac0e933-2ed3-4783-a80a-d5febb892c9f","block_type":"box","text":"matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":115,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"d43abddb-abc3-4425-adf5-d706c65d48b3","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":115,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"28a13cfc-2158-4fd4-8ec0-57e41c20dd06","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":115,"box":{"x":70,"y":105,"width":815,"height":11}},{"id":"665b21a3-9c02-477e-954d-5c0d7e6c51fb","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":115,"box":{"x":68,"y":120,"width":599,"height":12}},{"id":"442d6a57-7e9b-405d-9a17-a6d001885fc2","block_type":"box","text":"Tiered Index Bonds.","page_number":115,"box":{"x":103,"y":143,"width":138,"height":9}},{"id":"53972e19-158e-4fe5-9012-9215b5aebe45","block_type":"box","text":"Tiered index bonds are relatively new forms of mor tgage-related securities. The interest rate","page_number":115,"box":{"x":247,"y":143,"width":657,"height":11}},{"id":"a43efbab-dc40-47ce-8a18-a4530393e40e","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":115,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"32195b7e-805c-4b98-8a80-ce61edeaa9b4","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":115,"box":{"x":70,"y":173,"width":830,"height":11}},{"id":"d896a7af-8ad0-4e4c-8308-9a6effeba7ba","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":115,"box":{"x":69,"y":188,"width":800,"height":11}},{"id":"fec753d7-bf62-42c1-8f14-c33a5fd90bd3","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":115,"box":{"x":68,"y":203,"width":788,"height":11}},{"id":"09482113-a28c-446d-b551-5725245f9688","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":115,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"f72adcc0-6f58-436f-83b4-f329abb3ed13","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":115,"box":{"x":68,"y":234,"width":266,"height":9}},{"id":"068b2afe-cc06-480c-98be-8cd521692e26","block_type":"box","text":"TBA Commitments.","page_number":115,"box":{"x":103,"y":256,"width":133,"height":9}},{"id":"5e94fb8c-6756-4b0a-95ef-9829d877c211","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":115,"box":{"x":243,"y":256,"width":653,"height":11}},{"id":"bc2d1062-c2a4-48ac-998b-85a47657a016","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":115,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"3cdc14d6-3778-42e7-a11b-caf0fb29a18b","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":115,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"d0da38ce-59eb-4014-a819-e026b83091bf","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":115,"box":{"x":70,"y":302,"width":793,"height":11}},{"id":"14ccfcc2-7edd-42c3-809e-66f3ed05244b","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":115,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"238955f3-db5b-4b4d-9038-d0609559d707","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":115,"box":{"x":70,"y":332,"width":804,"height":11}},{"id":"78f2f2d4-4d3f-44bc-9e7b-27c14824caa0","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":115,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"2ea6910f-325e-4cfe-bd53-e8f19247e195","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":115,"box":{"x":69,"y":362,"width":810,"height":11}},{"id":"71d82ba9-e228-490a-9e47-81b7df15b2d8","block_type":"box","text":"below.","page_number":115,"box":{"x":69,"y":377,"width":43,"height":9}},{"id":"b0055b3f-c7f5-4b33-8058-478357a64a39","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":115,"box":{"x":102,"y":400,"width":157,"height":11}},{"id":"87e21b4c-cf58-466c-a5bb-42c139033d39","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":115,"box":{"x":266,"y":400,"width":634,"height":11}},{"id":"44839285-9683-4f34-bdd5-f32430fbc7e3","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":115,"box":{"x":70,"y":415,"width":825,"height":11}},{"id":"b44c1a48-bed8-4b73-a1f6-60f1c1c1eecd","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":115,"box":{"x":69,"y":430,"width":805,"height":11}},{"id":"8e743903-f767-45d7-8097-b4f26cd074a1","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":115,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"3e19e057-14ec-4eb0-8653-f4db9e0c30de","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":115,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"be4978df-7900-4dd7-a814-d56f3b371ddc","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":115,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"f5dd08d3-ba35-4313-b774-4015b00ffb6f","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":115,"box":{"x":69,"y":491,"width":806,"height":11}},{"id":"0e66c7ae-d9f6-45ef-95b3-30c2b3f1272f","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":115,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"f1eb2b31-62c0-40c7-85d3-644841999f12","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":115,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"07c77db2-ed05-4999-ae2e-fedcdf74f0e2","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":115,"box":{"x":69,"y":536,"width":607,"height":11}},{"id":"2dda0573-2990-4157-8240-5068c1a474ea","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":115,"box":{"x":102,"y":559,"width":744,"height":11}},{"id":"c34410f5-e6c7-4a13-afbd-227f1b2e5a2d","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":115,"box":{"x":69,"y":574,"width":796,"height":11}},{"id":"faf877cd-2324-4391-931f-ea474d6605cc","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":115,"box":{"x":69,"y":589,"width":433,"height":11}},{"id":"22a2e125-879e-4199-9a47-83ff6bd71a1d","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":115,"box":{"x":102,"y":612,"width":795,"height":11}},{"id":"d16b164f-843d-45da-9dd4-1b657c0f559b","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":115,"box":{"x":70,"y":627,"width":824,"height":11}},{"id":"5e99d671-b0e2-41c6-8d0f-18b4697fdd50","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":115,"box":{"x":69,"y":642,"width":774,"height":11}},{"id":"670369a8-a0ef-41f6-919d-f928d1210b88","block_type":"box","text":"securities in the forward transaction.","page_number":115,"box":{"x":69,"y":657,"width":261,"height":9}},{"id":"dc94f5f0-4b73-4706-8130-74ace639539c","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mor tgage dollar rolls may","page_number":115,"box":{"x":101,"y":680,"width":777,"height":11}},{"id":"4c786116-0199-486a-8908-01c1405f6af0","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":115,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"a6dbcaf3-1941-44ed-8b35-ba51097173c1","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":115,"box":{"x":68,"y":710,"width":824,"height":11}},{"id":"f9d98be5-65b1-40f2-aeec-bef8c480a9db","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":115,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"ace9114b-3174-42a9-97e0-eb39e37d9ace","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":115,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"e0abaf4e-0843-4f69-8ede-7c4218e71a8d","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":115,"box":{"x":69,"y":755,"width":430,"height":11}},{"id":"f9af770b-a6bf-486d-b54d-68a896fae320","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":115,"box":{"x":102,"y":778,"width":759,"height":11}},{"id":"7085821d-7e75-4cfc-be92-387e23e83509","block_type":"box","text":"securities (","page_number":115,"box":{"x":69,"y":793,"width":78,"height":11}},{"id":"b9dfb422-9f8d-4786-963f-a4f6ccf461fa","block_type":"box","text":"e.g.","page_number":115,"box":{"x":148,"y":794,"width":25,"height":10}},{"id":"8406fc2e-d46d-4709-8ede-db1f266d762c","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":115,"box":{"x":176,"y":793,"width":681,"height":11}},{"id":"68a73670-529e-4ed6-9295-32d1e4939bcc","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":115,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"81b48595-18b2-4a1f-a61b-0b5c3c0bdb0b","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":115,"box":{"x":70,"y":823,"width":783,"height":11}},{"id":"6930296e-4bab-42a2-a0cf-b129a2df40dd","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":115,"box":{"x":69,"y":838,"width":832,"height":11}},{"id":"f1f794f8-2915-4593-bca9-ee2422c308f4","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":115,"box":{"x":70,"y":853,"width":830,"height":12}},{"id":"a48cafb5-15f7-4814-a670-0fb21695ccec","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":115,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"2fc9e45d-3fb9-42c6-98a3-cebad4aae8b7","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":115,"box":{"x":70,"y":884,"width":489,"height":11}},{"id":"9f657819-ed57-451d-bcea-306422b9e761","block_type":"box","text":"II-56","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9160ccdb-f33d-4f12-8d1e-04a0afcc1e4a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52cb3481-8f3f-4a5b-a0ea-c9797a11968c","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":116,"box":{"x":102,"y":45,"width":260,"height":11}},{"id":"da23d0d0-4382-476a-82d4-f66df36d6d62","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":116,"box":{"x":368,"y":45,"width":473,"height":11}},{"id":"c097bbd7-5a97-41a5-b123-a419450137ba","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":116,"box":{"x":69,"y":60,"width":768,"height":11}},{"id":"e4700b26-f8e1-404e-a6b9-91814e26d949","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":116,"box":{"x":69,"y":75,"width":836,"height":11}},{"id":"7dd22ecf-21a5-4c55-b59a-5f9c65367c32","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":116,"box":{"x":70,"y":90,"width":760,"height":11}},{"id":"9de9e729-e31b-43d9-a219-07399948416e","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":116,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"e146fd31-d5db-44cc-8bb9-fee6c00884a7","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":116,"box":{"x":68,"y":120,"width":810,"height":12}},{"id":"ea2ea613-4de3-4e3e-8d10-17f5caa0118b","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":116,"box":{"x":69,"y":136,"width":764,"height":11}},{"id":"7ccca538-9a75-4cd3-a6e9-6bf1c9efdb5e","block_type":"box","text":"Municipal Investments.","page_number":116,"box":{"x":102,"y":158,"width":169,"height":11}},{"id":"56c77f11-ca7b-4cd4-b9b6-dab03630a06b","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":116,"box":{"x":102,"y":181,"width":763,"height":11}},{"id":"12a81ca6-68bc-484f-9438-db0fe818b458","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":116,"box":{"x":70,"y":196,"width":783,"height":11}},{"id":"141822c7-69a7-4856-bc3b-2349ea8f253e","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":116,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"f394ee6e-8d38-4720-9246-1bb309bbd361","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":116,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"efa69522-925a-4dcb-a198-8b776b7fb7d7","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":116,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"2874115b-211e-4eec-b229-9541a4665362","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":116,"box":{"x":69,"y":256,"width":779,"height":12}},{"id":"dfcbae68-fe73-4c44-af95-179cbd90d043","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":116,"box":{"x":70,"y":271,"width":838,"height":12}},{"id":"1445f73b-b659-4b34-8483-fc37a48624dc","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":116,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"fb60e7cb-2514-4784-b324-66e06dc48612","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":116,"box":{"x":68,"y":302,"width":834,"height":11}},{"id":"eda537b1-8539-4b11-9d13-a41bd71ecd28","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":116,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"20d6714a-0f7f-4b95-bd44-9f4895700f52","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":116,"box":{"x":70,"y":332,"width":807,"height":11}},{"id":"07f2d029-95cd-4407-a542-d8a12c146bd1","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":116,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"516f32ed-1815-4958-8c00-2db1bf8a5991","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":116,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"10a636a7-9b25-46b6-bf41-9d1488a7400c","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":116,"box":{"x":70,"y":377,"width":826,"height":12}},{"id":"5e74931c-57eb-4180-918d-d01a3b014a3e","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":116,"box":{"x":70,"y":392,"width":834,"height":11}},{"id":"7f04878e-d8e9-4873-9565-0e9fe7612dcf","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":116,"box":{"x":70,"y":407,"width":800,"height":12}},{"id":"58eed69c-e69a-4fd1-89a6-1b2909ed9f58","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":116,"box":{"x":70,"y":423,"width":819,"height":11}},{"id":"b6fee749-4014-42d7-b051-f4b8b059bbd9","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":116,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"6e44d22a-7707-4624-a29f-b233d3e8e7d2","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":116,"box":{"x":70,"y":453,"width":805,"height":11}},{"id":"69eeda2d-e07e-4ae6-b750-e4475b32b016","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":116,"box":{"x":70,"y":468,"width":721,"height":11}},{"id":"8af3a7cb-8d4f-4d89-986c-8a6392fb772d","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":116,"box":{"x":102,"y":491,"width":495,"height":11}},{"id":"9d6217ae-633f-454b-949f-d606e3a3026a","block_type":"box","text":"The risks and special considerations","page_number":116,"box":{"x":603,"y":491,"width":260,"height":11}},{"id":"be4c97c6-bd4d-46b0-9fbe-8553ed687391","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":116,"box":{"x":70,"y":506,"width":806,"height":11}},{"id":"b4427bb4-3b09-4ac1-9800-b6de2a15bc4f","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain instruments","page_number":116,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"a790a502-8db9-4019-9cc6-539fef8b6f59","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":116,"box":{"x":70,"y":536,"width":453,"height":11}},{"id":"20f4d1f3-c423-4a17-884d-10d3ef1a2a59","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":116,"box":{"x":101,"y":559,"width":799,"height":11}},{"id":"164b83ed-2597-4449-b974-c54d7c02fd0b","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":116,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"59955ca7-1191-4665-99b5-24d852c4b22a","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":116,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"38e74c01-e62b-476b-b1a1-3237a39254a8","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":116,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"32bcfaed-6cad-445c-b91e-7f0f5c09389b","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":116,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"c9f6863b-50d0-4665-aeb7-f66b5a0016a4","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":116,"box":{"x":69,"y":634,"width":761,"height":12}},{"id":"6263d478-3479-461f-bf95-42dd862d30b0","block_type":"box","text":"II-57","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c27b4e80-9858-43a0-ac00-09ba564cefec","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04b58346-efbb-465c-bf02-abc93c807512","block_type":"box","text":"Description of Municipal Bonds.","page_number":117,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"d8fe0abe-0f75-48c0-bb9a-b90793d346bc","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":117,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"047340d9-1706-4660-a70d-b3a3df54f97c","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":117,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"74738b8e-b21d-4192-b0ce-20689284f7fc","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":117,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"f2b5aa7f-427f-45cd-a6fa-bf52d9a7fe17","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":117,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"f8662114-fad7-439c-8d92-010630ff5609","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":117,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"d84541fd-735d-4798-ac68-fed937c4cc70","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":117,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"e73663f4-b41c-49e7-890e-2a639ebb09a8","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":117,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"1abadfc7-499e-492a-a90d-3ab6d387a30d","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":117,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"46c295e0-7302-400c-8fc7-a2e0f127710e","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":117,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"30704be9-31b8-49ce-a583-e28216b16d56","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":117,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"79a02dec-3178-46a0-8c43-acd188baaf8a","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":117,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"729a1737-af4e-4441-881c-18f4aef4f780","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":117,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"e6a23bde-2cee-4c3c-a446-54bd46b20958","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":117,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"98d3582b-1a51-43f0-96c5-73775f7d47ce","block_type":"box","text":"General Obligation Bonds.","page_number":117,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"b9b8a33a-658c-4da7-9989-45919ad93863","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":117,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"43082961-62a2-47f1-a2d7-cbba7f235c76","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":117,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"a8b67756-7406-4d23-9065-80ee4b852c41","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":117,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"bba643cf-d20f-445c-b18a-210770fa36ac","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":117,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"43c0502b-0eca-453b-b1c4-963d7aeff53e","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":117,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"9c7de37b-35f1-481f-a20a-73dba9645153","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":117,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"288b0d8b-7019-4815-b4c7-a3a538d04c91","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":117,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"4c17eaca-9fca-4652-84c0-3728fb9c0ef9","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":117,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"4779e17c-19fc-412a-b7cd-4b18e56d17cf","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":117,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"3a152fc4-7aeb-400b-96af-9e81000603e2","block_type":"box","text":"Revenue Bonds.","page_number":117,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"71b6ef1b-c131-4251-924c-41d16498d53d","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":117,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"543a0393-6ac0-4cb3-afbf-44d0c4fdd5a1","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":117,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"d2e34cb2-4cd9-465f-adbc-5b2fe69a72ae","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":117,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"48d21e5c-318b-4aaf-9ca3-a4cddcfc039d","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":117,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"5df93da0-66d5-4bc5-abe8-28039a2f283e","block_type":"box","text":"viability of such facility or such revenue source.","page_number":117,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"679ed651-6c8b-4807-a82c-d1d4735c49c0","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":117,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"bf76bf4e-727e-4801-b3b5-be5e10dd4d0f","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":117,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"c7a484d1-5745-41c3-afa6-2604e0996bcd","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":117,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"e12c4cf0-b502-45c3-abc0-0110b6801b7f","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":117,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"f370c128-27d2-4398-9d7a-b63f03ad194c","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":117,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"c4b963f5-a894-4ae6-94ab-fc071de985fb","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":117,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"b671cec9-0dfb-4d9e-8089-fe55eaa345ab","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":117,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"8c9baaa0-0235-4a64-a2a3-b67a09dfdbe4","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":117,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"6def15d0-3501-4f38-97dd-0c51018cfcb2","block_type":"box","text":"PABs.","page_number":117,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"c21372a8-e0e2-4822-af59-86f1da25f749","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":117,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"ed967fca-1772-408f-bf89-ed47ce274820","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":117,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"9560f9a4-8d14-4e4c-a305-65001c687bd3","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":117,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"13860a57-45b0-41c9-8022-8d01c566317f","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":117,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"d05b4455-5860-479e-82c6-25d8ddc39fd7","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":117,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"936974af-b2f9-466f-ab3d-ff926a30cc56","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":117,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"d8885344-1336-413e-88db-cd3ef25d30d1","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":117,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"abb51e78-6f5d-4a3b-83c0-77d346f709af","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":117,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"f2811bd8-bf8c-41a8-8a98-2bcc1d420896","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":117,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"2729dc67-2286-491b-975d-4237310a2b35","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":117,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"5f82be9b-dcbe-4ae9-aaa9-6faad98bf021","block_type":"box","text":"the par ticular facility being financed.","page_number":117,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"fa4385c2-ae4d-42fd-b802-fd17e60d5baa","block_type":"box","text":"Moral Obligation Bonds.","page_number":117,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"d09a357e-4d95-4cc7-b37a-0d7b3e14f03c","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":117,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"a54a4f8e-f747-40b5-b17d-5b622f87a9fb","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":117,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"84f90cfc-eb69-48a3-b2a7-3ceeebc54328","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":117,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"7efd556d-40bd-49ad-974b-192c65d3c368","block_type":"box","text":"that issued the bonds.","page_number":117,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"d7d583fd-d1a0-4f2f-9d89-4fd7ae4d5472","block_type":"box","text":"Municipal Notes.","page_number":117,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"3b5a40e8-6edd-4439-a4ea-a7fffd253ed5","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":117,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"07c810d5-c93a-40a9-a8c9-5e819bac00cb","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":117,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"a667a22e-2472-4ff5-867e-92f9da761f24","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":117,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"19fcb114-47e0-4ec6-bb74-863487b9ce2e","block_type":"box","text":"II-58","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ac60ee9-f7c9-4d87-9e5d-beb1c75844a6","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fe638e0-4291-4ee4-8c07-adcac1334838","block_type":"box","text":"Municipal Commercial Paper.","page_number":118,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"f76fee7c-b375-4dfb-b47f-5c3ee60a8f13","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":118,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"45a13cca-c9a0-4d67-b92f-2d9d37086fef","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":118,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"faa17711-4277-483a-9fe7-c7e139fc184e","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":118,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"89d149bf-2f83-4f72-a33a-ac0d609cc709","block_type":"box","text":"Municipal Lease Obligations.","page_number":118,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"21927ac6-c422-4f90-b9e2-7d6ec60fc434","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":118,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"c45432f6-3f0a-4e79-ba9e-3e50e35aaeb2","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":118,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"c5ec69b6-eadb-48d5-ac2e-c33147c08f70","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":118,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"86bb34b4-0286-434c-af5c-f2b489ce2895","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":118,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"9ed3da4e-e4c2-4073-bed3-8419e598223c","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":118,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"2061b8ea-5950-4f3f-b494-780b551dc064","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":118,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"b4b94a4c-b9fa-4f44-ab1e-c30c2f9e1750","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":118,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"ad4d33b9-c374-4016-8507-3d63362b14af","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":118,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"43d7ec0b-f7c7-447d-981e-6a914a957171","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":118,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"c817023d-2c72-4631-be35-2d0d94d22264","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":118,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"d1ddc0e4-3ec0-4707-b2a5-5d56c3e9b278","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":118,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"cf604788-de5d-4492-b82c-18a30f397dbb","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":118,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"0586da6a-8728-4b62-800f-5d7158805822","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":118,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"500a271c-2231-49f1-bdb2-037f3e886158","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":118,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"4eedaa2f-6f93-4644-8e3d-57d2f119bb0b","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":118,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"4c39291c-2c77-417f-864d-d69e914c9e26","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":118,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"fe4d04a3-d219-4137-a686-915c7572bcb7","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":118,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"bb282142-d36a-4c1e-baa2-68788f2abe43","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":118,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"0e2a16fc-427f-4401-b2b7-e9255297e3c1","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":118,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"af78486e-a1a4-4866-8bb2-e68227509ac9","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":118,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"eed152b8-6b4d-4a86-8ac7-6491ae8c8be5","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":118,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"bc9e9b08-0d71-40b1-9115-b1e31cc6bcc8","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":118,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"018a8c9c-ad38-4f68-87d7-aef695f0d88c","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":118,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"01d907db-b9af-4cc5-b4d3-8ab57eb6a8c3","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":118,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"e97002be-9119-4f80-b7bf-2323ea0a5b2c","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":118,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"7a5197f8-e409-4b89-be18-ffe0c1c804bc","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":118,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"1be0e09d-9fae-42ae-bbdc-d885f838e94b","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":118,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"e71d8b92-d018-473d-a508-0f962a1b793a","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":118,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"5cbbec8d-4dd2-4165-9414-38e82921c5a7","block_type":"box","text":"Tender Option Bonds.","page_number":118,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"72d648e5-7742-46dd-aafd-fb242ba6569e","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":118,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"4d2ca1af-1153-4eb3-be91-39b8e1eb7383","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":118,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"50bb27bd-eb9a-483b-b34b-7251ddd2af62","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":118,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"513b0d2c-f2f6-4aee-8a1b-a95a388ca7a7","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":118,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"f464c66c-7d6d-4f26-b524-b7898b70c5a8","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":118,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"c567671d-d38a-4fd8-a128-cb535070726d","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":118,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"760a979e-fa24-4c61-a35d-72f8347eab15","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":118,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"2834bd3a-51dc-426a-bcab-9dcac0651e62","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":118,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"035622d1-ee07-4d29-8f21-16f48df8dddd","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":118,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"7e98fa4f-3867-455d-8992-e9386209fc37","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third par ty investors, and","page_number":118,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"b7ae7e06-4888-461c-b6e7-ddac7d21dcc6","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":118,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"4237fc30-743b-4e60-adcc-68368488c34d","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":118,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"a6a398d7-30f8-4c8c-a55b-8ce9359e5f90","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third par ty","page_number":118,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"78213cc6-f1df-48ec-aa8d-a790c7d24d0d","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":118,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"4604e2b1-3469-4fb5-976d-73ad996347dd","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":118,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"55ec81bc-e9a3-4ea8-a9dd-919636b2eda4","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":118,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"585ab467-1d22-4dd7-9cf6-bb2c4d139aa1","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":118,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"f4a5d2de-9096-402a-bcdf-318b555f47f7","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":118,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"71672566-a6c2-48b8-9bdc-a390aea17b11","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":118,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"e5ca14cc-b523-4608-bd0f-5d81d24b4b07","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":118,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"3b96d406-feba-490e-a626-dbfdb582020c","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":118,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"1b51d2a4-9057-47a3-bf47-66b630dcd0e0","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":118,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"4f7472d5-f71e-49a8-a33c-5c54a8f0feca","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":118,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"27aaa3a8-623c-421d-9d3e-a978fb478b82","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":118,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"08b82da4-e8d6-44f0-8ea5-6b8154cf29b3","block_type":"box","text":"II-59","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a1e4ca8-96c1-42bb-9f3c-ffceb16c6158","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"733c48d2-d0a8-462d-8b45-19ca4cf86285","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":119,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"3862a76b-1004-465c-9967-f3947415c794","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":119,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"94d127fb-d604-4704-af43-323e61381a32","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":119,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"45c50bd4-646a-4b06-9d0f-2de04f153528","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":119,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"bd982b48-da88-4db8-9d35-6c8c0b155bd4","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":119,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"10b1d5f8-a220-481b-98f1-8b96af6adb1d","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":119,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"26dd389b-c72f-412a-bc17-395d9679333b","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":119,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"33066612-d7ed-4b48-8fbe-487bf5797010","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":119,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"a688e228-7101-4da7-9683-9eca6008ec64","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":119,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"41a7422f-4709-4f8c-bf2d-a515ad82a070","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":119,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"069d0728-39bd-4edf-afe3-bba2f3a878b5","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":119,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"9f7a4951-6a10-4ecc-80da-68de6bc5f430","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":119,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"de0cff32-9419-4e3e-bfe7-8452ce4447eb","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":119,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"43a4e80b-d334-48c4-9b19-b06a0da39049","block_type":"box","text":"issues.","page_number":119,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"2754b83e-c2ee-47b9-b902-161af7309cd6","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":119,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"5d035f03-b09b-44fa-b0ed-a972b89e098f","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":119,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"8b1dbafa-47d9-4c39-ae91-f04eb6f954c7","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":119,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"1d1dc617-d89c-49f1-be1b-095ed68f793b","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":119,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"09339fef-8409-41bb-b40e-f696d1ebf901","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":119,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"7a1ec48a-93dd-4fa6-b0e7-ea136b355820","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":119,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"a8aa3cf1-7c74-4f2c-b495-b0bede9d3641","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":119,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"e01fd31a-f292-4423-b015-cd2ddc25ae32","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":119,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"a4d2db21-02da-4792-bb04-529a6e8822f2","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":119,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"4088a878-adc4-4deb-9bd2-e2b57e074e18","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":119,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"d37241cb-0b4c-4f05-9e86-1e0b2de32179","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":119,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"ac70ad13-2406-423a-a587-f700f59fcc94","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":119,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"6b4fa2a7-b4de-409d-8114-8950a9fbff01","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":119,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"471a3172-9395-41f2-9b4c-40473432a72b","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":119,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"8dae2236-bb95-49b0-93c9-d517cb96d8c2","block_type":"box","text":"i.e.","page_number":119,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"320c5fc1-533f-4bf1-b6b0-5f721f586a44","block_type":"box","text":", the Fund). In contrast, in the","page_number":119,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"c2c95151-fe25-4bf5-91c6-bc5df1456abb","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":119,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"478db56e-aa14-4889-b8e5-c5ea61910e67","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":119,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"bebc2b7e-6b64-49d8-bf23-be766e92b69c","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":119,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"e3b1bd22-5d9d-4cc5-93bf-b62f7de877d5","block_type":"box","text":"suppor ted by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”)","page_number":119,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"5d44c5fa-8bbd-4b4d-bd14-e6744cca12fe","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":119,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"d6a8bc67-ae37-49e1-b8fb-916bb55accd2","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":119,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"4b0ea580-00f6-49d5-865a-61e50ecd1e5b","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":119,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"06d3db62-f6b7-4bf6-be48-40fe7dbe003d","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":119,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"bcabbebc-9906-485c-9384-4b0422a6086d","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":119,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"f5521f81-aa54-474d-9cc7-cb08d6a69f45","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":119,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"12b12529-f52b-4fb5-a846-4e0619e10558","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":119,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"055e5a9c-db30-4301-bf1f-975a3e9019af","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":119,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"c692eef3-5592-4c83-bd7a-7f225db25312","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":119,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"bb94b630-8f64-4cc1-b49a-8e31ade8c73d","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":119,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"7f3f38de-d2f0-4b7c-86ba-09419773acdf","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":119,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"1eed532e-ebd7-4098-8225-d3da1432fb23","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":119,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"55e8a621-0005-4f49-8005-067ba124a726","block_type":"box","text":"Trust.","page_number":119,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"72700d03-81b1-4894-a1a9-a1c4175852d3","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":119,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"6d58ac3a-aa2a-4934-b145-2aba4d45b096","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":119,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"20469d9c-6e09-4ad5-b071-2678d08e4acf","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":119,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"60f69509-5551-435a-b654-26b44c396dfb","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":119,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"38cc9d64-fc00-4bb0-9e01-7e48864dc3f2","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":119,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"4de6773c-c10d-4aec-969d-b37de04dd079","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":119,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"011d028f-5ead-4b1d-9e60-8d8cd3659cde","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":119,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"02bcf33d-c7c6-4444-8217-0e060cb2e6f6","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":119,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"b1ab8f46-da26-4cf9-a698-6efbd4567db4","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":119,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"e06c1a65-9ce9-41a3-be13-747c4ab7cd67","block_type":"box","text":"II-60","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e579a358-9755-4216-85a9-899d44a4ece2","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8547b26-5fcb-46fe-9610-00cbbb4430e9","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":120,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"4f95eca9-0e44-477e-8574-29cea2912392","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":120,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"c2b9c922-9d08-4aa2-9e86-3f2cd529d8bd","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":120,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"19c7fc31-75e4-42ec-96cf-797033c19f15","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":120,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"115bda8f-16dd-4e9a-88f0-258f826d67a1","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":120,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"bda362c3-c721-446e-bc6b-f5a6bea585be","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":120,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"5335a759-5ea8-4eec-be7e-c52368e4d139","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":120,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"4a38a0cd-823e-43db-b099-48f88e11f34f","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":120,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"7c48072c-df4b-4fc6-ae94-678b688f7574","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":120,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"4f77af36-b9d0-4cbd-87e2-efa2a2d6b719","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":120,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"26e262b2-7864-4474-921a-ebd8181272c1","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":120,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"35542ea4-229a-498d-a51e-cf919ccf820b","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":120,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"f2d800cd-c81e-4b7d-9a61-62a202f6e298","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":120,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"7a95095d-adb1-40ce-8eab-a3f90d2d0c6e","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":120,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"daed6fee-1f47-4d28-bc07-64bfdb39597a","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":120,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"ba5d4f4b-5da5-48f2-94ee-76bb9cdb57fd","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a new structure for TOB Trusts designed to","page_number":120,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"aabe64c4-0024-490e-97c7-7a76a1b2dd49","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":120,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"9dd4bf67-6700-445a-8a12-85cc0ccd8014","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":120,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"83dacab4-d8c2-4d64-abaa-aa224acd6dac","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":120,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"de7851b0-f9d6-4ffa-a540-a64cc35c37d9","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":120,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"9786185f-03a1-425c-ac0d-2cbe2e910122","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":120,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"3e047e54-7055-4b6d-a9bc-6b1ae3462b14","block_type":"box","text":"new TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":120,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"ab497f10-9cd5-4458-928e-9f2aad264e5f","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":120,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"5db81265-15d0-4c8a-90f8-58892426e50a","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":120,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"c369280c-430d-4b5e-be5e-f2a443825b29","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":120,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"8d874f2a-8bb6-46da-940f-af3817514dc7","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":120,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"c08eb35e-d96b-47db-9824-9f2966913919","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third par ty investors, and the proceeds of the sale of","page_number":120,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"bc8cecef-4100-45d7-9f9b-5dc84628cb2a","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":120,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"a6a62bab-f45e-47d4-a5c3-9cecb9ab5e04","block_type":"box","text":"i.e.","page_number":120,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"e0ca0c50-f421-407a-9d01-a1809b347673","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":120,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"098c2bed-b711-4e67-ac32-7b38b5dc2f8d","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":120,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"6b1be07d-66cd-48ac-b629-d9ea8117dfb4","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":120,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"2cba2b47-da83-47e3-8bde-302c9385a9ec","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":120,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"087bb1cf-3836-48c5-b908-afbf59923322","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":120,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"ff4da219-03c0-4cce-bfe8-ced46e670eb0","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":120,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"d4c565bf-f9bc-416a-bef6-0572374c655d","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":120,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"92c322fc-6b2b-4841-9fa4-c1b775e8efe8","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":120,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"5506800c-c6d1-42e7-a739-61650c59b34a","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":120,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"e1af293d-47d4-4471-91a6-1900867e51ce","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":120,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"ca08d2f3-4e38-4527-b2a8-52de1145a524","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":120,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"93c80dbe-10f3-470d-b88c-09a350d4f8a6","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":120,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"76388005-808a-4c19-b406-0e2c75408737","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":120,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"83b7142f-f104-412c-9a64-f2df4b2dc045","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":120,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"63c7fe33-41f1-4a19-ad10-c6b1845aa7b1","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":120,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"1b88b798-f0f3-443f-8507-cae19c775ec9","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":120,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"12d3b56a-833f-400c-9834-783a9442b6f4","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":120,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"52b039a0-9502-4940-9014-b3aa4ee65d19","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":120,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"31e3d31b-ec48-492c-9c93-5202579cb7e6","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":120,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"f86216f2-8135-4628-9771-86349af141c4","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":120,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"c0697a85-779d-456d-90a0-6fe2a23053fb","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":120,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"34155447-6cd9-43b6-a797-43ab5914b2df","block_type":"box","text":"market is not yet cer tain.","page_number":120,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"d6418d60-0874-4943-bcaa-d124c3bcd844","block_type":"box","text":"Yields.","page_number":120,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"da09fba9-a4f0-4527-aaf4-eecf18250cd0","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":120,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"b926970e-f996-4cd9-b64b-04230baf61b0","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":120,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"7f4e5f2f-d1a2-486b-92f5-5f847e0ca595","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":120,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"c738610d-7574-47eb-818f-5173e727e921","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":120,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"eb11ad16-d977-4732-9a16-9dff2cc44420","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":120,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"5b21c502-9363-4e80-96f3-68e5b8c885a3","block_type":"box","text":"II-61","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"578dd8d0-c9c1-40aa-8776-61a77975384a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b61563c7-6387-411d-9f67-8115e1ca4f7f","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":121,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"c3d779a2-6387-4e99-9c4f-4c814eee0f63","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":121,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"74de870c-19dd-4132-8eed-1fa69c749f3d","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":121,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"fee70cf4-51ab-4ea6-b0e5-3228cf185db9","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":121,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"ef5be1d2-b04d-4756-bfb2-e3d04174e863","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":121,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"51dddd67-8cb6-4448-8f9b-c8ea13cbf5a2","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":121,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"695eea5d-f9c7-4afb-9978-66e56b6d3e6f","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":121,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"be540399-5c29-4658-88a6-5ededdcbca02","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":121,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"80e3a084-044d-4719-868c-7706bedb57a0","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":121,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"d63d2b31-6cde-4855-b3e4-0744a3f94e83","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":121,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"0864a43b-b3ae-4546-bc05-f1d47c1dda2b","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":121,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"43b055cb-c7b1-4399-82a8-aec03619ac39","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":121,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"a3e702c2-55d2-4ffd-9e92-59480e46e443","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":121,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"768abed5-c58e-4c09-be2a-4dbbeab1b0af","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":121,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"2278b4fa-63a2-467d-8cb5-8ef56d1d3708","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":121,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"9c658f42-3302-48c3-ab37-451a66e4f6d4","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":121,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"16ea6b74-470f-49ec-b8e7-4631c3266483","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":121,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"c7105e3d-0561-4d7a-96d9-7cf443c3eb30","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":121,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"1f2b57aa-16a5-4e89-b44a-336473e4581f","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":121,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"ad8abcad-ecb6-4c99-b82d-349fb17cc3ec","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":121,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"bbf76f47-080f-4745-a918-47e3d5f9d865","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":121,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"b260ab09-0cf4-43b7-99fb-eec66a628fea","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":121,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"8d6bdcff-059f-49f9-8ab2-311a40df5aca","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":121,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"8624c386-e9a8-4af2-9765-86daff11e1c6","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":121,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"a838193a-e358-4c08-9399-ffebcebd8abe","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":121,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"2f920d65-fcf3-4dab-9cc9-d477fbca343b","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":121,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"66a527f9-d0f9-4eb6-843c-c762a1b71d3f","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":121,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"fa9ecad6-14ab-496b-888d-e357b5a547fb","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":121,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"f0a1b06a-1c83-4aa6-8f42-8a64725afaac","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":121,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"8b793fb0-4e28-4336-87fd-95a2d0d65d08","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":121,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"02615685-c299-4bff-921e-f4db753cb819","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":121,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"3311bbe1-2255-4815-ad9f-1303a30446a3","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":121,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"04ed91b0-90ae-422d-8456-c4b529c8b0d5","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":121,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"b2fcd67f-1a25-49c1-9afb-50819fcff559","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":121,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"1ffb2ac1-1c61-4a57-a373-eb4560b43593","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":121,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"0e4fd847-fe2c-4385-87fd-780f1884628f","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":121,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"b706a950-6cac-4ebe-9faf-935f4b045392","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":121,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"cbb9f0d3-9dba-4e57-94e9-114bd1073b5e","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":121,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"50b6caa1-d6c9-40c1-b858-4f79bd88e565","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":121,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"8e7c6d8e-8543-45a6-b31b-c9b313bd9554","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":121,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"d7c308d7-f70e-4946-b907-0d74c68249cf","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":121,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"f0ee9d47-49fc-4db2-a371-66e23992599b","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":121,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"670b5dfb-74d9-4b7f-a6d5-57c5911bafe0","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":121,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"8baff145-ca29-43f8-a6ca-503b40c180ad","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":121,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"830ee9b6-08fa-4c2a-a45c-1c5fe94860e0","block_type":"box","text":"Call Rights.","page_number":121,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"d0a89848-679c-4ce5-9e77-6e331586caba","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":121,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"763a63c2-0346-4693-8284-dca41992e08e","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":121,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"a8ee633c-4da9-456a-b60d-b5d3c9ca3cf6","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":121,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"eca58382-d602-4489-b365-0a84d87f3dbb","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":121,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"cb3d2190-9beb-4ad3-894e-654d7674da3e","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":121,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"6dd60ca6-5e1f-4618-bea4-76124098efac","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":121,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"5b6ab5dd-47c7-4608-a624-2edb365a3871","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":121,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"0d2c4925-6b64-419f-99a9-a8adf1db5871","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":121,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"cfb38293-7f69-4710-bfe6-4c047a4ee6dd","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":121,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"7cee1ec5-e39f-4cf8-b1c8-683578717dd6","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":121,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"88809b7c-7d0c-436f-891e-033bc6105f26","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":121,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"cdb73afd-c36d-42b9-9b6d-cbf3838ec0e6","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":121,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"98245343-1339-4e4f-bf8c-cba6eb323129","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":121,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"2e9d2197-3356-404c-aafe-29929fd62a98","block_type":"box","text":"II-62","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b7da8b9-a967-4bad-872f-972c388ca936","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61b084fe-1f62-4ae3-9f8f-836e9f96e6ae","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":122,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"9cca4ac3-4f34-4203-a7be-f12bf05e650b","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":122,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"168552a9-0542-44e5-80b6-0e7d5b634e51","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":122,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"b0c7a3ff-1828-4b53-9c93-59ba8b3fa788","block_type":"box","text":"i.e.","page_number":122,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"4e178eea-6166-4a40-a5b3-11bcea0d0531","block_type":"box","text":", wide differences between shor t term and long term interest","page_number":122,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"9d6396f9-b737-4027-993a-f99585633fe0","block_type":"box","text":"rates).","page_number":122,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"8c3737e6-1d2e-483f-975d-f67d4868721e","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":122,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"89bf1a53-32f7-4c07-9142-940f1b93b722","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":122,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"4b8a8c0e-a7ec-4374-990f-b99ca0b9ef5e","block_type":"box","text":"e.g.","page_number":122,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"00b9fcf7-1e7b-421f-9431-97f83dfb8ce0","block_type":"box","text":", an exchange of fixed rate payments for","page_number":122,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"0464153f-f9d0-42ee-9be2-83acec7c2b37","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":122,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"cb39dbb2-a7de-49d4-85f3-4a583ab897fa","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":122,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"bdc6c8bb-db9a-484e-aca6-03dd27dda2d9","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":122,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"cb803c35-91fa-47ac-b48f-d6a98e8b792a","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":122,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"0e1c185b-7012-4c3b-8da4-9f1560edb368","block_type":"box","text":"with the same attributes as the swap (","page_number":122,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"b4e046cd-668f-4d9c-870a-df12b191ea03","block_type":"box","text":"e.g.","page_number":122,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"2db8e7fe-ca16-41be-9841-6a6026ee04b1","block_type":"box","text":", coupon, maturity, call feature).","page_number":122,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"0093e5bd-610b-4e4b-aa33-8fda038e232f","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":122,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"652f7b23-6c2a-49af-970c-75eeda5e2fc6","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":122,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"8f967da7-f272-486f-b1bc-01d2b39999bf","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":122,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"c3a9724e-b110-45ac-ad4b-5a4da7a6f98b","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":122,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"c5e96f37-05f9-423e-acbe-66d6951cc839","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":122,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"4294c23c-5504-4da8-9408-bab92ae6714c","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":122,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"4d6617bb-e31b-4cc2-a012-2cfdc350cc17","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":122,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"d74a5bd8-18f3-4b6f-9b6a-e3b8ddc08d9b","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":122,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"8653949c-d699-40b5-b09a-4883c07453fb","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":122,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"ca5701de-25cc-45c8-a286-ba40b7955912","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":122,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"b676b3a9-f741-4a36-aad1-4134d0d596b5","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":122,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"7c2207f3-a4af-4dff-8813-4cc71cbc7cd4","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":122,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"4c87364a-1ac8-4f58-8516-a092a09d9007","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":122,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"c641c864-c0a2-4b22-a4e4-f123b624d002","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":122,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"f643b98c-3fe9-42bd-a070-aa22a8738edf","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":122,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"bae0b794-1387-40cb-a2b8-35f07a5b371e","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance. A Fund has no obligation to enter into SIFMA or","page_number":122,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"7cc08fbe-7b40-4bec-96f8-f24d5264cd51","block_type":"box","text":"MMD Swaps and may not do so.","page_number":122,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"bdc38fc7-78a0-47d2-8eb5-da4986a29344","block_type":"box","text":"Insured Municipal Bonds.","page_number":122,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"f6c34257-bd07-4117-8499-85ec04a74d2e","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":122,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"e18acef9-9aaf-41d4-9c9a-fe0e15802f60","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":122,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"4db211d9-391a-405b-b75e-cd1a6c47dc8d","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":122,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"7dc6d0d2-8764-4fd6-8e05-9d57aead8b6d","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":122,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"9ce3f9c2-d6de-4ca0-86f9-a731ecbbce8c","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":122,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"f03ae66c-d5d4-465c-a339-7b8a7c984448","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":122,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"2387a95f-575f-4abd-896b-9f5cf8414c32","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":122,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"bfe8c3f7-8bcb-4150-a0d0-2867080b4122","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":122,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"d5dd6101-d1c1-4404-ae94-be20a646ebed","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":122,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"29d3d008-6a00-45ab-a885-764ab8676f0c","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":122,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"0d0f45a2-572c-4cca-9ce7-119cc1b499cd","block_type":"box","text":"bond could drop.","page_number":122,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"14308d6c-f7c1-4f36-950b-d30e61c24f87","block_type":"box","text":"Build America Bonds.","page_number":122,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"cb55486c-08c5-4378-9315-9e3b757f7c43","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":122,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"8e0fb9c7-5d44-40b1-8edc-b33ea9491d92","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":122,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"dbd9fbf9-99a8-4be0-85ad-5accd0120ad9","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":122,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"aab0f795-c5e8-4e39-b73b-513272c1ec0d","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":122,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"c86d5650-7177-4bfa-9fce-0930256c8943","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":122,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"aeb6f39c-ed3b-4b71-a8d5-0fcb2651de87","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":122,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"ac61e391-467b-4efa-a984-ef3a3e72c525","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":122,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"f457a6a9-7190-4685-a0e9-de8b8db215e3","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":122,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"77a42f6a-bddf-49d8-ac65-a10a51c32019","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":122,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"ad23092f-dbf2-4811-87f2-59d528407ca0","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":122,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"c5a3b59e-33c7-4d21-9b56-0da7a1db5d1f","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":122,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"0732df91-f868-4c7e-bc80-2e7d6b456977","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":122,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"94fd3a4c-289c-4e54-a311-5e4b32de737e","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":122,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"7a1fc7bb-ac10-4298-96e3-263d8e46633e","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":122,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"2966d8b0-11c9-428a-8a8c-3f960e506ea1","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":122,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"1b57e585-a948-4e8f-8e6f-f29b6c834cbd","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":122,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"420ab275-922f-441d-a845-d567f150fdf3","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":122,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"a408e0ad-f244-48ac-be4e-105fb5981745","block_type":"box","text":"II-63","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e4e6d8fe-7d78-48bd-9c42-f814bb4d3679","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79eab05c-98e9-46b4-bbd3-7dea6c7c260c","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":123,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"82c08747-6999-4e0e-b239-8f29ec536a20","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":123,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"534bd838-7e1d-406b-99c6-3f8017cea44c","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":123,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"4b3810c9-8178-4c1a-ad42-a65695432617","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":123,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"c041246b-15cc-4747-95f4-48c740874a4e","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":123,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"4e578845-8f7f-478d-810c-86209e4c7f6c","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":123,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"3c4f2a6f-c128-4375-8150-84cec3e9718c","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":123,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"b8ab19f2-cd60-4dda-b1a0-3894c07508fd","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":123,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"b02e764a-fff6-4c1b-908f-8e9eb8430755","block_type":"box","text":"their face value to the sponsor (","page_number":123,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"29819ec1-db7f-4988-acd5-174778be2994","block_type":"box","text":"e.g.","page_number":123,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"b1a4de9a-2c82-493c-9e2b-52cd6c718547","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":123,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"f6e49aa1-43a2-4027-bf4e-af30f44b8810","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":123,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"a9fa659e-a651-4600-b79c-3dabfc862ea7","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":123,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"99966b50-d916-4817-b0da-5a2ae2cc929b","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":123,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"b42c7f3f-edfb-4af4-b75f-0a7c6a7413a1","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":123,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"98d3e068-48e1-441b-b9e6-aafc094e7ce4","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":123,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"2c8f388d-8e66-4758-9337-985326648f5a","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":123,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"ca9c3bee-87a5-4a2a-9bcb-a6398c61ece4","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":123,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"c1819666-dfdf-4c3a-a7d9-64b54aba2532","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":123,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"afa57c5f-8e49-4d1a-ac5d-fa1051c097f9","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":123,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"931ec151-7724-4bbf-b71a-3d3c26419cd4","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":123,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"165606c0-b958-4fac-b4a3-e8e3dccad0c0","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":123,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"96b53d68-d11d-4f7a-a290-29fc1a0531d7","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":123,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"e1a49327-3300-45fe-8b37-dc738155c5e9","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":123,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"f0754083-efc3-4167-aa88-1531cc6ce9b4","block_type":"box","text":"such opinions.","page_number":123,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"7c414bac-44cf-4a8d-804d-229f53513896","block_type":"box","text":"Participation Notes.","page_number":123,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"bce8e09e-793c-4172-bd96-01c7d083fafa","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":123,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"f6eb34b0-67a7-4c02-bc08-68320639cb3c","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":123,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"50c60669-be05-41a3-a653-fa8fb301e984","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":123,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"f73bdf12-abe2-455d-9d05-72f6397a1d90","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":123,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"a0ae0aa5-8ec7-41a6-ae60-4e6d81c5cbd9","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":123,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"02d6639f-cf74-4981-aea4-8e6d56b8f15d","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":123,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"4a8b7694-0c2e-497a-9d90-4ead69db70cf","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":123,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"146f8ad4-5841-40a4-aef1-12c9663616d1","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":123,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"3bbf4065-9489-4589-a0fd-e60b8ada83ec","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":123,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"6e94ee76-6532-41b1-823e-bde11e27ee16","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":123,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"ba32aa85-0c52-4950-a243-6800457df91d","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":123,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"73bd338b-b23a-453d-9db0-244ba025129f","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":123,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"6c4fb390-6dd4-453b-be70-25f1663ba4df","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":123,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"8149c488-1a03-42fc-99d0-3f744e912cad","block_type":"box","text":"creditwor thy.","page_number":123,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"c9fce5ac-65a9-443b-a9b3-f11d439a5dda","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":123,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"b5012215-991f-46ff-b60d-44a051a3c686","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":123,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"f2668be5-8e2b-417a-8563-a3987ca98168","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, that Fund receives a","page_number":123,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"cf012156-3cd2-4d67-83a9-505daddd6090","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":123,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"10813f23-716e-40f6-8895-c7e2736de1aa","block_type":"box","text":"transaction costs). The price, per formance and liquidity of the par ticipation note are all linked directly to the","page_number":123,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"0e1d4b01-a9d9-4222-a346-b5988e6a1a71","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity","page_number":123,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"a5ae7ca8-0378-4c8d-8a88-73703f953d2a","block_type":"box","text":"in the local trading market for the security underlying the par ticipation note.","page_number":123,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"18d0a47d-857e-4671-9e00-cf6f2c72a79f","block_type":"box","text":"Portfolio Turnover Rates.","page_number":123,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"94864c4d-6a94-415e-aa07-41233d880003","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":123,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"4d81cb06-727e-4ecb-a60c-e58a1fb3631a","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":123,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"eddf416f-1cec-4654-91f9-c9b2f55d8bfc","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":123,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"a8a88285-c21f-4d6f-a95e-b003dad74ba2","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":123,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"a2b7708c-3e05-44e9-87a4-0ff4f3b241b0","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":123,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"37430e62-c8cd-470c-848d-e22135035419","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":123,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"799af7fe-5aea-41d2-b42e-fa004e49c0a2","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":123,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"db2b75f5-4440-43ea-92be-56346b514134","block_type":"box","text":"i.e.","page_number":123,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"f969f3e7-479e-4d7f-a16e-4dd40fdc0875","block_type":"box","text":", 100% or more) may result in","page_number":123,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"b62e00e9-e66b-407a-8788-72ea757132c6","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":123,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"cf69daa1-ba99-43d0-81c2-5f554648e452","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":123,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"443dc7ae-1114-4738-b51b-eea774b37943","block_type":"box","text":"II-64","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24d2b5f7-e887-426f-96bf-4db4c973b2bf","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64370311-4aa1-4083-9997-7cc446b595fd","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":124,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"78e2baf9-1c10-47c6-ba2e-3db0e5b6bea3","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":124,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"719c4786-9bfe-449e-9031-459a0a4172fc","block_type":"box","text":"Preferred Stock.","page_number":124,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"1ae7ecaa-4b4e-422c-9697-74ff933006ef","block_type":"box","text":"Cer tain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":124,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"cb6bd80c-6e24-44b6-b38c-f4fae08adb78","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":124,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"3e70d057-8c3c-44b3-bbfe-884ec4856fd9","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":124,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"48233563-547e-4962-b5b6-b22eeb4631d0","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":124,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"b29e5489-f26c-4e0a-bb26-29deafae90b7","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":124,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"68e1d8c9-fc86-4942-a351-50d5514d8b27","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":124,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"aea349b0-5e1c-4a28-9b5f-aa39ea834c6f","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":124,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"cbdc315a-5fe2-4da0-a585-4ab350cd5208","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":124,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"878ebe07-eb59-4fad-a962-05bf95a2d123","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":124,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"20f27586-1722-4e97-bcc1-0319df06da23","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":124,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"96008fb2-78c7-47a4-b189-feffaf580e8e","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":124,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"c7dd675a-85fb-454c-b305-1a56eaeda07b","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":124,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"005b6c30-164c-4f6b-9dd1-428deebefdea","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":124,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"720cce08-b67c-4d16-9f4a-df6acea54a8c","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":124,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"ce6b32c0-9b65-4f06-8596-1ce96d7dc8f1","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":124,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"a55d6ea8-c5c9-4489-8aab-190304c6d4b0","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":124,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"95ffb018-c8d6-49fa-89f1-55f156adaba6","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":124,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"cae927e4-e0a9-40f0-a326-5aef8f02c4d7","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":124,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"72337261-b830-4ed4-b227-a894d0e5302d","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":124,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"97258ab7-7a5a-4be2-8139-6bf20b652b07","block_type":"box","text":"Trust Preferred Securities.","page_number":124,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"23563ec5-bca8-4e49-a510-143e5825fe8f","block_type":"box","text":"Cer tain of the Funds may invest in trust preferred securities. Trust preferred","page_number":124,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"52e0eeef-499f-4dbc-8b02-524d589feadf","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":124,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"cd96863e-fdb3-4457-b787-dc1180c12911","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":124,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"32c43e58-e7ac-43d9-b68b-1bad44662a8b","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":124,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"3d54ba06-0b66-4e4d-981d-b1892e15ab7f","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":124,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"246af951-4cf1-423f-af4f-aad86f7407eb","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":124,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"571616fa-38b9-4a32-ad8e-970e92fed170","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":124,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"d2658cbe-f9a3-4188-a8b3-e85c63060a19","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":124,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"66fe5560-0d11-4857-b526-9b81bb84ae10","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":124,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"fbd32232-d2ff-4293-a779-f00952c6f96f","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":124,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"5626b2c7-1f53-46d5-9bfc-2f731774fa51","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":124,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"35a89b99-97de-49ee-bce0-0b6e87022413","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":124,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"68889b69-8321-4ec3-b74e-8a2d5990a361","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":124,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"da1e91b4-b21a-48de-a1fb-7f924533804c","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":124,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"6bee765b-7a95-43d4-b831-3efc7d7985fd","block_type":"box","text":"®","page_number":124,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"3db0749d-3403-439d-be83-1b4d3c1c4e60","block_type":"box","text":"”); monthly","page_number":124,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"274a701e-f8a9-43ef-a177-f6b8553464b3","block_type":"box","text":"income preferred securities (“MIPS","page_number":124,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"8330d513-52b9-42e4-8f4f-5e145ae53b5d","block_type":"box","text":"®","page_number":124,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"02fb9322-7b8b-48e3-b815-6f21ceefc2b8","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":124,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"0069bb84-1c99-4eea-86a3-f0519a5eb097","block_type":"box","text":"®","page_number":124,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"8500e7ef-b5d7-453a-9819-cce693b6e600","block_type":"box","text":"” ); quar terly income debt securities","page_number":124,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"e6f93572-1550-4735-a71c-377fcdec2577","block_type":"box","text":"(“QUIDS","page_number":124,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"3d1d4715-f4ab-4f53-adf0-35f99e6b52dc","block_type":"box","text":"®","page_number":124,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"4dda3932-ad2b-4470-a12f-30300cd8e0a7","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":124,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"b4cc5071-cfdb-47c3-baad-fe08e0ca8c88","block_type":"box","text":"SM","page_number":124,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"a4760781-01bc-4596-aed4-c3b72baaf35e","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":124,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"eac7c7e9-85b3-4e68-8481-8a95df694125","block_type":"box","text":"®","page_number":124,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"c5db89f1-27e4-4db8-b7ad-0669bf365b6a","block_type":"box","text":"”); public income","page_number":124,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"7b5f0229-24a8-4c06-b49e-f75c247dfb0b","block_type":"box","text":"notes (“PINES","page_number":124,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"b3b0a39a-66f7-40b4-a083-bb7d1d1879a1","block_type":"box","text":"®","page_number":124,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"72a9d95d-cc97-459c-a576-8f7f76fd0a6a","block_type":"box","text":"”); and other trust preferred securities.","page_number":124,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"ae457084-f8a6-4861-b7b2-cd0b81249339","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":124,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"d46552e2-fc65-4177-8fd1-7ad846b2b884","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":124,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"94e6bfa1-2d4e-40c0-9a7e-ba3332afba89","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":124,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"54be2574-6e5f-4e52-9c0b-bfe542d0bf23","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":124,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"0a2568b1-2b7a-468f-b544-c428d6a7c655","block_type":"box","text":"regard to whether all payments have been paid.","page_number":124,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"8422c9c8-41d9-4daf-b010-e45bcfb03a09","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":124,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"2da15112-68d8-4c14-822d-247ff26280d7","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":124,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"599a646d-50a2-4c5a-bd81-d34bca4a5ba4","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":124,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"f9e4cf22-c37e-4d8e-acdd-e6a651231def","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":124,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"7b936db4-8e0d-4915-a36f-c6e258109d45","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":124,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"6a8b9d5f-0f2b-4006-8796-1bbc40f26df3","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":124,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"684bd79e-af5b-4c4c-a9d8-babff53140dc","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":124,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"c4411510-15d0-44f0-accc-21f9ecddd118","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":124,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"4ae31ca2-f8a8-4246-b086-eb43c258e234","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":124,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"be2cad41-9c5f-4759-b71c-f9f7ab02e182","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":124,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"d328acb4-9cfa-4319-b167-9d46460facc8","block_type":"box","text":"II-65","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2314e186-dff7-4983-bef5-074502db56c8","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8a089d0-501f-4d31-98e4-34573326a14d","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":125,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"30df1de4-573d-4303-95e7-198d6670804f","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":125,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"28268fca-213f-45b2-80b3-986ce8fd27fd","block_type":"box","text":"debt securities.","page_number":125,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"5570102c-c178-4264-b84c-9da93e31fe24","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":125,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"8ca5e0fe-92d1-4973-80ee-1ef431b894d2","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":125,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"590a0758-2dee-4f78-a64b-a8a99bc817ee","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":125,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"ca548ab5-d049-4679-adc7-91dd1bda499b","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":125,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"ab271c2e-e795-4eb7-ad77-b3700c9a3577","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":125,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"d57cc305-0dcd-441a-8db4-34584806087e","block_type":"box","text":"i.e.","page_number":125,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"ea579f70-e9c5-4133-81a2-9fc4dbf01e6d","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":125,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"730c9fb5-9722-4ff4-8d55-1ee1e9ab4f50","block_type":"box","text":"buildings.","page_number":125,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"fb3a74ce-cdc2-4d9f-b5d2-a83f7229c539","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":125,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"03cc71fd-28f9-4533-b97f-d965c3493cc2","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":125,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"fc0bf027-a370-40e7-9c66-30af87cccf28","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":125,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"70f62ee2-17d3-4c13-89b3-6a799477d411","block_type":"box","text":"proper ty; they derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":125,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"66f2125c-c656-4fec-bdeb-77236ae96d9b","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":125,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"809b28c1-6bd8-4c67-aff6-8271474e975b","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":125,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"ed3ba025-6396-491a-a4e4-1b1dcc8f1ae7","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":125,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"f91773ef-102c-4bd2-870e-27f8667f7701","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":125,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"751baca7-3e43-45c8-b61e-69284bf20773","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":125,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"34b7d8d8-b5e8-47d8-86b2-89da1b70975c","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":125,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"418eaf6b-ab75-45ea-a386-82d24ec36f68","block_type":"box","text":"attractiveness of the proper ties, the ability of the owners to provide adequate management, maintenance and","page_number":125,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"2257884e-cc5c-445a-9db6-e77c20365126","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new proper ties,","page_number":125,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"397c48de-ece2-4584-8965-9ffa3980fc0b","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":125,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"6263eb47-6e04-4323-9fd2-f308464ef8e4","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":125,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"acc4a355-0f13-44a9-9225-2510c1daa728","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":125,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"1bdd7722-e424-4b9f-bbcd-bdf01c701f52","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":125,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"9270e0fc-ad57-4449-9f7b-38ee97e94a9b","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":125,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"fe36466d-60c4-42a7-9c88-d97c2fe972ea","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":125,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"e5f1aadb-2360-41d6-9142-47f502b6dace","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":125,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"eeae3c42-bb4c-4e4a-9322-2602264d0e27","block_type":"box","text":"exceed the percentage of the Fund’s por tfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":125,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"8493d077-4fe7-41db-beb3-39423d78592b","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":125,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"ce6bb4aa-e6b0-4e6a-a530-d6404b5b2565","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":125,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"89bf2aae-2381-48b7-a2eb-f9ed059b6b5b","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":125,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"1aad3002-20af-435d-8488-bf49f6693cab","block_type":"box","text":"repor t dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":125,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"79e1b0e4-c99e-4de7-9e1c-e4e59c9ed487","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":125,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"7359dcd1-0e40-43e5-9de7-0fd33ee5e30f","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":125,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"ff1ea00a-88fa-4554-b04f-3ae3ed80dde7","block_type":"box","text":"holding period requirements.","page_number":125,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"4c39442b-6de9-402a-896c-f5ba801ebef3","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":125,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"3dd4c37d-f51a-4566-a597-881fd831bcfd","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":125,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"d7758521-2e1d-4410-aa4b-fb3fc5ac5753","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":125,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"689bd6b7-a63a-48c8-b79e-124bcb993197","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":125,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"86bc8404-933c-4a81-bd8f-48692b12ca26","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":125,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"f3472c5e-923a-4516-b1f2-f270110bf265","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":125,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"81519083-1ea1-4e8c-a52c-330feeeb38f6","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":125,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"6970cac5-faf0-44ea-b7bd-c1adc8664a3d","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":125,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"0cdf0fc1-79b2-4402-b9ae-bfa017de814e","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":125,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"35663d3a-6cf6-47ec-97e1-27937853432c","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":125,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"0111c3bf-2b69-45d0-948a-93ff2491cf0b","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":125,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"3d81df30-2f1b-4222-a168-bda59263e38c","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":125,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"17236253-c6d9-4f00-8f3b-579750ec2b6e","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":125,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"e1311ee4-41f1-442b-b758-62ef7d3cdd29","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":125,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"cab5678d-a4bc-4e4a-b4c9-0bcf85cb3036","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":125,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"9052499a-7f0a-457d-b75c-1639a0d60931","block_type":"box","text":"Recent Market Events.","page_number":125,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"6d44f4dc-69b9-4f57-a43e-8cfaa6b42797","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":125,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"bc90b4b7-87e5-45f3-b5cd-892197e459b9","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":125,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"ccd14f46-5cb8-4e78-80a4-c51d0af99d1e","block_type":"box","text":"sometimes limited to a par ticular sector or a geography, continue to recur. Some countries, including the United","page_number":125,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"697dfef3-0016-4b05-afca-e77c4e57e9d7","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":125,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"8fc1d412-a38a-4a05-8196-acbe01c14a77","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":125,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"af8b014c-07cd-4f9b-bd4b-4059d25a4e39","block_type":"box","text":"II-66","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d9e80dae-daf0-48a5-a4ba-41b1454db28f","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46dd094c-3ce3-4272-a82e-a985c04d3430","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":126,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"c17d0153-06c7-4fa9-982b-e76855c52e96","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":126,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"2414d2f1-9cfc-4ad5-b4e4-cea206a5f2d3","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":126,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"61462355-f14b-44de-822d-bf20265b2208","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":126,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"4cbcce77-44c6-4fa2-901a-bb1f8aea659b","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":126,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"aedf5b57-9e6a-4cd0-8d1f-e7b9b1d90a0b","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":126,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"c6e81965-c1d9-431e-acff-633bfa0fb41b","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":126,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"c55f7ce2-585a-489f-9df1-d68e2f5c9351","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":126,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"bb1f541a-3a4e-4053-8b25-f2f2cf3b48dc","block_type":"box","text":"negatively affected by such events.","page_number":126,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"1f3a5959-4791-4956-80ab-700e596692f2","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":126,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"b94fc88a-a510-4f05-a9eb-bb2f4d23ae7a","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":126,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"caed5693-ce4a-4435-911d-89fc6760ca7b","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":126,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"04239f3c-ad53-4044-8b77-eed1f48c686c","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":126,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"46a8cfab-026c-4e4c-a15e-ccc6d473cb83","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":126,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"1079cd32-8186-4541-bebe-ea4d4daeb215","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets, and could adversely affect the","page_number":126,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"1b7162ab-75bd-4116-941e-0bb2c0e91a8b","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":126,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"b916d6ed-6620-40ad-94fb-f1e491111117","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":126,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"fbc7f9df-f748-4096-91d1-1b27c5e47ee4","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":126,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"edebe279-9105-4ebb-800f-87ebf21fa28a","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":126,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"6bd32e82-a0c1-4728-b0ee-ae4d070749f4","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":126,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"7086a679-3aa2-4f4c-8d40-3f961d4b3401","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":126,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"6f6cb9cd-bc99-470e-89d1-cc22b0da291b","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":126,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"37a541f3-b42c-44de-8617-f6d8ec332bcf","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":126,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"375e89f5-470b-445a-942b-46519ca47cf9","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":126,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"6105e272-1017-4556-8765-a05299d24be0","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":126,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"f300643b-b43e-45d7-bee7-6330675d025c","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":126,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"e4c679e6-3b1b-40e5-9074-b2dc86369a38","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":126,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"eb442e19-fdd0-4529-bf4c-75c84853be57","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":126,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"583a52ce-51b0-480a-9b9b-725380e25e3f","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":126,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"0f61e0e3-7392-4e45-b2ba-1adc178ff55a","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":126,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"b6f5771b-7285-4e0f-b9ba-bcf3871a67f4","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":126,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"5ea96743-6316-46c4-bd79-aeb4ad733f67","block_type":"box","text":"investments.","page_number":126,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"11009d87-8f95-4d94-af23-197a6dc95641","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":126,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"917029a7-2223-4027-8c57-dc47768ec598","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":126,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"b8bb8b62-654e-4dac-b622-aaa941eaa8f2","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":126,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"6152d397-9d16-4522-b379-bbd0c661168c","block_type":"box","text":"customer activity, as well as general concern and uncer tainty for a period of time. The impact of this outbreak has","page_number":126,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"c3a4b8f3-0d06-4802-9050-d8823a24ab2d","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":126,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"ee45f38f-57ea-422e-8414-3ca37383a7e4","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":126,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"fbe2267e-ca8e-469f-a35f-75008f2a9210","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with cer tainty.","page_number":126,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"15d00308-54dd-4b1b-bceb-8e22c31a428f","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":126,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"7e91d42e-777a-4f4a-9512-efc3bef02a46","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":126,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"397100d5-fa9a-49d1-8bfd-5781e6e31f25","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":126,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"3c91f06d-1eb5-4ebb-931b-31ba8cd1759d","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":126,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"ed5ca9f1-6517-4403-8efd-e9138f6e089a","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":126,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"3e32afdd-e176-45f9-ba29-9a02192950d7","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":126,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"bd142acb-ccdc-4b09-9e0e-534810f7604f","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for cer tain legacy contracts. The Secured","page_number":126,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"68298058-217e-453c-91d6-77c95a5fdd51","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":126,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"0acbe80b-3edd-45cf-9c06-ee15b9597307","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":126,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"412df1d6-c941-48b2-a7cc-d5d02c691f4d","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":126,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"e9716e38-a738-4f58-b921-bf5c23b628c9","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in cer tain financial contracts.","page_number":126,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"1440359c-43d4-4278-8aae-771936b89c08","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":126,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"ee99382a-9bea-46aa-9e3f-781bc9be3119","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":126,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"82b31d56-c353-4aa4-b738-a94d79c7d342","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncer tainty regarding the effectiveness of any such","page_number":126,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"24508969-9b39-4d97-8438-383d598bc7e7","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":126,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"e712e9e6-c63e-48d2-bb11-1123f56f16df","block_type":"box","text":"setting provisions and there remains uncer tainty regarding the willingness and ability of issuers to add alternative","page_number":126,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"189c4315-c5d0-4d8b-9ac3-57b7864b6f6c","block_type":"box","text":"rate-setting provisions in cer tain existing instruments. Par ties to contracts, securities or other instruments using","page_number":126,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"5e534654-d67b-46ca-aa61-e29b26a6903e","block_type":"box","text":"II-67","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8768b45e-ee28-45f9-bffd-4f6702044ecf","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38be5973-029d-4d72-a80b-819120df9e07","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncer tainty","page_number":127,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"6fb2c788-dc37-4fb3-90eb-69af8d5b38c7","block_type":"box","text":"of per formance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":127,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"fe80b1b9-111f-409e-882b-7d14af45bee4","block_type":"box","text":"that may also cease to be published in the future.","page_number":127,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"56c1df95-87e8-42d5-89b2-704349b5b97e","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":127,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"79a0c44d-4185-4e6d-b751-dbd453d8f687","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":127,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"262a3615-96c3-44c0-a652-3658f3c83a7e","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":127,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"7c9182f6-7691-498a-883c-69bf425ecdcb","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":127,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"754b12a7-9ac5-4643-9f34-16fb7fbc5a97","block_type":"box","text":"term of the agreement.","page_number":127,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"bbad94d1-51a6-4525-bc90-89c366243e1d","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":127,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"ab1637d5-53f7-4ff6-a5c3-8866680936ec","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":127,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"a9af1349-96cd-453a-98c2-f87132f1974b","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":127,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"7a9444a8-9e4c-4749-9ec5-35d957267585","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":127,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"db1e7074-8380-4831-9cdf-44acfeb89147","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":127,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"532dbd5f-cc55-46a5-9204-03b7b8f1a6e3","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":127,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"0bffed4c-17ba-494b-b9f2-0f6b9ed377d1","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":127,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"4709797b-3033-42bf-a723-a0e5dadeb710","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":127,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"f7dc6269-cf53-4019-930e-c793f9e189be","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":127,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"c218e46d-3073-4b22-b3ab-222cdc242b43","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":127,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"ed2dfb97-5fd1-4cf2-bc0f-6749c312273d","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":127,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"94324e15-2db3-4599-84e5-3532cb38d640","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":127,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"ee292f53-88fa-4c1d-aa92-f731715e3e9b","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":127,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"fa2c4d92-8ad2-4024-94ac-07db4b405dbe","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":127,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"039ca840-cf5c-425f-a65b-c4f6b5c971e4","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":127,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"41117663-e99d-438b-a6d8-fd198f8b60db","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":127,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"90b37518-56a0-4580-a84c-14a0839a0cb6","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":127,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"f1958b1a-8a2f-4657-a8f6-7d19edc8569f","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":127,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"b2d90fa5-8ebe-45d8-bb54-25bc84d89347","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":127,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"ecc32814-c285-43fc-966d-5bf87346c071","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":127,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"9398a36d-2116-47ca-9666-8ef6330e7445","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":127,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"bf27d874-fe6e-4e94-9ded-7e101b97daa5","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":127,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"99c20d1e-6739-4c85-abad-2968a4752df7","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":127,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"112d219d-8d24-4d4e-ba82-2bb1d21a0dc7","block_type":"box","text":"or by another authorized securities depository.","page_number":127,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"c7ca67fb-f72d-4810-9d7e-b9d9299cbc11","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":127,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"97f45522-d792-4f03-956d-b62795e41c21","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":127,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"bc2a5da7-b28d-41f8-8b03-27eb400fa854","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":127,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"956945c1-eeac-470c-85f8-270ae1a0566b","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":127,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"d82516c7-1452-416b-8856-dfee6ec1e804","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":127,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"bde44a27-8d00-4891-8769-fad02debfe46","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":127,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"01a7e5c9-9ce2-430e-b8aa-0ed5fe99c6c3","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":127,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"a5efb49f-91a7-4951-96d9-8b0a85af6d93","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":127,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"c2e490f6-65c5-4be6-baf5-289020abd79c","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":127,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"841a8aa2-d268-413a-94c0-a4b832b04f1e","block_type":"box","text":"the repurchase price.","page_number":127,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"3a9ee85e-cec1-41a6-b1c1-9014b7a8678d","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":127,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"255a09ba-77cc-4de1-b130-7ea0974398e0","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":127,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"54a7e31a-7fa0-41cf-93c8-5dee30ad72c5","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":127,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"6da2ca5e-cfc7-4eba-87b2-46cc6030c0bd","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":127,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"4efa186f-a3ee-41b3-8ecb-71de76c299b0","block_type":"box","text":"strategies without the repurchase obligation.","page_number":127,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"0ff60969-bb2d-46d7-8997-49f43c7d193b","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":127,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"ee69c4c1-ba7b-4c3a-9151-a7d837616a12","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":127,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"cb265f38-cb7a-4132-8ddd-1ecefb4bdd3d","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":127,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"470efe1a-13c6-4b3e-9e46-492e8748ac95","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":127,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"b3246028-7c9e-4baa-bbea-a1e6e037aa39","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":127,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"066f2982-7a07-40a3-aaa9-eb89bcf82133","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":127,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"9b325d2d-f7b3-45bd-8019-5a355cbd1212","block_type":"box","text":"i.e.","page_number":127,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"86d74f9f-349c-4e48-90f3-e780d0c170fe","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":127,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"1e966b96-7718-4c3a-b087-6d24af5f10d2","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":127,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"590f12bc-082e-430d-aac9-c9abc62a355a","block_type":"box","text":"II-68","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"258b7332-33de-4a9d-8ed1-ba6c946aa266","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88521cc1-4c31-4f67-85a8-bd555102235f","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":128,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"7462ff03-063e-455f-bbaf-23312a25186a","block_type":"box","text":"and income involved in the transaction.","page_number":128,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"f52d3c86-b7b4-4d12-8315-777eb7e85846","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":128,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"c307e7ce-bb02-4c25-95de-572f0ab63340","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":128,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"b918ecbd-0df0-4484-9492-7cde61eee7c3","block_type":"box","text":"$50 million.","page_number":128,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"fe4722ec-7c81-4b4c-afd8-63d0050008ca","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":128,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"6ad88e51-9b87-4ace-aa4d-0b06ea07274c","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many repurchase","page_number":128,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"6d5a0af9-beeb-4f90-bea4-d4cf23ed17bd","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterpar ties, such as a","page_number":128,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"9ea8df57-76a5-4f99-a26e-f1b9e296b40d","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":128,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"c2079f2f-5f3f-4902-8c49-12cbdf5b0afa","block_type":"box","text":"credit suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or","page_number":128,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"0478c536-d328-4965-8eb0-1d733650a6f3","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":128,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"9e074e6b-5761-49b1-9677-385ffed599ea","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":128,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"5362de53-87b0-479c-a013-9793bf3b4ff7","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":128,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"bfa409a9-58e0-466a-b39b-0162afcc3057","block_type":"box","text":"agreements.","page_number":128,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"1209dbad-9dea-4c92-a6bf-be1a91d4494c","block_type":"box","text":"Restricted Securities.","page_number":128,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"0c39c736-3924-485c-93f7-54f09673dc9d","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":128,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"24817645-b0df-4944-be5b-d00afb5b4919","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":128,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"5447d50d-4e4f-4cf1-bae7-ffb549e7f564","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":128,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"9b8c53f8-5da2-48e4-a897-0f0cd27d0829","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":128,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"478efe71-01af-40d8-9286-9535ed7c06d1","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":128,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"242b1cde-8f61-4299-9898-0de89e9db659","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":128,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"1fa73094-303f-4c58-a7fc-3397e4805d67","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":128,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"98a1b061-9cc0-414e-996f-1dbd35bd61ab","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":128,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"a47bde37-3b96-4d28-89a9-66efff27236c","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":128,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"ea5d87e4-0dac-4276-bddb-8ea03346e5e7","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":128,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"6b45faec-a3c7-4e69-a4f4-f6337155b46b","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":128,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"8005a197-b587-4d51-b0da-14a2a8863340","block_type":"box","text":"of the absence of a public trading market and the potential bespoke nature on cer tain transactions, restricted","page_number":128,"box":{"x":69,"y":445,"width":783,"height":12}},{"id":"67d726ee-ac31-42e7-8d25-5c6368b28437","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":128,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"6f6ea0bb-be91-4509-9219-24624d200057","block_type":"box","text":"than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":128,"box":{"x":68,"y":476,"width":762,"height":11}},{"id":"b9d837e2-128a-4e7e-a90a-d5b966cd3b18","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":128,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"8f452dff-cd2a-4eda-8efa-6b41dc81a1ca","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":128,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"27acdde5-2ae5-4268-96f5-032497830d4e","block_type":"box","text":"otherwise publicly listed may not be subject to the disclosure and other investor protection requirements that may be","page_number":128,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"5d98386e-9799-48d3-9304-87d538680d65","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":128,"box":{"x":69,"y":536,"width":822,"height":11}},{"id":"b2f9df71-e630-4463-9f42-0f1829dc8f4f","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":128,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"f6ba3407-ba5c-46dc-a16c-684925e1caca","block_type":"box","text":"bear the expenses of registration. Where registration is required for restricted securities, a considerable time period","page_number":128,"box":{"x":69,"y":566,"width":827,"height":11}},{"id":"0db38952-a2f9-485f-bf58-8f040c2f800d","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":128,"box":{"x":69,"y":582,"width":808,"height":10}},{"id":"3922d665-5a23-4371-b73d-bc09ce9f1c01","block_type":"box","text":"security under an effective registration statement. If during such period, adverse market conditions were to develop,","page_number":128,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"af2b824c-aacb-46fb-ae5a-3af7230e0a82","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":128,"box":{"x":68,"y":612,"width":837,"height":11}},{"id":"5655516f-1d0b-4b61-abcc-f7e5ecd15bc6","block_type":"box","text":"securities may entail other transaction costs that are higher than those for transactions in unrestricted securities.","page_number":128,"box":{"x":69,"y":627,"width":811,"height":11}},{"id":"1fdbb5ac-72a0-4f69-83fa-cde7179616ca","block_type":"box","text":"Cer tain of the Fund’s investments in private placements may consist of direct investments and may include","page_number":128,"box":{"x":69,"y":642,"width":766,"height":11}},{"id":"dd9eff88-4c5e-4236-9ca0-61e037655c98","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted securities may","page_number":128,"box":{"x":70,"y":657,"width":824,"height":11}},{"id":"8525274a-828e-4da3-81ad-e76666c8ac02","block_type":"box","text":"not be subject to SEC repor ting requirements, may not be required to maintain their accounting records in","page_number":128,"box":{"x":69,"y":672,"width":755,"height":11}},{"id":"06ab0432-4a1c-4da6-ab68-c4bd7e0bfde4","block_type":"box","text":"accordance with generally accepted accounting principles, and may not be required to maintain effective internal","page_number":128,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"f2e26466-2deb-4f21-b4c4-f9fe0d501357","block_type":"box","text":"controls over financial repor ting. As a result, BlackRock may not have timely or accurate information about the","page_number":128,"box":{"x":69,"y":702,"width":786,"height":12}},{"id":"f2cff8b2-2759-460b-919a-fe33afaae2d9","block_type":"box","text":"business, financial condition and results of operations of such issuers, and investments in securities of such issuers","page_number":128,"box":{"x":69,"y":717,"width":836,"height":11}},{"id":"037aa999-a793-4bc0-abb6-e457072fd5b1","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":128,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"a8d7c907-dea9-467c-adaf-5bfd2b99df33","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":128,"box":{"x":70,"y":748,"width":818,"height":11}},{"id":"6b7c966f-6bcc-4a3c-bfaa-c9bad4e78789","block_type":"box","text":"management group. In making investments in such securities, a Fund may obtain access to material nonpublic","page_number":128,"box":{"x":69,"y":763,"width":789,"height":11}},{"id":"f1835a1a-2525-4e26-bd3f-217b63bd5750","block_type":"box","text":"information, which may restrict the Fund’s ability to conduct por tfolio transactions in such securities.","page_number":128,"box":{"x":70,"y":778,"width":717,"height":11}},{"id":"fe4add8d-e4ea-46f3-8375-9e9b74fc5679","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":128,"box":{"x":101,"y":801,"width":762,"height":11}},{"id":"44ff725f-9c88-40af-8fd8-537e7f904832","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":128,"box":{"x":69,"y":816,"width":792,"height":11}},{"id":"5d5e1468-acf0-43de-b9f9-cf63b6e1064b","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":128,"box":{"x":68,"y":831,"width":801,"height":11}},{"id":"6c154968-3eb4-40cd-8a4e-32a9935d1b59","block_type":"box","text":"value. Due to the inherent uncer tainty and subjectivity of determining the fair value of investments that do not have a","page_number":128,"box":{"x":68,"y":846,"width":836,"height":11}},{"id":"4012bb37-c299-4d2d-b6cf-5a40b380f9f1","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":128,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"f3393737-93b9-4373-b875-f4c852cfc971","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":128,"box":{"x":68,"y":876,"width":772,"height":11}},{"id":"983b641b-9cd0-4e79-8dbf-fb83f395f675","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":128,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"c4daaa7a-2b21-4371-b435-3156a1a0b3c8","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":128,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"6ba0fe2d-3bef-44ea-9348-13e781480c66","block_type":"box","text":"II-69","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b99633a8-05d9-44c9-88bb-840f99081cca","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"894b9fd0-e0fb-4c42-aaf6-6b2b8a1f7a94","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":129,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"52363544-221d-4d20-9037-42246b34caae","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":129,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"7bb0a496-8b27-431e-920b-e1603264cd4f","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":129,"box":{"x":68,"y":75,"width":805,"height":11}},{"id":"25b52774-31bd-49b5-8f7e-448c185d9860","block_type":"box","text":"disposal of such investments.","page_number":129,"box":{"x":69,"y":90,"width":212,"height":11}},{"id":"dd57d38f-c672-4a42-83b3-f1d59ba00cb5","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":129,"box":{"x":102,"y":113,"width":385,"height":11}},{"id":"8b1befae-daab-412b-b23b-55444f9f3ca4","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":129,"box":{"x":102,"y":136,"width":246,"height":10}},{"id":"0d92188e-5ca1-4b84-ab10-af562c5023e3","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":129,"box":{"x":354,"y":136,"width":548,"height":11}},{"id":"0cddf5d7-fc6e-4ed2-9c8f-df58a96569cf","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":129,"box":{"x":68,"y":151,"width":830,"height":11}},{"id":"4eaab226-d112-4189-82b2-0f0e5091b0bf","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":129,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"c4249439-f513-4ac6-9cdf-77e07375f194","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":129,"box":{"x":69,"y":181,"width":784,"height":11}},{"id":"da79ddc4-37a4-416a-8e23-a16f752314d8","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":129,"box":{"x":70,"y":196,"width":591,"height":11}},{"id":"d07146f6-be1d-477b-a6fd-11e9cece35d9","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":129,"box":{"x":101,"y":218,"width":730,"height":12}},{"id":"1dbcd741-bb54-420d-a136-e83ea9b7ac02","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":129,"box":{"x":70,"y":234,"width":822,"height":11}},{"id":"6f95ef7c-5968-4ee8-b53c-84303686e8e4","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":129,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"a65dcd0f-2ec0-4c39-851c-252b77c6f4b0","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":129,"box":{"x":69,"y":264,"width":801,"height":11}},{"id":"8112f54c-ec91-4673-910b-5052bd49fe55","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":129,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"9f527288-bd99-4ce8-bb24-d02808bdcb0a","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":129,"box":{"x":69,"y":294,"width":354,"height":11}},{"id":"dd110eb6-2ff4-46a3-9b14-bc4d989c9beb","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":129,"box":{"x":102,"y":317,"width":769,"height":11}},{"id":"6264ca93-ade3-4050-9eff-6f92a95400d1","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":129,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"be208ca9-49ba-4c14-95bc-d7498dc5b72f","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":129,"box":{"x":70,"y":347,"width":782,"height":11}},{"id":"61fce94a-0c4b-429b-b66c-4ed05aa2ef3b","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":129,"box":{"x":69,"y":362,"width":449,"height":11}},{"id":"8eeb3fa0-4d59-443f-862a-ab775930a65d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":129,"box":{"x":102,"y":385,"width":794,"height":11}},{"id":"92d7c0e9-1175-444c-a5b2-237354c525f0","block_type":"box","text":"similar financing transactions (","page_number":129,"box":{"x":69,"y":400,"width":218,"height":11}},{"id":"403d9000-ce95-4f06-8950-4379a353ca18","block_type":"box","text":"e.g.","page_number":129,"box":{"x":289,"y":401,"width":24,"height":10}},{"id":"edb3c929-242f-4134-aa7c-0387dca66aec","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":129,"box":{"x":316,"y":400,"width":594,"height":11}},{"id":"ed5af7e2-c8be-49bf-8980-e2daa062d763","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":129,"box":{"x":68,"y":415,"width":813,"height":11}},{"id":"9b39be73-3466-4476-98bb-b9a3c7902a86","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":129,"box":{"x":70,"y":430,"width":768,"height":11}},{"id":"e5b0a369-78fa-422b-a0b7-fb43283fc9ba","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":129,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"d78b21ed-a7d1-40ee-b078-34436e90db0e","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":129,"box":{"x":70,"y":460,"width":693,"height":12}},{"id":"da652b2e-8ad8-47b9-99ce-4c9be211bc3e","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require cer tain bank","page_number":129,"box":{"x":101,"y":483,"width":763,"height":11}},{"id":"8269ac1b-539f-48c8-987b-72932c9073fb","block_type":"box","text":"regulated counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":129,"box":{"x":69,"y":498,"width":840,"height":11}},{"id":"1be52151-807b-42ea-ba9b-45d628032a93","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":129,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"05eab09b-35c2-4998-a8df-96acb34b7b6b","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":129,"box":{"x":69,"y":528,"width":823,"height":12}},{"id":"2941e28a-d5ad-4b17-ab56-41281ab72dfb","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":129,"box":{"x":68,"y":543,"width":815,"height":12}},{"id":"a49cedb3-b5c5-4a03-9992-3e369a3bf116","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":129,"box":{"x":70,"y":559,"width":833,"height":11}},{"id":"14c3e655-f871-43e1-b38b-2d4b602aed96","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":129,"box":{"x":70,"y":574,"width":793,"height":11}},{"id":"ca245466-2daf-40b3-a60c-253d6ebae918","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":129,"box":{"x":69,"y":589,"width":396,"height":11}},{"id":"23819683-0af4-4143-976c-445b12b97307","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":129,"box":{"x":102,"y":612,"width":316,"height":11}},{"id":"030dffd5-7501-439f-864e-ba33601adc4c","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":129,"box":{"x":424,"y":612,"width":481,"height":11}},{"id":"a6e676dc-8880-484f-9106-25dc98b82fbf","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":129,"box":{"x":68,"y":627,"width":822,"height":11}},{"id":"e80b44d2-b9ef-4634-9cd9-12a933c570f4","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":129,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"95c63fcc-d209-4a82-a28b-5baa293a0d7f","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":129,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"dbc63bb2-0dc1-4d6e-a980-73b2770e78ad","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":129,"box":{"x":70,"y":672,"width":833,"height":11}},{"id":"48bf93dc-598d-4e7b-8b28-56a569a826a2","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":129,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"cf134561-592e-4b5d-b6bd-d6ac52d72228","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":129,"box":{"x":70,"y":702,"width":821,"height":12}},{"id":"476f4f88-8e96-4551-967a-20c9a8ef3e2a","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":129,"box":{"x":69,"y":717,"width":830,"height":12}},{"id":"603d4eab-e663-4770-a4f8-fe832cc807aa","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":129,"box":{"x":69,"y":732,"width":777,"height":12}},{"id":"f973bd19-5606-43c6-ad4a-dab20fcf815c","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":129,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"98df6e08-1b47-4ae8-879e-ae2396545a8d","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":129,"box":{"x":68,"y":763,"width":708,"height":11}},{"id":"9b955d99-5cb5-4fb5-9e35-291d40012018","block_type":"box","text":"Rule 144A Securities.","page_number":129,"box":{"x":102,"y":786,"width":159,"height":8}},{"id":"a05ddd22-3031-46b1-b78c-b5df7605edfc","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":129,"box":{"x":266,"y":785,"width":560,"height":12}},{"id":"fd0a65e6-e96b-417d-87bc-83e006efbea1","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":129,"box":{"x":70,"y":801,"width":741,"height":11}},{"id":"ebc0d115-e2b0-4a6b-bbe5-3ec13f255538","block_type":"box","text":"Securities Lending.","page_number":129,"box":{"x":101,"y":823,"width":139,"height":11}},{"id":"a2f2ab5c-8056-4a06-b080-58c6c5210706","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":129,"box":{"x":247,"y":823,"width":645,"height":11}},{"id":"4c5ecfe4-ee80-4d58-8081-4c038dad20a3","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":129,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"268fd369-991d-4ac6-a87a-3f8eb93e1493","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":129,"box":{"x":69,"y":853,"width":817,"height":11}},{"id":"5e3b9e13-483a-470c-9b18-f5554a73adf6","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":129,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"c57f27a5-f22e-4c18-bba1-1c946433ad5d","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":129,"box":{"x":68,"y":884,"width":827,"height":11}},{"id":"9a75e840-6bd4-480a-85c6-bed5ae347cac","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":129,"box":{"x":69,"y":899,"width":829,"height":11}},{"id":"6169a405-2774-42a4-9f3f-23368c7eb509","block_type":"box","text":"II-70","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d67b2219-4d5b-4185-a28d-ce5411f6578f","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"931d0a5a-92dc-4a08-839a-ba9576f9fe50","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":130,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"36f8c516-b8e6-44fc-9f6e-a62899c41066","block_type":"box","text":"the securities were not on loan.","page_number":130,"box":{"x":68,"y":60,"width":225,"height":9}},{"id":"84cf38f5-ad7b-409f-b88c-6bbb8f2f2288","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":130,"box":{"x":101,"y":82,"width":799,"height":12}},{"id":"991a208a-923b-407e-9f91-a1cff0d4ac32","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":130,"box":{"x":69,"y":98,"width":835,"height":11}},{"id":"7e0720ea-a3ab-4e99-bf2f-6d7d993c0391","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":130,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"9c324405-c04e-4c85-877b-8c01f05a14a8","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":130,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"02b44db8-90d8-46c8-b728-03323618190c","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":130,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8faec1d9-b252-4a59-a9fc-bd9d816bd512","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":130,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"912b8baf-55e9-4883-96a9-f0e4e3495119","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":130,"box":{"x":70,"y":173,"width":643,"height":11}},{"id":"ba5e83ce-245b-4795-9ad7-bd01021d9fd7","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":130,"box":{"x":102,"y":196,"width":568,"height":11}},{"id":"7de8b9ba-110b-4389-9cf8-f9d9008686de","block_type":"box","text":"i.e.","page_number":130,"box":{"x":672,"y":196,"width":20,"height":9}},{"id":"e9ab6ff6-a008-40fe-85e6-6f53d3d8c8be","block_type":"box","text":", the risk of losses resulting","page_number":130,"box":{"x":695,"y":196,"width":198,"height":11}},{"id":"94f8a381-957f-4668-9315-dbcfec01b96f","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":130,"box":{"x":68,"y":211,"width":501,"height":11}},{"id":"2b999df1-778d-4ae0-841c-c58a3052872c","block_type":"box","text":"i.e.","page_number":130,"box":{"x":571,"y":211,"width":20,"height":9}},{"id":"aec1531c-b5a0-407c-abc0-b98176f4115c","block_type":"box","text":", the risk of a mismatch between the return","page_number":130,"box":{"x":594,"y":211,"width":307,"height":10}},{"id":"761e2929-4fb4-4c49-89b4-97906476ce0a","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":130,"box":{"x":69,"y":226,"width":794,"height":11}},{"id":"39319fc6-8880-4044-8de5-65a8fc204c16","block_type":"box","text":"i.e.","page_number":130,"box":{"x":865,"y":226,"width":20,"height":9}},{"id":"88633380-6f0e-4ef1-a9ae-70adc7f6c72e","block_type":"box","text":",","page_number":130,"box":{"x":888,"y":233,"width":2,"height":4}},{"id":"a76c5c94-201c-4e35-bbc5-338b2a9d7544","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":130,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"9454a2b5-10b2-4dc4-83a9-8f210f081b1f","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":130,"box":{"x":69,"y":256,"width":837,"height":12}},{"id":"7b963721-5677-49ba-8d2a-07735e8bc0d6","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":130,"box":{"x":69,"y":272,"width":822,"height":11}},{"id":"e73fa7d1-6bfa-4f05-ac95-f991e75d3977","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":130,"box":{"x":68,"y":287,"width":811,"height":11}},{"id":"0aa32199-241d-445a-8239-2105e8604b69","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":130,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"225886c8-8038-4ccd-afe7-f9d3125ba518","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":130,"box":{"x":69,"y":317,"width":790,"height":11}},{"id":"688554c5-9be8-4c5a-b2bd-0c80f7408419","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":130,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"8c560795-ce92-4479-8db0-6975ab9a83a9","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":130,"box":{"x":70,"y":347,"width":805,"height":11}},{"id":"816d8920-e8fc-4917-b215-4bccb27b5865","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":130,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"1c474f73-20a9-439a-8aea-c432f1f78fd7","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":130,"box":{"x":69,"y":377,"width":775,"height":12}},{"id":"f7abb6e8-f030-46b0-999d-e93536edfd5a","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":130,"box":{"x":69,"y":393,"width":821,"height":11}},{"id":"b3fce95b-3a36-4f6c-963e-20ff030e694d","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":130,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"565a9777-9ce1-4e9e-9721-d79323c7a2f1","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":130,"box":{"x":70,"y":423,"width":837,"height":11}},{"id":"c6b64ff5-4a18-42a5-8e90-a15eff3aba64","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":130,"box":{"x":70,"y":438,"width":808,"height":11}},{"id":"a23b5b97-acd9-4330-ac01-902a690cd963","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":130,"box":{"x":69,"y":453,"width":839,"height":11}},{"id":"f3bb462a-6496-492f-badf-20b031ba58a8","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":130,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"089c69d3-3cba-4231-83bd-0046f3cec414","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":130,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"b82f65b3-0d64-4a97-9dea-9533b6c6c2ea","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":130,"box":{"x":69,"y":498,"width":823,"height":11}},{"id":"ae4d4e66-f4cd-4200-8534-c8c8dde308ed","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":130,"box":{"x":70,"y":513,"width":823,"height":11}},{"id":"c8975f36-0556-4371-a241-09db749e3d71","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":130,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"b42d8c17-5b2d-48fb-b15a-685feadb8a57","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":130,"box":{"x":70,"y":543,"width":814,"height":12}},{"id":"88241dfc-2f2f-4e67-922b-0305de2f004e","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":130,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"297cbc49-7150-43a1-8d77-b79a850a0d88","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":130,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"421aefa3-1fee-4b98-96c3-5a5e440c8bc6","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":130,"box":{"x":70,"y":589,"width":809,"height":11}},{"id":"ed8e5370-50f0-442a-a677-191be39064d4","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":130,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"1c8e4188-1291-439f-bedb-1897e3a9fd23","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":130,"box":{"x":69,"y":619,"width":731,"height":11}},{"id":"8c65cc1c-aaca-44bb-84f9-34f45668d85c","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":130,"box":{"x":102,"y":642,"width":800,"height":11}},{"id":"67bbdab1-4edd-4688-85b9-47f6a886f2ed","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":130,"box":{"x":68,"y":657,"width":802,"height":11}},{"id":"601ea292-5072-4dfa-841d-51a66c277d8b","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":130,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"15ce720c-879d-424c-ab18-2117dae5d2a5","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":130,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"d559a76b-e0c1-41b4-bdb2-5977b4dcb88a","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":130,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"68e73245-7b37-40a7-bc16-ea9693f193bf","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":130,"box":{"x":69,"y":718,"width":806,"height":11}},{"id":"9bd9c31c-cb1d-47e1-b1dc-a13b0687e703","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":130,"box":{"x":69,"y":732,"width":808,"height":12}},{"id":"20dd80bb-4b2a-42be-9b32-4b21d082f98c","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":130,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"fcd20fac-ba04-4c80-9c74-9bd55192b8d5","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":130,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"749e2bce-7e7a-4898-94d3-947fcd700d1b","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":130,"box":{"x":69,"y":778,"width":794,"height":11}},{"id":"a5d08f6a-4cd1-48e0-8c69-3c678bfcecd2","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":130,"box":{"x":69,"y":793,"width":371,"height":11}},{"id":"79736bea-3b58-451f-8dc4-6de40082ea7b","block_type":"box","text":"Short Sales.","page_number":130,"box":{"x":101,"y":816,"width":89,"height":9}},{"id":"c552b687-033f-4142-bd5b-bd7b3f4afdec","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":130,"box":{"x":196,"y":816,"width":696,"height":11}},{"id":"5478d723-679c-4cfd-83de-e1997021686f","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":130,"box":{"x":68,"y":831,"width":821,"height":11}},{"id":"f7960d8f-bbb8-4d05-b6d0-3691750e5e4a","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":130,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"eca97ab2-c2bf-4935-82b9-d4a9c4cdefc2","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":130,"box":{"x":70,"y":861,"width":831,"height":11}},{"id":"204c511c-d467-49ea-8c11-b429e90b1f50","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":130,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"34dede58-b687-4dfd-acc8-6f0b333bae66","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":130,"box":{"x":68,"y":891,"width":828,"height":12}},{"id":"8b9fb480-a5d5-4fe3-acf8-ebbdb73b6b26","block_type":"box","text":"II-71","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f3466b2-96b7-4e0a-9721-7182b1b558c3","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7a0f4b3-c831-430e-8190-55a519dbc318","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":131,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"34148d03-fc82-4fdd-b02c-e12ad9f7727f","block_type":"box","text":"securities to the lender of the securities.","page_number":131,"box":{"x":69,"y":60,"width":289,"height":9}},{"id":"66983b2e-e85c-47d8-877b-b96a7a060dac","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":131,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"16344384-b3be-4bdf-a702-83eb8d78d27f","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":131,"box":{"x":69,"y":98,"width":795,"height":11}},{"id":"211130ae-aadf-4d1e-97c1-07dcfd188a34","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":131,"box":{"x":69,"y":113,"width":801,"height":11}},{"id":"850c41a3-6aa7-4c26-a86b-fe5dda0310f1","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":131,"box":{"x":69,"y":128,"width":830,"height":11}},{"id":"8b65b254-a958-4676-8692-5611fc1541f0","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":131,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"9d0476b0-d5da-4671-89a0-fa1921755b81","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":131,"box":{"x":69,"y":158,"width":770,"height":11}},{"id":"fb021d96-d259-455f-bfad-5d6874d1e5e4","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":131,"box":{"x":70,"y":173,"width":568,"height":11}},{"id":"66937f70-9bdc-4692-8ada-8ba0a3a16a05","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":131,"box":{"x":102,"y":196,"width":806,"height":11}},{"id":"ba600cf0-5674-455b-a9b1-08a6da48e2ea","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":131,"box":{"x":69,"y":211,"width":817,"height":11}},{"id":"3dd30fda-e841-4ad5-9f95-8b426b15ca8d","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":131,"box":{"x":68,"y":226,"width":819,"height":11}},{"id":"a8d4cf58-c9de-40be-a84f-7fc79fc35bef","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":131,"box":{"x":69,"y":241,"width":758,"height":11}},{"id":"652bf6b5-15d1-4b64-b21a-60664c1a30cd","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":131,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"5a451c14-9601-412d-adba-b4f2605f2355","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":131,"box":{"x":69,"y":271,"width":800,"height":12}},{"id":"b3b0f63f-3847-49d0-9d6f-7c36c4d95ab0","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":131,"box":{"x":69,"y":287,"width":818,"height":11}},{"id":"197a661e-409d-4be9-8d30-e728e9b46850","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":131,"box":{"x":68,"y":302,"width":821,"height":11}},{"id":"7e85d07a-df83-4e90-a0c3-4e251b7dc3b8","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":131,"box":{"x":69,"y":317,"width":640,"height":11}},{"id":"575a87fc-2313-4d0e-8c1e-0494c09a5fd7","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":131,"box":{"x":101,"y":340,"width":673,"height":11}},{"id":"67d8506e-d252-42cd-9f8d-fe1c79940e51","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":131,"box":{"x":101,"y":362,"width":721,"height":11}},{"id":"910fe1ff-8c76-415e-9acb-48dd2a9cbb65","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":131,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"dd6738a2-312a-4b37-ba42-9a8a98f4e459","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":131,"box":{"x":70,"y":392,"width":489,"height":12}},{"id":"04969d55-9d46-4f26-a355-4594e8b77938","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":131,"box":{"x":101,"y":415,"width":293,"height":11}},{"id":"19666e2a-e974-468f-a8e1-d4f2a9333ddd","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":131,"box":{"x":400,"y":415,"width":504,"height":11}},{"id":"7286db75-f424-4e48-b7e2-cddb0a496087","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":131,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"48a5ee8f-029d-4d74-b5cd-e2dda77e4d5c","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":131,"box":{"x":70,"y":445,"width":793,"height":12}},{"id":"5052f61e-9a3d-4e48-a5a7-89c99bf8000b","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":131,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"a8394992-3485-4279-af45-c22a7f3433bb","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":131,"box":{"x":69,"y":475,"width":821,"height":12}},{"id":"4e8d74f9-0871-4363-81c5-5a2f1dcae587","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":131,"box":{"x":69,"y":491,"width":768,"height":11}},{"id":"c78fe276-6765-4d59-a9fe-b218640cde96","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":131,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"7e1bdfbb-4056-459d-9f54-2ee89ba7036a","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":131,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"f0da2ba8-c0a7-4e7e-90cc-c82e77ee8053","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":131,"box":{"x":70,"y":536,"width":797,"height":11}},{"id":"cd7dd1e5-bd83-42d3-bd8b-14821d262e83","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":131,"box":{"x":69,"y":551,"width":795,"height":11}},{"id":"9de6ae35-6813-4086-b936-797c28a902c5","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":131,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"e8b9cafd-7bdf-409c-91f2-ad665d404a27","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":131,"box":{"x":68,"y":581,"width":794,"height":11}},{"id":"94cc5126-eb76-4c4c-bf3b-b0f3a8525e9d","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":131,"box":{"x":69,"y":597,"width":820,"height":11}},{"id":"3e18fb42-f38d-41d7-993d-8b0ba499aacd","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":131,"box":{"x":68,"y":612,"width":817,"height":11}},{"id":"19c35cdc-2c45-4af9-af1d-392c288bc5e7","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":131,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"8eafc73d-4bd3-4882-88c2-11aaccc4aa94","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":131,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"6c092cbb-13c6-4cbc-8676-e1b974abbbac","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":131,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"6af63776-3f31-4f7b-9fbf-e438f6921f63","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":131,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"22ce1921-76ac-4ff0-a6ce-0dbaf49bc333","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":131,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"5f33b034-85a0-4298-9d9a-e89d2c5095de","block_type":"box","text":"Standby Commitment Agreements.","page_number":131,"box":{"x":101,"y":710,"width":255,"height":11}},{"id":"0207fee2-daf2-474f-bdae-214a283a170c","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":131,"box":{"x":362,"y":710,"width":511,"height":11}},{"id":"fe252ced-bc93-48d9-b913-874e776a5d56","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":131,"box":{"x":68,"y":725,"width":834,"height":11}},{"id":"d9062457-a093-44b4-aa6f-51e2eb83479e","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":131,"box":{"x":68,"y":740,"width":831,"height":11}},{"id":"19e2e0c6-a57d-4b2f-8f29-577e918224da","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":131,"box":{"x":70,"y":755,"width":819,"height":11}},{"id":"cf173362-f8f2-4674-ac58-5ec284aefa7b","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":131,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"6c242372-c994-4b12-a432-2d65f105baed","block_type":"box","text":"advantageous to the Fund.","page_number":131,"box":{"x":69,"y":786,"width":188,"height":11}},{"id":"43fcdd7a-c03e-4f9a-85fd-8bdbe436bfc6","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":131,"box":{"x":101,"y":808,"width":800,"height":11}},{"id":"122ae233-3daa-48b2-91f5-860032bf7179","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":131,"box":{"x":68,"y":823,"width":816,"height":11}},{"id":"b46f63a4-6737-4606-8a56-a816488e98d0","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":131,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"4c163777-4c35-4b5e-8acf-991de80f51a9","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":131,"box":{"x":69,"y":853,"width":828,"height":12}},{"id":"41d8d76f-71b2-44fe-8790-5377d1c85ebb","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":131,"box":{"x":101,"y":876,"width":785,"height":11}},{"id":"fb95d4b2-e9f1-429a-ba0b-a7cdf2748ba2","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":131,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"f1ff28a7-e63a-483d-adce-41e7d794407c","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":131,"box":{"x":68,"y":906,"width":815,"height":12}},{"id":"3cb75537-e82a-4d65-a3da-28bc5a1266e1","block_type":"box","text":"II-72","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3aa3e780-ba5f-4e75-aa1f-ed8611434303","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4035f02-19e9-48bf-9116-cb4901063add","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":132,"box":{"x":69,"y":45,"width":792,"height":11}},{"id":"e56e978a-c17f-4583-a657-44f9080a1031","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":132,"box":{"x":70,"y":60,"width":415,"height":11}},{"id":"d98116f0-9af7-4cef-b644-b305d51633b0","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":132,"box":{"x":102,"y":83,"width":789,"height":11}},{"id":"ec3303f9-a10b-42a2-99a9-2d211b92f3bb","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":132,"box":{"x":69,"y":98,"width":814,"height":11}},{"id":"2d6a6339-f8a8-4e13-8d85-6b8839d2de28","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":132,"box":{"x":70,"y":113,"width":827,"height":11}},{"id":"8f55c25f-6a27-45ad-820d-14aa03daeb72","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":132,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"5dd2f887-ea15-4185-842a-ac5ff5a5995a","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":132,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"19d80131-e8de-4b94-ab4d-808c5821b276","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":132,"box":{"x":69,"y":158,"width":578,"height":11}},{"id":"f6ccfc99-4fbc-4f36-b4b0-f63bf601efcc","block_type":"box","text":"Stripped Securities.","page_number":132,"box":{"x":101,"y":181,"width":143,"height":11}},{"id":"b11656cd-514b-4821-b585-28c54421def4","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":132,"box":{"x":251,"y":181,"width":596,"height":11}},{"id":"a9764560-2d8b-4d21-b433-ae0fc9d2f58e","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":132,"box":{"x":69,"y":196,"width":839,"height":11}},{"id":"bbbe6983-4a7e-4269-aaa5-868709f9986a","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":132,"box":{"x":70,"y":211,"width":818,"height":11}},{"id":"8826c8c8-a41d-42d9-a489-9b65b4bfe916","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":132,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"5c1d240c-5107-4af2-9cb6-81014f901913","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":132,"box":{"x":70,"y":241,"width":777,"height":11}},{"id":"cdf431b0-c2c6-4af0-b8b8-ea610fc69dc2","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":132,"box":{"x":70,"y":257,"width":802,"height":11}},{"id":"4a28a43c-be1a-431f-8370-1e6a67c6f663","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":132,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"2eda764c-cd4c-4eca-92b1-63bace28491a","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":132,"box":{"x":70,"y":286,"width":837,"height":12}},{"id":"98238637-0148-4d69-802b-2a0470dc82f0","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":132,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"767c108a-5d6d-405a-a908-27bcbd4097d7","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":132,"box":{"x":69,"y":317,"width":494,"height":11}},{"id":"c3ad98c2-65a4-4d82-81bd-6780e0392562","block_type":"box","text":"Structured Notes.","page_number":132,"box":{"x":101,"y":340,"width":130,"height":8}},{"id":"fb7975f9-fdd4-4cce-84d3-3463addfdfe2","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":132,"box":{"x":237,"y":340,"width":650,"height":11}},{"id":"ae99d37a-8215-49fc-9a8b-878bec4fe6a2","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":132,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"9dba6b4d-9649-44d9-ad43-5214f835919c","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":132,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"2d29a9b4-2358-468d-b85b-60f6600e0378","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":132,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"04be237d-6006-44fc-950c-298bb8c68b62","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":132,"box":{"x":69,"y":400,"width":809,"height":11}},{"id":"879a3d9e-91a8-4ba3-880d-0dea7106cd8b","block_type":"box","text":"provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":132,"box":{"x":70,"y":415,"width":830,"height":11}},{"id":"11179826-0e22-45b9-a2cd-fcd889ddb78a","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":132,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"19818b68-699c-4f5e-8bea-56549e82050b","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":132,"box":{"x":69,"y":445,"width":585,"height":12}},{"id":"25423599-5cb7-49e8-a520-9191db6ef71e","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":132,"box":{"x":102,"y":468,"width":768,"height":11}},{"id":"633bd698-8b0c-4333-8964-835979e97ba6","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":132,"box":{"x":70,"y":483,"width":821,"height":11}},{"id":"9edd64ad-3d6a-4883-b324-7d3dd1b07e4d","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":132,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"68950bd2-9f16-4e80-ab99-cac8189040c8","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":132,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"bfadeb65-5a26-4d46-a853-b864e52e1889","block_type":"box","text":"the risk of loss.","page_number":132,"box":{"x":68,"y":528,"width":110,"height":9}},{"id":"b304d007-764e-4eb4-a4c0-b4eef19d5483","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":132,"box":{"x":101,"y":551,"width":759,"height":11}},{"id":"08930ecc-785a-4798-972c-ad18d52a65b4","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":132,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"e6375acd-5fd4-4941-8493-ffbded8d4690","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":132,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"8d478e4d-dcf5-4250-a105-60e53ee8177c","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":132,"box":{"x":70,"y":596,"width":821,"height":12}},{"id":"f2da11b5-d930-4629-956a-e0131cdd54e5","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":132,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"285fb0a0-fbf0-4d6f-b450-767504926a62","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":132,"box":{"x":70,"y":627,"width":618,"height":11}},{"id":"ff17864a-7076-439c-9b0d-a19ad4db050b","block_type":"box","text":"Taxability Risk.","page_number":132,"box":{"x":103,"y":649,"width":109,"height":11}},{"id":"941432f5-6f4b-4d9d-8bbe-62b405e26783","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":132,"box":{"x":218,"y":649,"width":644,"height":12}},{"id":"61f0e1a6-c984-4b6f-831b-91ae4faa2c5e","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":132,"box":{"x":70,"y":664,"width":817,"height":12}},{"id":"1d68885b-7580-45de-ab0f-d72e226287cc","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":132,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"fbf4c654-6de5-4b0d-8d51-6d46f6a8b1be","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":132,"box":{"x":69,"y":695,"width":835,"height":11}},{"id":"42fb2a1e-1c56-4fde-bc2a-d5cda915a80a","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":132,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"f313c662-b696-4249-8793-6f7b8f23cb32","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":132,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"da900c74-85cf-4a9c-a433-97792755a5ac","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":132,"box":{"x":69,"y":740,"width":816,"height":11}},{"id":"57be6b2a-fba5-4abc-9693-23bc1f4cd115","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":132,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"f3074c41-9678-4f4e-8d1f-c9782c8d90ae","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":132,"box":{"x":70,"y":770,"width":818,"height":11}},{"id":"ca83f2a2-9c63-4425-a827-6f936e0f0b71","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":132,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"f4ef7417-54ba-4f3e-a3d1-addc1d3d682d","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":132,"box":{"x":70,"y":801,"width":765,"height":11}},{"id":"260c3ba4-e743-41f7-8c9b-3b20f3f261e9","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":132,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"f3a0337d-6b7b-465f-83c4-79c3561abf0e","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":132,"box":{"x":68,"y":831,"width":807,"height":11}},{"id":"a7b6efd8-71c4-4b0d-b990-5cb6664258b0","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":132,"box":{"x":70,"y":846,"width":830,"height":11}},{"id":"1f7122e3-1b05-449c-9f9c-15d05cce14c9","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":132,"box":{"x":68,"y":861,"width":838,"height":11}},{"id":"4fc54508-e6fc-4a29-b9ca-26c1a8619db6","block_type":"box","text":"the value of an investment in the Fund.","page_number":132,"box":{"x":68,"y":876,"width":278,"height":9}},{"id":"c352cdff-255f-4afe-8e28-ec6c5344acc8","block_type":"box","text":"II-73","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d97900c-e025-49a7-8443-58b6fcf742cc","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5442969d-f221-4414-9570-16922b3a70e5","block_type":"box","text":"Temporary Defensive Measures.","page_number":133,"box":{"x":103,"y":45,"width":230,"height":11}},{"id":"1386d632-2084-4032-a0b2-1c40e26c5e4c","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":133,"box":{"x":339,"y":45,"width":567,"height":11}},{"id":"dc63b024-af35-4c0a-aa93-d86b0e02b868","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depar t","page_number":133,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"ff0d79ff-3d39-4f70-97db-69881e71fd67","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":133,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"13330d59-f740-40d6-aa36-75bf0ee4cdaa","block_type":"box","text":"Cer tain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":133,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"f3cfed32-7e51-4e56-80f2-d6c1377c5a52","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":133,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"dc603067-1cbb-479f-b9ca-1d10a25499e8","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":133,"box":{"x":69,"y":120,"width":815,"height":12}},{"id":"8c0bf73d-bb90-4616-85c0-9835334d9700","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":133,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"19575238-a598-48c4-8282-053ba24dd924","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":133,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"c46883d0-a72f-47d1-8b0e-4669aa161e52","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":133,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"7a52e4f9-4b4b-43e2-97f4-4f3a10e95015","block_type":"box","text":"to achieve its investment objective.","page_number":133,"box":{"x":68,"y":181,"width":251,"height":11}},{"id":"b9edb869-132e-4298-9ee0-07fc3c5c53db","block_type":"box","text":"U.S. Government Obligations.","page_number":133,"box":{"x":102,"y":203,"width":213,"height":11}},{"id":"1c076a9b-0f34-4de4-ab5b-5b3630083bd5","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":133,"box":{"x":321,"y":203,"width":566,"height":12}},{"id":"ece284ed-5e82-4f14-84bf-d1aeefa32676","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":133,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"f0965dd0-2550-4846-b784-9acc02c0b2ee","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":133,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"2ffc5c39-5674-43a9-a9a7-82f89dd18906","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":133,"box":{"x":68,"y":249,"width":779,"height":11}},{"id":"e820eb0a-c828-476a-95c0-0b5ebe9cab6f","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":133,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"6c1ae278-bd7b-4eff-bece-6d44f76b4cdf","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":133,"box":{"x":69,"y":279,"width":822,"height":11}},{"id":"5ba9f304-9834-4b99-89c2-dc8b1bebcbbf","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":133,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"9691a270-fe04-4870-9e43-2c0c57620395","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":133,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"f28b8c25-baee-4685-ac0e-54c4e4e971b0","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":133,"box":{"x":69,"y":324,"width":807,"height":11}},{"id":"59984bb1-4010-40a2-93be-247830f15052","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":133,"box":{"x":70,"y":339,"width":832,"height":12}},{"id":"a2b8545c-7d08-4a52-87bb-dc868089b3f8","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":133,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"5d278491-10a6-4575-ad22-2f2633f7e614","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":133,"box":{"x":69,"y":370,"width":716,"height":11}},{"id":"6e71df1e-7253-4413-b369-5bea37d1c83b","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":133,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"0d74c150-5a45-4896-85aa-fa48ff1b5f1c","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":133,"box":{"x":68,"y":407,"width":785,"height":12}},{"id":"fa8f5aae-f07f-45ad-aa30-9dcc554b5630","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":133,"box":{"x":68,"y":423,"width":813,"height":11}},{"id":"56b014b6-7b3e-4895-a56f-2868962427ca","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":133,"box":{"x":70,"y":438,"width":794,"height":11}},{"id":"a2d9fc75-248c-436f-aa02-097ab587164e","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":133,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"e10325b1-9f68-4551-9845-72e42ca4c1c9","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":133,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"675b8dc8-c9aa-4a97-af8f-ab8766ee5d5c","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":133,"box":{"x":70,"y":483,"width":777,"height":11}},{"id":"5ff8cd17-b775-4442-8bf3-55181224a9be","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":133,"box":{"x":70,"y":498,"width":749,"height":11}},{"id":"a8ca19b7-80a4-4f2d-91f6-a648984fbcc0","block_type":"box","text":"U.S. Treasury Obligations.","page_number":133,"box":{"x":103,"y":521,"width":183,"height":11}},{"id":"17fa7694-ba88-4b7f-b121-8b1fe5ef0827","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":133,"box":{"x":292,"y":521,"width":593,"height":11}},{"id":"023c6e96-a3f4-4ca6-b29e-e2957ce27ef5","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":133,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"7f80627e-afb9-49d9-999e-9140f88a283d","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":133,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"a343e11f-3cba-4860-9eef-e04a1691f420","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":133,"box":{"x":68,"y":566,"width":823,"height":11}},{"id":"52c2013f-5732-4781-b0f6-d0cb915aacb4","block_type":"box","text":"do so.","page_number":133,"box":{"x":69,"y":582,"width":42,"height":8}},{"id":"0a69aff0-23f9-4881-b9d1-2d35141fe2c3","block_type":"box","text":"U.S. Treasury Rolls","page_number":133,"box":{"x":102,"y":604,"width":139,"height":11}},{"id":"2c97b459-6167-43db-a738-f583c8e7e1da","block_type":"box","text":".","page_number":133,"box":{"x":241,"y":611,"width":3,"height":2}},{"id":"212b7176-1498-4d5c-bccd-011d8f040ee2","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":133,"box":{"x":250,"y":604,"width":656,"height":11}},{"id":"8af35ebf-70c7-4590-bb6a-402711ae5c78","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":133,"box":{"x":69,"y":619,"width":804,"height":11}},{"id":"33e39678-f060-4b4f-a54a-12c4c6a61ba2","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":133,"box":{"x":69,"y":634,"width":820,"height":12}},{"id":"5586ea85-8c90-47cd-a89b-b07285dda532","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":133,"box":{"x":69,"y":649,"width":840,"height":12}},{"id":"9fba0989-0e58-4374-b454-2afa33ad2f63","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":133,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"c337c944-b0cd-4880-9af8-9aaa60380237","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":133,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"d0854707-da4d-4f02-8d5e-55d010f1f407","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":133,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"3f061b8a-0d14-42a0-b783-b15bfca0f3dc","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":133,"box":{"x":68,"y":710,"width":657,"height":11}},{"id":"a3c7d9fe-b4ce-4a13-80e1-982f9e8eefe5","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":133,"box":{"x":101,"y":732,"width":756,"height":12}},{"id":"1b49d8ca-afb8-482b-abe0-891350da6718","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":133,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"faa26e65-c6d3-4090-b475-029396abb2cc","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":133,"box":{"x":70,"y":763,"width":617,"height":11}},{"id":"ba976492-4afe-41db-9fd3-9167654f8727","block_type":"box","text":"Utility Industries.","page_number":133,"box":{"x":102,"y":786,"width":124,"height":11}},{"id":"fe37b3ac-e4aa-4f65-a90f-ae12b41a4d9c","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":133,"box":{"x":233,"y":785,"width":674,"height":12}},{"id":"7dca7fd1-7488-4ad2-8fdd-95348de2065f","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":133,"box":{"x":69,"y":801,"width":812,"height":11}},{"id":"e00440ae-6a61-4726-ad5e-2f33f32e8e99","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":133,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"67694eac-9c69-47a0-91da-c0c51eb39192","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":133,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"2e8cbe30-137f-4341-a84c-f040296682b2","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":133,"box":{"x":68,"y":846,"width":815,"height":11}},{"id":"c1a17191-f9bb-43bd-bb52-e6380b5768ef","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":133,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"708a8e4c-a645-4d30-aeb0-a404c0140049","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":133,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"a9236f18-3083-4167-af69-497487198253","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":133,"box":{"x":69,"y":891,"width":774,"height":12}},{"id":"b55ed987-9c1b-411f-83ee-ea7c1e9a9541","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":133,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"13b10874-4ace-4cc3-8e16-a246076ba7f2","block_type":"box","text":"II-74","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b509920-e23f-460f-93c1-30d65d14f772","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"117f8d12-8f0b-4973-af1a-1453f4bfe770","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":134,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"7b4317ae-9fee-4bd5-bbb2-9da8cb20eed3","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":134,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"011e5d26-63cf-4e14-a2a9-78b2115ed8e2","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":134,"box":{"x":69,"y":75,"width":761,"height":11}},{"id":"73c4788c-ccb5-4697-862b-a09fb528eee8","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":134,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"60489847-96af-479d-96c6-dc734b86d8ce","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":134,"box":{"x":69,"y":105,"width":777,"height":11}},{"id":"93410986-bcde-4453-8d41-17be7c49e8a6","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":134,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"228bd59f-fd20-48fd-a62b-ee7fc8c9bbbd","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":134,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"dfdbc858-54bf-49c4-827d-e3fbc99443f6","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":134,"box":{"x":68,"y":151,"width":778,"height":11}},{"id":"7e7d4135-f658-4d77-96de-6196998374d7","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":134,"box":{"x":69,"y":166,"width":808,"height":11}},{"id":"9b93c3e4-e918-4db1-8e5a-3f63968100bd","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":134,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"4cc65c61-ca4e-412a-9dcb-e9d608569276","block_type":"box","text":"utility.","page_number":134,"box":{"x":69,"y":196,"width":39,"height":11}},{"id":"ee03cb34-127f-43f5-b994-2a0c2b64a5af","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":134,"box":{"x":102,"y":218,"width":789,"height":12}},{"id":"0cf2b504-cf6b-47c5-8091-e0e5274cc259","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":134,"box":{"x":69,"y":234,"width":790,"height":11}},{"id":"20b3de34-5d04-40ad-9383-f36c14175065","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":134,"box":{"x":69,"y":249,"width":811,"height":11}},{"id":"718e62dd-12d7-4856-964f-0a0d1404536b","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":134,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"e292b430-9393-4fd4-8372-06ac01eff846","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":134,"box":{"x":68,"y":279,"width":781,"height":11}},{"id":"63424b76-a6e7-4b1f-9c20-484db21ec074","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":134,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"f4fc2773-c4c9-4960-bbec-627dcecf746d","block_type":"box","text":"continue in the future.","page_number":134,"box":{"x":69,"y":309,"width":156,"height":9}},{"id":"e2e3cfe9-c7ea-46f1-a419-b8148a2e1e78","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":134,"box":{"x":101,"y":332,"width":763,"height":11}},{"id":"f5044e82-7851-48d4-a478-57e2f28f2c3c","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":134,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"f02d3f6d-c113-497e-bba1-8d7bd24628a9","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":134,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"f577d6cb-91e3-419d-a0e1-e34edec29a11","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":134,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"e192c3b9-c565-4b29-9829-8436184dc5a7","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":134,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"acdcdc29-901e-499e-a8c3-3f2a30ff9ae3","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":134,"box":{"x":68,"y":407,"width":809,"height":12}},{"id":"62024f7b-de09-4016-b4b6-800fc59946ec","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":134,"box":{"x":69,"y":423,"width":834,"height":11}},{"id":"b282ea83-b0cd-4dcc-bf96-66ff1acd4968","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":134,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"8ebdd30d-0fc6-41dc-8f29-a066f2af932b","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":134,"box":{"x":68,"y":453,"width":840,"height":11}},{"id":"10e7b4bd-f018-42b8-ad20-d1a2265d890a","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":134,"box":{"x":69,"y":468,"width":796,"height":11}},{"id":"b970b40d-8c92-42c4-8e1f-efc7e70d9936","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from these","page_number":134,"box":{"x":69,"y":483,"width":780,"height":11}},{"id":"c49ae55d-9610-4d06-899a-d77de6003db2","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":134,"box":{"x":69,"y":498,"width":785,"height":11}},{"id":"de90c8ad-e191-43e3-bcf2-9f7fb66534bd","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":134,"box":{"x":102,"y":521,"width":720,"height":11}},{"id":"c57ac98a-8f02-4a94-9011-bd117ac9d461","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":134,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"e66bc2ed-ccc1-4e22-86e5-9a8e9e738b9c","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":134,"box":{"x":68,"y":551,"width":762,"height":11}},{"id":"88442c15-782b-4980-b10e-a5930ddaec74","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":134,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"bd692325-f15f-4542-8214-e2382b22c433","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":134,"box":{"x":68,"y":581,"width":801,"height":11}},{"id":"17117168-3559-49f7-934b-4bcf5ca18b42","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":134,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"4e48bb29-eaf0-4d7f-be6a-40ef8c1b3793","block_type":"box","text":"ways different from regulation in the United States.","page_number":134,"box":{"x":68,"y":612,"width":365,"height":11}},{"id":"5841bb67-78a1-4705-a73c-de485c096775","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":134,"box":{"x":101,"y":634,"width":745,"height":12}},{"id":"6d1720c3-c5a2-464b-b9a1-731e664311fb","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":134,"box":{"x":68,"y":649,"width":790,"height":12}},{"id":"d4fdcc7f-ba7e-41ad-b24b-7cd990c7b768","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":134,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"ba826f5d-d894-4838-9435-70dcb5cf3b54","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":134,"box":{"x":69,"y":680,"width":810,"height":11}},{"id":"d2d0072a-fc53-4963-90ca-d126ab5e8e8f","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":134,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"ed749c56-1d0f-4b51-9659-b7eebaebe95d","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":134,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"05924406-d258-4267-b5d6-0811790a4e8e","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":134,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"d13fc6dc-afc8-4e2b-9d68-0e8bc9562fe6","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":134,"box":{"x":69,"y":740,"width":786,"height":11}},{"id":"3c2e45dc-126a-4569-86a7-5b7c63baa5cd","block_type":"box","text":"increase.","page_number":134,"box":{"x":70,"y":755,"width":63,"height":9}},{"id":"8a828f8c-8d9a-4165-b0c1-b9689d6b2d7c","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":134,"box":{"x":101,"y":778,"width":793,"height":11}},{"id":"8f820278-a191-42ca-980e-94506dcd4723","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":134,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"4e530a49-dde0-48e9-b1c8-d64f451b3371","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":134,"box":{"x":69,"y":808,"width":619,"height":11}},{"id":"baf6f17f-a3b5-420b-8524-a3a29b836c92","block_type":"box","text":"Electric.","page_number":134,"box":{"x":102,"y":831,"width":54,"height":9}},{"id":"7f8ffe3c-8992-4f3d-a3c1-29a0180754b1","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":134,"box":{"x":163,"y":831,"width":684,"height":11}},{"id":"6e11e409-18ac-46e7-85db-ec9adfc1b1b2","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":134,"box":{"x":68,"y":846,"width":793,"height":11}},{"id":"7c0e9943-113b-4b88-a3f3-1d04bac6a561","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":134,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"5b46c8f4-c03a-4b01-b9c7-25c8c58688a5","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":134,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"63bdb625-081f-4051-b85b-294a36971218","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":134,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"bfbbd3e6-90c1-4ab8-913d-641b1e3eb933","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":134,"box":{"x":69,"y":906,"width":823,"height":12}},{"id":"9d006d41-8773-4d69-875e-b58f2cbca5b8","block_type":"box","text":"II-75","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dfbd5638-9fbe-4f1d-98bd-e4f802dabecb","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a33f471-38d3-4a05-a6c6-e1b115074fda","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":135,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"2e97f0a8-1def-4961-ad8b-8b9faaefdfc2","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":135,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"105a5f82-e713-40ff-8e5b-71e8511217a4","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":135,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"a7c6595f-8643-43e2-bc97-b8da3185ea88","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":135,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"c23dcfc8-c327-4780-8a07-e9c2c555f5a9","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":135,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"3eb3d983-4428-4026-b8ff-274880d79a9e","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":135,"box":{"x":69,"y":120,"width":819,"height":12}},{"id":"110c8bc8-cd5a-41f7-8cbe-c0a0658e1a4d","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":135,"box":{"x":69,"y":135,"width":775,"height":11}},{"id":"7229fba5-0481-434e-93f1-3b8075870b91","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":135,"box":{"x":69,"y":150,"width":770,"height":12}},{"id":"b045d514-6e18-4025-9882-d2df5bb712e0","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":135,"box":{"x":70,"y":166,"width":826,"height":11}},{"id":"f6708d0c-ad67-4298-8a9e-acbc68938790","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":135,"box":{"x":69,"y":181,"width":800,"height":11}},{"id":"71388ecf-e9a0-404d-86df-16c28d7ffda3","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":135,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"f475f43e-9fce-449e-9871-8bfe1660fe86","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":135,"box":{"x":68,"y":211,"width":826,"height":11}},{"id":"bed3b5e9-0788-41f1-a0b0-32a71a31cf6d","block_type":"box","text":"and for decommissioning such plants.","page_number":135,"box":{"x":69,"y":226,"width":270,"height":11}},{"id":"507775e4-724a-4fbe-b2b1-077e2562d277","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":135,"box":{"x":101,"y":249,"width":776,"height":11}},{"id":"703e39b5-0c30-42b7-9731-af9049696bb5","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":135,"box":{"x":70,"y":264,"width":802,"height":11}},{"id":"d9a767ab-51a8-4216-870e-290af6e3c528","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":135,"box":{"x":69,"y":279,"width":791,"height":11}},{"id":"33fcd9e7-eb1a-4598-99a1-f64625840f5e","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":135,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"12861820-4e94-416e-afc2-191ed1fed43d","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":135,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"a8a6ef9a-1247-4b6b-9821-0024c33ddde4","block_type":"box","text":"greater predictability of cash flow.","page_number":135,"box":{"x":68,"y":324,"width":239,"height":12}},{"id":"5fe1208d-7e53-4fa4-a1fa-26d3b1729f9c","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":135,"box":{"x":101,"y":347,"width":801,"height":11}},{"id":"c0983114-1964-4a09-9c7c-ca9eff04ae74","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":135,"box":{"x":68,"y":362,"width":821,"height":11}},{"id":"42a126e0-d4db-4c94-ba86-8b003fe8b494","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":135,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"51212640-794d-47f7-8d08-a7788f15d6e0","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":135,"box":{"x":68,"y":393,"width":815,"height":11}},{"id":"ced2a902-0ad2-4209-b5b5-235aef047d9e","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":135,"box":{"x":68,"y":408,"width":803,"height":11}},{"id":"66300321-0be5-4f34-af8f-22f3004fbccd","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":135,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"edfb0f9d-1566-42a3-beb1-0e608558e414","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":135,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"4f399ce9-4fef-4e4a-ae2a-df48fca5a256","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":135,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"43e6d0de-c7e7-402b-be3e-c304dc5ce23d","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":135,"box":{"x":69,"y":468,"width":700,"height":11}},{"id":"0a061055-88c0-41a6-84ac-4dcc3aa5c417","block_type":"box","text":"Telecommunications.","page_number":135,"box":{"x":103,"y":491,"width":147,"height":9}},{"id":"f94bdd4f-27cf-4881-98fe-89c83cace174","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":135,"box":{"x":256,"y":491,"width":652,"height":11}},{"id":"5d47a91d-ea02-4e03-9d22-18bbc3c484e7","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":135,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"78750246-5250-4cbd-ac98-34c19a13c699","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":135,"box":{"x":70,"y":521,"width":782,"height":11}},{"id":"d7d424a2-2044-4789-87bd-88a64558df2e","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":135,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"fef04084-3e0a-4463-9a74-14682c74b80c","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":135,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"2dce4133-effc-4276-84c6-4898837c100f","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":135,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"5ddead2a-e7c1-4e61-a228-2b11ddaf4db2","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":135,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"1ae010a9-ed91-4efe-9a60-5dffd290dd8d","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":135,"box":{"x":70,"y":596,"width":788,"height":12}},{"id":"177d208f-c8aa-47aa-a3a2-d126d54fc971","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":135,"box":{"x":68,"y":612,"width":825,"height":11}},{"id":"4b0698bc-d66b-4f12-8a36-c3b00c4941df","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":135,"box":{"x":69,"y":627,"width":823,"height":11}},{"id":"8e9f9ce9-f516-4b6c-8e8b-7b5a57cd3a9c","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":135,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"af0cbbd8-d701-49a9-ad42-a41e7e9a2e1b","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":135,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"77067fad-a5dc-497f-b831-0dd22a6df0e8","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":135,"box":{"x":70,"y":672,"width":821,"height":11}},{"id":"b498547f-6d7e-433d-8b79-64ece3437c4d","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":135,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"8058d69a-8bef-4858-9ae8-d9691a898bc4","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":135,"box":{"x":68,"y":702,"width":804,"height":12}},{"id":"42f14c7f-f6a0-4a90-99f4-cc7f3bedea3c","block_type":"box","text":"residential, corporate and governmental customers.","page_number":135,"box":{"x":69,"y":718,"width":367,"height":11}},{"id":"1b16c15c-06e6-4ac3-8507-0621744cd643","block_type":"box","text":"Gas.","page_number":135,"box":{"x":102,"y":740,"width":31,"height":9}},{"id":"d9227e7c-30f5-447d-bafc-44eccb244dbd","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":135,"box":{"x":139,"y":740,"width":740,"height":11}},{"id":"c595b66f-83dc-4bb2-b402-23220b6f8bef","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":135,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"e73dfa99-36b8-49eb-9431-1ca9b4dd6d4f","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":135,"box":{"x":70,"y":770,"width":756,"height":12}},{"id":"c5a03f10-6083-44ea-9503-336e3b523c2c","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":135,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"985f5577-9a9d-4476-a85c-7da001c5cb7c","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":135,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"53dba02e-08e9-47f9-bbae-afe8ad6c452b","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":135,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"5d61222d-4499-41d3-9b5b-f06e6fe29c6f","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":135,"box":{"x":69,"y":831,"width":782,"height":11}},{"id":"67e85e05-5c32-4f16-877b-3600fac6c711","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":135,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"47f483a7-1d16-411a-a744-d32dd5248364","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":135,"box":{"x":70,"y":861,"width":691,"height":11}},{"id":"8a826669-e77d-453a-9d0d-d4371995ac3c","block_type":"box","text":"Water.","page_number":135,"box":{"x":103,"y":884,"width":42,"height":9}},{"id":"62dbd9ee-7261-4787-915a-edf28a9222bb","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":135,"box":{"x":151,"y":884,"width":754,"height":11}},{"id":"17ed7938-96c0-4e43-b7ef-21b226ea59ee","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":135,"box":{"x":69,"y":899,"width":796,"height":11}},{"id":"9e04df8f-14ef-479a-8a91-8ae21040ae42","block_type":"box","text":"II-76","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4adce6c0-22e1-44a5-a34d-c0bcce985900","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3af0059-a58c-40e9-a21f-c70e08c4fcab","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":136,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"c1eb1a9b-7034-49dc-8e69-2616656ab5c6","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":136,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"14803c34-197d-49c6-aea7-a8e3a9d173be","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":136,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"7b1e1b67-9aec-4a80-bd3d-fd030d602526","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":136,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"3d5ec54f-3b21-4019-83ca-35a5ace950b2","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":136,"box":{"x":69,"y":105,"width":662,"height":11}},{"id":"eb2dda80-98dd-4b8d-9bb0-bb849fdf3420","block_type":"box","text":"Utility Industries Generally.","page_number":136,"box":{"x":103,"y":128,"width":186,"height":11}},{"id":"66a994bd-8a45-4a87-938d-66774c53bd7c","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":136,"box":{"x":296,"y":128,"width":584,"height":11}},{"id":"ac715e92-5038-44df-88b7-3297779c3310","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":136,"box":{"x":68,"y":143,"width":837,"height":11}},{"id":"a7111eb7-e29b-4e16-9a26-efea9743e167","block_type":"box","text":"not develop in the future.","page_number":136,"box":{"x":69,"y":158,"width":178,"height":11}},{"id":"ca6c1440-2998-41e3-83ae-d6fc2632bdc3","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":136,"box":{"x":103,"y":181,"width":585,"height":11}},{"id":"7a6f6453-8fc6-4014-9271-f607037c3c95","block_type":"box","text":"A Fund may purchase or sell","page_number":136,"box":{"x":694,"y":181,"width":200,"height":11}},{"id":"813a457a-2c3b-45ce-bec4-6e4bae4e0fef","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":136,"box":{"x":69,"y":196,"width":795,"height":11}},{"id":"af5352f1-acc7-4e94-b054-1c81eb632e65","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":136,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"e745ba45-4dfd-4c5e-a143-9b37d93020a6","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":136,"box":{"x":68,"y":226,"width":820,"height":11}},{"id":"79e2b274-b633-46da-a34e-375acf4d729a","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":136,"box":{"x":68,"y":241,"width":807,"height":11}},{"id":"b33558a0-8ebf-4a80-a5f6-75fad49b26a4","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":136,"box":{"x":70,"y":256,"width":430,"height":12}},{"id":"977e5068-8982-4fb1-9c73-6b5601f7992d","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":136,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"3983a4b9-cb1b-4391-8579-345b27869bc5","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":136,"box":{"x":70,"y":294,"width":823,"height":11}},{"id":"2fde0155-0d15-4689-be41-28f984328d8e","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":136,"box":{"x":69,"y":309,"width":587,"height":11}},{"id":"0c9ab084-1454-40bf-8e4a-c8ae1328929a","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":136,"box":{"x":101,"y":332,"width":780,"height":11}},{"id":"a3ccd018-5637-4e30-a23f-7432e66655fd","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":136,"box":{"x":70,"y":347,"width":823,"height":11}},{"id":"cb02cf85-614d-482f-a397-80a661093af3","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":136,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"f8fd3c73-4f55-4b6f-9607-0abbd13191f8","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":136,"box":{"x":68,"y":377,"width":839,"height":11}},{"id":"03922d7b-1c1d-43ab-a81c-af6cac1e0637","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":136,"box":{"x":70,"y":392,"width":824,"height":12}},{"id":"de513699-0211-45d6-b5bf-a85f5d79e1d0","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":136,"box":{"x":102,"y":415,"width":776,"height":11}},{"id":"40e39444-fc40-4061-82d3-c2feccf23f2e","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":136,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"b4088180-0a4d-404a-b0a9-cca780a3215c","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":136,"box":{"x":69,"y":446,"width":799,"height":11}},{"id":"b1c2a305-0370-4747-bd39-b03d88883960","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":136,"box":{"x":101,"y":468,"width":784,"height":11}},{"id":"3e141dec-cc6c-49dc-9e5e-6e1911a696e3","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":136,"box":{"x":69,"y":483,"width":772,"height":11}},{"id":"b915c501-cc64-4992-8b49-5737a3dabf93","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":136,"box":{"x":69,"y":498,"width":434,"height":11}},{"id":"2955ac6b-7570-4b2b-8f26-6f5d80eb7581","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":136,"box":{"x":101,"y":521,"width":745,"height":11}},{"id":"24ff8b8d-3231-4fc6-ac32-40a9cca84858","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":136,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"d673691e-c5de-41a9-993a-d7ad9c3eeee8","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":136,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"6fc6a649-de9b-4d8a-8774-e25aa7889efd","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":136,"box":{"x":68,"y":566,"width":514,"height":11}},{"id":"d8a5a07c-63b1-4fcd-8ec3-ca21e83dd2be","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":136,"box":{"x":102,"y":589,"width":759,"height":11}},{"id":"dc3e67ed-d7c1-44d9-9511-7d47e7ce65a6","block_type":"box","text":"securities (","page_number":136,"box":{"x":69,"y":604,"width":78,"height":11}},{"id":"a5d1187e-bce7-47d9-b9bc-8470f27a4942","block_type":"box","text":"e.g.","page_number":136,"box":{"x":148,"y":605,"width":25,"height":10}},{"id":"572061cc-0be1-43af-afa4-f4ccda7a943e","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":136,"box":{"x":176,"y":604,"width":686,"height":11}},{"id":"b5592a33-2a9b-4940-b78c-f4a1abdb4a78","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":136,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"7a6f3233-0740-47ec-bef6-2a81413e1a22","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":136,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"8c4e9df4-72bd-4bbe-99d1-fb92c271e86f","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":136,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"1ea57262-b0ee-4439-a466-129c3ea7f1d5","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":136,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"2567a15d-c3f1-4ca4-b225-1a4116fad1fb","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":136,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"261dadfe-f895-47fa-ad6a-e66534216973","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":136,"box":{"x":70,"y":695,"width":349,"height":11}},{"id":"2d2df8df-227f-44ea-984a-41c005bedfac","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":136,"box":{"x":102,"y":717,"width":743,"height":12}},{"id":"fd5b9975-96cf-43f3-96ce-d588311c4730","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":136,"box":{"x":69,"y":732,"width":833,"height":12}},{"id":"f15942da-1288-499e-aa30-a009f890787e","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":136,"box":{"x":69,"y":748,"width":771,"height":11}},{"id":"ab6f3f28-1d83-4b8b-a186-6ecf6a8d654f","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":136,"box":{"x":69,"y":763,"width":798,"height":11}},{"id":"53030701-4b1f-4cdb-85c6-f99a02f4e098","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":136,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"c42c9f10-bdf1-479a-9e76-a125acdf5e19","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":136,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"492412c8-9ef0-4703-bfab-b160f6a22a86","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":136,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"52806699-bc2b-4947-8c71-10daabc1c478","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":136,"box":{"x":68,"y":823,"width":812,"height":12}},{"id":"c2cbd9f6-fc52-4cf4-955a-b0aea16153ba","block_type":"box","text":"agreements.","page_number":136,"box":{"x":69,"y":839,"width":87,"height":11}},{"id":"2f11321f-46a0-48c2-a7f2-80de8aa0ed89","block_type":"box","text":"Yields and Ratings.","page_number":136,"box":{"x":103,"y":861,"width":139,"height":11}},{"id":"8cbe674b-e8bf-4efa-9be8-7907d24e7509","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":136,"box":{"x":247,"y":861,"width":628,"height":11}},{"id":"e6cf43fe-66fd-4cf4-bedb-7c1dce9bf660","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":136,"box":{"x":69,"y":876,"width":834,"height":11}},{"id":"10a023f1-acad-4668-ba05-264c2f79a184","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":136,"box":{"x":69,"y":891,"width":799,"height":12}},{"id":"f32743b9-941f-4a6a-a58d-86cdd440951f","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":136,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"aaf91ba4-2cb5-4016-b7b3-8506fe1e258e","block_type":"box","text":"II-77","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"655deea1-5212-4612-998c-dd0a898fdc17","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"189a74c1-0a72-4c31-aafc-03303b242493","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":137,"box":{"x":68,"y":45,"width":792,"height":11}},{"id":"8010b927-93c2-48ec-928a-2a133fcb5ce1","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":137,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"2a7af8fc-b255-42d6-9451-956135b57f43","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":137,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"753059e3-26fa-455d-aba8-211ec6fcb524","block_type":"box","text":"continue to hold the security.","page_number":137,"box":{"x":69,"y":90,"width":204,"height":11}},{"id":"c3951330-2f29-4f70-80a5-1346ec7e75af","block_type":"box","text":"Zero Coupon Securities.","page_number":137,"box":{"x":102,"y":113,"width":175,"height":11}},{"id":"8c51fe63-d925-4951-bc34-c31882e3fcf2","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":137,"box":{"x":283,"y":113,"width":601,"height":11}},{"id":"86ce039f-736c-470e-b424-9fbd4c97c893","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":137,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"cb97155e-54b7-4e88-b6c2-083cec1fe4b9","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":137,"box":{"x":69,"y":143,"width":822,"height":11}},{"id":"d894b288-af9e-4220-8289-667633613acc","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":137,"box":{"x":68,"y":158,"width":814,"height":11}},{"id":"9267ca00-2ef7-41e2-b803-cf59e058f95e","block_type":"box","text":"security.","page_number":137,"box":{"x":69,"y":173,"width":57,"height":11}},{"id":"34e69e9b-e09c-43f5-b292-8d401742bf76","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":137,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"315c7075-d61a-418c-847a-6b7ba858757e","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":137,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"a5b2b107-37eb-4d00-8241-74eee1a0ddea","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":137,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"1ca98ce5-8e84-40ae-a222-8626c457c4a1","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":137,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"306c1adb-2f69-400f-aaa6-0b5c6ae84dbc","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":137,"box":{"x":69,"y":256,"width":804,"height":12}},{"id":"016ea7f8-b3cd-47ba-a8d1-c24de68a3dac","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":137,"box":{"x":68,"y":272,"width":824,"height":11}},{"id":"ff5eb83a-62bb-4320-b70a-3aea89010f7a","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":137,"box":{"x":68,"y":286,"width":805,"height":12}},{"id":"98e1eb26-55cc-4f8c-a1a8-5dec272f361b","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":137,"box":{"x":70,"y":302,"width":837,"height":11}},{"id":"617a2886-c34e-47aa-8f80-31e4e64e98cf","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":137,"box":{"x":69,"y":317,"width":791,"height":11}},{"id":"87947dc9-7431-4527-9522-a0db347cc7ea","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":137,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"d7949522-6f26-48eb-a656-26cd2fbcab73","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":137,"box":{"x":69,"y":347,"width":400,"height":11}},{"id":"73cc032e-7340-4f62-8ff1-379db8fb4582","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":137,"box":{"x":101,"y":370,"width":775,"height":11}},{"id":"a4523df5-b561-4f2f-9514-80f91c3da058","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":137,"box":{"x":70,"y":385,"width":827,"height":11}},{"id":"419c31c7-cc59-4b40-9ab0-f5a2665dc86e","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":137,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"f727cb83-a82f-4e15-ab35-0102721b690a","block_type":"box","text":"intervals.","page_number":137,"box":{"x":70,"y":415,"width":64,"height":9}},{"id":"b96e022b-c6ab-4ace-84a6-20c618e202e3","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":137,"box":{"x":102,"y":438,"width":749,"height":11}},{"id":"cdfb319f-25a4-4c18-8973-4fb051b50e0b","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":137,"box":{"x":69,"y":453,"width":784,"height":11}},{"id":"3e738df5-8586-484d-86dc-7c905e8f6de4","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":137,"box":{"x":70,"y":468,"width":799,"height":11}},{"id":"4a5a8fbd-eaeb-4570-ad5f-ccd27e586b56","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":137,"box":{"x":68,"y":483,"width":799,"height":11}},{"id":"b43353ac-f2ff-4dfa-a776-990f34f75e38","block_type":"box","text":"exposure to zero coupon securities.","page_number":137,"box":{"x":69,"y":498,"width":253,"height":11}},{"id":"578e147b-b126-49b0-8388-fc81c351c396","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":137,"box":{"x":102,"y":521,"width":740,"height":11}},{"id":"f317eed5-f17a-450d-b32b-da38f3dc3ad2","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":137,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"a3606a56-7b8a-4001-a76b-f7187049a9e4","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":137,"box":{"x":70,"y":551,"width":829,"height":11}},{"id":"3073f9d2-adcf-49b2-8e79-fd4ef91d74a1","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":137,"box":{"x":69,"y":566,"width":741,"height":11}},{"id":"eae9a90f-fed1-4b84-9214-fc6041a43445","block_type":"box","text":"Suitability. (All Funds)","page_number":137,"box":{"x":101,"y":589,"width":161,"height":11}},{"id":"fcf09004-36db-474b-b294-9e21f88146a6","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":137,"box":{"x":101,"y":612,"width":793,"height":11}},{"id":"39ac399f-296b-47da-b85f-ce9b8a561cc9","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":137,"box":{"x":68,"y":627,"width":811,"height":11}},{"id":"7dcd93bf-2e84-4a5f-bdd3-93a9fcb67647","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":137,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"591bf226-5d5b-4453-8642-330961a686c2","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":137,"box":{"x":69,"y":657,"width":826,"height":11}},{"id":"b3b34f4a-6100-4441-a667-0ed13c8e7d43","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":137,"box":{"x":68,"y":672,"width":460,"height":11}},{"id":"114a5a3a-1e9d-4ea2-9247-ab6c6d7fad68","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":137,"box":{"x":102,"y":695,"width":264,"height":11}},{"id":"5b818bb9-6573-4824-885c-f586082ff7c4","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":137,"box":{"x":102,"y":717,"width":745,"height":11}},{"id":"6a0cdd7f-9355-41ad-8ea8-166410d8c4ee","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":137,"box":{"x":68,"y":732,"width":807,"height":12}},{"id":"e88d85ff-c63d-4a0e-bafd-001f5e4fd5bc","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":137,"box":{"x":69,"y":748,"width":528,"height":11}},{"id":"aae4fc63-b722-42c5-a5c6-37fc272b7a17","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":137,"box":{"x":102,"y":770,"width":735,"height":12}},{"id":"e32b3e08-2c8e-42f7-91d8-2634d5e3a368","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":137,"box":{"x":69,"y":785,"width":775,"height":12}},{"id":"372b91de-cecf-4f4e-9032-b00b14b90903","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":137,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"312686e7-0e22-48c8-9cb8-7e1e3e4ac974","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":137,"box":{"x":69,"y":816,"width":799,"height":11}},{"id":"f45d8c24-6b94-49bf-a4b9-a0412165ec17","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":137,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"b8f60721-f5d5-4be9-80af-af6cfc9378cd","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":137,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"64c83083-2bbb-4d22-b895-32bf459a0cd4","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":137,"box":{"x":68,"y":861,"width":802,"height":11}},{"id":"e11d1a45-c9cf-45f4-b20a-c40a8a9dc19e","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":137,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"62958632-0489-4326-be9f-e5c57fb2d51f","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":137,"box":{"x":68,"y":891,"width":819,"height":12}},{"id":"bf9919b6-ffdd-4973-9d01-ef87badc40db","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":137,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"c346eb02-b387-4ecf-8450-d3786ccde16b","block_type":"box","text":"II-78","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eecb4ed3-8759-4421-a3bf-9f96242f9736","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"41fabf5c-a80b-4077-aecc-b335c653a409","block_type":"box","text":"(","page_number":138,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"e5167a64-96a0-4434-b96d-2b0c663b951f","block_type":"box","text":"i.e.","page_number":138,"box":{"x":74,"y":45,"width":21,"height":9}},{"id":"eca8efe5-4bc7-425d-ae20-bc8b698c72f6","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":138,"box":{"x":97,"y":45,"width":806,"height":11}},{"id":"f524d07e-f974-4a29-ba51-2453121f166d","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":138,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"667954c3-849c-458c-8cfd-74e48620a337","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":138,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"f173b2af-51e3-4b3c-93db-0faa011327cd","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":138,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"36cfb2d7-f91b-479b-a57b-ddf9254eab6b","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":138,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"247c00a7-98ff-4104-acc1-3cc6a1d46e5e","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":138,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"5e1a7bb5-b5c5-4fbc-89c5-40dacef10281","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":138,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"7ce6a72a-dc7d-4359-a657-17284c483e50","block_type":"box","text":"regarded as the sole issuer.","page_number":138,"box":{"x":69,"y":151,"width":198,"height":11}},{"id":"68487a69-63a6-4bde-86f7-2e50290b2c1f","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":138,"box":{"x":102,"y":173,"width":784,"height":11}},{"id":"3e2f436b-d10f-45e5-a2dc-b138a4fe09a3","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":138,"box":{"x":69,"y":188,"width":819,"height":12}},{"id":"2b44ecf5-90ad-48a0-9683-44f24ef87b90","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":138,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"ea702b12-7dfc-4c2d-8623-936743ffc677","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":138,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"c817ef7d-5951-4e39-b463-1014a9a7723c","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":138,"box":{"x":70,"y":234,"width":834,"height":11}},{"id":"29a5c8dc-3a9c-4a07-a1a1-b6ce60d1f46f","block_type":"box","text":"75% of its total assets.","page_number":138,"box":{"x":69,"y":249,"width":165,"height":9}},{"id":"ef02148b-07c2-41b5-a358-b650422dbd70","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":138,"box":{"x":268,"y":278,"width":442,"height":10}},{"id":"ef96aa24-d293-40ed-bd32-d34bbcd0e3c0","block_type":"box","text":"Directors and Officers","page_number":138,"box":{"x":69,"y":309,"width":159,"height":9}},{"id":"efaf5271-2815-410d-9a73-10639b7b7948","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":138,"box":{"x":102,"y":331,"width":733,"height":12}},{"id":"408aeb77-f9a2-43d2-a5d2-db96cc381f01","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":138,"box":{"x":69,"y":346,"width":783,"height":12}},{"id":"ce9cb637-89dd-4ac2-a64c-0928c6bb4fa7","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":138,"box":{"x":69,"y":361,"width":795,"height":12}},{"id":"ae9ced53-9836-4f0f-b765-4fb6ad58e9e9","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":138,"box":{"x":69,"y":377,"width":789,"height":11}},{"id":"1966310b-887e-4cf2-9210-3f0381f34de8","block_type":"box","text":"Management Arrangements","page_number":138,"box":{"x":69,"y":407,"width":202,"height":11}},{"id":"d9927ea6-90b4-499a-bf31-40ba90ef8fe2","block_type":"box","text":"Management Services.","page_number":138,"box":{"x":102,"y":430,"width":162,"height":11}},{"id":"a227870c-17d9-438f-a211-0bffd6d7c3e1","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":138,"box":{"x":270,"y":430,"width":615,"height":11}},{"id":"c1cfbb93-eff9-4e20-a9f4-de37ee3ac70c","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":138,"box":{"x":69,"y":445,"width":836,"height":11}},{"id":"c68872e0-4c31-47a3-a370-8aea20fa33fc","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":138,"box":{"x":70,"y":460,"width":820,"height":11}},{"id":"a49eb653-ef28-4058-a473-be807cc86d56","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":138,"box":{"x":68,"y":475,"width":832,"height":11}},{"id":"079ac616-97e9-4652-bf01-5e23fc9fa34f","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":138,"box":{"x":70,"y":490,"width":801,"height":11}},{"id":"41becffa-7f52-44c9-b179-cf37c62ad620","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":138,"box":{"x":69,"y":505,"width":370,"height":11}},{"id":"fd552419-46f9-4bc3-93bc-aee091458abb","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":138,"box":{"x":102,"y":528,"width":778,"height":11}},{"id":"4fdb56a5-b18d-4bd8-b903-70cf4b1461b1","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":138,"box":{"x":70,"y":543,"width":800,"height":11}},{"id":"4d412e43-0616-4bc3-a190-130bd7cf9341","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":138,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"c764c581-29cd-4f7a-8b76-2e7b019614c3","block_type":"box","text":"Management Fee.","page_number":138,"box":{"x":102,"y":581,"width":126,"height":11}},{"id":"514cdf26-970c-4e71-9c38-39002377b3f1","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":138,"box":{"x":235,"y":581,"width":646,"height":11}},{"id":"d2b12d87-b487-4800-a3f5-ee44a376d65e","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":138,"box":{"x":68,"y":596,"width":841,"height":11}},{"id":"96773259-a2b0-4c56-ad1c-38770b0a93b1","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":138,"box":{"x":69,"y":611,"width":833,"height":11}},{"id":"0c98dc6a-0366-46a0-9b46-f4762f4bdef2","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":138,"box":{"x":68,"y":626,"width":746,"height":11}},{"id":"cd20a17b-9513-429f-a5f0-1034caa518af","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":138,"box":{"x":70,"y":641,"width":825,"height":11}},{"id":"0345b58a-9609-4be9-8a4a-13ad2b638b60","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":138,"box":{"x":102,"y":664,"width":774,"height":11}},{"id":"6b9cb84c-354b-4556-a543-bc03f2fd2c93","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":138,"box":{"x":69,"y":679,"width":826,"height":11}},{"id":"bd0acff0-8aa3-4280-804b-32ba1b9cf341","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":138,"box":{"x":70,"y":694,"width":820,"height":11}},{"id":"a4e1ab24-9dca-419e-9f8a-6cbe2a622ace","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":138,"box":{"x":68,"y":709,"width":797,"height":11}},{"id":"fa286619-fcff-4881-b543-c8076ed2bf19","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":138,"box":{"x":70,"y":724,"width":830,"height":12}},{"id":"77c7197e-db83-4459-9607-899e67dfd7ee","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":138,"box":{"x":69,"y":739,"width":802,"height":12}},{"id":"76e62d44-cec9-4ced-b744-98d20183006b","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":138,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"ab27e604-b19c-442a-8f22-eccb2618049f","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":138,"box":{"x":69,"y":770,"width":838,"height":11}},{"id":"4dc38ff4-0066-47f3-bd59-0a18789e7034","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":138,"box":{"x":69,"y":785,"width":830,"height":11}},{"id":"66c6876e-742b-4b35-99fc-c4dda3e6e8b6","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":138,"box":{"x":70,"y":800,"width":784,"height":11}},{"id":"f39537b2-960e-445f-8cf4-d6653036d11d","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":138,"box":{"x":69,"y":815,"width":767,"height":11}},{"id":"8806c5e6-1985-497f-bc92-4c74fad0e926","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":138,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"6bd279f4-59be-4414-b980-d5e9a2c7d85e","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":138,"box":{"x":69,"y":845,"width":830,"height":12}},{"id":"005eb5ac-09e8-4d30-a31a-2c3983ad40c2","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":138,"box":{"x":69,"y":860,"width":794,"height":12}},{"id":"5e717014-4559-4990-8e01-598b13b1fc15","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":138,"box":{"x":69,"y":875,"width":786,"height":12}},{"id":"9df527b2-9c43-41b2-9e48-d60f2485272a","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":138,"box":{"x":69,"y":891,"width":790,"height":11}},{"id":"cc594458-6391-495a-a67a-9f3dfcf4bb7f","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":138,"box":{"x":69,"y":906,"width":817,"height":11}},{"id":"32478fa8-0ab7-4739-8ca4-b6e1862b0d6d","block_type":"box","text":"II-79","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e045c5b2-d5a7-4068-a51e-ef01f07279d2","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76ac2eec-5479-4cfc-b140-95239d52e3a5","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":139,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"f5cff1c5-ab6f-4594-beec-6844d6075634","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":139,"box":{"x":70,"y":60,"width":743,"height":11}},{"id":"a150e57f-64fc-4b49-975d-bc4046707094","block_type":"box","text":"Sub-Advisory Fee.","page_number":139,"box":{"x":102,"y":83,"width":124,"height":11}},{"id":"fe9bbe82-28d2-4ddb-bcc1-a983a29dc39e","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":139,"box":{"x":232,"y":82,"width":643,"height":12}},{"id":"4337b69b-c144-42d4-8d5d-49d2ac36a928","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":139,"box":{"x":70,"y":98,"width":839,"height":11}},{"id":"4eef4620-3efe-43ba-9360-121ffac6996f","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":139,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"3ee94bae-da42-46da-b15e-42e49e8f36ca","block_type":"box","text":"Organization of the Manager.","page_number":139,"box":{"x":102,"y":135,"width":204,"height":12}},{"id":"20885e1a-d424-468e-b3e9-c7f40ed988bf","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":139,"box":{"x":313,"y":135,"width":560,"height":11}},{"id":"3cf69900-893c-4d9d-94af-78a8e2f324c7","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":139,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"fd392c7a-688b-4092-be06-3a705b8897a5","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":139,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"c7966627-6945-4d9e-946f-2a0385e3f8e1","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":139,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"73bf8acc-3651-44e0-8617-810ee2b7f16c","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":139,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"4f5f849c-384b-446c-a137-789e3cb4418f","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":139,"box":{"x":69,"y":211,"width":517,"height":11}},{"id":"68faac3a-3848-4977-acd2-50741d631fa2","block_type":"box","text":"Duration and Termination.","page_number":139,"box":{"x":102,"y":234,"width":182,"height":9}},{"id":"0a1450f1-a4ad-42a4-a9a5-ca86eb1775ba","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":139,"box":{"x":292,"y":234,"width":613,"height":11}},{"id":"e3c225b8-1da4-4440-bd8e-bacb561b6fbf","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":139,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"975ca986-b23f-4505-8f3c-c6a1bafb90fd","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":139,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"fafa9a23-bc5e-4fad-a898-eb7a9414dd08","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":139,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"3d12fc9c-bc56-4c01-9c43-32e43eb913e2","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":139,"box":{"x":70,"y":294,"width":778,"height":11}},{"id":"aca0ddad-9b3d-43db-bf3d-a197c932b048","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":139,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"81a029a3-97ff-4c7c-99f8-46a5a3fd17d0","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":139,"box":{"x":69,"y":324,"width":388,"height":11}},{"id":"bfaf5ed5-2695-4cf0-aa7e-b1849b7b8a72","block_type":"box","text":"Other Service Arrangements","page_number":139,"box":{"x":69,"y":355,"width":205,"height":11}},{"id":"17ee70f7-c32a-4876-8487-91277999fc5d","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":139,"box":{"x":101,"y":377,"width":338,"height":9}},{"id":"b7840521-760b-401e-aec9-69d2b51c0f31","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":139,"box":{"x":446,"y":377,"width":439,"height":12}},{"id":"d1fbad75-1496-4357-a29f-d3738d339602","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":139,"box":{"x":69,"y":392,"width":818,"height":12}},{"id":"b0b9af57-499f-4f80-b14f-4e02d5133727","block_type":"box","text":"SAI (each an “Administrator”). 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For information regarding any administrative fees paid by","page_number":139,"box":{"x":69,"y":423,"width":833,"height":11}},{"id":"a1f196d4-1d28-4910-8987-a5d135691fb3","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":139,"box":{"x":68,"y":438,"width":738,"height":11}},{"id":"c4a3d011-72b4-4c2a-8933-4f7297a89d75","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":139,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"cb16dccb-f3b0-4c47-a6ca-9a73cd8deb07","block_type":"box","text":"that Fund’s SAI.","page_number":139,"box":{"x":68,"y":468,"width":113,"height":9}},{"id":"1577f209-26ec-4449-bde5-228a4ed2faf2","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":139,"box":{"x":102,"y":491,"width":755,"height":11}},{"id":"61a786dd-ac58-4555-9100-1113482c38db","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":139,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"a3cf0947-93b7-476f-b25b-464ebd2839d5","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":139,"box":{"x":70,"y":521,"width":809,"height":11}},{"id":"67ab1df1-880b-44d7-a03d-5bc78b5477fc","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":139,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"b302b41f-4d09-46e5-a714-ee19a46a5e51","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":139,"box":{"x":70,"y":551,"width":362,"height":11}},{"id":"2ce5aeed-0d16-42c8-b023-c2ced4141123","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":139,"box":{"x":102,"y":574,"width":390,"height":11}},{"id":"180dcd75-4f4f-4b48-a4e2-b2aeb25fc98d","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":139,"box":{"x":499,"y":574,"width":364,"height":10}},{"id":"84b23628-85ed-4a5a-ab52-039489467c01","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":139,"box":{"x":68,"y":589,"width":832,"height":11}},{"id":"c4e22f8b-a0a5-4341-ae3d-251f3d8b5c49","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":139,"box":{"x":69,"y":604,"width":802,"height":11}},{"id":"11a315ef-ee64-44be-a5aa-5b2d11f27f0f","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":139,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"d7f8ace4-e88f-4c03-ac67-a61034206097","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":139,"box":{"x":70,"y":634,"width":810,"height":12}},{"id":"88c51ec6-7319-4097-a514-0780526cb9ff","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":139,"box":{"x":69,"y":649,"width":805,"height":12}},{"id":"e50173ab-c5ca-42ca-aae7-4a7d25e8e6a2","block_type":"box","text":"shareholders of the Fund.","page_number":139,"box":{"x":69,"y":664,"width":181,"height":9}},{"id":"385f7de1-f7b1-4d30-a71b-4f6a78fcb874","block_type":"box","text":"Transfer Agency Services.","page_number":139,"box":{"x":103,"y":687,"width":180,"height":11}},{"id":"bb4edd2c-0699-4c41-bc04-2f94e635e026","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":139,"box":{"x":291,"y":687,"width":595,"height":11}},{"id":"90d3a1a1-680e-4666-826e-819346db0cfe","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":139,"box":{"x":69,"y":702,"width":816,"height":12}},{"id":"53a2362f-99b3-44a7-b7e8-e121da722f78","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":139,"box":{"x":68,"y":717,"width":833,"height":12}},{"id":"fe5a1cdf-0cef-43fb-89a3-52638c611985","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":139,"box":{"x":68,"y":732,"width":792,"height":12}},{"id":"f5305482-ded2-4165-9de1-d255e6b01be5","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":139,"box":{"x":68,"y":748,"width":819,"height":11}},{"id":"e2dacdcf-9db5-438d-9b70-b68d2a21dd3f","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":139,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"0bbf6680-79b2-434f-8fcd-b3e2d72712d4","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":139,"box":{"x":70,"y":778,"width":831,"height":11}},{"id":"cdfaa977-436d-4c1d-862f-b7ed07bf9de1","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":139,"box":{"x":68,"y":793,"width":813,"height":11}},{"id":"cba086a1-d3e8-438f-a9a1-f2d2dced76bd","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":139,"box":{"x":70,"y":808,"width":836,"height":11}},{"id":"d2396822-87d6-472e-b881-b32885f8a542","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":139,"box":{"x":69,"y":823,"width":806,"height":12}},{"id":"7aca432d-0828-421b-b7b9-3db998183cc0","block_type":"box","text":"class on a recordkeeping system.","page_number":139,"box":{"x":69,"y":839,"width":238,"height":11}},{"id":"91ee2af3-6e80-4a71-8840-c0f09364c74c","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":139,"box":{"x":102,"y":861,"width":338,"height":11}},{"id":"47438d89-25f4-4d1b-bb5c-067b92aaf0a8","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":139,"box":{"x":446,"y":861,"width":441,"height":11}},{"id":"a572c252-5ce3-49f8-9007-a538428560aa","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":139,"box":{"x":69,"y":876,"width":840,"height":11}},{"id":"8295762c-a93b-466d-bd17-ae2bb0e4e600","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":139,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"83771d3f-8b2b-4be3-addd-62dbe3d97a5e","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":139,"box":{"x":69,"y":906,"width":627,"height":12}},{"id":"6a872a3e-28fc-4e68-96d9-566e243c8033","block_type":"box","text":"II-80","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d93f61fe-a55a-496c-9c9f-0cbde1815992","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f28bab27-5f19-42b7-a8ff-e97dd253d828","block_type":"box","text":"Custodian Services.","page_number":140,"box":{"x":102,"y":45,"width":141,"height":9}},{"id":"9a476017-18d9-493d-bec0-a88b2d402591","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":140,"box":{"x":249,"y":45,"width":654,"height":11}},{"id":"ab4f6788-4580-4f7d-a702-c3419c0c1a60","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":140,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"b9090af3-5b57-4bff-bfbc-c8a2337a7a43","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":140,"box":{"x":70,"y":75,"width":814,"height":11}},{"id":"178e597c-8213-4c5c-aaa0-e96703c1b638","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":140,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"df5d4cef-9eae-4b82-931b-1c50b7f4390b","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":140,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"f4de2454-9f75-4aa7-8cf0-62f7e1d56fca","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":140,"box":{"x":69,"y":120,"width":792,"height":11}},{"id":"9b4e2a6f-d2f4-48c3-afbe-ec7fea4ac382","block_type":"box","text":"cer tain assets.","page_number":140,"box":{"x":69,"y":136,"width":106,"height":8}},{"id":"ed71830e-0b9a-4451-86cf-6ec93b22d642","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":140,"box":{"x":102,"y":158,"width":716,"height":11}},{"id":"e393e5f6-c8dc-4495-80eb-565dd102afea","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to cer tain Funds, on a monthly","page_number":140,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"e4ad123e-264d-4264-afe8-dc114e73b061","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":140,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"ba270169-7e5f-4f0b-ae12-f10f094616ab","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":140,"box":{"x":69,"y":211,"width":834,"height":11}},{"id":"8fe91d64-0775-48b6-a91a-7e6fda06d579","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":140,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"7f60d771-da68-47c0-9930-1387f71152c4","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":140,"box":{"x":69,"y":241,"width":807,"height":11}},{"id":"24b0a99a-b79b-40fe-8e9a-f0c08c42aaea","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":140,"box":{"x":68,"y":256,"width":836,"height":12}},{"id":"47c3763e-5f58-4422-9207-057c01752eed","block_type":"box","text":"Fund.","page_number":140,"box":{"x":70,"y":272,"width":36,"height":8}},{"id":"975d57c7-d009-49be-a3cc-862bf415a0b1","block_type":"box","text":"Accounting Services.","page_number":140,"box":{"x":101,"y":294,"width":148,"height":11}},{"id":"187c3ad5-6781-4eb1-9995-c40a7c89512c","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":140,"box":{"x":256,"y":294,"width":641,"height":11}},{"id":"4adb1caf-5373-4549-8526-21d02d7531f8","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. Each","page_number":140,"box":{"x":68,"y":309,"width":829,"height":11}},{"id":"bcef88a1-bd4b-4c7c-8994-9e39065d4203","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":140,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"79964023-9cb9-4f32-8202-24d7d8947584","block_type":"box","text":"Master LLCs.","page_number":140,"box":{"x":70,"y":340,"width":91,"height":8}},{"id":"2e8e13dc-45f8-48b0-9b2d-35c42598f0ba","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":140,"box":{"x":102,"y":362,"width":771,"height":11}},{"id":"d650acb8-bb0e-4561-842e-d3d570aeff5b","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":140,"box":{"x":68,"y":377,"width":810,"height":12}},{"id":"32cb22e0-1d9a-4806-8409-2d1ef47036b7","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":140,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"344f74d7-b673-4900-9bfd-092a6ce28bed","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":140,"box":{"x":69,"y":407,"width":386,"height":11}},{"id":"b4b79e49-c477-422d-bc04-db6e152ab36f","block_type":"box","text":"Distribution Expenses.","page_number":140,"box":{"x":102,"y":430,"width":158,"height":11}},{"id":"c761d769-1263-44aa-b4a6-4e03f9f952d2","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":140,"box":{"x":267,"y":430,"width":614,"height":11}},{"id":"6e6432b9-069b-4aa5-b841-cb03e6b5afe7","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":140,"box":{"x":68,"y":445,"width":807,"height":12}},{"id":"7cb54800-b14f-48ab-9644-e6c2a7b14b59","block_type":"box","text":"Agreements obligate the Distributor to pay cer tain expenses in connection with the offering of each class of shares of","page_number":140,"box":{"x":68,"y":460,"width":842,"height":12}},{"id":"2c5f4ce4-f7d1-40fa-97ca-7d8c4e33eba8","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic repor ts have been prepared,","page_number":140,"box":{"x":68,"y":475,"width":813,"height":11}},{"id":"ae2637b3-df9f-415a-a662-b6a4efdeecad","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":140,"box":{"x":69,"y":491,"width":836,"height":11}},{"id":"fd483b98-8f88-455b-bafe-ec6bef441a13","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":140,"box":{"x":70,"y":506,"width":799,"height":11}},{"id":"309f9ed9-09fb-40bf-9fd8-c9328c519c8e","block_type":"box","text":"literature and adver tising costs. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":145,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"622e9eb2-c036-4e6b-99ac-49c610ff3eb4","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":145,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"60dfc8f0-67b3-414c-9f5c-cc870930e9f7","block_type":"box","text":"13. 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These are considerations of which investors in a Fund","page_number":145,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"976a38da-e0e5-429c-8d10-c821608f41a6","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":145,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"92c766c7-7bdb-4147-9686-5e9e47a04dc5","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":145,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"a7ae32bc-1fc6-4bb5-a304-56102d2a5acb","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":145,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"ed0cd91a-6344-4358-ad00-8f11de21f648","block_type":"box","text":"or sold by a Fund.","page_number":145,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"bed1e776-77f8-44b1-89d1-effe779c67ad","block_type":"box","text":"II-86","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0cd7a940-73f4-431e-a61f-29aef590945e","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a1fba38-bd7c-4845-8037-caf10af801cd","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":146,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"3c7dd1cb-7fae-4131-946f-7ff7db212fd4","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":146,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"49a2b81f-931e-4941-9cd1-050a0739b3c2","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":146,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"4564404f-944c-4b41-949a-aeb7bbae910b","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":146,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"2592a611-ab95-41fe-8776-c4dbd06e34c3","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":146,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"a52e8859-bbf3-44ba-abaa-06bc53aa0f58","block_type":"box","text":"services provided by BlackRock","page_number":146,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"37a50b15-7b95-4b65-8502-1ede687085d1","block_type":"box","text":".","page_number":146,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"781c59f4-66d0-4474-ab69-280821ad9d65","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":146,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"9424f1c6-2f76-41ea-86d3-be1d9f58ecb6","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":146,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"17c574dd-bc2f-466e-b867-b8e76a58a5e9","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":146,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"b96770c4-ea81-4f9c-b440-cb1c62cbd0fa","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":146,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"9342f83c-ef72-48e4-b71c-e4b35033ae68","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":146,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"f0028983-a80b-4fb8-bfa8-f0e635d6fdef","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":146,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"ae5b7504-591c-4658-975e-67107279058c","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily 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":146,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"ad88cf5d-674b-4778-ac4f-02d7e8e210c7","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":146,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"2564e775-d085-4bd5-9a67-0032ecfba645","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":146,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"1bde5635-7ba4-44d8-b903-275b4363409d","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. 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When BlackRock implements a por tfolio","page_number":146,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"de532c9b-ef9a-491c-9a35-9069a00d4930","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":146,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"8f16815b-c528-4bcc-a4e6-417bb1687abb","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":146,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"1e5f883e-5136-4b17-a0c2-85b23a2a99a3","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":146,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"dc1f7583-b5d1-4bdc-a136-ff1b6e5e373c","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":146,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"a0f2492f-aaf4-41c2-af5c-41d562cca0df","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":146,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"1e69567e-2efa-4a40-90d8-27187ba72023","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":146,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"f50292c5-6e1d-4190-88b8-7fe471c3a69d","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":146,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"3e581a93-cbf4-4e13-b760-5216ab4022e6","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":146,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"44be5e92-3aa0-43d5-825c-09d62603bdfe","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":146,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"6a508a60-1533-41ce-8339-c24dd5b0e161","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":146,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"70b48ab2-73ac-4e57-b03f-72f535e3b46b","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":146,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"2a781f4e-285a-4742-aded-9588bd4bcc0a","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":146,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"fad9fc58-95a0-4ea2-bd5f-ee737ff9eb93","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":146,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"7bd80a29-6e01-44b6-b68d-110632f3338e","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":146,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"469fda5c-132b-4fd9-a964-ad93304b9d8c","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":146,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"52666da9-b511-48d1-b0cd-3209766c8ae5","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":146,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"4185a6c0-8718-4d70-b544-17dc3fd17408","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":146,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"8d7e5db0-cc1a-4368-a8ef-a547ca01da51","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":146,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"5c60e0e8-5661-4ca6-9726-8f0a2effe610","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":146,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"09de7cc7-9b19-4193-abe8-1336b2d791ef","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":146,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"99c87c6e-1194-4fb9-89bd-21f0c31993b3","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":146,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"003d4a12-91cf-40d1-b217-d1689c014f01","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":146,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"1b450263-686b-46c9-a07b-156c6daab40d","block_type":"box","text":"Funds.","page_number":146,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"9c72e100-1659-4b34-a98c-4aa505047c28","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":146,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"30ff48c3-b5fb-4da9-bfa4-7783fa992676","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":146,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"e9e1a3bb-6290-4bc6-9279-12b0afdb8288","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":146,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"3b55a7ca-8e9b-40a5-a76b-836629e6687f","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":146,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"4b86b5ac-e65d-441f-814f-75fc0dd513e1","block_type":"box","text":"II-87","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5997efed-8280-4e3e-a5f5-6021fbbfa151","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1326a455-d56c-4913-973c-90edbc813552","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":147,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"24ab942e-69d6-4980-8a8e-1c34b1e63a9e","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":147,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"b2c5c559-8087-488a-9943-02fe4186f46e","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":147,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"cb62aaf9-a9a0-460a-9a56-5c5ddf331d61","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":147,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"dfaf17da-f3e4-4860-add9-4e39695bc9c6","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":147,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"16aed3b5-717d-48da-9826-81b0f15f8881","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":147,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"245affd8-2a7d-4e7d-b1e7-bdd325c93bc6","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":147,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"97050605-0abc-4a1c-b85a-894e2d8d80c6","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":147,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"2514f907-9954-4bfd-8eb2-b71071460a38","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":147,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"7c4107a6-4c9d-4b2b-97ee-f15b68603dbd","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":147,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"6596e694-4892-4f72-81f1-56c84e51f568","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":147,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"e3705a9c-4daa-4e7a-bab2-7d8536b9f387","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":147,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"bff4a485-37c7-4db1-b9e6-3382bb277617","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":147,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"350028de-3229-4324-a8a7-09cce59b8235","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":147,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"765227f5-440f-4dcd-bbc1-15c7b76c4a46","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":147,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"dc1e8aee-bb5b-4d77-b710-b3e7e006e001","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":147,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"0b81896d-9dab-4132-be8e-5d7c129bfb6d","block_type":"box","text":"case.","page_number":147,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"d83840da-cec1-48d1-89b7-74c34d168b93","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":147,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"6fe11437-59ce-4afa-8b87-0f45543066ae","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":147,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"b84ba1c4-7275-4419-bd5f-dc6e0fcf7275","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":147,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"193b3aaa-d5f5-41d8-883c-785886850461","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":147,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"31b845e0-8b8e-45a1-8e5f-e313d3250356","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":147,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"97e979ae-fd7c-476d-803e-c2765d8a9522","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":147,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"ff9424ab-bccb-485e-be7b-b3a10f5dd550","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":147,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"9fd0e202-41c7-424b-88e4-ebd3307d450c","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":147,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"d2a8966b-49d8-4754-b783-efccfb5cbbd8","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":147,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"ae43b98c-f462-4b27-8d48-cd7803961876","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":147,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"cb9f2a1c-7460-446f-ac10-2c4c498bcfdb","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":147,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"af587071-cee1-42a0-9aad-ecfae26af347","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":147,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"f382ce6f-dd69-4cf0-b3d7-55fcb3232d3b","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":147,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"e6efa8db-4218-416d-a04e-9ef1148c6012","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":147,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"e8ce7b8b-32fb-4214-8bee-d507bbae3585","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":147,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"cc4aeb6f-8d56-4733-aacd-634fe736e47e","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":147,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"b28ee873-08c5-4c21-b17a-9656471edb74","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":147,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"bddf1f74-54a5-495c-9d85-e85c0e37a7aa","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":147,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"2a8bf60d-f6a1-42ef-bd5d-1a442fc4c53e","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":147,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"8146b798-5d6d-4189-9f8a-6febea249e58","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":147,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"0595e97f-18c9-4c8c-9468-3ee2522cac76","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":147,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"025cf9dc-3d8e-410b-aea3-a7e584ea8b32","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":147,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"af808625-704c-4251-a168-1111375892f5","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":147,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"35bf96c3-dc28-4d6c-8012-5f4c6ab8028b","block_type":"box","text":"managing a Fund.","page_number":147,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"fa1d254d-0387-484f-b208-c7e81b6620c9","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":147,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"ecbd2093-638f-4eb2-9d9a-6d6bc9681499","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":147,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"9fbd36dc-0725-41f8-93b4-77e41d07663f","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":147,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"a055b634-d81c-45b5-9b93-8b6dcb529efa","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":147,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"e0567390-7d1c-4826-b7bc-e706a203bd85","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":147,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"c88514e4-4f1f-4d08-acf9-a347fa1e52d8","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":147,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"f542a722-bd62-47ae-8313-6e051fb83eca","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":147,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"09de63d9-c096-4e40-adc2-f3d6d8b486aa","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":147,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"6c1d1b5f-fc62-4dc7-81e8-e0372f95b4eb","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":147,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"ab394252-7048-4f9e-837d-506b3e0bab1a","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":147,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"39719708-805d-45e0-9433-b4c40f52d10c","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":147,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"12686d3d-055d-4b69-ade4-1c2230fb20af","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":147,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"f38527cc-e833-4c89-b6ee-7ad2312154eb","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":147,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"2f39efd9-0426-4d1f-8423-35e7ce08251d","block_type":"box","text":"II-88","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"925c4cb1-4db7-4c4b-8863-0014fd4c9837","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4ffb8ee-f391-4011-a095-efb035416583","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":148,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"2e790c31-db21-4817-86db-64552b27a693","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":148,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"9d2b4c85-3e80-4d26-a9d8-ea5bb67fcaf6","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":148,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"91cd5e42-34bc-4471-a8cf-40d023e4415b","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":148,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"a5ae49e7-8da5-476d-a820-5000c04c9ebf","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":148,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"d346b6fa-5137-4fb0-ad04-28887bdf6dbd","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":148,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"ebfcd228-992b-45ec-a931-dbef4706b6aa","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":148,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"dd5b5c94-0ab7-4d89-98d9-e937f860cde1","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":148,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"df5b300b-bf4f-4ed1-b250-3bf9da7af49a","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":148,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"3cbf8833-4331-49d3-93e6-92717b3402fb","block_type":"box","text":"under management for BlackRock.","page_number":148,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"08a55c77-d4e9-4b06-ae88-99e43e60a657","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":148,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"78ec69b5-b0f6-4bff-ba6e-0a1c684651bb","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":148,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"2962d6e7-7863-4529-b43f-3ad9fd9ed406","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":148,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"b770b520-d99f-4bb1-9cdd-8bb9196c5c30","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":148,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"9b64fd97-57fd-4e35-bdd9-e9fc875a046b","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":148,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"f136d72c-1279-4796-9514-853681692ba4","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":148,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"9db73f2e-7be3-4435-b7f0-07f4763a1daa","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":148,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"9f59cc44-ee71-494d-baf5-1814b7b910f3","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":148,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"93e992ba-7887-4838-83c7-fbf1a9bf0380","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":148,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"f5c7af9c-34b7-42b0-9da8-055eeb7da475","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":148,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"d9f54ca6-4dce-4e86-ae5a-a55e92600507","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":148,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"3e98f536-b31d-4be1-9292-9cbc12a96c6a","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":148,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"3cf8332e-8004-4cdf-9fc5-3f1894e01eb3","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":148,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"3e9154e9-21d0-4265-977c-f323f83e083b","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":148,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"7a679a2c-af73-4e8e-b229-885ac5bafae2","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":148,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"ea00379c-9cee-4e64-aa3e-d640931d60d7","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":148,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"30e6618e-2413-434c-bd36-6aed7412751a","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":148,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"cc005d64-5217-4e92-b6e5-d6b5867d05b0","block_type":"box","text":"any such fees or other amounts.","page_number":148,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"f35e7127-8a59-4e34-a839-c77045af7655","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":148,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"00e9f759-d1a5-48b5-8348-f5b44ff3efff","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":148,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"d47d6c1d-01ae-45ca-a0a3-7f254ce847cd","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":148,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"225ac8ec-2b35-4744-8900-f8cab6189e80","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":148,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"7f806611-978d-4e5e-a065-2fc91b26d818","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":148,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"669a8525-b01a-406b-bde2-e941353ab41b","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":148,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"fada3906-8c88-443f-a02a-cfaa6baaa43e","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":148,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"e3a1014d-59d5-44d6-ada6-dc3209e3e1f0","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":148,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"cc11189a-f16c-4efc-94a6-57cfb0d2c393","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":148,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"71976537-498d-44c2-a715-892360d7ec2a","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":148,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"0717d9c5-c36a-4696-9345-fdb114d06e5c","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":148,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"f624cf8c-484f-438b-b25d-157d052f1ed7","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":148,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"d6c98642-48b4-42d9-b951-8da2da047dd6","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":148,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"f51bb312-c643-49a6-92db-06ee068afd01","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":148,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"797d27ba-b233-424f-9358-87fbf7d6ad73","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":148,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"5e7d6fe5-3cfa-40b1-a902-5fa2c4ab98c0","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":148,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"af2d591c-c63c-4b92-a853-dae03eddf39b","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":148,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"20758064-ccae-4593-b1d8-33cd114589fc","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":148,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"316b4031-1ce8-4406-8ca4-92d7126c06ee","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":148,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"9134d3ba-ca80-493c-946a-e976f8af3f9e","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":148,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"b89f05c0-79c1-40fc-9e3a-8a960a08663b","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":148,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"caaffd5f-516d-450d-a901-aab25e543c3f","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":148,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"8cfc9251-c81f-4d8b-a1e5-3556fb9d04d0","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":148,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"158d0006-b926-44ca-bcc6-edb6b5d2d8df","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":148,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"f8c832b9-880f-40ab-8f75-820ddf6c3263","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":148,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"97dbdffb-e59c-46f2-be7a-e7fc3a13ca4e","block_type":"box","text":"II-89","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"77b34ec3-8994-4354-a386-a64d632083e9","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ef76a41-4603-4897-8255-10cfe43bd06a","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":149,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"207d87b8-d342-41d9-ab66-551c25367709","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":149,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"54dd73b9-bcb8-4edb-a48c-4b16c3e1d4c6","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":149,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"d9fbcd55-880a-40cc-8a4f-fdd4e5aaabe3","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":149,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"2dc4bb35-ab3b-4885-a962-1d82381bf960","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":149,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"7e01daa6-de23-443b-b729-fda59f73112e","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":149,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"59b6ec37-2592-4c1b-9dc2-95b110db053c","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":149,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"63d843f8-4ff9-47ff-b00b-7452d82a1e1c","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":149,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"1f4847b9-493c-46cc-a50f-286469ad7d4a","block_type":"box","text":"regulation.","page_number":149,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"fd934571-0787-4666-9e0d-2b0763401037","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":149,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"900bc05e-6d67-474d-9d23-5d099c5a4424","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":149,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"363a1b72-97f3-4f12-862f-e36e0a65fc9b","block_type":"box","text":"various program limits (","page_number":149,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"2f1ab3e0-bf7a-47a0-ab2a-b6d504f61c75","block_type":"box","text":"i.e.","page_number":149,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"eafcf9ae-d4ad-4635-b1b9-c631987238fe","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":149,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"01d1f9e4-b316-40f4-b94c-880a67f61a0a","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":149,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"6fe28d84-f8db-4332-8c64-53696621c1e4","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":149,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"a49e2910-6d30-48c6-be3c-3dc2eb52726d","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":149,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"58530a1a-b9d3-451e-bbe3-f14a72db634a","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":149,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"923bd155-d019-4578-b864-7876171fc058","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":149,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"1da2a8e6-bc06-4b98-b2c8-df52acf27678","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":149,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"94e50ba7-efdf-4ba3-9ced-4a82c76fd601","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":149,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"d9cea09c-f13d-42b6-8515-e611a53fd8ab","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":149,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"824d5437-9e23-40cc-995c-cb68dede99a0","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":149,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"9581a9a1-14c8-4f4f-898f-2ac3c6c68fab","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":149,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"ceab6ede-f2ab-4862-aac9-1f124c0ab58b","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":149,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"de45ed93-aef9-4593-a8dc-6ed161f0b56f","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":149,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"21199813-8756-4a1d-a998-f7f472d260bf","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":149,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"b0919254-a3b3-4d13-b2ba-603de860362d","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":149,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"f3d4c847-85c3-4bef-a1d8-219a2d1ebd58","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":149,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"cd71e733-db22-4ece-89fd-3cad0332d454","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":149,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"987b2b29-3e23-4761-ac7e-e71d4d887bac","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":149,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"9b57bd71-a42d-4a8e-a0e5-486eb7b890e7","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":149,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"cdc670fb-ba15-40a6-a30a-02262dc23c38","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":149,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"fff1ded7-b731-4d6e-9e20-c3e6f77da809","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":149,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"a34956ad-b6ac-47ba-9a36-bcdba469b663","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":149,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"588c97e5-0d35-44cf-9d8f-775ea83ee3c6","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":149,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"1a4058a9-76f3-4e80-b42e-c4cd351c68cf","block_type":"box","text":"than through client commissions.","page_number":149,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"408f4dab-77bc-41c7-a973-be1a3ff08633","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":149,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"fdf73ee6-3277-41ea-bc96-2695521dd009","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":149,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"0b101a72-0f49-40fd-9f73-50242002a54d","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":149,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"4f5642c7-60d8-4dbd-be48-47eead52f1c6","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":149,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"16e4fd76-6c00-4d74-ae11-1a0ee655e8fa","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":149,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"a27cc458-e050-4c31-8494-2a78d9aaa4d2","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":149,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"e7a73e39-1731-4a41-b806-ab99344febd9","block_type":"box","text":"research-oriented software and other services and products.","page_number":149,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"2ae98a2b-f1fa-43df-a308-9d2ebc5da84f","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":149,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"be618129-1d26-48ac-863e-15db96714dec","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":149,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"748b13ba-2809-47f3-8e53-106877454489","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":149,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"f349b357-057d-4ce7-9838-816616d37c4a","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":149,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"289509c4-cc2f-47f0-94f5-40f7f944facb","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":149,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"4423bcc2-d1b6-4528-92ce-ac1a23e7d943","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":149,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"1f99e681-c287-44a9-adbc-f02c7c7bda53","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":149,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"e2cec3aa-f84d-4c8c-a4d4-bc44f9508ebe","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":149,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"67573c1f-b3fe-4be8-a952-0f23e8cd29b3","block_type":"box","text":"BlackRock client accounts. 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BlackRock may from time to","page_number":150,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"a306636f-d94a-4fcf-9f61-f8c45e2c5306","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":150,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"6784a2cc-048e-4c41-82da-85be0501b203","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":150,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"4e956df4-61a2-4b20-90de-7f9daec763a4","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":150,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"3ac07963-3c75-4de6-a25f-3b2bcfd2cf24","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":150,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"7fcc1f72-50df-47ea-a8c7-fde2aaa80b65","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":150,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"9a5e3ca8-ab81-487c-880d-d1dc8edaaeef","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":150,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"265a4b7a-f55a-4075-a67c-75c74c117693","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":150,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"9ce0222e-696c-466b-866e-29cd8fb57c69","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":150,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"8e7c44b1-2baf-44be-aaf7-0e108f69bde7","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":150,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"6a76c3c0-5ac2-4ff3-ad75-7f7f9095eccf","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":150,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"fc465d10-06b9-4bbe-9dcf-26eaf77b6276","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":150,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"0abb21b0-26bd-43c1-81cf-9a52e9386ff5","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":150,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"e7ecc432-c02e-46a8-8b2b-3f7e0b8506e2","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":150,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"f00f5969-ff10-4ada-8633-d881c9e7adbb","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":150,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"a39bd859-6a62-4649-8d2c-74da889cdf1e","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":150,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"9c948884-b92a-4c82-a746-0155a4676932","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":150,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"afe86fbe-f32d-4f07-9965-2c80983ce1b1","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":150,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"ff255f0d-5da3-497e-8638-077f88cdc498","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":150,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"60963fcf-d173-4267-ae09-c8baaf631e63","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":150,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"fd4f4eef-2790-48ea-89dd-18eedcd22072","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":150,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"86be7cc5-fd06-4181-aa52-3805c7088c93","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":150,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"84eab22b-93a8-44ca-a013-9080f90e69c2","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":150,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"bbb1e902-96c1-4b8c-833a-b26c80e88d3b","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":150,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"c032919c-c21b-4576-bb81-ec4a77025213","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":150,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"0e3819b7-ffa7-4e7f-948d-c63c0d0d8a89","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":150,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"298fc71e-30d1-40eb-9576-8f69102cbafd","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":150,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"c52a4e8a-079b-4f08-b7c1-cd8749e87a68","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":150,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"2b9f99fb-4229-4e5e-9601-2c651d908d79","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":150,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"b4e485a9-80a8-4d8b-9b78-b2dcf949e16a","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":150,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"cd870325-ed1b-4ccd-92c7-7a34e73c94b4","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":150,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"b3c79dc8-2463-47db-abbb-62b1b30508fd","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":150,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"6e6c6be7-ca3a-4b83-a6bf-c0952ffbedfa","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":150,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"2f20004b-8ed0-40e4-bad8-76b085fe0e81","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":150,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"3f20e895-579e-4d16-a4ef-10fca5e0336b","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":150,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"f2b795e6-8af2-49e3-a594-237835809650","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":150,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"681df8c2-09c3-4bdf-a295-61aca2d61752","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":150,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"b80c9e7f-61ee-44c1-8a53-6a5c3ac0945f","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":150,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"f437ff41-1f31-479d-b908-63b740b33c3b","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":150,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"d391e9fb-c775-4b0e-ac81-bed25236a656","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":150,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"fd599691-bd29-45d5-a058-9be95cb88df1","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":150,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"07949c53-ca2f-4870-bb19-d2a135dac470","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":150,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"87f00614-5540-4e46-91a0-396efbbdee52","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":150,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"2f80b2db-3eb7-4495-92b5-a1c7d5bc9d3b","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":150,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"23a4379b-b633-4703-8c03-65e0587dee50","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":150,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"feff3ca8-5931-44e3-8d08-b925dc76ce06","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":150,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"65592aa1-d715-463d-abbf-b996cd5cbe33","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":150,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"ca657cd5-2226-4d55-b9f5-ea8924e8924a","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":150,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"9a55a01f-a066-4219-abb5-76d0a88afaa8","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":150,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"4c3fbd08-f3a9-4550-89f6-4c8ff035b9c0","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":150,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"326ea6dd-73cb-467a-96a6-109f6862d6ca","block_type":"box","text":"II-91","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a96bb55e-011f-4969-9f1a-e50b44707c90","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"caba192e-e0b3-47d0-907a-d0f622332d2a","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":151,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"354fbd70-7bc0-4c84-8120-cc27d6d4b537","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":151,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"35946d2f-99db-480e-bccf-15d6b0c84f2e","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":151,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"aee217c0-5574-418b-a606-f47ea0778606","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":151,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"0ffd0163-58b3-4f6a-915e-ed2d7bb4a156","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":151,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"3afaafe7-8512-40fa-a602-257f662f77e7","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":151,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"1de7aa22-03d4-443c-bf7f-a9efe784fda4","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":151,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"c4cd864c-648d-4793-bd2e-106e27d07930","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":151,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"2059602d-62ff-4760-b967-ab38f0519037","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":151,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"acf54587-5d41-43a0-8780-32bc3c19b0f1","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":151,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"a54cd8f4-8758-410d-9639-dcb4b48f05b8","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":151,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"68eca889-cbbb-4969-8bb2-f79f9d9d5765","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":151,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"d35f1bff-de3f-4000-8393-eb89eb4de23a","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":151,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"0853d4de-8a59-49be-bba4-dbcb83b65214","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":151,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"0988505f-555a-4c00-92ef-965b51a1ca9f","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":151,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"6749e75a-c911-49a8-8adb-7bb0d5fc6a04","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. 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As a result, a Fund’s sale or","page_number":151,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"ffe43baf-04f7-4e85-85a7-9a2737306f1f","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":151,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"b22b269b-db3c-480b-b5eb-b6a41112e91f","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":151,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"1b7da665-acfd-4bc8-b24f-81c2233cb227","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":151,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"417d9df2-98ff-433f-81bd-2ff5f4a88e06","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":151,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"26f95379-f413-4e9e-a207-91d35938e2ad","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":151,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"2b5245bc-dbb9-47af-ac6f-02d9774d06af","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":151,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"d0597d9e-0a5f-4a29-875b-183dc073fb71","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":151,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"172c8430-1cee-4089-ab3f-59b47ffe0362","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":151,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"a470c806-9a10-4f00-b5b1-c6677504c345","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":151,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"dbf2a946-acf3-496a-81cc-82722bebbec0","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":151,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"adba003e-5033-49d9-a4f4-f296a757aea5","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":151,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"d4f07d0f-67da-4f6d-a8a1-eb8f698e83c8","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":151,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"3cf9426d-04b7-435a-ae23-645e5d507ac5","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":151,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"bc6f4f18-e0a6-4ccc-9a01-c9080bcd3e9b","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":151,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"c6c091b9-bd92-47bf-b613-7502dbcc29a8","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":151,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"57f731d6-45d1-4e1c-a3da-a77911ef99d8","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":151,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"0e3a808c-8b1e-4273-907d-a3a3e9919345","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":151,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"8d8cf33b-ce53-43f2-b6fb-c87ec31b3e39","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":151,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"60d06973-37e6-45b3-ae1d-dc6fd5a8e8b4","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":151,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"0e710c49-504b-4c7c-bd4e-c6868ec400d1","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":151,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"184c2c89-7fcb-44df-930e-a4c3689b7fc8","block_type":"box","text":"recommend cer tain types of transactions, or may otherwise restrict or limit its advice in cer tain securities or","page_number":151,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"2813d38e-2ad6-434a-b83c-10019391182d","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is per forming advisory or other services or has","page_number":151,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"880059f3-7845-41f9-b764-d8b07cf71950","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":151,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"b674f1d7-e6f0-484f-a216-68eea7c6e73c","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":151,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"4a760996-e507-4f65-838b-d9d19f8c3c69","block_type":"box","text":"of a Fund, par ticularly where such services result in BlackRock obtaining material non-public information about the","page_number":151,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"33d8eb2a-f706-48ce-8443-1a073c8f1fdd","block_type":"box","text":"company (","page_number":151,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"8e75508e-fdca-49c6-a59d-992b4cff4635","block_type":"box","text":"e.g.","page_number":151,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"8ea0830e-417a-43e7-8951-b2b7f0da00b7","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Similar situations could arise if personnel","page_number":151,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"517e6317-2345-4632-9164-7ccad8a4011e","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":151,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"a7cb8d5b-3ece-4c04-9f98-bfa905dfe9ca","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":151,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"1672bca9-8f1a-4ac6-91a6-b4c59ae0d16e","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":151,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"c7f43267-5088-4fd6-9a40-26707253252e","block_type":"box","text":"II-92","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"08d61b1d-7dc1-40fc-860b-34f4de8468da","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7444b50-127b-496a-83a4-0291ca593e5a","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":152,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"d6047b3b-2c90-46e6-bef4-7956bef86f14","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":152,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"f7cdface-901f-4df2-867c-e0cc4d3ec80b","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":152,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"fe991a16-8330-4e6f-9304-325841ae2b9d","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":152,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"84464923-70b2-4700-884e-8506a10713cf","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":152,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"58d4d311-b6d6-406d-9a7a-68463baba0a8","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":152,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"02d11a5e-1b6d-4320-8339-eef251b500a0","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":152,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"2f6726b7-288b-4c3e-b929-64281939b34c","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":152,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"df72a890-4372-4fdd-9fa1-20b379628cb5","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":152,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"fb2cb2ca-061e-4b52-83c8-7c8d8fe42737","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":152,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"45d2f81a-cda1-4078-a85b-f9f7f96676b8","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":152,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"22352838-b72b-4a23-b64c-081584864a1d","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":152,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"2193b2a6-3a97-409d-9b10-208a0da7c317","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":152,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"1d7cfff4-f4ba-4eeb-a027-707575819615","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":152,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"7d91d536-a5fc-4169-875f-d9ff2a4a74c5","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":152,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"25488eda-899a-4d7a-9802-1b7b26dc2b83","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":152,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"9c64f787-ac98-4265-8913-b12b7d6edfa8","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":152,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"619216b3-3bb8-4a3e-b0ed-ef32c156643f","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":152,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"9d188a3f-13f7-4834-8270-dcd1258337b8","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":152,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"fdfadb87-30e3-4767-b40a-38c72825b262","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":152,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"279701da-5f33-40c5-9551-92e72d1dfba8","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":152,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"6bfa08ea-e27f-4aec-934c-f28d3ee3e45a","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":152,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"d711f257-4b73-43c8-be4e-4cfd860d8096","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":152,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"b583656a-28a7-4f24-ad74-d6f9edc1a448","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":152,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"ed758215-13e0-4ce1-a461-a4239ed9a467","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":152,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"ff95fbb1-f29e-42fc-80df-b51d1d9a9874","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":152,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"6f7793be-0fcc-445e-9963-a20fb77dfabf","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":152,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"31a2f66a-1f1b-401c-9923-46e5eaedcb98","block_type":"box","text":"a barrier.","page_number":152,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"8f9fd0ec-3b85-4c4c-b2f2-4c374e74e208","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":152,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"250f598a-618d-4f58-ab25-494d288370bc","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":152,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"77b06050-974f-44dd-a3f2-59f2d2adab37","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":152,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"9f6fa76a-6a7f-4eb0-8815-4996588f9b45","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":152,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"4d294406-7510-4a66-885a-80a019b56112","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":152,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"3d49a35a-8c91-4666-8fef-2fb4acc994df","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":152,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"f03ef816-18b0-453c-90d9-386d513d6c94","block_type":"box","text":"that operate in cer tain industries (","page_number":152,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"32b2d56c-9f9a-4fa5-8078-0a904f707297","block_type":"box","text":"e.g.","page_number":152,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"23fc221a-4795-48ba-a660-ba4b4b45149f","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":152,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"26514f92-9e4c-4be2-97c2-1fdbab8be994","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":152,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"9d9defe9-2e72-4388-8920-2e897f1d9399","block_type":"box","text":"e.g.","page_number":152,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"727c94b6-6e37-4236-a5cc-53442a00962e","block_type":"box","text":", with mechanisms such as poison pills","page_number":152,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"5d7532a2-f4a2-4be9-b6d7-2ce3ab916ac8","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":152,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"4a2dea3b-f0ed-4b41-8135-7e26bb8ffca8","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":152,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"886acef2-fb98-436f-b6c6-73e9609d208c","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":152,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"9711d22f-019f-40f1-b854-2467d5c52248","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":152,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"dfb854e8-52c7-4d3a-baf3-d7f4c23fd9cf","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":152,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"27792010-f9a9-46d9-b4f2-4071293614b4","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":152,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"e5982d21-a976-498f-b54a-e42a5b330047","block_type":"box","text":"seek to make indirect investments (","page_number":152,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"373646a8-307d-446a-b1ba-f29b6ac0659e","block_type":"box","text":"e.g.","page_number":152,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"edf0ea6b-c3e2-4d46-bdd1-7a3353cb02ef","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":152,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"bfc5bbf7-6e2d-4830-9eca-5d69624047dc","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":152,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"a11384d4-0da4-4d9a-84db-19364a35f69f","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":152,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"09124656-e208-4297-8183-565148614d66","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":152,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"3a39c6af-fbc3-48e0-9cd5-12961cfde440","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":152,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"8984a7d6-883f-4dbb-a6fb-3257760630ef","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":152,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"279b92f0-1d3f-418f-9371-8ee14799a3e0","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":152,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"a923b56e-bb53-44bf-afdf-f196ba0e2eee","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":152,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"b8f79313-0d27-4169-b44b-2e5fb7fb3789","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":152,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"32b29e9d-7554-420f-bfd2-d5655b43aad9","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":152,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"458773f9-d207-496e-8895-19b19db093f4","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":152,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"3d2230b0-6ba8-43df-99bb-57dd4bda99d7","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":152,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"81d332f7-9593-4408-9c93-45acbde68689","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":152,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"13c2b4cc-d868-4604-93a5-27d6f613cd0f","block_type":"box","text":"II-93","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"287d9c44-e728-4e09-b74a-76e6ea0b7467","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de51ff71-2d61-415b-90d4-ee2bf8b13598","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":153,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"4cebe0b5-5d3f-47fb-8f85-b7e668f950de","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":153,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"541517d2-901c-4601-8e32-625acea42804","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":153,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"a47b26ed-903f-4ef6-a023-e5d65832cca8","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":153,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"3798668a-a105-4ef1-a2f4-259bfee11642","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":153,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"2e9a8add-da8b-4d5f-9311-4706610c01e1","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":153,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"ea07ff8e-9072-4460-8bc9-568e3051cc8e","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":153,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"80df070e-534b-4da7-8da2-12c52a8769e2","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":153,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"27c8721f-fcd9-4003-8c75-4496dc4e5066","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":153,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"5311fbd1-f27f-443b-b82b-9cff2c23f8a4","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":153,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"ba403387-5d0b-4cd8-a33f-a7e922613b24","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":153,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"6dcc4086-d2eb-4529-891d-cb91944a4c26","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":153,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"b31a41f1-427f-4814-8788-ac4019553a7e","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":153,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"281ccb67-78da-44d4-8a1b-3e6bdb0556d5","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":153,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"533838e3-8f75-4dce-bb15-c7359a86d398","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":153,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"a8672347-9b53-4ca2-9c18-f4e7aaad1aea","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":153,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"8a529c9c-577e-425d-be6a-459396f3a86c","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":153,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"d4bbffac-79ac-4467-bd02-177f7429c148","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":153,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"0c2e51fd-4fb6-4a15-9a43-2769e1968b6d","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":153,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"c2745ea8-b7b0-4ff0-93c7-22ce0877f3fe","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":153,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"37e433b9-20af-4715-b54a-18d88b093fa4","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":153,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"06070f70-300b-4b53-80e0-27a863ff77b1","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":153,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"2f29ab97-b75c-4f9a-b323-beac82a77cfd","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":153,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"37625076-8f79-4f93-83c5-54b9774c946a","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":153,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"073555c2-6499-403a-90ec-40e34dd6f441","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":153,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"ac7afe3d-3bab-46fd-b5b4-630a3ea5a40f","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":153,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"901cf0b2-d19d-48c4-ac2b-9a12a4b4c37a","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":153,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"461dcac1-ccd2-436d-a1db-fd9bae2d65f3","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":153,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"d0086ec0-f092-43a0-bf78-2d5859688c85","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":153,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"b758301b-0c99-437b-82cc-221b1efd3b61","block_type":"box","text":"strategy with respect to such security or asset.","page_number":153,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"9ebca04d-aa00-4f04-8f0c-a33eadcb7fc5","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":153,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"a1d1f3e2-6a85-4438-81ec-bdfb9448c00e","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":153,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"f055676f-fc62-4069-9b28-7c2830b2baa9","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":153,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"f593f303-3b88-403c-a486-ec74947d947f","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":153,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"b69d6cb3-3a9c-4bf4-ba34-b5443e6d08dd","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":153,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"cd6747d4-ea0a-4d8f-adb7-b2bdca9133e3","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":153,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"524c0d28-d6c9-43f6-b595-1275d6f1748c","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":153,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"2192c491-d6aa-4ca6-b674-4419ac0a1a43","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":153,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"4c0365e9-dbd6-4fde-935d-10a62884dbbe","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":153,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"013c4e48-ce3e-4050-838e-3e18b25db046","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":153,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"b729cd64-762b-4075-9627-52b02917eab2","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":153,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"a0a4700d-1368-4337-999a-f5f04915c18b","block_type":"box","text":"e.g.","page_number":153,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"ff3e59dd-0c8e-46db-9f2b-88c0df81dd92","block_type":"box","text":", custodians,","page_number":153,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"735382de-fb3e-428a-b25c-a975f3983c6d","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":153,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"f03722f8-fecc-43a3-85e1-7816ccebabe0","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":153,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"41ccf08c-58d4-4c52-ab0f-5a768c797ddf","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":153,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"f2c797a9-8173-455a-affd-69bbb094bca5","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":153,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"00575dd4-c531-4e93-9b24-7ab621d244c0","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":153,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"20434cd4-3039-461b-bf2e-c506be57b98e","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":153,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"d0cfb03a-90ed-41ea-b327-f36526cb6557","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":153,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"d2f945c8-1bf0-4573-8b02-eda8d5c5585f","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":153,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"0b072f70-ee48-48b7-8a69-168fd15a90a8","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":153,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"feabc8c0-b50e-49ee-82a6-e3bdf5ce1186","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":153,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"a0920f11-5dee-43a3-a672-41954f58d721","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":153,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"0ee29e46-19bd-4f74-86dd-61b2f567c5ba","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":153,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"8436e1f4-583d-4294-8fd0-3f6a9777c92d","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":153,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"e0827456-a43d-46d6-bd3c-d9eda134e5c0","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":153,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"e56cd81b-51e5-4db6-b517-0ede92bf0a41","block_type":"box","text":"II-94","page_number":153,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7523f4a0-b20a-4c01-888b-06a0ce65eb05","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2dbb98e2-6ce9-4728-9919-3aa045c68adc","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":154,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"a03ebe02-32bb-4236-8a24-46b8b18eac35","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":154,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"54c1b472-139b-4ee3-bd90-027fbe483850","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":154,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"6f758bed-43a2-41d7-b92b-cdbd6405fd3e","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":154,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"9aa284d0-0e17-4841-86f2-d10eb9307a01","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":154,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"487ab201-9cda-4017-807f-dfddc821fad3","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":154,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"a8069ba1-7243-47fe-b3d5-6c328e94cb38","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":154,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"e9fa009a-6977-412f-a89b-00ebad54a975","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":154,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"62647d9c-fa6c-4759-8c4a-a5b7519bdbc3","block_type":"box","text":"provider.","page_number":154,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"579a84bb-7363-4b89-b1c5-347c3c5f3fc0","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":154,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"d536902c-3c32-46d6-a492-f91c9cfc45f7","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":154,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"ff2c1c1f-7970-4441-b6cf-9ba84126fe3c","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":154,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"e680e616-f709-4370-8938-292f2fcd4509","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":154,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"905305ce-edbe-458b-bf8d-19ad4e0a68bb","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":154,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"96b8aa02-0c32-4e5a-972e-882c087e6ead","block_type":"box","text":"PURCHASE OF SHARES","page_number":154,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"c20b0663-e107-4f64-a639-65d532923b54","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":154,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"6392f983-0fe9-466d-9a15-49b40abff97a","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":154,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"dec7a341-ac53-4036-9a25-ec5fd823c47f","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":154,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"8d113b31-790e-41e0-ae86-1669b134f2c8","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":154,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"8149e399-8da8-464c-aa36-e650842dc3e2","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":154,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"4786ba1f-60df-4cfc-8950-a0899a0aa6ec","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":154,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"070d815f-46f9-4218-b531-1c2d67099cba","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":154,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"91640fb7-9f8b-488d-b40b-4ffe2c6954a2","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":154,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"c75b1c4c-647c-46fc-8e4d-e8f74255ba66","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":154,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"d8c37244-c9d8-405f-8ca0-0b3cb4321edc","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":154,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"8d7d3ab9-7199-4ce5-aab5-a06a9f0b3120","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":154,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"0216a9ec-ec34-4a4d-a026-558cc6e3cc43","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":154,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"b91d76b0-83d5-45a2-9adb-e0f1d04df376","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":154,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"edad7bb8-7d88-4833-a11d-a6a02cbd7637","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":154,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"fca48928-41da-41af-8a86-27b9476f42d3","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":154,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"9bb26611-67de-4b98-adc4-1a682058f331","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":154,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"6713e47c-c330-4497-a585-6161858ae7a3","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":154,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"251b6ed8-d3f3-45a5-99e9-870901702f85","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":154,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"e5da7ca2-7f60-47ad-b0ff-8f51171e2974","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":154,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"57aeeead-7de0-4218-905f-e69ce988a8ab","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":154,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"a6213eb1-7bdc-4528-aa80-94ec072be899","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":154,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"95f870c3-7712-46e8-a254-a9a193861e29","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":154,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"66a73244-0b7c-4490-a200-cd7f7da82337","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":154,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"daddd245-173e-4f87-a56e-db08f17a01b6","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":154,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"f97ef9fd-6a84-4097-81fc-0f91f072f04e","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":154,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"553afe35-9238-4655-a12c-6df56918b4a2","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":154,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"bb8cc96f-a626-47fd-95ac-cd85b9c9a41c","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":154,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"b5d42ab7-4cb5-4022-a70f-26e3fb20db50","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":154,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"1e8567ff-2982-4e62-ac79-d79abc9637b3","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":154,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"f6111f6f-0c11-41ac-9ce4-4ad5be7eb98e","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":154,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"e11982be-e765-4d27-a4a2-e4da58d74f6e","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":154,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"37892ab6-b2d1-4fc3-a6ee-cf800594748b","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":154,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"436624b3-fdf9-4bf7-abc0-c0a064afd690","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":154,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"f3a9ffa6-3a7f-4be8-8d4e-99fe8d776c42","block_type":"box","text":"investment is $25.","page_number":154,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"0eee336a-ef13-4103-85ab-341f41a47ff4","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":154,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"0469e818-4e06-4f64-a571-5731de03ddbc","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":154,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"cab0cd9f-2975-455d-86a5-747c04292fbb","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":154,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"e776b395-54b6-4d70-85ce-e3e2ba8f7766","block_type":"box","text":"II-95","page_number":154,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0854e07b-93e1-4d43-9346-decee51507ac","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df8b4859-439c-463a-96b4-edf65c39690b","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":155,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"ce00c9da-2165-4a3f-a870-7cc92de9d498","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":155,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"bb3f60dc-f9b8-4f54-91f7-23f9bc1a75a8","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":155,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"ed340fa4-7520-4e0d-a39b-2ffa914a7198","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":155,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"8f60b81d-ae60-4d61-8ba6-1b056931ef80","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":155,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"649425fd-136e-4f96-9d1e-3b04b3249ecf","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":155,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"9ab4ee47-61c8-4cae-917a-fc37697ccde9","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":155,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"5fe3b9ec-86fd-4792-bd90-e7a2e5feada0","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":155,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"675efc57-593e-4ea7-91dd-34b6364f0429","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":155,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"18f284de-adec-40e9-91c3-7713735abd29","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":155,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"369a3459-4122-4968-8a5e-b4ebe83a27ea","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":155,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"5fd498b8-5839-4f11-a62a-c9a43fec1da5","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":155,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"fa46d32d-4e66-4e0f-a4d7-30d570297d2c","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":155,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"61509b3f-8ce5-4008-8350-42004ad2425b","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":155,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"79e289bb-0600-47aa-931d-9bca55340558","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":155,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"e61de33d-4653-4b47-91be-ab8cc014f978","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":155,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"c9ef4e13-a48c-4283-b65b-49fbf12ae2e0","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":155,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"4fcbc137-1268-4ff1-86c1-2c72c9812449","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":155,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"ec97a432-ef39-4304-9d53-9b61d19c583f","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":155,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"a66d2d93-4a8b-4b0a-98fa-c392562a5c4e","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":155,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"1f96271a-c521-42e4-a1fb-9d2eff632c81","block_type":"box","text":"adviser.","page_number":155,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"c722bb80-0c41-41cd-aefe-47d6f705eda7","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":155,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"5863cd7f-047e-4820-bf54-cfed4432097e","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":155,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"7b62c5a6-9508-4d84-bd6d-c68eaf27046c","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":155,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"b3c333af-8e33-438d-84c1-2f8fbf9e59ba","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":155,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"ad8fec6c-f6f4-4b2e-a7c8-c17599501194","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":155,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"8f4ab913-09cf-4ddf-bb74-636170be84a8","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":155,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"b16203c7-e1aa-4db1-98b9-b1569af66ef8","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":155,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"31e5481a-04f8-4793-b429-60cd05dc9115","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":155,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"c890a5a6-f332-4abd-8365-1945a12b3887","block_type":"box","text":"also be restricted from making additional investments.","page_number":155,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"fa94e385-a657-49b6-883b-eb37246d7ad3","block_type":"box","text":"In-Kind Purchases","page_number":155,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"3b35f5cf-f586-408e-ac20-5716d6fa20a6","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":155,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"544184e5-d5a5-4ef3-9406-725be1e2d6e1","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":155,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"243c90ed-417f-4503-beda-d6fb5112c1cb","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":155,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"6878cdda-8e8a-4d81-8b21-07a3e21de6e7","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":155,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"b18b32c0-b6d6-4dd7-bc53-4a3877c4d39e","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":155,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"1fe90e0c-e8ba-4638-af89-8ad862fc8dfe","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":155,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"1e4da3ea-3941-4785-ad88-f5deb92812ae","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":155,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"fc6e3c54-d678-48fa-90c3-71b40eb84b3e","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":155,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"ed359322-8c86-4348-a827-1197e23c4b78","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":155,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"285fd897-d958-47fc-b573-5ef0bcc6dd93","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":155,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"f834863d-3e98-46ee-891a-8bc4051fdb95","block_type":"box","text":"has settled.","page_number":155,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"850b285d-01b9-4121-9054-04f26392f553","block_type":"box","text":"Institutional Shares","page_number":155,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"8e5f48a8-507d-414c-a03f-7ba8a9a74f73","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":155,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"5177c931-496f-45ed-87a9-f550fdb02067","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":155,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"81e486bc-fdc9-4dee-994b-84ab55880621","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":155,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"6432c7ff-c37b-4720-8747-06fe602a2ffd","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":155,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"e24a51e1-f65d-4cd4-8bee-f789af624c97","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":155,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"0395ebf1-4643-446f-82c1-446ffc145190","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":155,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"bb2e134c-b6e7-433b-9a8e-99f5031047d0","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":155,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"0d5750d6-6185-4484-8ac3-77aeb6401037","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":155,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"5675ca8b-bc4a-409d-8e6e-5031296503b4","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":155,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"aa63982a-20ae-4d98-9f35-82dca02eb6e3","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":155,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"a96984c8-0627-4a6b-8717-db23260cf6da","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":155,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"ae08d85d-d447-45f7-8625-99c6f9fb5d16","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":155,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"27e5c4d6-df9b-4159-8487-90b0452ee982","block_type":"box","text":"II-96","page_number":155,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"210bd004-f2c2-4cb0-8c47-f6b79c647f96","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f43dd81-3ae8-40eb-83f0-60ad047a26fc","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":156,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"cde271b7-95a1-429a-84f5-66c0f86ef56b","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":156,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"58143133-85a8-4980-ad72-8e178d589e3b","block_type":"box","text":"these fees and conditions.","page_number":156,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"a240e2e4-1c09-4eb2-8901-15004872b2e4","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":156,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"aec7f420-acab-4d0a-b315-bf931ee64cbd","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":156,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"da003db8-bfa8-43df-83d4-86458c518149","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":156,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"d0f434c3-7378-4a30-b8d5-9df0c979b897","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":156,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"f622e86d-6d13-4a06-b9ad-2546fef38c18","block_type":"box","text":"incurred by the Fund.","page_number":156,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"e750772a-90d8-49a8-af0e-e641433d39e1","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":156,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"6b9405bb-f893-499d-a4a3-6049ed2402b8","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":156,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"ba6255b7-6293-4b54-baef-1718ac438ba7","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":156,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"8a9ec716-b0fd-4b8c-818d-7a21ea0dd3f1","block_type":"box","text":"immediate family members of such persons, if they open an account directly with BlackRock; individuals and","page_number":156,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"41d27aea-ff53-4cf7-8ecd-cbdcc02db85a","block_type":"box","text":"“Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of a Fund through","page_number":156,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"4a38bc1d-145f-462c-849c-13c6c940b0e8","block_type":"box","text":"a financial intermediary that has entered into an agreement with the Distributor to purchase such shares","page_number":156,"box":{"x":69,"y":256,"width":748,"height":12}},{"id":"58590167-07bb-4d39-aae4-519782aae8eb","block_type":"box","text":"(“Institutional Investors” include, but are not limited to, endowments, foundations, family offices, local, city, and","page_number":156,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"660ec93e-b396-45df-92c6-06c1d2b6e9b5","block_type":"box","text":"state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored","page_number":156,"box":{"x":69,"y":287,"width":793,"height":11}},{"id":"6058c432-5523-4372-ac80-2aa7e9e6a1f6","block_type":"box","text":"retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":156,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"e7f8f57a-cbc4-4e71-ac25-7723a73abf36","block_type":"box","text":"college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated","page_number":156,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"e7749d0c-6a54-4cc5-86ac-e26bdbecc6dd","block_type":"box","text":"thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a","page_number":156,"box":{"x":68,"y":332,"width":782,"height":11}},{"id":"3cc6c63c-d3b5-458e-86b0-8f8c46170543","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":156,"box":{"x":68,"y":347,"width":792,"height":11}},{"id":"fd460cd8-a171-4171-ae24-3c7fc31be10f","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":156,"box":{"x":70,"y":362,"width":788,"height":11}},{"id":"70097d5d-f2af-47ad-9cb5-4778ae23e61c","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":156,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"737114f7-352a-4065-a726-9e5f83296ed3","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":156,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"7f3c96ec-e97e-4d00-b2b1-80e749f72a18","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":156,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"17e90a09-16d1-4289-894d-fc541141b573","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":156,"box":{"x":68,"y":423,"width":838,"height":11}},{"id":"02f18728-1178-4316-81b0-4dfdba1b1445","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":156,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"ef78c67f-ba98-44ac-983a-abd219d19a02","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":156,"box":{"x":70,"y":453,"width":826,"height":11}},{"id":"76e7430c-667b-4dc2-a3d3-e0afb36a87d5","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":156,"box":{"x":69,"y":467,"width":837,"height":12}},{"id":"82a7ecff-a2a6-4540-a0f9-fc65d2c2daed","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":156,"box":{"x":69,"y":483,"width":804,"height":11}},{"id":"08b25d91-67fa-4811-85d9-665809595458","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust depar tment clients of Bank of America,","page_number":156,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"4e512d36-8d3d-4850-b0e6-b8a3e0e6b273","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit","page_number":156,"box":{"x":70,"y":513,"width":807,"height":12}},{"id":"25c22055-ebc0-4555-838b-0629d4545cc7","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":156,"box":{"x":70,"y":528,"width":838,"height":11}},{"id":"12d34da6-95c8-4293-99a1-288ff4fe4891","block_type":"box","text":"of cer tain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":156,"box":{"x":69,"y":543,"width":794,"height":12}},{"id":"14d78d04-5f34-4204-a6d9-dd92f39b77ab","block_type":"box","text":"shares of a Fund.","page_number":156,"box":{"x":69,"y":559,"width":123,"height":9}},{"id":"67c2d1de-f524-4115-895d-52daa37fad18","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":156,"box":{"x":102,"y":581,"width":280,"height":12}},{"id":"e23de419-f4fe-437f-95aa-31a83f7bc7db","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":156,"box":{"x":389,"y":581,"width":496,"height":11}},{"id":"f712ac80-4e11-4260-b9df-2761cf310537","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":156,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"585b862d-b6d0-4ba8-b9a5-c57dfdd3432f","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":156,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"72009ce4-5143-4fe9-8c1f-418a8eb0492c","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":156,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"16b5bc1f-ce16-426f-98bb-825e2180275a","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":156,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"6a9f27c9-1a71-424f-aaaf-0690210106c0","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":156,"box":{"x":69,"y":657,"width":279,"height":11}},{"id":"e3df0119-1b13-4479-b722-6aeb503e6fd6","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":156,"box":{"x":69,"y":687,"width":382,"height":11}},{"id":"7b4bbcc1-55bd-44ed-8c91-7c54a1b366cb","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":156,"box":{"x":102,"y":710,"width":770,"height":11}},{"id":"416b43bd-cf57-4c98-98cf-142308f6d70f","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":156,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"1936e2fa-a6fe-46fe-85d3-7df51cfd0b78","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":156,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"60971947-6ba9-430a-a283-80e66aebd6ca","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":156,"box":{"x":68,"y":755,"width":840,"height":11}},{"id":"ab20a935-7227-424a-90c9-06f1aac4440a","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":156,"box":{"x":69,"y":770,"width":815,"height":11}},{"id":"bcf2cfc2-6d40-4050-97fc-0b3a6cb4ad30","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":156,"box":{"x":69,"y":785,"width":791,"height":11}},{"id":"228a3418-2edc-4b92-9a66-2125022b3fc0","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":156,"box":{"x":70,"y":801,"width":727,"height":11}},{"id":"81f2ccae-be58-4e5f-a6e1-8b3500e69ab5","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":156,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"d7f60b4b-b049-4223-bf66-b932c7546877","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":156,"box":{"x":70,"y":838,"width":812,"height":12}},{"id":"1f9fea83-cd83-4aec-9f70-e9ff743c3ed1","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":156,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"b2996755-f812-4c90-a9b2-99152b37a1fc","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":156,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"e223fbec-8fde-487b-968b-e1c8c7ede347","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":156,"box":{"x":68,"y":884,"width":808,"height":11}},{"id":"086bd5ea-2c08-4cf8-b671-4395b4422485","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":156,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"f54511ce-27e0-4d75-a24c-6a6cb5f8ce25","block_type":"box","text":"II-97","page_number":156,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"351084f0-0345-4661-8958-a013b933ff87","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64fc5b7f-b107-43e7-9b63-ab47b76b885e","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":157,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"81cdf189-aa73-4773-98e9-0eae654cfa20","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":157,"box":{"x":70,"y":60,"width":789,"height":11}},{"id":"d75d337a-1052-4a0e-a661-7f1d8f2c731b","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":157,"box":{"x":70,"y":75,"width":805,"height":11}},{"id":"0c932304-e710-45c1-af02-00096b4cc8da","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":157,"box":{"x":70,"y":90,"width":792,"height":11}},{"id":"7dd408c5-364c-43db-b883-db3b00c7870e","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":157,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"423a8aff-c5d8-44ae-a6d7-0155fc817cce","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":157,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"712352e6-a7c5-4297-b6ac-12643ff938dd","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":157,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"1a154340-9a96-4d0c-a8d7-92e93af5c0c6","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":157,"box":{"x":69,"y":151,"width":358,"height":8}},{"id":"f3e15808-ccc1-4888-84c9-c87c0966b7ad","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":157,"box":{"x":102,"y":173,"width":734,"height":11}},{"id":"ee9435e9-e45d-48c5-9f31-f63c47b59ab7","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":157,"box":{"x":70,"y":188,"width":785,"height":11}},{"id":"67bb9617-ead3-4b2d-a1bb-5cdededb3cc2","block_type":"box","text":"periods indicated.","page_number":157,"box":{"x":70,"y":204,"width":124,"height":10}},{"id":"bc977ca6-5179-424b-9207-b1f2da0220f3","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":157,"box":{"x":101,"y":226,"width":806,"height":11}},{"id":"776e398e-5479-4b54-8574-89679dc764de","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":157,"box":{"x":68,"y":241,"width":830,"height":11}},{"id":"76d2c25f-afb8-4132-9c65-0f4161b8bbc5","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":157,"box":{"x":69,"y":256,"width":832,"height":12}},{"id":"4e8834b0-64b7-42e4-8464-2dd120ef4442","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":157,"box":{"x":69,"y":271,"width":714,"height":12}},{"id":"2cb53462-8bb5-4732-81fd-9c2566c63c07","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":157,"box":{"x":69,"y":302,"width":297,"height":11}},{"id":"e6e75650-d9c5-492d-a13e-c14e459def5d","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":157,"box":{"x":102,"y":324,"width":761,"height":11}},{"id":"6839744c-af96-4dc7-b60a-683e60906abf","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":157,"box":{"x":69,"y":339,"width":800,"height":12}},{"id":"792b51f6-d369-4042-8284-07fb6ecd21af","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":157,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"4da40e23-7853-49cb-acf8-fc7211559713","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":157,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"0163eaa1-40b1-4469-bc01-133fbc09cd0e","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":157,"box":{"x":69,"y":385,"width":578,"height":9}},{"id":"a5d31b29-b0f9-4ba4-80d6-e483886bf4d8","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":157,"box":{"x":102,"y":407,"width":734,"height":12}},{"id":"d61fddc3-36e0-421e-8762-3ee0ef9662fe","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":157,"box":{"x":70,"y":423,"width":800,"height":11}},{"id":"2157b330-7b98-4a8c-bfc6-23663ccfb63a","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":157,"box":{"x":101,"y":445,"width":806,"height":11}},{"id":"319252b6-d59b-4333-b9c1-a6f1a8bbfa04","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":157,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"72f32226-a2d6-4d1c-8f75-3ac5f5152d91","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":157,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"543b7b50-f2bb-4edf-a7a7-ee39019bc5b5","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":157,"box":{"x":69,"y":491,"width":714,"height":11}},{"id":"574354fe-ed37-4971-a857-4e2ffe14390e","block_type":"box","text":"Reduced Initial Sales Charges","page_number":157,"box":{"x":69,"y":521,"width":219,"height":11}},{"id":"6dd9e5e9-5ae8-408b-b7f0-ba2fe12af776","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":157,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"32007969-20ab-45b4-b7d4-98633f293114","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":157,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"b8fd1349-82ca-4a4e-bac2-1933ed6ee7a0","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":157,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"293d2efb-b7cd-4cdd-91d7-697bf96aedc1","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":157,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"023243f4-10cd-4325-86e7-43a9b15ff057","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":157,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"ce3ec914-ba75-4231-93ef-c344ee6a930e","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":157,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"15b88a8c-ba65-4a6e-8e22-d20f0d82b02d","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":157,"box":{"x":69,"y":634,"width":793,"height":12}},{"id":"4d9b4c98-2e14-4c47-a4fd-6ebb18279535","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":157,"box":{"x":70,"y":649,"width":603,"height":12}},{"id":"dbddd854-743b-4992-bdf0-ed7551a9ba11","block_type":"box","text":"Reinvested Dividends.","page_number":157,"box":{"x":102,"y":672,"width":156,"height":9}},{"id":"c1324c65-2e3f-4564-b62c-da23c688b549","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":157,"box":{"x":265,"y":672,"width":566,"height":11}},{"id":"b8a74d1f-69f1-42d9-84a6-f746ba354b36","block_type":"box","text":"reinvestment of dividends.","page_number":157,"box":{"x":69,"y":687,"width":186,"height":9}},{"id":"2603566f-7135-4448-bae5-3c8d8c868aea","block_type":"box","text":"Right of Accumulation.","page_number":157,"box":{"x":102,"y":710,"width":158,"height":11}},{"id":"2673bb9d-aa27-40f6-9603-69d8463bb10f","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":157,"box":{"x":267,"y":710,"width":574,"height":11}},{"id":"5bd8f114-6afb-4a3b-878b-36b421cc8e7a","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":157,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"a1b65803-9eec-4540-8656-bd2032f7af57","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":157,"box":{"x":69,"y":740,"width":810,"height":11}},{"id":"e291b6d1-b388-4739-a3ed-7af33205bfb3","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":157,"box":{"x":70,"y":755,"width":825,"height":11}},{"id":"4655cb97-b9e2-4c39-9e8a-788ddfa4b820","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":157,"box":{"x":69,"y":770,"width":780,"height":12}},{"id":"77a8858c-4f2b-473f-b773-cc6d9c10457f","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":157,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"6b130001-0396-4d81-ba3f-2e9dd5e5ab3a","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":157,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"c7355527-6a12-4e7d-a880-53a0e59b5c9e","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":157,"box":{"x":70,"y":816,"width":794,"height":11}},{"id":"6464f099-a632-4af1-862b-e509fd8409e0","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":157,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"4311cb58-51e0-4e04-82e8-4683af13fb0f","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":157,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"f0acf593-4b2c-4b5c-ac0d-7e1565c50284","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":157,"box":{"x":69,"y":861,"width":838,"height":11}},{"id":"8950e673-5979-4758-aa7c-e5d4608cb8cf","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":157,"box":{"x":70,"y":876,"width":776,"height":11}},{"id":"9a8ed5e1-1d8e-4689-a51b-ff214b4134ee","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":157,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"9722dde6-aecc-4b7b-b124-90a935a12550","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":157,"box":{"x":69,"y":906,"width":839,"height":12}},{"id":"b3f000bd-f892-4616-8ab9-1f926abc4a9c","block_type":"box","text":"II-98","page_number":157,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0c754c6-95ce-4267-b3a3-c3c06e46cff0","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a210aeaa-84b6-4c74-9247-5f77c6257e00","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":158,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"b821e8bf-84bc-4205-ae18-900fb896b883","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":158,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"ab82728e-73d7-4665-a790-fdebcfc8bb3d","block_type":"box","text":"Letter of Intent.","page_number":158,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"fec09735-77ee-48d7-8a4e-dc1487870458","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":158,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"692cb5c9-d01f-4845-a125-43259d210302","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":158,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"128584f4-d7ff-468f-9296-a12dfc72e28a","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":158,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"290833bd-2ed8-440b-8ddc-b4a45117ff0e","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":158,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"44655132-1e76-4666-855a-c8553d902093","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":158,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"762a55e0-1b9b-4c36-9642-a89a142c18b8","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":158,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"902e39c0-3da2-4720-b3a1-e0802ae57c8d","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":158,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"0e26670c-42cd-4b4d-8526-a7b2be7a0558","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":158,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"2b564df1-5bbf-4765-b84d-7bed9d6b2da3","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":158,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"a448bebf-8fdf-444d-ae2c-2afd27f1540d","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":158,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"38c74526-8666-4cb2-bd3d-cd7ceff9fa16","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":158,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"cd6432e5-1e25-492e-a179-098836f4d14a","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":158,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"0fa55f80-934d-4311-be50-ee9896a05faa","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":158,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"cc7fd44e-d4c8-4c17-8891-b9f3060b170f","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":158,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"7acd4426-a36a-4769-8859-29def83617bc","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":158,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"605d41f6-44a8-4649-a7bb-537a133c45a5","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":158,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"94205ef0-e9a4-410f-8335-266c97c49a13","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":158,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"957e73ef-c07f-4a08-ac05-fa590f94dd47","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":158,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"24a3a2ee-b98d-4c5d-a7ca-2e9271181251","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":158,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"662b102f-96df-473e-8d08-937992bf4dc8","block_type":"box","text":"Placement Fees.","page_number":158,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"a53faf5e-f4d5-4659-bd54-a63420e3adc4","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":158,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"3ce8f557-9938-4113-a092-995fee896fdf","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":158,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"b2e7486b-dece-4238-bffd-c2a8c9a72ee0","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":158,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"e14efc10-9715-40cd-b1d8-bed94d06e820","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"cc88878d-fa98-435c-b8b8-ee6ce93f934a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":158,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"2d07345b-8940-44ef-b27e-a7a0ff725d69","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"83fed300-81b3-430d-85d6-b27ff1f5b05e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":158,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"68968dcc-6816-46eb-8745-a45d8bbd908b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"7802b4be-5edd-49c8-ae6b-c0eda2a04c21","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":158,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"3a08b606-db86-450c-8c56-1589e6a2d6e7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":158,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"7a636101-4b8d-461b-99d7-d0eb80f0d216","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":158,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"ede4085d-0b22-4baa-bbf5-84df717a9e05","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":158,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"d45d1681-3bd9-422e-b677-494144bf24f3","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":158,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"af36003c-ba29-42e2-b416-8323d967e97f","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"0d2afc9d-f17e-427a-bdb2-64359d3673e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":158,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"dc83e115-02ec-43fc-86f1-66d3133c4d8d","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"5ac2d140-f0ac-4c6a-8a32-85867cbed5b8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":158,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"43ca5e9d-36d4-4ae5-96e2-b8b887ed3c4e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"d029938d-93af-48a7-8a58-94936e4efbd5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":158,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"b2197226-0315-4b23-84be-6f0a88591251","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":158,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"a5649f65-9898-4982-aab7-34c6d7742fef","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":158,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"f5c1b5d3-db89-40e9-8d67-17d145a29a04","block_type":"box","text":"SM","page_number":158,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"27b5eb8a-dd83-4053-97da-6cb1df478e57","block_type":"box","text":",","page_number":158,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"253671aa-98de-4145-a43d-a47a57354a49","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":158,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"3384ec19-1437-4903-a6c7-827a267cbb1d","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":158,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"76c2eb81-cb02-41d7-acde-7d89034b8da8","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":158,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"8f48588d-a98f-4682-b8b3-2441fdfd8a87","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"7f042a72-c8d5-4a01-8146-6611cc9e6cc9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":158,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"94e247cf-15e5-4a1e-b98b-ebdc3e75c81b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"f7b16c17-ec14-4b73-b6fd-55a07c5e5e2f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":158,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"d3394e57-0f45-41f5-b19a-c38f39925356","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"bf9742ad-bb40-41a0-b09d-50495431c601","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":158,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"35f98c10-a0c5-4a1f-9c9e-e29da6fc158a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":158,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"877358ed-79bd-40bd-8c80-5c1ef11360c3","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":158,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"b6a3974e-521f-4c71-8efe-ae4110360b8b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"c0ee3d52-1ef5-4fd7-aa89-450a78c1d1c1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":158,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"5e3f2fb4-56f1-43a6-bf17-40c729d1d3f4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"6e16c377-4ebc-4ecf-8d8a-95a2489204dd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":158,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"dec74b97-5e52-48e9-9a1e-d883cf29ef98","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":158,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"587adda2-81ed-4163-a988-8b836068b95a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":158,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"d3060ac2-035e-4558-b096-1aaeff10f593","block_type":"box","text":"II-99","page_number":158,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"50df2572-376a-494c-81d5-463b5ce8bb6b","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6928140c-c9c5-490f-8caa-49b1f58a8954","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":159,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"199faf63-6056-43f4-8648-21d8fa198655","block_type":"box","text":"may be up to the following amounts:","page_number":159,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"fdde4dd7-e2ce-40e1-89d6-e49a73786425","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"114e4309-61f8-4835-8c6b-0df4f71942ce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"d5507db2-1ab8-4084-aaf4-2c4d6fd61097","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"a7a46627-3335-45e5-b179-077e720faf17","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"84c5741f-5496-45ed-a454-d185574c12ab","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"ed50507f-b3b1-4532-89ff-62d2f92cefbe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":159,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"4997e1da-e196-42ca-a992-efa2ce5fa691","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":159,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"778d95a6-62d1-4357-a1ed-9da62b8cb81e","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":159,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"0cd936fc-fb6d-4bcb-b108-769ddd1373b5","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"92cd4df1-212c-4a77-89fa-e6138d5f0aef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":159,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"897b8c38-71e1-49cb-a76b-0a0b251fcf40","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"c90c5c84-94f4-427a-8837-f75b9cfc9d38","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":159,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"cc39066b-fc4d-4b22-98f8-30936fedfdc9","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"d0eb245c-73cf-4ea9-bd18-1615426e2aa1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":159,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"1e1f0f8a-daea-461a-a18f-7d6f940bb1cb","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":159,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"db8ee039-7716-403d-9195-9180bebcb52c","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":159,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"86b43b0d-d883-43ae-8101-ebf3edebf85d","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":159,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"8368125e-7edc-4a7f-b2fd-ffdf37f307b1","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"c6a2043a-bcb5-4712-831c-ca1557553812","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":159,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"a7b2ee34-64e8-4015-be4b-f997389f4f49","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"1a20afb1-4521-43da-9a38-bcec3450e174","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"929a546f-cacd-41a2-bc1d-501ab1b80e65","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"06f43e1f-2fd8-4186-affd-1e3e6ec986a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"a42440e0-fa21-42f2-82e5-0e854760cda1","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":159,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"17d555ea-f21a-4a49-9e3e-f36db984a209","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":159,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"e45af55b-8625-4cdc-a952-c662f1380683","block_type":"box","text":"$250,000 and above . . . .","page_number":159,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"9367d5a5-27bd-4af1-ad0a-ff01c53c2735","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"6fa40bf8-b3d0-42f7-8b16-9cc684c16de8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":159,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"2a50d236-3598-4351-8b8c-8f8de6cc711c","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":159,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"f9b6ec8a-6065-4618-ae7b-be061e5386e8","block_type":"box","text":"the following amounts:","page_number":159,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"0fc1f601-2230-49d8-ac8c-cd8770255bd6","block_type":"box","text":"$100,000 and above . . . .","page_number":159,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"c1a66196-592e-49b7-837f-300c1ccfc4ef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"0e09d38d-3aef-4403-a0cc-09058d3e43fa","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":159,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"79e96a9e-5b90-462d-bdb1-421a261b0c72","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":159,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"63d49412-a271-4f83-8bb5-3637c8c99440","block_type":"box","text":"$250,000 and above . . . .","page_number":159,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"1c0c1eff-db4c-4930-afaa-961099ad3e65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"60cbc066-1bc7-4cae-bed2-efd25e876ff7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":159,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"0ee12d04-1d3a-45ed-80ec-3e08e97f316b","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":159,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"e34dd4c4-6483-485a-9be8-15fea66845c5","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":159,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"fdffe178-cf60-43d3-b8d1-d3d08f009216","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":159,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"260be782-7923-40a1-87bc-4c5e7b885a16","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":159,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"dba298a4-8d8f-452c-abb8-4b8827099304","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"773a9fdb-55ed-4978-9e68-efcc4e244864","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":159,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"30f5cad5-3d38-438f-b12f-9a83506b61a5","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"87ef1ea0-6bd5-49c8-a94b-d7c9ba4f4904","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"ff508f8e-4f56-4725-9e03-d7a2a9a611e7","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"f4d207ea-a01a-4cce-8f3c-fa5d004ee2a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"8be9a54d-aa54-4957-a851-b20531a9f952","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":159,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"8b13aeaa-e54b-40d0-ad50-c9694c423099","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":159,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"8681ce82-71dc-4ed4-9b66-db0879cba54a","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":159,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"6ac39dc1-2230-4745-8d31-07f11a4ee477","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":159,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"cd2c7fb9-8f14-41f8-84c8-899bbccc0767","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"76732d86-892a-47d8-b455-4d05d4efd6ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":159,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"92f3050c-952b-46d0-a677-90fe4ff9f5d7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"67605726-7fb4-4c26-baf6-0a4d4d8c3b54","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"2dc39541-2e09-4ace-93dc-d85928a49cb8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"6b0e913c-2947-482d-8025-3cc6ec899659","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"96fe42a5-2bba-4440-b9ef-d13d223273c6","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":159,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"10cab417-2ef7-431f-adb3-cff856d58158","block_type":"box","text":"®","page_number":159,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"a5b2be4f-1898-4573-9244-dfd656320b15","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":159,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"eacf494f-0d3e-412e-972b-c16c632f7c05","block_type":"box","text":"®","page_number":159,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"bab963e3-d88f-4541-a8be-4bf74d12bb84","block_type":"box","text":"Index 2035","page_number":159,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"9fa02599-2b37-42d3-9c01-64b50991f226","block_type":"box","text":"Fund, BlackRock LifePath","page_number":159,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"6c64e966-da17-4abf-bb53-e2a84446fe78","block_type":"box","text":"®","page_number":159,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"e4552866-27c4-45b1-8273-06ed849c1187","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":159,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"c1ee5a19-275a-43fa-b984-4ffa6b9c3a69","block_type":"box","text":"®","page_number":159,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"9edbc9f0-fc84-4cff-9efc-3862a22eb9e6","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":159,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"5e481620-f322-4e0f-9933-f1a0afc2c37c","block_type":"box","text":"®","page_number":159,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"ae112b40-cd0d-4241-a1ed-80932904f24e","block_type":"box","text":"Index 2050","page_number":159,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"2aadf6f9-1bdc-4c70-aa29-09e956f8ad71","block_type":"box","text":"Fund, BlackRock LifePath","page_number":159,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"42cceba9-ee08-47ae-b578-33f39c323bea","block_type":"box","text":"®","page_number":159,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"b3da6acf-00ab-42fd-a3d9-20a83315c936","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":159,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"d62fdea8-7545-43e4-88b5-2d79f9168c42","block_type":"box","text":"®","page_number":159,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"6bdcbaa2-eabe-44a7-90df-863b350fff14","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":159,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"98f0754b-d4cc-4cf1-87a1-8161f92bcb17","block_type":"box","text":"®","page_number":159,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"f0baba89-d389-40cd-b438-f838c5d3f308","block_type":"box","text":"Index 2065","page_number":159,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"4804364b-536f-459c-abc5-9212b560628c","block_type":"box","text":"II-100","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d9422db6-c02a-4aa9-b733-b524d5f4b88a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7588115d-2359-4e19-8aa2-40149089672f","block_type":"box","text":"Fund, BlackRock LifePath","page_number":160,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"2019af97-4536-4433-82d1-4013e74be9e7","block_type":"box","text":"®","page_number":160,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"b97011df-7614-4d9f-b8f4-83191564d00c","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":160,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"34cb54c2-630d-4ca0-b19e-9c65f8cd610a","block_type":"box","text":"®","page_number":160,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"a7919e4f-832e-4454-b04c-9443d2296a59","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":160,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"3729d297-e30c-4f1b-902e-5b443334cf75","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":160,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"e414bfed-cc47-4c00-96f2-8bfe4884e9fd","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":160,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"ac4147a0-025f-4dc7-96a3-f25564d01e47","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":160,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"0b531312-1cec-432e-bf2c-e89531f4261a","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":160,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"f7875310-f1de-4bf9-93f2-d76fe4cd7a50","block_type":"box","text":"SM","page_number":160,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"00e2d075-2817-4f97-b5e2-75a5adabd197","block_type":"box","text":", the placement","page_number":160,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"64815fc0-2c9d-4c1b-b17f-22bfc04ea172","block_type":"box","text":"fees may be up to the following amounts:","page_number":160,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"8083fde1-c47c-4f93-92ed-ddd72b1930f0","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":160,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"89fbca10-5069-4994-886e-121d695bf18b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":160,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"5229466f-628e-4ea7-915d-9e1eb7abfbd0","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":160,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"dbd70863-2ed4-480d-8b26-2b147b966f09","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":160,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"c49d885e-94b2-4613-b820-1bbeeae0821e","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":160,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"04ddb3aa-8f20-4c9c-8c42-33aa6381de78","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":160,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"308f885b-a072-4478-ba72-79c357b427c7","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":160,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"15dd35c9-8d5d-4ff0-bd66-56ba1f10ab3a","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":160,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"057d0a40-7f23-4dc0-86dc-918fb39f180f","block_type":"box","text":"$1 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employer","page_number":160,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"d2c0360c-8f11-4de4-be9a-42d9d90e76c3","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":160,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"90c82637-1bf5-46af-9145-2a8f7714706a","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":160,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"1c97fede-f5fc-4157-a283-edf36b25950f","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":160,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"ff2edddb-ab47-410e-964e-59d8ecf56369","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":160,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"a2f90dcc-68e6-4a3d-baf1-0d71fe4e9447","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":160,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"5b104e35-9e62-4c74-a041-29c100aa619c","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":160,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"5dede2ee-5ede-4357-9ce1-d20bf652ab81","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":160,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"c47ff134-e161-463f-8104-e5bc6dd90ca1","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":160,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"ed198ae3-021c-41c0-a873-f169e8c3a88d","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":160,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"13d1e851-3920-40ae-9f22-b3b571e22873","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":160,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"f1aebffb-181d-4214-aa0a-51df55297779","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":160,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"66524c8c-a322-4bd3-b60a-16ef00f83931","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":160,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"2a5816fe-51f5-4fce-8875-ed80d6b25eda","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":160,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"43b10d35-d6df-46d8-9f9e-a6227ad63ffb","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":160,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"70b9094d-5143-4f1e-a74f-0c9abfa970a1","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":160,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"0fc9155a-1140-431a-9e4c-25574ef05482","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":160,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"66f4a388-37c4-43b9-966f-d61b00afabbd","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":160,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"25cb8b88-27ac-45ec-acbe-e8bf87024e46","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":160,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"00312ee6-c526-4d90-a77e-6d125b146b49","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":160,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"882ebbf0-6834-4d63-b97c-ee778ae627a0","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":160,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"11a35a4f-ab16-47fa-949f-8eaf8ca92829","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":160,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"e447063e-7f6f-4e89-b17d-ee954e17fd0c","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":160,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"07432e00-2e0f-4c2f-ac25-9fc96adab5f6","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":160,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"dddcddee-93f9-496f-aa8a-13e609f05741","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":160,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"ceed3026-c9c1-46e7-a605-d32ccf926272","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":160,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"c19c015f-5601-46ec-82a5-af9afbd10af5","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":160,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"a31c76ad-7ff3-4fea-82df-6c32939f53fe","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":160,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"2c7fcf2d-8197-4491-9f6b-86a4b5943205","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":160,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"97f9787e-d2b9-4b61-a898-9d1c95ba1044","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":160,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"d7cc5410-2c0e-4fa3-bd0c-09fa385b5eb0","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":160,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"ae1778e4-433b-480f-b6c3-d2082d47a2f8","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":160,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"ac4f83a0-ced2-4a33-89a7-7f9acbd8e545","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":160,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"872e6054-9ffd-4ca8-821d-112ce92392dd","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":160,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"997fce61-993d-4dd4-a395-1bf7a904fff0","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":160,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"e6e3dea4-ceb4-4995-9890-d2107bfd76a6","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":160,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"6687c8bf-da16-45e4-904c-244fd52c334b","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":160,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"f0eb9864-e17c-44e1-b43c-23de6d47b6c0","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":160,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"dee34606-f614-4e21-a834-dc5b8eaaa7b9","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":160,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"f3e86a7f-4700-4034-b164-76f53e24ef27","block_type":"box","text":"II-101","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2ec98ca8-36a0-416f-9137-e87416b6da7e","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4250c42-7a90-49be-ab57-2e5075f735a4","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":161,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"098e9d17-9d68-401b-a31c-cc4e32e22e01","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":161,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"c00b1c91-d924-4244-9b7a-93c34f49a6ca","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":161,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"8e4115e1-a460-4333-b3a9-b2c8290255a0","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":161,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"55877ab5-3a7b-423c-a704-72222aaac10d","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":161,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"fadf33b8-51f9-4603-a9e9-80fab0a4765b","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":161,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"e08fdfc5-4a6c-43e2-91bc-1b9df6fc8f92","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":161,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"197792bc-febe-4ac8-850f-7b6130cbd233","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":161,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"9d981c11-e520-4b01-961b-0010f206afc6","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":161,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"4da9d884-73ee-4fa4-af53-f70d2fd45b15","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":161,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"e3b90184-3025-4846-a0f0-9c64436847be","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":161,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"69566477-2656-4e1a-b4c6-897027580aef","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":161,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"fd10d310-3fc8-4ff9-b74d-b7162542d8c3","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":161,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"4e9f8e45-1cba-4ca0-9d06-31eeffaf59c8","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":161,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"11656c99-5cc6-4e63-b2c8-35f4d184194e","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":161,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"887c5a37-2e72-4c47-bd94-46b15810619d","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":161,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"4740661e-6292-4068-813f-23f18b1e2f94","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":161,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"e47d515a-9286-41a9-a018-3da64b4e13cd","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":161,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"89a3edb5-9a42-4e58-8aa9-01382d8056f5","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":161,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"629489dc-fb30-4cc5-8f9f-1ca6ecaea1b7","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":161,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"4a7af3af-a86c-43b2-92fc-e9a406921837","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":161,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"b0d3fe18-ec91-4e9b-aa6a-1c7d6c2bdc86","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":161,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"fec9ccec-aef6-4c92-8218-c50872ce2e4b","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":161,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"6f7f1f38-8455-470f-aae3-b7d9fb78401d","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":161,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"c55a3319-64a8-45f9-9374-f70e959a75e3","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":161,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"120f90dc-71cc-42b1-aa78-02490bf1273e","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":161,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"0ae73243-c298-43e2-ad13-489937693247","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":161,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"3b24e83f-6ee1-417b-8006-85602601cf4c","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":161,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"4ff9688f-4a80-4236-904b-5e8a613a038b","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":161,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"519c7f1f-baa0-4bec-9212-06a5fee62781","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":161,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"0ade4192-1c01-478f-8859-5d2a6fba08f7","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":161,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"015acc27-e381-4346-a655-b49446834f50","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":161,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"74385936-23d6-40c5-9057-f4459b76596f","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":161,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"f87ed540-fad1-4066-b18a-0d0abb1d9b72","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":161,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"b79d5f9b-4516-4457-a4f4-6f9e9332f055","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":161,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"948b4a0a-f3f2-4073-8844-95b8a1597f41","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":161,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"47b7e861-6cc5-4952-97d9-959d259498ec","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":161,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"1e8641e5-703a-429f-94d1-347c5b6e46dc","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":161,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"8004f40b-61f7-4c2f-b7e1-55e8b2dc1883","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":161,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"3ddd24fd-c394-489f-abb2-36f675d0450d","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":161,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"e5df7c90-4f15-47cb-80e4-e1d87304b252","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":161,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"0bdf761c-60a3-4eea-b414-fb6ecf44864c","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":161,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"0a377293-58cd-4e6d-8497-1ac6cd9713b4","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":161,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"cae92bb2-84f7-469b-a727-7e79dd184c9b","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":161,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"28d665d3-0992-4b08-a3d5-57aac47d82f4","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":161,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"1fd0f010-d248-453d-b344-ac84b648dd25","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":161,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"9c49fa30-0e74-49aa-aea3-fa9141d9b4aa","block_type":"box","text":"public or private investment company.","page_number":161,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"53b5bdef-b525-444e-b496-5d70f1c2caf3","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":161,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"e3224bd8-78bc-492c-98bb-dca371bdf51f","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":161,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"b58e3261-450f-4cda-a88a-c1a0c565a685","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":161,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"2a3d9669-ccc9-430f-b1fd-21237f19cf63","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":161,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"94b2b807-8d4b-4735-856e-b12ff4d1d9d9","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":161,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"fca0a9e1-18ca-4d34-959e-8e4e0a86459d","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":161,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"ea78c4a5-4a28-4de8-8529-b8b90b878943","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":161,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"a2684107-b57c-4216-b146-92ec32ef846b","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":161,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"d8b76ae7-a791-4239-ae0a-a5a807fdd6ac","block_type":"box","text":"II-102","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8c2d8c29-801c-410e-8853-506f073ef1ef","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06565f77-eb05-4f98-9181-3aeb6c9f5699","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":162,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"a2ee5636-5d44-4371-af5f-474224930a0b","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":162,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"d0b99794-4068-40c3-b04d-e77a58216d8e","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":162,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"50eab9ca-6bd1-48b5-9ea2-bd5248d3bc73","block_type":"box","text":"intermediary associated with the account.","page_number":162,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"8b19c20f-b0f2-40c6-88e8-ed4a53bfbe4d","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":162,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"fb332889-49a4-4b11-a50a-b6aaab30f1d9","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":162,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"93396689-53f6-4804-b145-18d9902c42ff","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":162,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"0c768f4e-c7d7-42ff-8aba-1ab5c605a9f1","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":162,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"69132cd3-ef74-4062-87bd-f4455a107435","block_type":"box","text":"CDSC shares.","page_number":162,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"efb79de5-c1d4-49e1-a166-3478d1c4bee2","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":162,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"2293ef6b-ea80-4ce4-8bf6-75d79a9ccbbe","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":162,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"43be952c-1fee-4f8f-8343-ad586d6965e2","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":162,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"34e4b302-1578-4c5d-b513-8fc255329077","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":162,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"61768653-bad3-45f1-b17d-ed3322dbbd78","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":162,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"ef9bb44d-7ca2-42fd-8bb6-0e1b9989bffe","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":162,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"1a307e3f-4c23-4af3-b2c3-72a65723d167","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":162,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"121aba77-7255-41dd-a14e-7e95970822ac","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":162,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"bf4ad99b-2211-4442-90f6-f000ce7a7ce0","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":162,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"4a7a6506-fbaa-43b4-984b-5631b12ee21d","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":162,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"e509e62f-f582-4060-8a50-190155d1e7cb","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":162,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"d3b6ca53-5f6b-4b04-a081-965014923041","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":162,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"e12db569-6ab7-42e8-b934-c2b0e00f1347","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":162,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"56c01b7e-88e6-46c7-9aaf-389e820bd6b4","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":162,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"31d245a7-3b07-40a1-b3a3-4ca97e761ab4","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":162,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"b5a45bb8-9ab0-4d60-8919-024ab5a5c232","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":162,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"d340bc6e-96a1-460d-9fb8-ac0e9a946c7a","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":162,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"5c2c44d8-a24e-48ca-8703-f8f93af1f339","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":162,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"31a44297-6ede-4b83-92f7-393c7a9961eb","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":162,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"00f537fe-0fb6-415c-9a3c-6407c692a4a5","block_type":"box","text":"Investor A Shares.","page_number":162,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"8d528987-6a17-452f-8564-c51f8f4032cb","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":162,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"55602d90-9281-4676-89dc-27db9fc0db24","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":162,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"682273a7-9b85-43f9-8712-819a3205a132","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":162,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"c74d1e71-8ff2-4f82-9f69-6f04be610de3","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":162,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"ce0f176e-640d-4b6b-a508-920eafd449b4","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":162,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"0969513e-9d8f-4391-ba90-5ca8eb23cca3","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":162,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"3267e10e-1a42-4d23-a0f6-29796db12d95","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":162,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"e9cdb56e-a510-4502-a0bb-cefa9f8416a1","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":162,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"4e7cd2ae-6701-4a0f-a45f-02f0b06aa08b","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":162,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"09d2fdd8-ea4e-483b-9fb3-5857bf70e68f","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":162,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"ba3ab6d8-6a9d-40fb-b1b0-7c974e7befe0","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":162,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"63157957-5ca0-48da-86f2-dbc5235b32b3","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":162,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"b1bf0698-b9b7-43bf-8ce0-091061c103f7","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":162,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"ca03075a-3f5e-4d0b-8c17-08d0dcae1308","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":162,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"a1845326-fc35-4b1e-b5b5-d417cb44ea5e","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":162,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"d92c5464-bdcd-48ee-8d61-86be7c199e07","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":162,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"aefaacd0-a179-4b03-86af-71d79cf3455c","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":162,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"b468ca6d-de3b-47ee-b8bc-f7f10e46eaa5","block_type":"box","text":"“Investor C Conversions”).","page_number":162,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"c97ce85c-114b-45b4-bcb4-5a0fb835782f","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":162,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"3e48ea59-84b0-48bb-a6e8-c9a8e4e59889","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":162,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"e9b818ab-56ce-487f-989c-b8486ba451be","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":162,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"bc80eecb-3fd9-47ae-aa57-d39b7a770d71","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":162,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"5b526486-ccd2-45a9-a745-5883d0ba02d3","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":162,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"874d59d6-63cc-4e95-87ba-9fe5856801cb","block_type":"box","text":"II-103","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ec44d290-1e56-4fc3-af3c-9a8022229786","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be6845e9-0dde-41c5-b46e-74290388fb89","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":163,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"c418e354-5c23-454c-9d84-aad0742a84eb","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":163,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"d33dd120-f94b-4f51-bc9a-b21cdf6002c3","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":163,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"d6bdd2dd-bfff-4858-a777-b18f2e1ec3ce","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":163,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"2bf7e663-c58a-4c3c-8e1f-1c00e6320281","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":163,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"7dc6322a-ec77-4512-bf81-e8179c5a14cb","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":163,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"a8694bc4-d643-4e66-8a60-e47ebfe7b043","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":163,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"6c38a7f9-88cb-4c9b-9046-2195840feeb1","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":163,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"266059e4-99bb-4c31-a2e6-7635cfdd0906","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":163,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"41a960b1-4c64-49c6-bc5c-ed047361d14c","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":163,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"1fabda12-8a16-45ec-ae8b-e3bb760668c2","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":163,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"6e54ac15-a609-4075-9338-ddd77a8a42c8","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":163,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"1f8c6449-3e4a-486f-b396-d2d5a41a3645","block_type":"box","text":"redemption.","page_number":163,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"2fc11465-b9de-4645-98e2-f39fb7e05f7f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":163,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"de20a732-016b-4c7b-910b-a2b399900444","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":163,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"99192437-7858-4294-9068-284123f48a59","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":163,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"260436bc-495a-436a-afa1-211119f89373","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":163,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"8e7e26a0-edd3-4154-b68f-099f0c331d1d","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":163,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"b686359c-46a7-40b0-b87c-c393aaec3f86","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":163,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"421a4394-41e4-4120-9d74-6cdccf084edf","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":163,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"88514ccd-ff2d-422a-a94c-84d85363be32","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":163,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"4a784a6e-af77-40d8-a424-9091bcc90553","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":163,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"8c052588-0be6-4ed5-9c72-542c5134d87f","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":163,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"81bfad64-ff31-498f-90cf-2c3c81f9ed41","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":163,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"2497509c-e4cc-47a4-ad74-f9adcd0932a7","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":163,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"ac8c3954-64d5-4113-8533-1e4600d22505","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":163,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"0ac50677-7aa2-439d-ba2c-47a78cdbcd60","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":163,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"1fa17cf8-4976-4c6d-aed8-b3fa0578f791","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":163,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"98ae6c1f-d194-4dea-bb75-a3d1f68cbfab","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":163,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"bb1292a3-1837-48ba-b7ba-ec9527bea000","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":163,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"3e3ac363-2c2b-4014-ab17-f7ba6329e8cc","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":163,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"124b7199-21c0-4ac2-821f-72e2bee4a30e","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":163,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"60d67a76-31fb-42f4-9db7-1f49e51a656c","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":163,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"26b8c823-2576-4fe5-8aea-6c63e779a456","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":163,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"04a5dc23-c6a6-446e-8edd-84a586853ca0","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":163,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"3061e6b0-a928-4f52-bf2c-4659f8eb318f","block_type":"box","text":"Class R Shares","page_number":163,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"98be2e1b-006a-4688-a927-aa30102759e6","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":163,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"5c1c5fb5-864c-4a6f-90bd-dedd06f77d4d","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":163,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"aeca181a-67f3-4ea0-b665-b8bd9bc64928","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":163,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"386c9ce5-779a-48e9-ac2f-1559b6f8abf8","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":163,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"cc26b304-fbe4-4c80-a1e2-524174a05728","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":163,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"d77eff08-00e5-4f46-986a-2ea157b2a52a","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":163,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"94c9641d-ddf1-4b5c-8470-df1ebb451173","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":163,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"2bf5087b-f605-4199-960e-400579169615","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":163,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"01e5f083-22f0-4274-adb3-3fafe80fcce4","block_type":"box","text":"Class K Shares","page_number":163,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"1806ca02-12c2-49ae-9b22-26bf61bcbed9","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":163,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"1d313b81-de03-48c6-9525-cc2ebb3cbf63","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":163,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"0c0823b5-d017-44ea-90b9-9261528a6c45","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":163,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"1fc1295b-d008-4457-8f65-2b98688095d0","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":163,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"5c45c1b7-3024-4c18-8e5d-1eb42965432b","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":163,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"828206f3-e26c-46b2-88ba-49bf0751eec2","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":163,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"47d13e8c-c368-464a-aa8f-af2cd318a03a","block_type":"box","text":"II-104","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"de364bac-0b92-4961-9fdb-0feb77901a46","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae8df075-2781-4f8f-8f85-8401f808409c","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":164,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"c8954658-53c4-4819-bcfa-b8119beccf9a","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":164,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"97c0b27a-4c84-4ba4-a97f-506e708dfb53","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":164,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"a8c88d1f-86ce-45cd-ada6-9e55c88c72f6","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":164,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"4ad6cac2-51d9-476b-acf0-327be0028c0f","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":164,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"3f5ab73d-a700-4256-aa27-19d72ca5b1bd","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":164,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"03a961c8-2adb-4497-b28b-4815d94b86a7","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":164,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"3b35c293-ae54-43ad-aca5-6eeaa808b573","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":164,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"ed9f21e6-850f-4e82-a627-f9a6f450b785","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":164,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"79fe7689-45a8-4257-b3f6-07828b9928a6","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":164,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"70d5f4fb-3d5c-421f-afe8-c27e1b59ff7f","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":164,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"29c54185-e0d2-4005-bb59-aa462f46c5f0","block_type":"box","text":"distribution and marketing agreement.","page_number":164,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"6b55d1da-8713-43fc-8175-3d4907c306f5","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":164,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"75f53491-24fd-4861-882f-d89b1f2e1f15","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":164,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"4bad6f77-344c-49b5-9f01-d98491c88fe1","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":164,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"75282a08-d646-4b78-b8c5-e3246b7dc132","block_type":"box","text":"Class G Shares","page_number":164,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"99deb4f5-edb7-4f47-af52-4f22c1f5bc16","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":164,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"c21ed413-e103-4b5e-959b-301a91688460","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":164,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"49d56c29-beef-4be5-aea5-b3227ba64d63","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":164,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"e29baed7-c6b5-4495-b404-c627aef6daf2","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":164,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"0aae9982-2485-4adb-b0df-0b19c651ad9d","block_type":"box","text":"eligibility requirements.","page_number":164,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"a5f09881-6e5b-406a-b147-fe5e037460f4","block_type":"box","text":"Service Shares","page_number":164,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"ea4e1e10-efac-4e22-9ee0-ce506a633960","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":164,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"82706bab-ea2b-43be-b7dc-908252d20245","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":164,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"c74bb9d0-488a-45c5-b309-90c3b6b907ce","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":164,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"0db45c59-8cbf-4a1a-bfc2-b05e9d26a15b","block_type":"box","text":"®","page_number":164,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"1be25222-ba30-4e6f-90a9-6048358e7c2a","block_type":"box","text":"Fund in 1996; and","page_number":164,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"371c3e8a-4fe2-4425-8f77-ef7a6b623794","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":164,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"148d3da4-0754-4a62-87c8-6969ab7fc66d","block_type":"box","text":"SM","page_number":164,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"f4f8c7f4-f37b-4c31-b9a7-3c1c76115703","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":164,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"9e485564-c11b-4e4d-bdae-bcb93acf8198","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":164,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"4d25f83b-b347-44e8-b5e8-8ebfb1ad1e99","block_type":"box","text":"BlackRock Shares","page_number":164,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"ab52f1af-e912-4c19-922e-c545319714e6","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":164,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"9ac3c7c3-9683-47a0-b035-59ae0c6a69ec","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":164,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"571f3750-6462-4caf-ab4c-783de3bd4c6d","block_type":"box","text":"fee-based programs.","page_number":164,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"22411f80-9357-404b-b4dc-2fca5923d048","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":164,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"64f0a276-e9e8-4800-822c-fb592e485325","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":164,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"fac75ce3-7096-40c7-bff7-b1b349f161b0","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":164,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"6d0d734b-5c83-40af-85fa-350df4e4990e","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":164,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"30008462-f17f-428f-ae67-8c16acb8d179","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":164,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"e50bd67f-647b-44e6-840b-eb2555349510","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":164,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"f52733a9-6ec9-4b93-8f91-2aa53a93a16f","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":164,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"118e26c9-0f63-4241-8da2-893e2a5f14ae","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":164,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"03aae7ef-b66e-4398-b391-b976cd5d69e8","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":164,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"a0c9f039-ac6c-4567-8129-97b623a8aa66","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":164,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"b0010626-c72b-4ef5-b33f-33dab5da7e6b","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":164,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"9989f144-05bc-40b6-b7a8-ed81093f8e38","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":164,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"0b530722-401a-4698-be55-fa8991f619c6","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":164,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"41e4c5c5-0bcd-4c12-abae-7f456834ab87","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":164,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"6394ecfa-21b8-425d-830c-0516955a2cfa","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":164,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"359e64a6-680e-4eb6-ac18-54a55586540b","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":164,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"1cf5b753-b6de-44eb-b45d-83c9a6aba0f5","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":164,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"16071a0b-cbaa-4451-b864-1527d4214768","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":164,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"718831df-3152-429e-87f8-6dd882addaf0","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":164,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"17a247ae-741d-4052-bff6-34472c3c5fbc","block_type":"box","text":"II-105","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aadee1b5-4f0b-41e5-8048-631a407cdc27","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc8fabd2-c851-4b24-b907-ce01056ab64e","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":165,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"670bcbb9-2b7f-4eaa-bde5-3d7f58cfd521","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":165,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"62741580-3cf3-40c2-abf0-a8c292928eb5","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":165,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"e9ccfbdf-13a1-42f8-8664-9988bf61fab2","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":165,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"0f6d6741-e0a9-452e-90ef-4e2ce04c66c4","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":165,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"02c0bfbd-4e39-47a2-81ce-75d738e96cbe","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":165,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"bded1e69-2bef-478e-ab5a-ce94249cc1d3","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":165,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"16c4e447-a227-4f23-8003-8808078e8e81","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":165,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"8c8c167c-dfcd-4774-bbd6-baf738274fca","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":165,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"19181c86-eac5-4bdb-bf9e-47f71df7fc52","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":165,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"0d126e34-4ac6-485b-a92f-d05fbcb0aaf3","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":165,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"0904c88f-3358-41f9-8a59-abb52d69bd43","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":165,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"b0b5b478-f748-4a49-b43a-941ee576f1a4","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":165,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"ebf23a64-ee04-4d1b-bb77-7fed33ae9320","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":165,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"e62d4dc1-a42a-4cce-a78d-0354b8aca1e0","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":165,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"f3382b47-6f9a-416d-a1cb-689a84c48d82","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":165,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"73723b3b-2658-49b1-bd2b-5dca7583fe4a","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":165,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"65929335-a3ec-4700-bc45-8d5866176e35","block_type":"box","text":"compensation for selling different classes of shares.","page_number":165,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"a26d9a03-0e29-4ac2-bb8e-e42014fb2206","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":165,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"81c5fdea-c439-42e2-adda-4392d6e6275e","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":165,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"94ee4c25-9b2a-4999-a8d1-95faa7dabf2e","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":165,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"b4d03130-3808-4bf8-a3a8-196eb936c5c5","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":165,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"41824cd7-d20c-43a9-be53-b861f4567b93","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":165,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"bdbd26e4-496c-4023-b8a6-d8cc9dd6be01","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":165,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"5a3fc981-192b-4b40-b53d-97bdcdc91797","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":165,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"5f06027d-aa76-47e4-8b5c-51fb0df78078","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":165,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"51723c94-295d-4c82-b0e6-9910c82c1e50","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":165,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"4ffc786a-0951-4a13-bb7e-16d0f0492454","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":165,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"09d948c9-033a-434e-878a-9d62c8af7edb","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":165,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"02a4b3be-c1bf-4efe-9ba8-b43041749e0f","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":165,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"0dce0d04-b993-4a16-bffc-bef4e0d2f575","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":165,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"756099be-6e0f-4314-aa5e-0cc6f7d67d19","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":165,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"6402e5f6-ba64-484d-8efa-bec2941b9cd5","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":165,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"baccfedd-6cce-4f55-b1c0-69311387ae89","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":165,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"8af9bd6b-9581-42a0-be5a-99a26728a38c","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":165,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"319dab4a-c449-4a42-8941-d31ad40f9778","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":165,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"4986a355-415c-4bee-8695-0ae25492183b","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":165,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"dafb95ee-bdfd-47f2-b34a-1331290c7b2a","block_type":"box","text":"easily accessible place.","page_number":165,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"5dcce586-d381-4a1d-bd6a-42e468a96953","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":165,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"61539f6a-4780-4e22-8198-17095aca0ce3","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":165,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"67f4e41b-627d-4c25-b3cd-bbe46b43122a","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":165,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"e1c5d813-f7d5-491d-8c8c-b0d599812ef8","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":165,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"88ed3108-a379-4120-a0b1-1ade448e487d","block_type":"box","text":"fiscal year.","page_number":165,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"5a8ed9a3-5e06-41ca-a4b2-457dc40359c2","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":165,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"d9f5d952-992b-4e36-a241-4beb3271457e","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":165,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"b2446efd-287c-4b1a-a575-e56283c20b7f","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":165,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"b9ca344f-4987-4380-a61e-eb8d4befd9b3","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":165,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"3427b91d-8ab4-4d34-9416-0e79d73a8792","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":165,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"9d24d6ac-c6b7-4de2-ab76-2e2cfbc6c63e","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":165,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"5a66f941-53e4-4c51-bc4e-ad15e961cb7d","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":165,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"697f148c-c328-4123-90ab-d3367bf2be1f","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":165,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"a2609162-d6f5-4553-a535-b18a3eea05a3","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":165,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"c43cb485-f1a0-46d2-a345-3095d40c0b45","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":165,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"2d5962f5-241a-461d-b961-48e0f1d24d6c","block_type":"box","text":"II-106","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fd2b247c-abfd-414f-b95d-8d53661d8c79","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce4c4502-702b-41c9-b6a8-4920ccc2345c","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":166,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"e81e8199-ed74-4303-9010-9150b8bd2b2e","block_type":"box","text":"and Class R Shares of your Fund.","page_number":166,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"9fb95fd7-f507-4c4e-b3f3-ed126f421fe8","block_type":"box","text":"Other Payments by the Fund","page_number":166,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"abd3537e-a1bc-4935-9156-040b4fddec2d","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":166,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"53351ef4-be34-4374-a939-cfb1ee64ab09","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":166,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"3df822b1-b459-4903-8af9-676bf8eabe5e","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":166,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"90e07f96-9b69-4cf0-91bb-65c0da45933d","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":166,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"08eff756-0686-46cf-b25a-14809fb7f95d","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":166,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"a652e0aa-be8d-4b60-a246-02fd89ba48ce","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":166,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"22988d25-0eb4-47cf-a069-8951175d66df","block_type":"box","text":"of these payments may be substantial.","page_number":166,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"2f031c72-728f-4223-b576-99f82c65007c","block_type":"box","text":"Additional Payments by BlackRock","page_number":166,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"2c563a17-696c-44ee-bd2c-10c2f6dc91bd","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":166,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"7c37ccd3-bc20-4300-8b25-17972a0aa838","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":166,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"a8e0378a-922a-4638-889a-797d0aabfc97","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":166,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"09c34275-792f-4581-8161-2262938a9bda","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":166,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"d0af796d-2946-4690-aaf5-c496d16ddb5c","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":166,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"8a7609a4-7469-4b99-886d-3edc47657d6b","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":166,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"f5f1874f-d701-4d2b-8e89-0b2e83d7fe80","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":166,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"60516c00-76c2-4528-95d9-cbfae67fec24","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":166,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"5b0d34df-2918-427a-a044-6caf1339824d","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":166,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"55e215d1-5f12-4f06-b774-fa7987b0dade","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":166,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"b7e8ed15-1a17-4cc0-a33c-9462d9ac7000","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":166,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"1608b691-7b86-40e5-88aa-a1704cef8c9b","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":166,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"c72899f9-de79-49ad-bfca-33d37f44a7ff","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":166,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"45ca5c56-a338-49f2-937d-863a4e84918f","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":166,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"61fdad30-0964-4b2b-ac06-9f9886d457f8","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":166,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"b80c4e30-8c39-40c1-aaae-b1acdac27ed3","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":166,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"199c8373-8a4c-4172-85eb-993a7a2e5878","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":166,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"0a7fe711-4300-476a-82ee-ae7678407020","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":166,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"8cbca13a-096d-44ab-bb6d-5a4e49468686","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":166,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"29f5d390-14a4-4f22-a451-63beaf830ce2","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":166,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"02f07a2d-91cb-45ad-97b4-92788ece9594","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":166,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"61893065-a231-4259-8b67-e877bd730ea3","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":166,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"315c0458-25fe-43ff-9137-f757e0efc95c","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":166,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"b2885e01-7dc8-46d6-99cf-c83169bac959","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":166,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"0a03358e-1e56-4acc-a2e6-98d57f06ef47","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":166,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"ccbd3041-4227-4f70-89b4-9a65b7f7643c","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":166,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"31bc4beb-361c-4d89-8245-d182ea7a948a","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":166,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"7776e796-1681-4a2a-a99b-f940ede6dd76","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":166,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"19369454-b157-4f6c-ba97-44f2ee3b3e2e","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":166,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"b36f4bc3-159f-465e-ab8f-ac29141e6bf0","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":166,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"84c1a0a5-ad8d-480c-8416-61ef362344aa","block_type":"box","text":"Funds.","page_number":166,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"33b9e44f-214e-456f-8023-13fc3a4f9b2b","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":166,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"93575dfa-4d2c-49ae-8a4b-0fc0b23b69f0","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":166,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"2de099b8-b643-4263-b7c1-08d656bf57fe","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":166,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"2e8cff97-260c-449c-8331-9476e46cd75f","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":166,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"c37bae80-971b-4995-ad0c-51c054ebc73a","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":166,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"18078fba-d2cb-41dd-b71a-0d099c371c59","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":166,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"f07444ee-e2c2-4a24-8940-43d0fd665ca5","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":166,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"239a050e-4ef1-4f8a-8b82-51c06bc57887","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":166,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"f0cb6d8f-1beb-4f5c-ab8a-856dc7b058d6","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":166,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"80f3e474-2702-418c-b304-cd483f68b4f8","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":166,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"5ea570db-aa64-40d3-aeba-f9437f43dc9d","block_type":"box","text":"II-107","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d9ec1539-f46c-41e9-a7c8-1e610732fc1b","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7367a572-d2fe-44c7-9581-8fc6a1b6d999","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":167,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"46d2dada-9b3b-4ee4-9147-9696056331ca","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":167,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"4b258c77-1860-401f-bcb7-3dc95a4e12cb","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":167,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"91433978-3d73-4067-bd9f-ea66c7286661","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":167,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"f679df27-17d1-4b53-bacc-050fbc2b5557","block_type":"box","text":"B. Shareholder Services","page_number":167,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"ba0ed9eb-8d55-4153-bf52-720ee6101a53","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":167,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"549460ad-9667-418c-8b1d-5a4d7aee8a01","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may per form","page_number":167,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"4da689c1-1dde-43fc-a57e-1295506e7e96","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have per formed if the accounts","page_number":167,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"f800d27d-54a2-4017-8e5b-7d66a3577416","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":167,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"f0690994-2ded-441e-9214-5df784f8888d","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":167,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"67ae0b25-bfe1-480c-8d6b-a04588005633","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":167,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"3b685678-26d9-4f0a-ae9e-0f5916d1a224","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the per formance of these or similar services. These","page_number":167,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"7b803314-0c4a-4a00-9f8b-fb2027a77436","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":167,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"c5501342-9853-41b4-b5df-446e81a761f6","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":167,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"6704e683-9615-4959-8753-e4e6ab0c36cb","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":167,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"1831351d-f21f-4cc1-b37d-c17834c48415","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":167,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"43941728-7c1c-4cd4-bf8a-1e8919306744","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":167,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"d03bdb64-7dd9-4774-88b9-6a49d2457d6c","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":167,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"e0af8af9-887f-41df-9149-8d75ffd91c3c","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":167,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"9bbc2456-c7da-4eee-a1b9-3f12c054a100","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":167,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"622a3015-a295-4185-b891-e0af0bb247ba","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":167,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"a62d0794-9eda-4e38-9b94-500d3a1c16b8","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":167,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"479122b2-de4a-407b-a3fa-c8f15f01076c","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":167,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"feb76b36-ace6-47e9-ac44-fb87896b5f8f","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":167,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"93872bba-9393-4388-8a0a-7a665dc7fe22","block_type":"box","text":"&Par 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If this occurs,","page_number":171,"box":{"x":70,"y":384,"width":834,"height":11}},{"id":"0eaf453f-e8e3-4f8c-b2b2-bd293ee05d71","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":171,"box":{"x":68,"y":400,"width":793,"height":11}},{"id":"f3244a0d-ed1f-4db0-a9a5-89c9960ff0ff","block_type":"box","text":"assets to cash. 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Each Fund has elected, however, to be","page_number":171,"box":{"x":68,"y":460,"width":831,"height":11}},{"id":"c403ffee-a03c-491f-9aa5-c008a62d252e","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":171,"box":{"x":68,"y":475,"width":828,"height":11}},{"id":"e448e964-80ce-4a94-bca6-9f27cae37f3d","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":171,"box":{"x":70,"y":489,"width":826,"height":12}},{"id":"501496de-a6e0-400c-8be7-a6228e60c864","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":171,"box":{"x":69,"y":505,"width":810,"height":11}},{"id":"3cf7aed1-1010-436d-b5ca-a5205eba90c8","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":171,"box":{"x":68,"y":520,"width":827,"height":11}},{"id":"4f1670e9-2ff8-4c8e-9135-e501597a97fa","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":171,"box":{"x":69,"y":535,"width":832,"height":12}},{"id":"3a253f1e-5b87-4f0e-9f8c-70686b9f7cb0","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":171,"box":{"x":69,"y":550,"width":828,"height":12}},{"id":"615a8c32-6e20-44e9-a38d-c8cb8c700d0e","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":171,"box":{"x":68,"y":566,"width":746,"height":11}},{"id":"8e6b3edc-bdde-4a07-892e-3ba64cd87ec7","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":171,"box":{"x":101,"y":588,"width":807,"height":12}},{"id":"e72105bf-4071-4c0e-8043-5063432252a9","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":171,"box":{"x":69,"y":603,"width":835,"height":12}},{"id":"c2649b4f-2f66-4def-b838-bbde56115d30","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":171,"box":{"x":68,"y":618,"width":811,"height":12}},{"id":"f2e71fea-9d3a-49ff-b0bf-546413ff03a2","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":171,"box":{"x":69,"y":634,"width":741,"height":11}},{"id":"3bece5e5-9be2-4797-8b7a-aab062f08526","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":171,"box":{"x":69,"y":649,"width":813,"height":11}},{"id":"9b9c4659-27ec-4539-83e8-4adf7f2bb362","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":171,"box":{"x":69,"y":664,"width":787,"height":11}},{"id":"115e54b2-6be0-4370-b7f4-1307c8f6be3d","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":171,"box":{"x":69,"y":679,"width":685,"height":11}},{"id":"dd8c338f-896f-4c98-958b-b79206ec73bd","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":171,"box":{"x":102,"y":702,"width":798,"height":11}},{"id":"222a433a-f950-48f7-9639-c5177975562c","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":171,"box":{"x":69,"y":717,"width":820,"height":11}},{"id":"cdc196cf-31c9-46bf-8475-6e9d349c8ba5","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":171,"box":{"x":69,"y":732,"width":653,"height":11}},{"id":"0337a614-736a-46b6-956c-f8582654a507","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":171,"box":{"x":102,"y":755,"width":803,"height":11}},{"id":"00e044fb-d198-42b0-a6ae-09796205ef25","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":171,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"b4577c7a-cb9b-4f97-8bcb-52376e00178c","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":171,"box":{"x":68,"y":785,"width":824,"height":11}},{"id":"00b2741d-f6c2-49d2-a5e3-c3fad9ddbf0e","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":171,"box":{"x":70,"y":800,"width":825,"height":11}},{"id":"276bd1f1-9a60-4eba-9fbc-251d7f66e0ca","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":171,"box":{"x":69,"y":815,"width":825,"height":11}},{"id":"54047291-6fb7-49a9-9fa4-c2649e3995a2","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":171,"box":{"x":69,"y":830,"width":823,"height":11}},{"id":"7b4c103f-f07f-426f-b228-b464cb7662a9","block_type":"box","text":"II-112","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4dbc1dfb-542f-423e-9547-f0b14a4f8dbb","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23b8cff0-c4c9-4eea-a1fb-66d1e9c05922","block_type":"box","text":"Redemption","page_number":172,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"f2982937-61a4-4d2b-b7a1-90c300662170","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":172,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"0a550870-73df-4a03-8e71-686fef128a16","block_type":"box","text":"Redeem by Telephone:","page_number":172,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"04418bcc-fb5c-437c-b923-d070e6da8948","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":172,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"c046358f-28ff-4a2c-97a2-3c287a372a79","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":172,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"51675813-a49c-4bb1-a8b3-099a8b5bf357","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":172,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"d3b520a0-190e-40e6-8442-177d35616084","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":172,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"806bb04e-dae8-423d-b0e9-5638cef549e0","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":172,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"8035a2fb-6596-4633-90bf-f9d571bc4c6c","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":172,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"836b293e-4b45-4695-afc4-88a82d948dc0","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":172,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"9e2faa1c-1f3f-4743-b3ef-ccb3ab417f02","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":172,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"cd938a88-4dba-4a4a-90e4-7037fca5d77d","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":172,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"75750ac4-f916-4df8-9105-be0576f3953f","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":172,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"c36dcb60-1204-4927-bc28-4e79328a4f99","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":172,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"38f2aac2-94d0-4900-a863-18216f1a76e4","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":172,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"dcd30cdc-6269-4e47-8f89-2d3d066ff7c0","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":172,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"1656e948-7d3d-4e12-be30-cf5904ed9e12","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":172,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"8cb5f9fc-fd27-40d3-9747-69f1457d8d01","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":172,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"5dd160b4-299b-47ee-8f32-8d76322b1486","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":172,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"e25a27b5-5d96-4ee8-a8d4-b6a65dc87ea1","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":172,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"423a0851-a285-4963-ab10-026d580c0b0a","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":172,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"b3930587-b776-491b-88f0-024557d242c2","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":172,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"b41539d0-c5b1-4ad8-85f3-c8811e00237b","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":172,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"b3c55f6c-045a-4333-a2b3-7d646b98dc71","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":172,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"7e9ab8a7-a0b5-447e-94f6-c0a8195ecb94","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":172,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"cfd0eae2-e4bb-43eb-b170-8e410f100c08","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":172,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"c82c5f2b-3b6d-4aa9-bef5-40c49ae164f4","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":172,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"6290c242-242f-45b6-bc57-19bc85b9b21c","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":172,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"5b30bed3-a5e0-4808-91fb-795f2110b169","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":172,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"a89b78e7-e5c5-454c-a073-75003e1e6c65","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":172,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"bef6f33b-790b-47aa-a118-9027fb5dc334","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":172,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"d80567b8-2232-4c94-b392-d6bc3db56fb3","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":172,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"a26cbf6e-208b-4acf-8ab7-92efd4936d01","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":172,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"5f5707de-8ce8-4a32-9c94-6810cce60849","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":172,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"4e21724e-a0b9-4115-b10f-b954ddc40756","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":172,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"9347069c-fb87-45e1-ad5c-d308ef4448e1","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":172,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"d6c4f084-dce2-4d83-8679-b28ce9e5b2dc","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":172,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"316790e0-d8f1-42ce-ae68-8cf334434ce1","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":172,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"563a36e2-c811-4361-ba2b-8a050f98cb56","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":172,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"98cc74f1-1705-4a7d-87f0-546678cd5ac8","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":172,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"2cae5ad0-7534-4978-ab37-abfb161fc53f","block_type":"box","text":"Redeem by VRU:","page_number":172,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"63ea0204-d343-4b15-be0b-bc556bfef990","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":172,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"7068c4b3-182e-4686-85ae-6d4f80905371","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":172,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"ca508611-5b29-4275-aa3a-23a6a995d3f3","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":172,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"3c7aeace-5fd4-4e02-864a-12b61ee26d44","block_type":"box","text":"Redeem by Internet:","page_number":172,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"dbca30d9-5d27-4549-bcab-2e23caa57471","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":172,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"d1873bf3-b95e-49f4-934b-4fca6ff65021","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":172,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"c62bf405-38ac-4c3a-ae36-1cd5670107af","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":172,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"6fcab8a3-58e2-4a2d-971c-067f152718c7","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":172,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"91db9fd7-9331-48b3-8504-ed4f5cf28c7f","block_type":"box","text":"institutional investors.","page_number":172,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"c251c6ee-720b-4e3b-a31b-f48ebce06025","block_type":"box","text":"Redeem in Writing:","page_number":172,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"075089c8-642b-4736-8f4e-33670b85c344","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":172,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"21ede6a5-8a89-4c18-b407-c167e7bb4bd9","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":172,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"b37d09b7-95c8-4907-9c32-a4b9242eb3a7","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":172,"box":{"x":68,"y":838,"width":827,"height":12}},{"id":"3e8531d4-c5f5-4fc2-984b-bbb48cc71460","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":172,"box":{"x":70,"y":853,"width":802,"height":12}},{"id":"a3931761-4681-4f0e-8f44-ad2c6ae1e95a","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":172,"box":{"x":69,"y":869,"width":786,"height":11}},{"id":"513231c9-cdfd-465b-9195-7d1638b3bea8","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":172,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"6c77b6dc-58e7-46f5-a868-68095342cf8d","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":172,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"3699ff46-9143-4cb3-bb7a-8c76d43755ff","block_type":"box","text":"II-113","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f5f4c574-af20-4387-98fb-2c8b48b07703","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c3cb9a01-6f18-46e8-b1c3-e1381fee410e","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":173,"box":{"x":69,"y":45,"width":761,"height":11}},{"id":"7ecb5e4a-1a92-4a65-9348-d6f29dff564f","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":173,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"8bd762dc-ec16-4cad-9792-3c7623ac109f","block_type":"box","text":"the bank account of record.","page_number":173,"box":{"x":68,"y":75,"width":196,"height":9}},{"id":"017ae97f-f125-4d22-93cc-bf64c2f9bff9","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":173,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"0eda057b-6a59-43ed-8d1d-05fc3892e87d","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":173,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"9b078b1d-606b-484b-ab29-db8a0c5e3218","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":173,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"cf06e06a-7e84-454a-aaa6-d534b1946e98","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":173,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"a228acf7-30dc-42d9-b1ca-1770fbff2f79","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":173,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"ddb76b88-e5ae-4848-a965-1c61d60b9290","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":173,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"68f95137-f21d-4da8-baea-32096155d1c4","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":173,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"51372de1-4209-42c4-9a20-fb15c2302fd7","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":173,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"cc844c64-e9dc-4326-8e57-5cf6072ed97f","block_type":"box","text":"redeemed by the Fund.","page_number":173,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"519510dd-de36-4747-b1c4-d72beb118924","block_type":"box","text":"Note on Low Balance Accounts.","page_number":173,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"620596b1-c344-4152-a51e-b6ffec831b55","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":173,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"55ba15c0-4070-44ae-9bc5-b64dbaef3f70","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":173,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"5de26e94-8806-47b4-8f4f-c3705d2adfd9","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":173,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"7eaafd59-73de-43d3-906a-215b460e0051","block_type":"box","text":"for any reason, including market fluctuation.","page_number":173,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"c50ba4ee-66c2-4d65-905c-1f8e68727880","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":173,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"033b67df-d167-483a-a629-b446bdcd6d72","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":173,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"3a4624cf-2cc9-4a0f-981a-fb512b5b04b4","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":173,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"1e96fe22-5e15-414f-b8cf-6c457274dda0","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":173,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"4f3dd77c-bbf7-4ecf-be34-659a4b6476cb","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":173,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"d046669c-d768-4524-85b0-29d5ddcb21ff","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":173,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"a8318cdb-d57e-4f5e-a369-8aa0cd3a9c4e","block_type":"box","text":"Repurchase","page_number":173,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"257d3d71-be1b-4170-9069-e928e88c356e","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":173,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"f312e342-ed03-4959-b612-48bbf7a489eb","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":173,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"f1d6d4e8-699d-4e88-ad24-3b25a37283d0","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":173,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"b54ff7bf-24a0-4a9f-8966-9f59f9749a05","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":173,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"b87de132-6bd2-4c6b-8a19-d964ca61e059","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":173,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"5bbb8784-9639-4ec2-94e8-9e8a9486872b","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":173,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"2581dfd2-a810-4bfe-8403-d64ac51e274c","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":173,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"b2c26abc-1f68-4db6-a718-1a04f2425e0d","block_type":"box","text":"next business day.","page_number":173,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"28b95510-50aa-4104-9276-0c148022b370","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":173,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"248f11ca-2fea-49fa-bf0c-d8d5593e2d93","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":173,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"b9d9a580-9022-4c59-b67c-5e6f6b09b337","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":173,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"16638984-699d-4df2-a40b-e15c9008d9db","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":173,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"e34bfa21-6dba-4a5d-b2a2-ebb5f7501e6d","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":173,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"cc7a51b7-be3a-4621-90d5-8796d869dcfd","block_type":"box","text":"redeem shares as set out above.","page_number":173,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"d6cf6e5e-9a32-418d-aed2-f7746faf2e64","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":173,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"c79c888d-ad0a-4227-96e9-230fd7dff377","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":173,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"ba6d4649-7b44-425f-9fb9-2e20a7fe6a7b","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":173,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"02525c74-1b17-4045-bf22-770db68bb3b1","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":173,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"f157855d-343a-481b-8bbc-eb5b198404d1","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":173,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"e2970575-31bc-4571-b01c-f47fc5b79406","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":173,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"b0898a06-cb85-4af9-bcb4-5ae31432bcc5","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":173,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"070d1ad8-8ee6-47e5-8cd2-c5a672cc5bc6","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":173,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"19470972-90d8-4c48-b656-81acf3286faf","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":173,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"2a365637-1a65-4d92-ade9-2f06e9dd8008","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":173,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"bd2d8976-80eb-4942-b31a-0ddb49ff3683","block_type":"box","text":"II-114","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"69fbac0a-02aa-4a36-9d3d-54ee71e133c8","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f89cc82-0fdb-42d7-8f42-9d539afca703","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":174,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"df792f0f-f86c-42e8-8c34-91648ab6835b","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":174,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"4c1266b4-e298-4c3a-a6d6-3f7cae3fe902","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":174,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"e2d1d474-571b-4cf2-8116-79c448966033","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":174,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"538997db-0a4a-4724-a201-a3a91ca1aee5","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":174,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"41989360-da17-499a-a367-33c57b877454","block_type":"box","text":"Investment Account","page_number":174,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"1520e8bf-da7d-4bc8-bfdb-aec0ae3724cd","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":174,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"c62dbb7e-8288-46ea-88cb-8e6b00006cd0","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":174,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"88113769-4ef3-478c-a092-13bfd0bd732d","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":174,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"5dcf60b0-12ba-4893-a439-47605fc1aa16","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":174,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"a635ebc6-2e90-443c-836e-96d354e26bec","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":174,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"959fab01-ec19-4848-97d7-7dd81852b24a","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":174,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"e0ea5317-f6df-4a97-a5fe-90def64a48fb","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":174,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"c37d555c-8c63-461d-af5b-a9c161450f4d","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":174,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"7d1c4444-b3e0-4dd8-bf72-d23ad1a9d234","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":174,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"bcfb9ee8-677a-49b8-ad73-65c2674b8f46","block_type":"box","text":"automatically at the Transfer Agent.","page_number":174,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"9adb59b6-98f0-448b-b0f4-73491ba5ed7c","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":174,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"e16724eb-e4aa-4afd-8b7a-6c66020f7c92","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":174,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"4cb27647-71d1-4c2a-a3c4-70280fad7a97","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":174,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"d40d82c0-e04d-40d9-ac7f-df755ab290c0","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":174,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"dbed4a1b-f5d7-4667-8a08-c0e4def20cf2","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":174,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"17b7e0c7-e7b4-454a-8ece-285a24f042fa","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":174,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"c35a90e0-1286-4354-a642-add2134d576e","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":174,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"0a37f5c7-c9d7-4da9-9e8f-c9de7835fc1d","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":174,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"dcb1d980-8a76-4b10-946c-056c90a835dd","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":174,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"c3cc8ac6-59fc-489c-a296-75bd0c954ed9","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":174,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"db6cb09b-b719-4f56-b51b-ff629fce9292","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":174,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"fdeb8e48-0c6d-4c62-892d-d50cea81c777","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":174,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"b5c687ec-400a-4f38-809e-05dbdb023604","block_type":"box","text":"issued.","page_number":174,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"1749d2fa-edc8-47d9-9fae-9064d0964fb2","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":174,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"d1637fd1-2f4f-48ae-99b1-3a0e26564f33","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":174,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"9993921f-3c6f-4f80-8c3d-f28639d30246","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":174,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"1941f4fb-4b13-443e-ac2e-c61bcf8126b3","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":174,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"3ce093f8-3eee-43d8-9e2f-48392effe3bd","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":174,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"fbf2a899-3c82-44b6-84fb-7d659e09eae7","block_type":"box","text":"Exchange Privilege","page_number":174,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"1966684b-b22c-4ae0-888f-551ea0215465","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":174,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"1247fc9a-69af-4213-9d53-46cee430ddbc","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":174,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"3e8f6ee3-76c1-40a2-8c32-3ab7efa26f78","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":174,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"a3034e87-ee30-4ba8-9d8f-174d7a894c09","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":174,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"6ba0d405-1310-4b13-b8f1-9c72f384cf7a","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":174,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"4e650c19-9d9b-4ab1-95e4-dfc1b6cd025a","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":174,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"8856bd09-0365-4701-a52f-15a0413b9169","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":174,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"c33db687-2600-4957-b610-27ba98a0055f","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":174,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"04c0bab2-2c91-474a-b865-4c6ba3d1aa48","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":174,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"4ef3fa61-8e7a-4c04-a798-5f25829adab5","block_type":"box","text":"Institutional Shares","page_number":174,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"c46fc545-daff-4b2b-8257-64c3c933f736","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":174,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"3f1becf8-1db6-49e8-a93d-bb9905727de5","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":174,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"22a53507-f12a-4bc4-ba2b-555ec43833b2","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":174,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"8b06ced1-2d7f-43ec-afa3-97762b25b502","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":174,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"e0363057-9704-4878-a799-2587ccb0b9db","block_type":"box","text":"for Class G Shares of other Funds.","page_number":174,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"58889545-431f-4ec6-adda-b38d26f8c2a7","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":174,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"c7446fce-f8d8-4bdf-a4b1-86a03cede30e","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":174,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"96075001-1259-4007-bb4e-1724fc94890a","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":174,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"26f3fbed-994d-4fba-a9f7-05c1711ef77a","block_type":"box","text":"II-115","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"612a5178-2e13-4f67-ab20-a82d5e1a4779","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"293da9c9-a549-4d45-af0c-5bef04fb8378","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":175,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"45859f2b-5f10-4917-b4cf-8192c250a562","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":175,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"0b2b7ca9-7a56-47f8-90e5-46dba88a4ff6","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":175,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"fb177f50-b489-4ecb-862f-19164260f978","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":175,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"97dcccab-32d7-4c8a-a27d-ac6ede9a17c3","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":175,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"585f705f-122e-4cd6-b7e1-a005a5cbb97d","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":175,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"85390f37-53bf-493f-85c8-b6bac7e36b4e","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":175,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"f464314c-6dbf-41e9-a6a2-91986426a78b","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":175,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"50ac5cc8-41b9-44ff-bc20-b07d85a414ae","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":175,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"445ac304-f59f-45a8-b336-48411262c2a3","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":175,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"228ff6f8-8624-40ae-8fb6-f69e6304534f","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":175,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"2efbfc26-42eb-40f8-bb92-8c513bdd7cce","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":175,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"02d09212-5a6e-4066-bf14-64904bc3c465","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":175,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"3d8768fb-1f84-4316-b85a-33337afb5971","block_type":"box","text":"Exchanges of Service Shares.","page_number":175,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"097cbe62-f8f6-487f-8c30-e06077fea416","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":175,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"a2228e1c-e826-4d07-a130-e74c30c65abf","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":175,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"49a216c0-a928-49e0-bca9-22553df58032","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":175,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"e67a2667-71af-47f6-82e2-8729a628fc22","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":175,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"a32af02c-5b14-4fb0-a187-35afe5045674","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":175,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"3c6c4568-cfc5-4c75-b205-00bec41a92ed","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":175,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"14de250a-e4af-447a-aa71-5749b06861b0","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":175,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"fb50faf8-1674-425b-9a97-ea8dba8e7528","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":175,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"e9c537e9-e0b9-46bb-90b7-1393ddc5f6c4","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":175,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"9012667b-cb7b-4f26-a06c-1b4e61414185","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":175,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"5d4821bf-cc1e-4a7c-8e53-b891e0a8a0ed","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":175,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"7e4e4fde-ffde-4491-a50c-890a06ac7cad","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":175,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"817ca655-6436-40c2-9de2-8ff81aa2c03c","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":175,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"7071bb61-8bb4-484c-bb7e-035b0a109a18","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":175,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"634700c1-814e-46f5-8365-426ef936e3eb","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":175,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"24f66011-7f5d-49e5-81a0-cb3a345f8833","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":175,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"1390de11-a6c2-4178-a204-8a0115a6942c","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":175,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"6f03a555-4581-4cf7-bee7-0f5b7ea316f1","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":175,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"c682a69f-7f75-404e-bfde-ec21af9cb711","block_type":"box","text":"exchange.","page_number":175,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"ec8891d4-c3cf-4e1b-96a8-4d0d38b74117","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":175,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"6f3ab2d2-b128-43aa-9bc2-871c38f7be15","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":175,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"52da8958-8798-4fea-9f12-b604f7a2b9f1","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":175,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"bcc2eca6-1b92-4059-9e01-b6918b8f07ba","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":175,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"75706a9d-50a4-4d39-a142-a81a4d36bbbf","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":175,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"87f2ada1-5464-4ac7-adea-4b1eb9bb72f5","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":175,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"955a63a1-fee2-48e2-b782-4040023365c6","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":175,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"d8c0ae0b-21b1-40f6-9bfa-70230ca7b132","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":175,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"1a343b06-fd87-479c-a473-45452095335d","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":175,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"58e2f1db-684d-45b8-bc1a-016de5f541e3","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":175,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"90634d4f-e152-4220-b445-4e6488a728db","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":175,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"2c853e79-31a0-4b00-9c65-12acd59a8389","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":175,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"0ff08db3-ce49-488d-980c-7fb43ee93f8a","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":175,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"ccec3402-db77-4b99-801a-1a8d778c6a8c","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":175,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"c2a16049-a870-4385-a35a-2cc471bb202a","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":175,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"c1ec2281-ea7c-43fd-9ab8-d8873182927f","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":175,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"345e761e-0757-46e2-b7cf-ebf319f94cd5","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":175,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"610f23e4-a9eb-4fc3-b90e-642d06b5cd62","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":175,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"af9adfb5-9c94-4b63-ae75-347eb02af859","block_type":"box","text":"Transfer Agent in writing.","page_number":175,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"76c87260-a9ff-4a61-a6b0-5ba5ff39d768","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":175,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"c426293b-d964-480d-8582-e27dfe57f643","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":175,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"1b6e9550-ae9e-4356-afc7-d932be0b18f6","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":175,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"98725b18-8cad-4d8b-ad3e-2479b44c73ab","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":175,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"c9c02627-3cde-4fba-8bca-6424fde9f9a1","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":175,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"2fcfee5c-b056-492e-91c3-31b958b826af","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":175,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"0f6485dd-0610-4b72-85c7-4870e463fbf9","block_type":"box","text":"II-116","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"85ced356-77f6-40b8-83f3-ec764a307e30","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6696fb3-e281-403d-a34f-125bae2f0311","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":176,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"ae67f403-5dd8-452c-8bdd-89d6775cf5bd","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":176,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"632438f2-4670-4a15-b36d-667233283cd9","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":176,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"94c8c2fa-8f43-4a7e-ac89-b005d17ed05f","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":176,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"25d1ebbe-5caa-4a24-85e5-6d2b2a1957d0","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":176,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"aadb5879-582e-4024-90ac-365794066755","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":176,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"569b42cd-3a8e-43bb-87f3-827564ce2514","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":176,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"aeffe375-17a4-462e-9861-d04e2e20b86e","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":176,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"e74fca47-a546-4051-940f-8735e55125fe","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":176,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"148f7b54-d6ed-4f2b-99cb-1d6c9e3cc323","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":176,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"f95966da-4ac2-43bc-9002-2fc3260807c0","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":176,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"65026276-e9a3-4e0f-8b67-98d490e77fe1","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":176,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"ef89b191-a4d9-48b9-a246-acf27b6e022e","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":176,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"9854af95-a49a-43e9-a1bb-2ad2c281fb02","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":176,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"a1e87639-1a5d-4342-8832-26e2ed8edcc3","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":176,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"c772b7cb-9eed-4b7f-b230-c6c9fe5db161","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":176,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"733a469a-2131-48f8-9b51-7b47f79099c9","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":176,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"c8cd8dce-ae44-4218-9c72-06db5ba7e7f5","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":176,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"e3ca457f-8ae4-465c-9e5b-852a05d24744","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":176,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"274d0057-83dd-47a2-b212-345446213de4","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":176,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"c9f4c23d-9d34-422c-a4a0-371213bb80ff","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":176,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"1a7b5711-41eb-400c-9f5d-d98625c73507","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":176,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"193f9c80-23b1-4450-b4cd-46a03d91f51b","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":176,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"53d0d743-d322-438e-86fd-159770c26f3f","block_type":"box","text":"may be distributed by the Distributor.","page_number":176,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"a61f5c47-f16f-4e6d-b7c5-7064963f6eb2","block_type":"box","text":"Participation in Fee-Based Programs","page_number":176,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"c2afe584-fb89-4cee-8f56-153d52e7ae02","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":176,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"99e73bf8-c9e7-492b-8ca5-6067c01fef84","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":176,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"9f4f7560-626d-4022-929b-9428a085db4a","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":176,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"1170f1cb-99f1-4538-b95d-6e3b6733889e","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":176,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"f0973080-5206-46ff-91f9-ddf7b0130480","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":176,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"9a2fa5d6-ea1c-4340-9674-59d6ba62da51","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":176,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"87586f7a-86c7-4dde-bcef-4854fc3098d5","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":176,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"b3305d40-ff45-4bdc-84dd-ddf97e5beeeb","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":176,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"3f18e2f5-3dbc-4c1d-a7f8-ac6bc5fa8d59","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":176,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"2e3c59f0-6095-4557-a9ff-2fb42952ffbc","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":176,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"12224b48-d504-4b2b-a4bb-69d180427f19","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":176,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"d16dfcff-7061-404d-84bf-17ddb40fecbb","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":176,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"39f99a7f-d021-468e-8c23-24fc6831cd4a","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":176,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"30a1adb6-848e-4a70-bcf8-65706e038330","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":176,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"1f48a817-3633-4d76-a4c9-39266b77512c","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":176,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"8fb6d092-6701-4ad2-8bfc-8a398fd52d23","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":176,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"d73fd081-7a2d-4bdb-85c7-4c363f309f55","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":176,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"a042cb15-83e9-4ae3-b257-7b7efb948eb2","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":176,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"3d1f91c1-7925-481e-bcbc-2569ac39b9cd","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":176,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"99a129ac-532c-49c5-b47e-9bdd9fe09c58","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":176,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"4c427de1-f320-430b-8a63-a05a44aa8842","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":176,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"01ea00a9-90d7-4d8d-9c22-ed6e96df665b","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":176,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"91420b39-f6b3-4783-983e-e0c56ce0675c","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":176,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"3969aa81-a865-4c9b-9bb2-f67b9241be9b","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":176,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"abb347b0-f5f0-4f54-93ff-02c349eb5fec","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":176,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"4f604268-a061-4761-9333-d4474c2c7912","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":176,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"ccfd404f-f8a6-4e99-b91a-e7746e004518","block_type":"box","text":"information.","page_number":176,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"3965129f-b656-4a00-bc73-b59ec306f636","block_type":"box","text":"II-117","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"feadea65-72c7-446b-9d67-d89e01af3b94","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ffcdb1a-0681-4175-89f6-614d4c363861","block_type":"box","text":"Retirement and Education Savings Plans","page_number":177,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"becdace5-b89f-47b3-9e0b-ab751285f1b1","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":177,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"572e0289-ccad-4d86-bb8e-00c79b2858cd","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":177,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"2900f286-09fa-4b36-a900-87b58596d5a3","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":177,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"ea1f4e7c-7432-408b-988c-1b730d29d471","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":177,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"8e07858a-2baa-47e7-b502-f5154752c4f3","block_type":"box","text":"your financial intermediary.","page_number":177,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"76f71580-1c88-487e-8a63-0615b45b4b3a","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":177,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"bf88c6f1-2be4-4fc5-9777-50d320811ba4","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":177,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"f95a11aa-abd2-4ad7-9234-90e9b757eff1","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":177,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"b0dd29d3-2ce2-4728-b18e-83dd0690d18b","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":177,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"2d508adb-61cb-474f-9fb0-5bfed27124b3","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":177,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"e4e03752-4abb-4db7-8467-ae7994a0c90d","block_type":"box","text":"Automatic Investment Plans","page_number":177,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"c51e1e3c-11bb-475c-a833-a0cd3920a0fb","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":177,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"1ceb2464-faa4-4390-a255-854f2a2774ef","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":177,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"bdb9073a-cd9f-4b50-8744-3645ca209e5a","block_type":"box","text":"®","page_number":177,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"419a5714-3e78-4807-bc20-5eec7fdb9fb5","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":177,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"99612b4e-304e-475b-ac85-aea479a4bfad","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":177,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"4664e441-65ef-4fd8-a11c-843f995ab751","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":177,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"9362533d-19ed-4ded-b4b8-7056b382a334","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":177,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"a06847c3-25a2-4392-9f77-13e8df097a7d","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":177,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"dfd89d5d-a415-477f-bf3a-d52e4540c98d","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":177,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"eb0ab7ed-822c-42a8-99f6-7b9ec998d19c","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":177,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"84fc20c2-2420-426f-8e1a-2dabfb693118","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":177,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"1a629755-3be1-42f5-9273-ea044c2c51c4","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":177,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"7f1b9b2c-9800-4014-8533-648a7f25979f","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":177,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"e1814ef2-c3cc-4617-9ef7-6cae8997a339","block_type":"box","text":"Systematic Withdrawal Plans","page_number":177,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"33fbeb38-ef51-4614-9855-e8b93a18756a","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":177,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"91881485-7ff6-4174-88ab-242b7e69c091","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":177,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"3df2d72d-ec3b-4057-9c98-3f9049aa7acf","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":177,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"89cd8b93-acfe-44d3-87df-f87ee8be4ca3","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":177,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"7202dc90-e59c-4128-a403-02be4b67a661","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":177,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"b5dcba93-7c8d-4719-a80a-7a89a41757e8","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":177,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"fdfcf271-e84a-4f23-9484-18ea65fc4a01","block_type":"box","text":"www.blackrock.com.","page_number":177,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"708c17cf-2e8b-4358-94a0-05ec65840ebe","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":177,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"7ddb217c-46cb-487d-bfc8-d64478128197","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":177,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"03e83420-ffc2-427d-baf7-2a4dae1365b1","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":177,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"a5d7a5fa-e17f-4c6d-bebc-4a4e8a0e8c3b","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":177,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"ac264352-3926-4753-91f7-fd8574ecf665","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":177,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"f3219bd4-8c3a-4e9e-9ae5-7d392a819106","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":177,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"21abdda2-11c5-41cf-ac45-e7802a911d24","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":177,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"dce5ea69-b0d2-4b6e-aaba-544ac30e080a","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":177,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"4a15e768-190e-45d5-8293-bd39f632e9e0","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":177,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"f864b9cd-0dcd-4111-b5e5-6288c480a989","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":177,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"1de76098-a861-4786-9feb-5dd155daea98","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":177,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"d370ab66-76bd-4efa-8e1d-15cd177e6418","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":177,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"ee1d7a25-96a5-4cc9-bf25-7a2795de8e17","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":177,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"44916b21-8d4b-4c0b-922a-1ea8c8b8d8a2","block_type":"box","text":"Dividend Allocation Plan","page_number":177,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"098e767d-fb83-4582-b021-654f87414053","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":177,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"96affb1d-42e6-46c0-9e35-b7868d3a8ded","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":177,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"518578f2-f87b-4510-9d8a-86089c3abd05","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":177,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"00a1cb96-37b3-4e11-8821-ed91c75c7e0b","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":177,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"8662e6b4-24a0-4b52-bb1c-3fbe805e53ac","block_type":"box","text":"II-118","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b866562b-35c2-4071-8d0f-75db41ee72e2","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1511dd4d-00f1-4995-a0e3-f9350b614dbe","block_type":"box","text":"PRICING OF SHARES","page_number":178,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"b0e23664-656e-456e-9d5e-e738428b2dff","block_type":"box","text":"Determination of Net Asset 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Investments.","page_number":178,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"e2c49f4b-b31b-4d0a-8005-84061f5a016c","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":178,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"505d68d0-3349-4bb1-b5ea-e8d5a0598e6b","block_type":"box","text":"e.g.","page_number":178,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"b93f0d85-6e78-4dba-9af2-14061828d2da","block_type":"box","text":", NYSE), on separate","page_number":178,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"1dcff465-e40d-41d4-b87e-70376fc67d7e","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":178,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"e5154f45-ff89-4902-b807-c38a39aeaa80","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":178,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"8e2c624b-5c91-4374-b112-4369389d55ee","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":178,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"6623d646-10ad-4c4f-a5ed-8828d8c45edc","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":178,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"7e844131-fb88-41f1-ac98-e25adadfae4d","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":178,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"72c0cf6a-09ff-4552-ae75-0958e7361d91","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":178,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"c40a2c66-55c4-480b-a0b2-6a2b623b4037","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":178,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"82cd9c71-5c05-4ca7-9acb-8972561d3ffa","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":178,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"0b1d42ee-df00-4fe0-b74a-de9e6a038182","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":178,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"f6032428-79a5-4754-96c0-ecf152680d1d","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":178,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"ef8567ae-d1c7-4e72-944f-2da6014ed8ee","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":178,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"14c213a1-d054-4616-a033-11ce2025831d","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":178,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"5cc96764-a40d-45dc-9641-e62efa8dd364","block_type":"box","text":"defined below).","page_number":178,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"3404c646-bf6b-4842-b6c7-8511488942bd","block_type":"box","text":"Fixed-Income Investments.","page_number":178,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"62726ff4-74d5-4ced-a885-d0f26e60f828","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":178,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"36cf05f6-d36e-4052-8fa6-5d749578f1b7","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":178,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"1aeac66d-a304-4d78-8a4d-954b7e1cba0c","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":178,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"4cfcf40b-260f-4ca3-9d45-19c157e4ee9a","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":178,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"3e6f827f-fea2-424c-88bb-ac46d79626d0","block_type":"box","text":"e.g.","page_number":178,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"ad78b073-ee36-42cf-8b4f-37ff854d1dc9","block_type":"box","text":", recent representative bids and offers), credit","page_number":178,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"73219f43-2218-4729-a743-80a99a8991c1","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":178,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"1d48881d-26c3-4d5a-8b52-580b5044414e","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":178,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"fbc2795f-0a85-4fc2-a4e3-eeca1f29a15a","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":178,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"c61731a7-3451-4713-86e9-0247e0cac6f4","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":178,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"be33ce68-9aa9-4425-9a52-3227643bffec","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":178,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"9004f91b-216c-4736-9f1c-285249abbab2","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":178,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"f5941646-6648-4490-83bc-9460b8a85ab9","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":178,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"e77f3fe9-ba84-4460-bc51-f992753e1e9f","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":178,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"0f86b743-d78b-4474-8c52-50d2ab14f31e","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":178,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"c0c5e08f-3540-4116-b50e-85eb6e2c2f60","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":178,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"60ceb26c-82d5-4045-99c3-9e1af2bf7c1c","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":178,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"3958da9b-22bd-45e8-8a45-ee06a92d3a07","block_type":"box","text":"attributes of the tranche.","page_number":178,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"17d1e931-5cfb-47fd-93ee-eb45e8da2782","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":178,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"3d6a37ab-31eb-4ab5-974c-54687dc8b204","block_type":"box","text":"Exchange-traded equity options for which market quotations are","page_number":178,"box":{"x":453,"y":620,"width":451,"height":11}},{"id":"89c74ec8-be2e-4622-b1dc-c4986a349984","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":178,"box":{"x":69,"y":635,"width":808,"height":11}},{"id":"39229b8f-ef88-437a-9db6-fa10c5c3bb73","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":178,"box":{"x":68,"y":650,"width":807,"height":11}},{"id":"37904503-9b25-40fe-ae87-4ac1c19d43af","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 (shor t","page_number":178,"box":{"x":69,"y":665,"width":840,"height":11}},{"id":"6f8406c0-ceae-46dd-86b7-dd40307cfce6","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":178,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"50d52010-726a-4854-b823-e7c6ccc2d95e","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":178,"box":{"x":68,"y":696,"width":803,"height":10}},{"id":"8c8e49af-b730-4a5e-9142-34d44a7a77d9","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":178,"box":{"x":69,"y":710,"width":805,"height":12}},{"id":"6fbef72a-2838-4026-acff-cd80fef3a29b","block_type":"box","text":"asset. OTC derivatives may be valued using a mathematical model which may incorporate a number of market data","page_number":178,"box":{"x":69,"y":726,"width":819,"height":11}},{"id":"da1ef9fa-0c2b-4ab0-86d0-ea8c133720dc","block_type":"box","text":"factors. Financial futures contracts and options thereon, which are traded on exchanges, are valued at their last sale","page_number":178,"box":{"x":68,"y":741,"width":834,"height":11}},{"id":"98b84e01-c7cc-44d6-b8d0-05390d633866","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":178,"box":{"x":70,"y":756,"width":824,"height":11}},{"id":"b0e695cf-53d0-4d56-89c4-6321fc16b293","block_type":"box","text":"daily based upon quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":178,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"0343a2ce-b989-43b0-98d5-6098be994864","block_type":"box","text":"Underlying Funds.","page_number":178,"box":{"x":102,"y":794,"width":128,"height":11}},{"id":"90c36186-80b1-4cbe-95bb-78b3e6de555c","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":178,"box":{"x":237,"y":794,"width":621,"height":11}},{"id":"50773afb-eef8-4041-a822-ba73740ff534","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":178,"box":{"x":69,"y":809,"width":837,"height":11}},{"id":"5ec63fbc-3f29-448a-a363-b718992f2a47","block_type":"box","text":"General Valuation Information","page_number":178,"box":{"x":69,"y":839,"width":215,"height":9}},{"id":"8556bcb6-e009-4819-8cb6-492d3cd96f4e","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":178,"box":{"x":102,"y":862,"width":784,"height":11}},{"id":"b03f27e6-af29-4c07-a53e-ab8a4d1c8780","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":178,"box":{"x":69,"y":877,"width":823,"height":11}},{"id":"6252d6ac-d2d0-4533-a44f-207999fb96bd","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":178,"box":{"x":69,"y":892,"width":818,"height":11}},{"id":"ae25a7ed-5976-4e1e-aea0-4fd43b02e488","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":178,"box":{"x":70,"y":907,"width":832,"height":11}},{"id":"5c991a7e-01f9-4fff-8d12-e20bd715cd78","block_type":"box","text":"II-119","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a15631c3-a081-46db-9965-8a665a4293e0","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4cc9b27d-e19c-4779-b3c8-e6ee3a170c95","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":179,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"bd875eb6-6b71-48cf-83c8-ef04427d66ea","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":179,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7670b66a-2452-4614-a38d-d58e46a3d20c","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":179,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"699efdcd-871c-447a-88f9-e07d66f5741a","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":179,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"da09c0db-82e3-4abc-aed6-ae34e830aa64","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":179,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"49646032-92be-4055-a1ad-cdc45cee2ccf","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":179,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"84f32200-7323-47d6-b61a-7d812638f2f0","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or market makers to value each","page_number":179,"box":{"x":102,"y":143,"width":775,"height":11}},{"id":"996e55b8-c505-466f-9aa1-0ea44d675cde","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":179,"box":{"x":70,"y":158,"width":821,"height":9}},{"id":"95d7a464-26ab-470e-af22-627a827b044e","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":179,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"c0999414-ca77-411b-9c41-524d46f69054","block_type":"box","text":"which the Fund valued such security, the revised pricing service quotation generally will be applied prospectively.","page_number":179,"box":{"x":68,"y":188,"width":800,"height":12}},{"id":"3d1f52c4-ad9e-4451-b19a-0aab853e77bf","block_type":"box","text":"Such determination will be made considering per tinent facts and circumstances surrounding the revision.","page_number":179,"box":{"x":69,"y":203,"width":750,"height":12}},{"id":"8106cd4f-7eae-4f80-91b2-0c151f2e6bff","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":179,"box":{"x":102,"y":226,"width":800,"height":11}},{"id":"84c81456-366d-45ce-9dfb-2964ce490beb","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":179,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"8ca75e42-efbe-478f-862e-b00c179cea62","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":179,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"66b03993-32a2-4303-b764-7233a98598de","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":179,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"191d277c-e36f-4a8f-85bd-c76ece662535","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":179,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"4252c701-80e5-4cce-ab9c-3319701c88e3","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":179,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"4ac8be2e-e432-4489-a740-39f90c964c27","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":179,"box":{"x":69,"y":317,"width":685,"height":11}},{"id":"c07a7e90-9aa5-4247-9947-9c746b97d4d8","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":179,"box":{"x":102,"y":339,"width":795,"height":12}},{"id":"9b9c5d98-6b57-48c4-abd4-bbf52e5d3744","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":179,"box":{"x":68,"y":355,"width":805,"height":11}},{"id":"abc33a74-ce33-4a68-9181-140cd061f555","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":179,"box":{"x":69,"y":370,"width":529,"height":11}},{"id":"55f3fadc-9b0a-409a-bb90-d65728cb0f9f","block_type":"box","text":"Fair Value.","page_number":179,"box":{"x":102,"y":392,"width":74,"height":9}},{"id":"5dfabaa4-a18b-48ed-8b78-a323c0b8e83c","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":179,"box":{"x":183,"y":393,"width":693,"height":11}},{"id":"9d350297-cde5-429b-a880-1d526f9d5254","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":179,"box":{"x":70,"y":407,"width":785,"height":12}},{"id":"e202224b-f1dd-467e-ab92-d89bed970eb0","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":179,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"034e7c21-ce50-4d48-932b-505cccef8dc9","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":179,"box":{"x":70,"y":438,"width":779,"height":11}},{"id":"3e666e20-eae9-4912-9c52-7c04e5ca6ac9","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":179,"box":{"x":70,"y":453,"width":773,"height":11}},{"id":"4f32c39e-3d19-4456-ac4f-829f2812a564","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":179,"box":{"x":69,"y":468,"width":772,"height":11}},{"id":"e29b17d6-d5dc-498f-90ec-da7d805c2a18","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":179,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"dd7da4b1-32e3-4759-a16b-9e05bbbad63e","block_type":"box","text":"(","page_number":179,"box":{"x":69,"y":498,"width":3,"height":11}},{"id":"fa8066ab-565a-448d-bce6-b76b103aa4b2","block_type":"box","text":"e.g.","page_number":179,"box":{"x":74,"y":500,"width":25,"height":9}},{"id":"3feab701-cc09-4565-a26f-15e489fa0c7a","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":179,"box":{"x":101,"y":498,"width":806,"height":11}},{"id":"af37f69b-f015-4296-81a5-1a548564f076","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":179,"box":{"x":69,"y":514,"width":813,"height":10}},{"id":"3954732f-48cf-4669-97ce-dbc840d7ec51","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":179,"box":{"x":68,"y":528,"width":837,"height":12}},{"id":"54bf8c21-8f5b-434d-b36d-5d819d28d05e","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":179,"box":{"x":70,"y":543,"width":838,"height":12}},{"id":"74368411-69c4-4743-a2b4-8dedb0d7df18","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":179,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"dc0833f5-10f0-42f9-a518-3497d5a5f042","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":179,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"fa72aa47-f9ff-4f93-a28c-7cae3b34d71d","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":179,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"bc7dc002-9fc1-43bd-af98-71b5e54e2f3c","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":179,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"44adadc4-fc32-4fed-a499-de90f867edd5","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":179,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"98f03cfb-dbd7-459b-9960-e31022262322","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":179,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"4c574092-cb2a-4892-b7d9-9db623b5ca97","block_type":"box","text":"as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair value pricing","page_number":179,"box":{"x":69,"y":649,"width":838,"height":12}},{"id":"964c573c-6b38-42f4-af02-e834281359a0","block_type":"box","text":"based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This","page_number":179,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"51c7a38e-817b-4370-9e60-57319f6db029","block_type":"box","text":"systematic fair value pricing methodology is designed to correlate the prices of foreign assets following the close of","page_number":179,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"0c59c22b-e759-4251-9c1a-aef2415a2e24","block_type":"box","text":"the local markets to the price that might have prevailed as of a Fund’s pricing time.","page_number":179,"box":{"x":68,"y":695,"width":593,"height":11}},{"id":"35313067-9cf6-4650-ba37-8918f86daaad","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":179,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"40c71cf3-74fe-4b86-afe0-d74da1b43b31","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":179,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"2a4854fa-d884-4f60-a9ba-491ea9d83cfe","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":179,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"11d347b7-53dd-49e1-8ff7-66cd12c2e78a","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":179,"box":{"x":70,"y":763,"width":808,"height":11}},{"id":"0720129b-07da-4f27-b0e9-8339d26f317b","block_type":"box","text":"assets and liabilities of the Funds.","page_number":179,"box":{"x":69,"y":778,"width":245,"height":9}},{"id":"dbefc4a6-0e0f-4dac-ba0d-e8b38055ee21","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":179,"box":{"x":101,"y":801,"width":795,"height":11}},{"id":"ec71f7f4-a4dd-4592-8563-f6896c19e1e5","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":179,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"3ae50854-d3be-43c9-a4f0-3a61787715be","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":179,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"fe31db93-f2a9-4ac1-b294-42ea74d46d6c","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":179,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"9f8bb1b9-8750-4012-a293-ff33e9c27d08","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":179,"box":{"x":69,"y":861,"width":744,"height":11}},{"id":"ad524c72-5f3a-444b-a6a4-280196b8c197","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":179,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"dda06683-b73a-4f46-8b51-34d3eb9edfb6","block_type":"box","text":"valuation models.","page_number":179,"box":{"x":68,"y":891,"width":125,"height":9}},{"id":"dcbf1f24-912b-4877-8c77-145d62850c78","block_type":"box","text":"II-120","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1b7015e3-a4de-4111-982a-47dc176c70b5","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae681bfe-421e-4a7c-85ee-37a7d7592290","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":180,"box":{"x":102,"y":45,"width":785,"height":11}},{"id":"42b67b6c-f9e0-4239-9fcd-28fc631e6775","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":180,"box":{"x":68,"y":60,"width":822,"height":11}},{"id":"633b0ad0-bd3f-40b4-b22d-07c94fe5f118","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":180,"box":{"x":68,"y":75,"width":820,"height":11}},{"id":"4a559e30-0b7c-454e-a53b-3ebab35967ad","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":180,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"49a1f3a9-2322-465d-a6e1-1a0c0d84cf3e","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":180,"box":{"x":69,"y":105,"width":766,"height":11}},{"id":"43191b37-4c4e-4113-b73d-db39418dee13","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":180,"box":{"x":69,"y":120,"width":828,"height":11}},{"id":"2c374ece-9981-4095-b75b-23157876c96d","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":180,"box":{"x":69,"y":135,"width":378,"height":12}},{"id":"ee7ed832-db7f-47b5-b2a8-9ae6144e0cdc","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":180,"box":{"x":101,"y":158,"width":784,"height":11}},{"id":"f19d227b-1180-47c8-9c9b-05da656d0b80","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":180,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"bbbd6da2-eca5-48ce-949f-e5c075387aa2","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":180,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"62d5b322-7aaf-46c1-b1fd-80350c6cd50a","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":180,"box":{"x":68,"y":203,"width":728,"height":12}},{"id":"ad8a7da1-33ac-43df-8c04-7365503aa217","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":180,"box":{"x":102,"y":226,"width":786,"height":11}},{"id":"5f8a38b6-5179-44f3-82c1-af353e5143d0","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":180,"box":{"x":68,"y":241,"width":809,"height":11}},{"id":"dfa33ae8-cb1b-439e-907a-f06d98c33536","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":180,"box":{"x":70,"y":256,"width":821,"height":12}},{"id":"14c1e32d-299a-46da-bb2a-7c0f7d7a3a29","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":180,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"d3d330a8-6093-441b-9d17-ee1256ae4c68","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":180,"box":{"x":69,"y":286,"width":641,"height":12}},{"id":"47945d30-25f8-4762-abdc-23f3173a630e","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":180,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"4baefa2d-9e01-4a94-b395-79e07c11a793","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":180,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"23d7bf92-1c5b-41b3-a9bd-ba9d57a3a70e","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":180,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"c0f3482d-e873-4f8e-9ae8-af9a32b23ff9","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":180,"box":{"x":70,"y":355,"width":810,"height":11}},{"id":"0d71f767-c6eb-4271-8b05-fa628c405faf","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":180,"box":{"x":70,"y":370,"width":810,"height":11}},{"id":"096a88ca-0e50-4a9e-a995-14ad6c649e15","block_type":"box","text":"par ty determination of fair market value.","page_number":180,"box":{"x":70,"y":385,"width":285,"height":11}},{"id":"994b3347-e0df-4982-ae96-ac2194919e9a","block_type":"box","text":"Computation of Offering Price Per Share","page_number":180,"box":{"x":69,"y":415,"width":292,"height":11}},{"id":"24ad31a9-4fb5-438e-9892-3002068c9a9a","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":180,"box":{"x":102,"y":438,"width":791,"height":11}},{"id":"7480d22e-b58d-4954-a629-57d6f590910b","block_type":"box","text":"the offering price for shares of your Fund.","page_number":180,"box":{"x":68,"y":453,"width":295,"height":11}},{"id":"c9bd24c6-f681-4f1d-a226-03d9929d4eb0","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":180,"box":{"x":303,"y":482,"width":373,"height":10}},{"id":"a033bd49-c8f1-4f65-9bee-1d5866da564a","block_type":"box","text":"Transactions in Portfolio Securities","page_number":180,"box":{"x":68,"y":513,"width":257,"height":9}},{"id":"e43aa33e-9831-46bd-a370-c2ab10fe0a5d","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":180,"box":{"x":102,"y":535,"width":798,"height":11}},{"id":"90adf18e-2ea3-4a02-8615-e6e46cc6b9d2","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":180,"box":{"x":69,"y":550,"width":839,"height":12}},{"id":"62b08934-8e6a-490c-9cf4-d4821497594c","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":180,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"686b83c9-0aa9-44cc-8716-622a7f20554a","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":180,"box":{"x":69,"y":581,"width":820,"height":11}},{"id":"959dace5-8114-40cf-9133-f3fd8edff2f3","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":180,"box":{"x":68,"y":596,"width":798,"height":11}},{"id":"03a61023-ba7e-495a-8511-e1a5ed865bae","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":180,"box":{"x":69,"y":611,"width":765,"height":11}},{"id":"efefbc18-3310-4ff4-8a21-b34e1321ff85","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":180,"box":{"x":69,"y":626,"width":768,"height":11}},{"id":"2de044b6-eb1f-4855-b76f-ce6bccc69699","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":180,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"aecaf450-7120-45fb-8521-38369678c4b4","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":180,"box":{"x":69,"y":656,"width":760,"height":12}},{"id":"dda4dc1d-e10f-46bf-a52b-e004659b94f2","block_type":"box","text":"reasonable in relation to the services provided.","page_number":180,"box":{"x":69,"y":672,"width":336,"height":10}},{"id":"4ae38ee2-4279-4138-b23c-187fa5cf46a1","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":180,"box":{"x":102,"y":694,"width":794,"height":11}},{"id":"1f8d1dc0-336b-4091-bf0c-4802b0568605","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":180,"box":{"x":70,"y":709,"width":835,"height":11}},{"id":"e3b7b22d-b85e-4c8c-bad8-aaf6dcb8ee08","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":180,"box":{"x":102,"y":732,"width":784,"height":11}},{"id":"46d351ba-7292-40db-8e2e-611323e4f841","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":180,"box":{"x":68,"y":747,"width":829,"height":11}},{"id":"4860cfd4-efed-4b9c-99a6-43eb42aa1ca2","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":180,"box":{"x":69,"y":762,"width":802,"height":11}},{"id":"51778c6a-abc6-4b75-b194-ec88ac07ba2e","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":180,"box":{"x":69,"y":777,"width":826,"height":12}},{"id":"275ac911-08b1-4895-af3e-70805469302f","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":180,"box":{"x":69,"y":792,"width":789,"height":12}},{"id":"27fcf8c0-9558-489c-96b7-98a38b839a13","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":180,"box":{"x":70,"y":807,"width":818,"height":12}},{"id":"a91db9ca-a020-4ed0-ad8e-e9ee7976978c","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":180,"box":{"x":69,"y":823,"width":769,"height":11}},{"id":"96b8dda2-1ef3-4a94-9ba1-281bf7d2fac8","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":180,"box":{"x":69,"y":838,"width":837,"height":11}},{"id":"ca56d294-30d5-4fe8-9b93-acb91f20a386","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":180,"box":{"x":69,"y":853,"width":391,"height":11}},{"id":"93b07d65-92f5-4dd5-ac6d-9a1b6a897369","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":180,"box":{"x":102,"y":875,"width":801,"height":12}},{"id":"825a8156-ce16-490a-92ae-cb350ea36341","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":180,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"fc471259-c33f-428a-b20e-8a2485599f2a","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":180,"box":{"x":69,"y":906,"width":775,"height":11}},{"id":"8edb7998-9c18-4e7f-8791-fcedd554bcee","block_type":"box","text":"II-121","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5ac7a1de-2d8a-4f75-a69b-a1d0fb82232a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b03cdad5-1ccd-45a8-8d29-49ba6d25accc","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":181,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"4699664b-3f9e-44cd-9738-6a4fda9ace96","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":181,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"939ec706-2888-4034-86e2-9ce4adf4998a","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":181,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"1b3f5737-4bde-4277-8fa6-5d362edcb84d","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":181,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"f6765eed-dc4d-4f2f-b4e2-d51247889bfd","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":181,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"a1f78487-d1c7-4eaa-a068-88032926c243","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":181,"box":{"x":70,"y":120,"width":775,"height":12}},{"id":"08684575-5be1-4d86-8cf0-84808bb1f3cf","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":181,"box":{"x":69,"y":135,"width":764,"height":12}},{"id":"bf78f926-7ac0-42b9-b178-8dfa655bf7b7","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":181,"box":{"x":69,"y":151,"width":770,"height":11}},{"id":"9380d017-105d-407d-a512-356b086b6d88","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":181,"box":{"x":69,"y":166,"width":599,"height":11}},{"id":"54dc7b1e-3b1c-4975-bf02-cb2058c77376","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":181,"box":{"x":102,"y":188,"width":796,"height":12}},{"id":"810b6dec-f87b-446e-872c-ea700ae148fb","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":181,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"16df3e37-378d-4ad4-9006-69e8d0c5a8ca","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":181,"box":{"x":68,"y":218,"width":839,"height":11}},{"id":"f33a9510-0aab-4dc4-9074-717e5666c984","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":181,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"a496a0d7-82c6-4d47-97e3-aa308b028130","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":181,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"31540ad7-0d00-492e-88f0-b446a09b213d","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":181,"box":{"x":69,"y":264,"width":808,"height":11}},{"id":"4acaa135-9587-4b61-b56b-4a4d5d2f695f","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":181,"box":{"x":69,"y":279,"width":818,"height":11}},{"id":"9f76f9b7-484b-43af-830d-4059818996d4","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":181,"box":{"x":70,"y":294,"width":813,"height":11}},{"id":"02e35dc8-2438-4f0a-97fd-c00b891ed950","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":181,"box":{"x":70,"y":309,"width":801,"height":11}},{"id":"98ffa6c2-b131-4a9f-8fff-fbff2e233334","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":181,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"d3d52350-501c-4790-ba17-58f18db49d21","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":181,"box":{"x":69,"y":339,"width":790,"height":12}},{"id":"fc57fbe5-5a11-4734-8d03-f56b6c4ba417","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":181,"box":{"x":70,"y":355,"width":361,"height":11}},{"id":"c1a89e08-049d-418a-81ad-a9e924e681e1","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":181,"box":{"x":102,"y":377,"width":791,"height":12}},{"id":"17dc3faf-67e1-4467-b8fb-26b686f2d4b5","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":181,"box":{"x":69,"y":393,"width":819,"height":11}},{"id":"05d0684f-f144-43e7-b1bf-bba2cdc71021","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":181,"box":{"x":69,"y":408,"width":772,"height":11}},{"id":"0597015e-d28b-4fa6-a0e9-f151d406caaf","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":181,"box":{"x":70,"y":423,"width":785,"height":11}},{"id":"91ea034f-27fe-4920-b1c7-4dc8efca80d3","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":181,"box":{"x":70,"y":438,"width":806,"height":11}},{"id":"39b84cc8-9ad2-4f7e-b046-7e340f147b46","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":181,"box":{"x":68,"y":453,"width":772,"height":11}},{"id":"000d3856-50de-4ba4-b9e2-ee3dbc165d85","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":181,"box":{"x":69,"y":468,"width":838,"height":11}},{"id":"739478b8-2b76-441c-837d-73e380cf01dc","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":181,"box":{"x":68,"y":483,"width":769,"height":11}},{"id":"9c4383fb-c5e5-4650-8013-6ac83bcb773f","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":181,"box":{"x":69,"y":498,"width":801,"height":11}},{"id":"cc000f9e-c397-4456-98a9-57d1ae03079a","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":181,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"6c197f4e-1e29-4aa0-84af-dba64d8585f9","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":181,"box":{"x":69,"y":529,"width":363,"height":11}},{"id":"957f052e-786a-45f9-b0be-faa3549ada67","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":181,"box":{"x":102,"y":551,"width":749,"height":11}},{"id":"9fcae022-6367-4fc3-8560-a1cda9db7e7c","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":181,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"c5898dc9-5965-423d-8bbe-4d4b0a85b916","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":181,"box":{"x":70,"y":581,"width":752,"height":12}},{"id":"7df63fe0-d554-481c-8cac-c1b29e1d0724","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":181,"box":{"x":70,"y":596,"width":823,"height":11}},{"id":"a30574a6-59da-4ba8-8336-9e5f37a41994","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":181,"box":{"x":70,"y":612,"width":822,"height":11}},{"id":"ecb87d13-1a67-49ed-9cf9-852289268807","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":181,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"2023a850-0340-40c5-8d34-6fc786bfd84b","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":181,"box":{"x":68,"y":642,"width":805,"height":11}},{"id":"b126ca58-1749-4391-802e-01d4ac1a33e8","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":181,"box":{"x":69,"y":657,"width":798,"height":11}},{"id":"3cb9293e-1c8e-437f-bf3d-bc0d2a344d42","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":181,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"cde5e608-e380-454a-a58a-a110cd7efe35","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":181,"box":{"x":70,"y":687,"width":832,"height":11}},{"id":"93ed9e7b-c356-4d9c-870c-cdae6898830e","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":181,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"42368607-cd01-4b6a-8d11-1ada71d9849d","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":181,"box":{"x":69,"y":717,"width":780,"height":12}},{"id":"3dc7f039-2f65-4e42-8266-3f36cefed7f6","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":181,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"6e93a8f2-cfa5-4b74-86de-0bbf8fe91b06","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":181,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"99c7c98e-9888-4e6a-9ebb-0a47db8c3012","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":181,"box":{"x":69,"y":763,"width":797,"height":11}},{"id":"6290f36c-0e4a-4c1c-88a4-f87350caeae5","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":181,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"7fd0f0fd-2c53-4f8d-a388-8d3ee03c5b49","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":181,"box":{"x":68,"y":793,"width":555,"height":11}},{"id":"f6dae7e9-e249-4682-b591-bd0e32002d15","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":181,"box":{"x":102,"y":816,"width":802,"height":11}},{"id":"d1f492b1-4f0d-4c6d-a2bf-609889c96703","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":181,"box":{"x":68,"y":831,"width":825,"height":11}},{"id":"c15f3edb-d7b2-4503-bc54-d175da8bae37","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":181,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"5d4d2da1-4139-4b93-88db-a0aa572c6957","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":181,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"82bd21dc-c119-49a4-a501-4492e18e1f29","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":181,"box":{"x":70,"y":876,"width":812,"height":11}},{"id":"f9a8cdcc-a1c1-4673-a3f4-d8d2a2a347a5","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":181,"box":{"x":69,"y":891,"width":547,"height":12}},{"id":"d4c3d955-83e8-4ac4-8f87-c7619b921cee","block_type":"box","text":"II-122","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3f10123e-85e1-446c-82dd-a8d4a11eb5ee","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14e371b2-91da-45de-b412-84b1d8c907e3","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":182,"box":{"x":102,"y":45,"width":804,"height":11}},{"id":"d0a73a17-f684-47d3-8279-d1b821ddc127","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":182,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"c3af4b37-a747-4e8b-8ca6-3992c5b0c985","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":182,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"ef93e705-7c03-48ba-bb03-098dc8fc56de","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":182,"box":{"x":70,"y":90,"width":777,"height":11}},{"id":"91fecdb9-9b76-4896-aa28-94bad2ebb28a","block_type":"box","text":"brokerage.","page_number":182,"box":{"x":69,"y":105,"width":74,"height":11}},{"id":"17571d3b-61a9-4320-b2f2-6824a166e9c9","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":182,"box":{"x":102,"y":128,"width":781,"height":11}},{"id":"996ae13c-ffce-4718-a53e-a215d15db0a9","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":182,"box":{"x":68,"y":143,"width":810,"height":11}},{"id":"3fdfd453-d047-4d99-bbb8-6950ef59c869","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":182,"box":{"x":69,"y":158,"width":771,"height":11}},{"id":"dbd769e3-c135-4499-a696-6f571d825407","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":182,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"e0ee97b1-addb-4735-bc30-d6193a345dee","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":182,"box":{"x":68,"y":188,"width":821,"height":12}},{"id":"fc152d9d-9f16-45d9-a4fa-ef60ef36a724","block_type":"box","text":"Section 28(e).","page_number":182,"box":{"x":69,"y":203,"width":99,"height":11}},{"id":"f8c68fac-7abe-4aff-8ebc-f6cb98915555","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":182,"box":{"x":102,"y":226,"width":755,"height":9}},{"id":"c41193a7-f681-4d38-bcfc-a9a86b6a994e","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":182,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"db6be598-b99b-4423-a747-329949891d52","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":182,"box":{"x":69,"y":256,"width":799,"height":11}},{"id":"56709bba-ea64-4b04-ae22-0b3b1dabc0b4","block_type":"box","text":"execute transactions for those mutual funds.","page_number":182,"box":{"x":69,"y":271,"width":319,"height":9}},{"id":"becddb14-762e-4e7d-bde7-83a086da67c5","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":182,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"c628c558-2b20-4a0c-b5ce-823a385121d4","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":182,"box":{"x":70,"y":309,"width":825,"height":11}},{"id":"40562700-4120-49f2-8e82-bf7b469d1e5d","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":182,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"c3aff403-dde0-423d-85ca-6a5cc72a7bce","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":182,"box":{"x":69,"y":340,"width":805,"height":11}},{"id":"c020ce59-7e7e-4f27-8dc9-8b2a66889c91","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":182,"box":{"x":68,"y":355,"width":773,"height":11}},{"id":"33e7738c-2f39-49ad-a060-283f805f56ca","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":182,"box":{"x":69,"y":370,"width":798,"height":11}},{"id":"22505d6f-112e-423d-b8c5-59b3a1e54e56","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":182,"box":{"x":70,"y":385,"width":812,"height":11}},{"id":"3cfc4cc7-9731-4413-ad6c-82143a72b47b","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":182,"box":{"x":69,"y":400,"width":754,"height":11}},{"id":"4c0754b0-2e4b-482c-bcc8-83270a180d6f","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":182,"box":{"x":69,"y":415,"width":540,"height":11}},{"id":"012a45e5-0943-478e-bca4-9e32d603aad8","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":182,"box":{"x":102,"y":438,"width":798,"height":11}},{"id":"567fa9c4-fb83-4996-8966-2c06e3c981e4","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":182,"box":{"x":68,"y":453,"width":597,"height":11}},{"id":"db8f3ff4-63b0-400c-bb25-f861863a5faa","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":182,"box":{"x":102,"y":476,"width":802,"height":11}},{"id":"43d7cf62-3d39-4382-8d75-851579533777","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":182,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"764768da-7161-4f08-a504-0851a66c18d1","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":182,"box":{"x":69,"y":506,"width":804,"height":11}},{"id":"91ecd87c-9321-4927-a078-404ced448b3e","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":182,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"32475b9e-137d-46c5-9f55-9279a38fc47e","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":182,"box":{"x":69,"y":536,"width":762,"height":11}},{"id":"e859d659-5648-4244-9b0d-96984c44daca","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":182,"box":{"x":68,"y":551,"width":770,"height":11}},{"id":"528bcd16-2ad4-4881-8aec-3abb7e27e199","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":182,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"f4a8ceec-bb0d-4d56-a45d-a635dc25d413","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":182,"box":{"x":70,"y":581,"width":814,"height":12}},{"id":"14e4d7a3-debf-489a-b010-bd7b589a8285","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":182,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"e9828764-10ea-47c2-b8da-8e03c6253495","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":182,"box":{"x":69,"y":612,"width":645,"height":11}},{"id":"2d41d245-bd45-436b-81e8-fff9a8155fa2","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":182,"box":{"x":102,"y":634,"width":797,"height":12}},{"id":"8642bfa0-f96b-4ad9-9eb1-92a817fa954d","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":182,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"6b84f463-7271-43e4-83b6-c0bc32bb3c55","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":182,"box":{"x":69,"y":665,"width":839,"height":11}},{"id":"363c1cfa-2eea-4bb2-aabf-084282a05e62","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":182,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"8463b35c-5199-4456-89ac-9e2a285e7a86","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":182,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"5cab664c-cfb1-48d2-a862-1048ad552181","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":182,"box":{"x":70,"y":710,"width":730,"height":11}},{"id":"84c987a1-1035-430f-9588-2a2afe2efedb","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":182,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"53709bce-ed36-4efd-978d-93e20cc634a6","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":182,"box":{"x":69,"y":748,"width":807,"height":11}},{"id":"c3c373fc-6927-43b6-bb7c-e3b2e3683203","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":182,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"2ce74938-6ca6-47cc-b98a-a0a24dd061c8","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":182,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"7969606f-b92d-4e8f-be45-f38d4c7558bb","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":182,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"b0415266-32b4-41bd-9100-8397b5ebf7ae","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":182,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"5c5b584a-f7f1-48d1-b2b4-38dbf7376b81","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":182,"box":{"x":69,"y":823,"width":802,"height":12}},{"id":"e68e20de-ed5c-4a50-8042-95b3a83fc551","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":182,"box":{"x":69,"y":838,"width":700,"height":11}},{"id":"86f95c66-2ab7-4f65-8726-4615e3352816","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":182,"box":{"x":102,"y":861,"width":756,"height":11}},{"id":"1654af1b-9d3c-4bae-9950-6281e2c1b498","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":182,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"cbc889bf-52be-4b5f-a22f-89ad217f2cea","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":182,"box":{"x":69,"y":891,"width":766,"height":11}},{"id":"187c136c-d611-4783-aeee-4bd64172a636","block_type":"box","text":"II-123","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cc482e92-b35a-4a0b-bdb9-aa7a6fa6b75d","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4788163-8ae9-4166-99e3-0941091dcf4f","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":183,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"8f3d89bc-2f84-46f1-bd73-538ac090efc9","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":183,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"d58b757a-e3c9-4519-bc88-c411d5380e2d","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":183,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"e7de4f19-9951-4be7-be86-b4120073bae9","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":183,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"7f88661e-de00-4456-a017-1d22d5439c85","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":183,"box":{"x":70,"y":105,"width":800,"height":11}},{"id":"0c587f37-7cd3-4bc5-a588-5643ef9faecb","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":183,"box":{"x":69,"y":120,"width":352,"height":11}},{"id":"a07d3d81-7af7-46e4-af6d-b389d8b19233","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":183,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"7c21b556-c84a-4311-9549-802ce96279a1","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":183,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"d06f066c-2c1f-4766-8e31-45c81ebd6ed2","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":183,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"71c85320-84ae-402c-b629-376fd216cc7b","block_type":"box","text":"factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry, country or","page_number":183,"box":{"x":68,"y":188,"width":819,"height":12}},{"id":"e39ebb7a-8770-44a0-bb0b-7dc31ecd75fd","block_type":"box","text":"region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration","page_number":183,"box":{"x":69,"y":203,"width":783,"height":12}},{"id":"24ac6eac-a607-4a51-afee-ff375b9148d5","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":183,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"c59b7a6a-4dfb-4215-ab4d-f747aab4a903","block_type":"box","text":"(vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment","page_number":183,"box":{"x":69,"y":234,"width":809,"height":11}},{"id":"a3f10c15-7586-4649-a265-f45e0a2d9c09","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":183,"box":{"x":69,"y":249,"width":783,"height":11}},{"id":"056cf578-748b-487a-a38b-58ff55705ea1","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":183,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"9a74e63b-f8f3-45e9-83fb-d62b860cff09","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":183,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"f7f81cd0-235f-487b-b726-cd03552a33ee","block_type":"box","text":"one client account over another or to produce greater per formance compensation to BlackRock, (iii) to develop or","page_number":183,"box":{"x":69,"y":294,"width":808,"height":11}},{"id":"c64bf513-5a0d-473b-922f-9b72f0b8c61a","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":183,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"ea894588-5da2-4a5a-80fb-0b80fa7b5ae9","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":183,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"6c74e9f5-bfe2-4d21-a734-62d64544a9c2","block_type":"box","text":"equalize investment per formance among different client accounts.","page_number":183,"box":{"x":69,"y":339,"width":472,"height":12}},{"id":"1063243b-90d7-44b4-90a0-bc6e19a728d5","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":183,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"fd4c1871-9ac4-4d49-9085-8f1c468dd481","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":183,"box":{"x":69,"y":377,"width":800,"height":11}},{"id":"95b85cf0-f785-4151-9cae-8bcb1705c6f4","block_type":"box","text":"accounts and compliance constraints.","page_number":183,"box":{"x":69,"y":393,"width":269,"height":10}},{"id":"e1b4f696-fd16-4704-9a60-13ff12082b8d","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":183,"box":{"x":102,"y":415,"width":736,"height":11}},{"id":"7e86bd3d-da09-457d-92c2-8965d1264b37","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":183,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"9abad6a4-3bc9-4272-8e93-8ff22568a273","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":183,"box":{"x":69,"y":445,"width":821,"height":11}},{"id":"80bd6282-a22c-4e05-a6b8-b470b99ff2c5","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":183,"box":{"x":69,"y":460,"width":823,"height":12}},{"id":"10e3083c-7661-454f-9604-0d069c478038","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":183,"box":{"x":70,"y":475,"width":783,"height":12}},{"id":"97af3517-2398-4241-ad68-9169b6a0dbb6","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":183,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"aed792ac-cdf5-4f9c-8f44-a5c955e8ddff","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":183,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"ccbb6735-fec3-4d43-9048-e4219e409184","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":183,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"5ff94944-37cd-4b77-98fa-f8433f328c1d","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":183,"box":{"x":68,"y":536,"width":839,"height":11}},{"id":"d0351ed3-ed6e-4437-928e-ee6319d7fed3","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":183,"box":{"x":69,"y":551,"width":835,"height":11}},{"id":"dbbb213a-605f-443a-b051-89d0951f5191","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":183,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"7b8f9635-ec3b-4a6c-a304-491e45b3eca1","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":183,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"f98b5514-fdcb-49b1-81c4-59b82fa7516b","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":183,"box":{"x":69,"y":596,"width":791,"height":12}},{"id":"62d4f431-30e3-4e2e-bcb0-d5293751c231","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":183,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"bf205091-77bc-4c86-a504-2056d996937e","block_type":"box","text":"clients may be used as well.","page_number":183,"box":{"x":69,"y":627,"width":200,"height":11}},{"id":"a747ee0f-6c6f-4932-b7a2-9f9f05878525","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":183,"box":{"x":102,"y":649,"width":789,"height":12}},{"id":"2f6ee4f7-2e31-452b-9090-e234d6f52035","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":183,"box":{"x":68,"y":664,"width":815,"height":12}},{"id":"df1dcee7-4c8c-4517-8dd6-15ea70f3b18a","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":183,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"d002174e-06a3-401f-b632-dd05ac1a8104","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":183,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"eb895022-383f-465c-a6a5-149acebae950","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":183,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"c93696ca-d6b7-4682-99d1-5f97afc59029","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":183,"box":{"x":69,"y":725,"width":825,"height":11}},{"id":"dee6ab0e-7ea3-4c07-ba80-ff36221c673d","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":183,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"3b7e359f-187a-40b9-89a6-91bcd48a41d9","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":183,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"4e9fbe81-c9fd-46e0-ad83-eb5fd84d7181","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":183,"box":{"x":69,"y":770,"width":836,"height":9}},{"id":"a13403f2-f25a-43c2-98a5-dc79d1beed79","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":183,"box":{"x":69,"y":785,"width":773,"height":12}},{"id":"5722889c-442d-477c-80b0-273edb014a7a","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":183,"box":{"x":69,"y":801,"width":467,"height":11}},{"id":"c7da69ff-efc7-42f3-91f0-dbca8029d0c2","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":183,"box":{"x":102,"y":823,"width":741,"height":12}},{"id":"cc048374-d23f-4776-9552-7c4936d6299a","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":183,"box":{"x":69,"y":838,"width":721,"height":12}},{"id":"5df6f106-bbcb-43b9-9e85-2419b3227f29","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":183,"box":{"x":69,"y":853,"width":824,"height":12}},{"id":"a38f2e56-1b76-4bd4-9050-3a3705369731","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":183,"box":{"x":68,"y":869,"width":795,"height":11}},{"id":"fea62dbd-09dd-475b-a502-0f1bea92bd2d","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":183,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"458f8f6a-9dab-4eb8-907d-044c2c5236e6","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":183,"box":{"x":69,"y":899,"width":783,"height":11}},{"id":"908d3b1b-f3d3-44e3-a91b-6941a9bc08e7","block_type":"box","text":"II-124","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e21f4bfc-fa09-40b8-8b18-3be8345ff27f","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8c4a04b-f615-466b-89bd-3d2b6d5b518e","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":184,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"b5e6423e-6988-47e5-8618-b002a5120906","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":184,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"d8fc7da8-53e8-4a7d-b046-abfe974083d6","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":184,"box":{"x":68,"y":75,"width":819,"height":11}},{"id":"388b1378-9e14-41e8-9f56-d9620e5ddd66","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":184,"box":{"x":70,"y":90,"width":771,"height":11}},{"id":"691bfe74-1e86-41e2-b1cf-59be9bbf15c1","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":184,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"d88d62da-0e16-48e0-bf4f-10d482da6f4f","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":184,"box":{"x":68,"y":120,"width":835,"height":12}},{"id":"77b457e0-ce3c-45ab-a86c-41b9b7f465c9","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":184,"box":{"x":68,"y":135,"width":817,"height":12}},{"id":"b027a100-ce02-46b4-b467-97dbb91ef6b4","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":184,"box":{"x":68,"y":150,"width":823,"height":11}},{"id":"ef441728-00af-4614-abb8-e66333a81e2a","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":184,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"a9a456e6-20b3-4e72-9770-ffb340030421","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":184,"box":{"x":101,"y":188,"width":767,"height":12}},{"id":"fd9688ad-b4a6-4d89-af41-fb1e95085210","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":184,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"52e953a0-7bba-4674-8c39-00fb96b2ad70","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":184,"box":{"x":69,"y":218,"width":816,"height":12}},{"id":"a5bec4d6-9fd6-4c14-aa0f-af7e49c5a1b1","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":184,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"46026220-88b8-4f94-a431-21fcf8f33549","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":184,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"241d8901-9c50-4d79-8fc5-cc254d67b3d1","block_type":"box","text":"Portfolio Turnover","page_number":184,"box":{"x":69,"y":279,"width":129,"height":9}},{"id":"d53d047b-ea23-4ab9-bf69-a88fed26143c","block_type":"box","text":"While a Fund generally does not expect to engage in trading for shor t-term gains, it will effect por tfolio","page_number":184,"box":{"x":101,"y":302,"width":729,"height":11}},{"id":"cbb3009a-84a0-49ea-9715-b552067433dd","block_type":"box","text":"transactions without regard to any holding period if, in Fund management’s judgment, such transactions are","page_number":184,"box":{"x":68,"y":317,"width":770,"height":11}},{"id":"ecf9300a-d5b2-418e-a341-278f4a7a38b7","block_type":"box","text":"advisable in light of a change in circumstances of a par ticular company or within a par ticular industry or in general","page_number":184,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"6607f66e-22a2-4b47-9a08-e98ff8c8ac30","block_type":"box","text":"market, economic or financial conditions. The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s","page_number":184,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"f6520a2e-b099-4769-a6d9-780bb27db8e4","block_type":"box","text":"annual sales or purchases of por tfolio securities (exclusive of purchases or sales of U.S. Government Securities and","page_number":184,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"a22769e7-0fea-4f8b-8b4f-f5493537f66c","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":184,"box":{"x":69,"y":377,"width":837,"height":12}},{"id":"b6faa880-2b2f-4267-9900-82179535e5ea","block_type":"box","text":"the securities in the por tfolio during the year. A high rate of por tfolio turnover results in cer tain tax consequences,","page_number":184,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"71303c14-cb08-4025-8856-2edcea2db959","block_type":"box","text":"such as increased capital gain dividends and/or ordinary income dividends, and in correspondingly greater","page_number":184,"box":{"x":69,"y":408,"width":761,"height":11}},{"id":"b302a3a3-2fb2-4c43-bafe-d08522cc1217","block_type":"box","text":"transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by a Fund.","page_number":184,"box":{"x":68,"y":423,"width":799,"height":11}},{"id":"aad41298-aa5b-4c96-93dd-b79c545a122e","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":184,"box":{"x":396,"y":452,"width":186,"height":10}},{"id":"084b88bd-c005-4dbb-a07e-b2fdaf845965","block_type":"box","text":"Dividends","page_number":184,"box":{"x":69,"y":483,"width":69,"height":8}},{"id":"aad53d03-eecf-42cf-afec-80fd6f05e78e","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":184,"box":{"x":102,"y":505,"width":776,"height":11}},{"id":"db2f07e3-aa6e-44b5-b993-337fc3a1c66f","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":184,"box":{"x":70,"y":520,"width":795,"height":11}},{"id":"4b3f79d1-ae4d-4160-ab29-87c3f9c019c0","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":184,"box":{"x":69,"y":535,"width":837,"height":12}},{"id":"e4d837e3-1de0-495d-b9ce-7dedd3638403","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":184,"box":{"x":69,"y":550,"width":836,"height":12}},{"id":"5a1fc7fb-0c8f-4435-ac7c-b6a71a700641","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":184,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"c6a6409c-94ff-48ec-a91d-66246b74c0e5","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":184,"box":{"x":69,"y":581,"width":739,"height":11}},{"id":"4fbbc107-19d7-4695-83fa-50379b9c306d","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":184,"box":{"x":102,"y":603,"width":773,"height":12}},{"id":"a2622e4b-36c6-4495-9d2d-969f7a8fda8d","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":184,"box":{"x":70,"y":619,"width":819,"height":11}},{"id":"3dce6875-fc5c-434c-8cb0-a9e2aadbbaa4","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":184,"box":{"x":69,"y":634,"width":807,"height":11}},{"id":"18cefa39-3960-4517-a7b8-9a9dfc4ad335","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":184,"box":{"x":68,"y":649,"width":800,"height":11}},{"id":"e33badc1-4cd6-4d81-ad39-8febf58ea290","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":184,"box":{"x":69,"y":664,"width":801,"height":11}},{"id":"2571c360-0e0d-4ee2-8ef9-faef60eb061e","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":184,"box":{"x":69,"y":679,"width":783,"height":11}},{"id":"b2c365c0-6e46-49a8-933e-3f3c67867515","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":184,"box":{"x":69,"y":694,"width":820,"height":11}},{"id":"707f815f-9d8f-4c34-addd-aa2102cfc6ac","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":184,"box":{"x":69,"y":709,"width":794,"height":11}},{"id":"e101b111-6b90-40bb-b1de-fa688b605fd4","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":184,"box":{"x":69,"y":724,"width":834,"height":12}},{"id":"f14d8fba-c889-441d-9e0e-6928afb375f3","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":184,"box":{"x":68,"y":739,"width":826,"height":11}},{"id":"bd285de2-ad49-4e04-abb0-f05493e0c8e2","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":184,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"14a74567-f7bd-4c8f-bbad-76ed40ddac50","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":184,"box":{"x":68,"y":770,"width":461,"height":11}},{"id":"adc766e4-b235-4ad7-93f9-3dccfebf60e9","block_type":"box","text":"Taxes","page_number":184,"box":{"x":68,"y":800,"width":42,"height":9}},{"id":"7e21fcff-c52a-4828-a1ee-0831c49e648a","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":184,"box":{"x":102,"y":823,"width":732,"height":11}},{"id":"b8040e52-1392-47b6-9334-8553703b6573","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":184,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"fbaec710-c0b7-4069-9c93-0ff3e5c199a2","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":184,"box":{"x":70,"y":853,"width":817,"height":11}},{"id":"2d7e0fed-df66-4523-92c3-8c9c84ad82e5","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":184,"box":{"x":69,"y":868,"width":832,"height":11}},{"id":"f4bda332-2d06-4a40-be87-e2082ab1289e","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":184,"box":{"x":69,"y":883,"width":791,"height":11}},{"id":"21bc3f19-fb80-48c2-9b4d-48329b041b34","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":184,"box":{"x":69,"y":898,"width":786,"height":11}},{"id":"ee9e569e-00c1-4dab-931c-d04a3590e3e6","block_type":"box","text":"II-125","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d9f16054-3fdb-4ac2-8b8b-e26e627a0203","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06739c48-990c-45d1-91b4-b9b49f0ee3b3","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":185,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"c6616152-b7db-4b5b-b00d-a6c7382a25ce","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":185,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"728cac41-9009-4c2f-acdd-e299cebb17a2","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":185,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"59a77863-ece5-4026-862f-3dd8b4db4560","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":185,"box":{"x":69,"y":90,"width":739,"height":11}},{"id":"2a1c15ac-1556-4768-a288-de499f874aaa","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":185,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"1ceeb56f-1c54-49ad-a82b-7867c56e4934","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":185,"box":{"x":68,"y":128,"width":819,"height":11}},{"id":"3a6cb406-3f31-49c0-bcc0-683088365cc6","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":185,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"523989f9-faf7-47dc-b453-8d1eb5d7a14d","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":185,"box":{"x":68,"y":158,"width":744,"height":11}},{"id":"3a3a495c-49d8-463f-be22-553b1a6e027c","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":185,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"58d57ab5-edec-4aa6-aa37-fb825861442b","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":185,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"d25fa4c4-cadd-4022-989e-5c566d7afa5e","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":185,"box":{"x":69,"y":203,"width":767,"height":12}},{"id":"94e94bc4-f8fb-49f2-8aef-6b51df22f3ea","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":185,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"18e0a119-5bbd-423a-b8e9-bbbb134c805b","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":185,"box":{"x":68,"y":234,"width":521,"height":11}},{"id":"38aa9839-dbc1-4fac-8b4d-04723d66e1b3","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":185,"box":{"x":102,"y":256,"width":798,"height":12}},{"id":"27e38510-f51e-4336-967c-772b57d92764","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":185,"box":{"x":69,"y":271,"width":762,"height":12}},{"id":"a634ac4a-2bf5-4bcc-ab73-5cc69d17f029","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":185,"box":{"x":70,"y":286,"width":789,"height":12}},{"id":"8388b74d-8f75-414b-802c-c75e776dc966","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":185,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"dc0c97ef-e3d1-465e-91be-0d7e5d4eb3b7","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":185,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"ced1177e-31c2-4142-b459-4817c6a4b59b","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":185,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"2638c4c8-57ea-4cda-8659-b61844657672","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":185,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"8e4b6919-4b66-4542-897d-3548ee33d5a8","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":185,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"8eb1e92b-529a-4cda-b94a-6379712deb9a","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":185,"box":{"x":70,"y":377,"width":813,"height":12}},{"id":"e94fe932-5fbf-430f-a9f4-e18bee28b121","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":185,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"1fa2b70e-7281-42cb-9df9-a5c8172ff448","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":185,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"ef2f2a58-05aa-45ce-a8bc-ee791409d7b0","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":185,"box":{"x":69,"y":423,"width":771,"height":11}},{"id":"2489cc52-6f2b-434a-ab90-3d921d761be0","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":185,"box":{"x":69,"y":438,"width":512,"height":11}},{"id":"c4215728-d673-4372-8e18-d214a10fdb08","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":185,"box":{"x":101,"y":460,"width":759,"height":12}},{"id":"141fb135-f1bf-4e57-b86a-aa10c02173b6","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":185,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"b6cc7dab-bbd2-4fa0-8207-0d7148b8f15c","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":185,"box":{"x":69,"y":491,"width":830,"height":11}},{"id":"81ba23a3-57ca-42b9-8350-2c035360c01e","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":185,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"e166b482-eb39-4006-8515-881de4202dfa","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":185,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"22559879-9c7b-479e-ad40-abd4e1f718de","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":185,"box":{"x":70,"y":536,"width":810,"height":11}},{"id":"a44c057a-454f-4131-8ea1-5ce4e370319b","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":185,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"a041449f-29ac-4d8a-a474-98eed9000b05","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":185,"box":{"x":68,"y":566,"width":666,"height":11}},{"id":"97a2c403-573f-47d8-a844-2bd87353bd33","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":185,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"393e0e35-583d-412d-83fc-013941f5b077","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":185,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"d00baa32-500c-4249-bd70-2b886367c125","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":185,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"b268df63-2d73-43cd-9fe0-26c302b35af0","block_type":"box","text":"limitation.","page_number":185,"box":{"x":70,"y":634,"width":68,"height":9}},{"id":"0265e03e-a68f-4fa3-a041-e5fa3313171f","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":185,"box":{"x":102,"y":657,"width":803,"height":11}},{"id":"504e79e4-f9be-4122-8947-477f940d711e","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":185,"box":{"x":68,"y":672,"width":790,"height":11}},{"id":"ca841018-3f11-42be-8b3f-cd4fc2b7ae70","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":185,"box":{"x":70,"y":687,"width":815,"height":11}},{"id":"a5d14b3b-2200-4bb2-bf03-76f9cede0b17","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":185,"box":{"x":68,"y":702,"width":748,"height":12}},{"id":"67a8980c-df7b-4d7d-8a4f-03470670a562","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":185,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"e07a0066-45f6-41b2-8fe1-76b2bcbba1fb","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":185,"box":{"x":70,"y":732,"width":829,"height":12}},{"id":"0df51d71-f7c2-421f-9546-e0b6a7cb77cf","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":185,"box":{"x":70,"y":748,"width":785,"height":11}},{"id":"7f5e1546-f78a-4975-8e2c-2010efa09fb5","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":185,"box":{"x":69,"y":763,"width":795,"height":11}},{"id":"668efcec-dd72-4321-b0dc-e07e3c73b707","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":185,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"0c8feab2-d98e-47ce-b1d4-d090bf717c71","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":185,"box":{"x":68,"y":793,"width":814,"height":11}},{"id":"1e02728a-093f-4fff-8bc5-840e3975ba43","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":185,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"0f695407-5d9d-4fd6-95bb-bb8b0198a5a3","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":185,"box":{"x":68,"y":823,"width":751,"height":11}},{"id":"e963f1e6-7831-4c18-bbc6-0182e1ed46ee","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":185,"box":{"x":69,"y":838,"width":823,"height":11}},{"id":"02d0a4e6-7552-48dd-84db-f9ae7767b84d","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":185,"box":{"x":68,"y":853,"width":817,"height":12}},{"id":"7e94519f-77cb-4b69-bcf8-2b1265594025","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":185,"box":{"x":68,"y":869,"width":813,"height":11}},{"id":"7ecacccb-0ab0-4b72-b450-dc1cc311c676","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":185,"box":{"x":69,"y":884,"width":825,"height":11}},{"id":"c7d065f6-6ec8-4fd2-b47a-2e0f6801372f","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":185,"box":{"x":68,"y":899,"width":789,"height":11}},{"id":"ddfbfe82-61c7-422f-bcb1-e958b3411346","block_type":"box","text":"II-126","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f4b920e7-04b5-441f-9b87-cc5c32e288fb","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c895ad9-8df5-4dfc-8963-b14152ce0d49","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":186,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"35c5b01c-9159-49fd-9fc2-c25140e4451d","block_type":"box","text":"constitute “qualified dividend income.”","page_number":186,"box":{"x":69,"y":60,"width":275,"height":11}},{"id":"05840e0e-ba3b-43e0-b0ce-c57034d09ec7","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":186,"box":{"x":101,"y":83,"width":806,"height":10}},{"id":"16677f45-d9d2-4822-b456-0d35105db692","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":186,"box":{"x":70,"y":98,"width":368,"height":11}},{"id":"64f3a9d2-1b15-4c3c-8ef3-3f7977fcbc4c","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":186,"box":{"x":101,"y":120,"width":772,"height":12}},{"id":"e83f06b5-ed8e-46a3-9f21-faf66026bf93","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":186,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"4b229c18-02a0-462b-93d7-18f1d4e3ba90","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":186,"box":{"x":70,"y":151,"width":745,"height":11}},{"id":"750fe57c-af04-445d-9378-2a5dcda8a59f","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":186,"box":{"x":69,"y":166,"width":795,"height":11}},{"id":"c3e35775-1dde-497b-b586-851f391eb01a","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":186,"box":{"x":70,"y":181,"width":838,"height":11}},{"id":"73ba2425-38ea-40e0-a6f4-1fe19023bfbd","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":186,"box":{"x":69,"y":196,"width":809,"height":11}},{"id":"1869e45d-6ccb-44a1-b142-d23a99fe6520","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":186,"box":{"x":69,"y":211,"width":822,"height":11}},{"id":"eec1a50b-c269-426a-845c-e8f262a7a77c","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":186,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"e84ab4ec-7e89-4fc0-853b-a58484fc1af0","block_type":"box","text":"against their taxes.","page_number":186,"box":{"x":69,"y":241,"width":135,"height":11}},{"id":"1be084d4-b585-4d2d-b063-74fedd9b5324","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":186,"box":{"x":102,"y":264,"width":783,"height":11}},{"id":"ccbc9416-cb9d-48b9-bb61-02981421f7dc","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":186,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"35d145aa-0b68-49a5-a7dd-29e9ecc83e87","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":186,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"e3f3f6e7-7f73-463e-b309-3852ac26d1d0","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":186,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"b6b1a97b-ff95-478e-89b7-3e4ff566ef2b","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":186,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"da161513-3f92-4659-a8d3-61fade7c3a53","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":186,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"cfc58c8c-a00d-4151-97fc-44f3f59b8786","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":186,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"cfd94f1f-a6a7-4145-9eff-5ab9ec2234ba","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":186,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"dcdb378c-a75a-4ab3-9aed-3acb6eefa528","block_type":"box","text":"dividends received by the shareholder.","page_number":186,"box":{"x":69,"y":385,"width":272,"height":11}},{"id":"f316382a-ea96-4ed8-b15a-3faa28cbdb63","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":186,"box":{"x":102,"y":407,"width":792,"height":12}},{"id":"3143a673-ac84-4e8f-90bb-613754d6ed00","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":186,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"86891bc3-edb2-41b3-b74c-48c60ce0543d","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":186,"box":{"x":68,"y":438,"width":809,"height":11}},{"id":"5954a69a-38ef-4f95-8a71-cff5f92cfbd8","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":186,"box":{"x":68,"y":453,"width":819,"height":11}},{"id":"a6d08c05-8b22-4f3d-8215-9459e20b54be","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":186,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"e49c09cd-c8b8-4241-95c6-b4d60dc76837","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":186,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"8bf0a2ec-839a-4b97-b2b3-0949b6fca4a3","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":186,"box":{"x":69,"y":498,"width":804,"height":11}},{"id":"14082a60-619f-4ff3-bd2b-d1f75e3a23dd","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":186,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"5b13c833-f4ff-4cdf-8144-92b65dec263c","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":186,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"a1e3061e-10e9-4243-8ff5-8a128148cd09","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":186,"box":{"x":68,"y":543,"width":826,"height":12}},{"id":"b95c03a5-ee22-4a47-a4da-3dbdf90fcdbe","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":186,"box":{"x":70,"y":559,"width":772,"height":11}},{"id":"b8433b35-6894-4ef3-8aff-b664381c2d4f","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":186,"box":{"x":70,"y":574,"width":795,"height":11}},{"id":"94fc6844-eb13-446c-9b4d-649bb040fa72","block_type":"box","text":"taxable year.","page_number":186,"box":{"x":68,"y":589,"width":89,"height":11}},{"id":"6ff98e11-a515-4239-91d9-9f20dfc4d411","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":186,"box":{"x":102,"y":612,"width":733,"height":11}},{"id":"7b749ef2-2945-4255-acfe-ba1427fe201d","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":186,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"9046a432-7f5d-4448-a0ee-ad8cf9d0ed0c","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":186,"box":{"x":69,"y":642,"width":809,"height":11}},{"id":"e5dac28a-2838-454d-a614-7b90bd30602a","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":186,"box":{"x":69,"y":657,"width":362,"height":11}},{"id":"c5ed557e-ed4a-42b1-a41a-0db87456acc2","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":186,"box":{"x":102,"y":680,"width":795,"height":11}},{"id":"0ce9da95-edac-4fbc-ae30-44e41b006022","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":186,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"2d49d1a0-e84c-4ee1-b32d-21c1b2ff16de","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":186,"box":{"x":69,"y":710,"width":797,"height":11}},{"id":"8c39df09-61db-4a0b-987e-2feeb59acef2","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":186,"box":{"x":69,"y":725,"width":791,"height":11}},{"id":"6bccff47-ed3b-4976-b0f6-77544ce775b6","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":186,"box":{"x":70,"y":740,"width":646,"height":11}},{"id":"3a17bd73-b7ee-40fc-add8-e622ec5bc8fe","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":186,"box":{"x":101,"y":763,"width":807,"height":11}},{"id":"129cd6a9-8b0f-48de-84ec-a41fe126757d","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":186,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"698b446a-618b-4d91-b2f0-c60aa1b9ef0d","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":186,"box":{"x":69,"y":793,"width":799,"height":11}},{"id":"94ea7409-880d-489b-b7bb-d0aab5027514","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":186,"box":{"x":69,"y":808,"width":534,"height":11}},{"id":"04270be0-6f6a-480d-92f5-58ecaacc6af5","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":186,"box":{"x":101,"y":831,"width":792,"height":11}},{"id":"cf5e4c31-0703-40ea-b5f9-46024bda9c8e","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":186,"box":{"x":69,"y":846,"width":800,"height":11}},{"id":"92f0c0e7-1d91-4523-b60d-fcab9184b614","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":186,"box":{"x":70,"y":861,"width":828,"height":11}},{"id":"560e433d-3185-4797-a08c-5801c70ce09a","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":186,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"7df7f7b7-87bb-49b4-aa38-04e58d903ba1","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":186,"box":{"x":69,"y":891,"width":816,"height":11}},{"id":"46bd31bf-a040-4942-84b0-5526117dc5ce","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":186,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"b6fe5c0d-48ba-4570-a667-0a1932c74792","block_type":"box","text":"II-127","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4a9518eb-5871-4138-94d6-5051d5b47a95","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e81ddcd9-f47e-4e72-b1e4-8ec662b6a739","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":187,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"70edcde1-b8f3-4fc5-9027-79c5e1aa33fe","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":187,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"8888ee8c-64ff-470f-9355-ea182eacac50","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":187,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"16a8a466-bd22-42d0-86e4-3665dbcc39c0","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":187,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"677c7c68-3949-4b39-97b6-9e31126f64af","block_type":"box","text":"redemption of such shares.","page_number":187,"box":{"x":69,"y":105,"width":195,"height":11}},{"id":"bf5a89fe-7e3c-4ce2-8f09-130362f9c32c","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":187,"box":{"x":102,"y":128,"width":799,"height":11}},{"id":"4edd607f-e484-493f-b031-7139fae287ef","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":187,"box":{"x":69,"y":143,"width":791,"height":11}},{"id":"e7f879e1-c283-46e7-8025-d4a382074c1f","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":187,"box":{"x":70,"y":158,"width":826,"height":11}},{"id":"0389be32-3998-4348-a215-4ea6e6ca852c","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":187,"box":{"x":69,"y":173,"width":803,"height":11}},{"id":"b9fa799e-0cae-4b7e-b53b-5a012e29400e","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":187,"box":{"x":70,"y":188,"width":825,"height":12}},{"id":"5a2c04cf-6f16-44cc-bafe-8fc0b19d7497","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":187,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"6b8bb5a1-ae88-4071-8f90-970df26b91fd","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":187,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"1576833e-1027-4bf6-87ea-56fc07f6a192","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":187,"box":{"x":68,"y":234,"width":831,"height":11}},{"id":"c110e3f2-e88c-4ea1-97eb-cc23c6c42e9b","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":187,"box":{"x":69,"y":249,"width":775,"height":11}},{"id":"01aa6e17-2e6e-4fd0-a85e-a325b8d84ea1","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":187,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"9dee4dbe-0627-4b4e-a2b4-a83bad4d5d91","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":187,"box":{"x":69,"y":279,"width":658,"height":11}},{"id":"1d2d15d5-f821-43a3-85ee-e207ad6a7420","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":187,"box":{"x":102,"y":302,"width":744,"height":11}},{"id":"0d355c1a-4c24-4511-9037-6c76b277c0c0","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":187,"box":{"x":69,"y":317,"width":751,"height":11}},{"id":"4c9aa59d-9909-4aa9-81cc-d6e96b75477a","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":187,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"b7ff7397-81e2-4d2a-9267-7d5eacb485d2","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":187,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"302f5be1-4387-4fbb-844d-4bf17c5f5b4e","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":187,"box":{"x":70,"y":362,"width":802,"height":11}},{"id":"da8708f4-3c9f-4b98-a4ea-9c2a16514068","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":187,"box":{"x":70,"y":377,"width":797,"height":12}},{"id":"012a41c0-f84a-4810-9898-48ac534ae06f","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":187,"box":{"x":70,"y":392,"width":839,"height":12}},{"id":"33ada420-b01f-4d48-9706-7e1b495476b1","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":187,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"2cc3c346-be20-4efb-8fcb-649b924a880c","block_type":"box","text":"gains.","page_number":187,"box":{"x":68,"y":423,"width":42,"height":11}},{"id":"a1c5e1c4-0658-41fe-8b7d-ea2f70f341ba","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":187,"box":{"x":102,"y":445,"width":768,"height":11}},{"id":"c06f5870-cdf3-4210-930b-eaa5398e4ab5","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":187,"box":{"x":69,"y":460,"width":769,"height":12}},{"id":"49203253-4f65-4193-a14a-197974e93794","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":187,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"c3963d76-ae1c-4134-aaa8-528fe895008d","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":187,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"d8dd0c37-e5e0-42b5-b59e-fac56cd65e44","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":187,"box":{"x":68,"y":506,"width":818,"height":11}},{"id":"8d9dd796-d539-44b6-abec-152f2f95eefa","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":187,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"aa2c4b70-dbf6-48e8-a75b-61f3c649f747","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":187,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"0ca3e183-f707-430f-9c86-e501e213764b","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":187,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"82e7022d-0551-4899-a89d-4bd7d1988185","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":187,"box":{"x":70,"y":566,"width":812,"height":11}},{"id":"d92ad11f-ddb0-42ed-9e00-bc23243582bd","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":187,"box":{"x":69,"y":581,"width":570,"height":12}},{"id":"0366cbfc-6d09-4c21-944e-a94252a9c2fc","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":187,"box":{"x":102,"y":604,"width":795,"height":11}},{"id":"c614a744-06a7-4a1b-bf6d-ab9043d64125","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":187,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"edfc1e7f-fc86-463e-9bb9-41ea718e2477","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":187,"box":{"x":69,"y":634,"width":835,"height":12}},{"id":"6778b9e9-f384-4c04-aa52-4e99052157a3","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":187,"box":{"x":68,"y":649,"width":815,"height":12}},{"id":"e6878a0e-dcab-4943-a305-12e6823ff932","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":187,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"b4fc2944-a990-466c-b243-47c5f412cd2d","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":187,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"38b26957-f262-43ad-b4f9-f60981ec8da1","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":187,"box":{"x":69,"y":695,"width":781,"height":11}},{"id":"5d9bd3e9-9cc4-47e6-b02b-4958e4146e8f","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":187,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"9f442916-95b0-4580-a5f5-71d27d24c66d","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":187,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"39de1733-b88c-459d-a230-71e89457acf6","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":187,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"41454250-a69a-4775-bd44-f5e3da617e74","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":187,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"a9357d8c-6f8c-4f63-abbe-c568ac936129","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":187,"box":{"x":69,"y":770,"width":830,"height":12}},{"id":"3c8dc125-9294-4bf4-99c0-39178d404b36","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":187,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"025b6cbf-d8f0-4a38-bda0-58e012362528","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":187,"box":{"x":68,"y":801,"width":784,"height":11}},{"id":"a6419685-36cd-47c3-9142-8a912d70e7ab","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":187,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"a2765749-0d3d-428b-a569-25c96836e2ec","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":187,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"b76c08d7-77e4-4256-8a78-6bf4d746d3b6","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":187,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"bb45ad6d-4bd8-4aa5-a11c-b9e4169287a7","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":187,"box":{"x":70,"y":861,"width":791,"height":11}},{"id":"4403e7fc-199e-4d80-b469-731fab183a4c","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":187,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"d6f4acf7-0174-4942-bff6-437e8df1e96e","block_type":"box","text":"dividends under these rules.","page_number":187,"box":{"x":69,"y":891,"width":201,"height":9}},{"id":"d9567eb5-1e10-488a-bd22-111e1310aaee","block_type":"box","text":"II-128","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ccc998a9-db2a-4857-b67c-c1d5b5d95a19","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb8001ae-f7e0-4778-b5f6-e5ada37334f6","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":188,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"d1ea362e-b70b-4160-8570-99fa47a20019","block_type":"box","text":"assets consist of interests in U.S. real proper ty interests, including cer tain REITs and U.S. real proper ty holding","page_number":188,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"ad54a91c-b13b-4c97-a427-fa58fba40ea3","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":188,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"b8eac306-7f66-49b8-9dd9-34ce5bed0870","block_type":"box","text":"attributable to gain from the disposition of a U.S. real proper ty interest will be taxable as ordinary dividends and","page_number":188,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"b80be041-1b13-4d38-9af7-94b711d5cd48","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":188,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"bdffc410-4d34-44d9-b436-32e943290642","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":188,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"43eaf9ed-cce4-4a64-9924-163e3f4cbc96","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":188,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"5277d9f8-ebc5-48fd-a550-850a109e17c8","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":188,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"3c9b8775-b784-4d27-a1dd-3bf92e4f2163","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":188,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"05e5fdac-b789-499d-b8ae-9beccde10a11","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":188,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"cebe0a72-96c7-41cc-b263-89f33f708c22","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":188,"box":{"x":69,"y":196,"width":840,"height":11}},{"id":"666cf9ad-2fa4-4ff5-a131-0ad4f02ca47c","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":188,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"dc3458fa-ef6e-4bfb-9f0e-6532932119cd","block_type":"box","text":"controlled Fund may be required to recognize a por tion of its gain on the in-kind distribution of cer tain U.S. real","page_number":188,"box":{"x":69,"y":226,"width":790,"height":11}},{"id":"7cd5f6a0-03af-428b-9e77-79e446ffdb56","block_type":"box","text":"proper ty interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":188,"box":{"x":70,"y":241,"width":804,"height":11}},{"id":"0a85a420-2983-4bd9-a4a5-855f8395dd0e","block_type":"box","text":"advisors concerning the par ticular tax consequences to them of an investment in the Fund.","page_number":188,"box":{"x":69,"y":256,"width":648,"height":12}},{"id":"e4b4b6fc-4923-4193-a5b2-9af47025d3c1","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":188,"box":{"x":102,"y":279,"width":763,"height":11}},{"id":"510d16ba-d4ad-4efb-9864-e978d7fe9ca1","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":188,"box":{"x":70,"y":294,"width":820,"height":11}},{"id":"1e7d1b65-c8de-4bae-ab5c-2e53a0020ab3","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":188,"box":{"x":69,"y":309,"width":794,"height":11}},{"id":"c09e2e2c-80c8-4f79-9f48-041f3fe80a56","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":188,"box":{"x":69,"y":324,"width":794,"height":12}},{"id":"4c42604c-0608-4961-a58e-c706dd865c73","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":188,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"7dc05057-3248-4304-b426-117cbc2a0c4e","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":188,"box":{"x":68,"y":355,"width":791,"height":11}},{"id":"60bc9c7e-21a8-4667-974a-b9b197abafa6","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":188,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"a96dcd02-fa5f-4feb-87a7-0a89448d7fe7","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":188,"box":{"x":70,"y":385,"width":739,"height":11}},{"id":"3c6e3c46-bce0-4ddd-8032-5fd1accd9b1f","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":188,"box":{"x":102,"y":407,"width":786,"height":12}},{"id":"377af2ef-e238-4950-885f-968651844c98","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":188,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"2338db36-5549-4e70-bcc6-7ccbb3af73fd","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":188,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"0abaa681-da81-43f0-9258-40d641e475fd","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":188,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"2a44a0b5-16f2-4996-9acf-6ed256066988","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":188,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"b045d343-6297-4aaf-aadf-ed554511e1e1","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":188,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"99f0406a-bd8c-483a-80ee-8b313494e3f6","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":188,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"6cd0e239-63be-4292-a865-da22618d9fd0","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":188,"box":{"x":69,"y":513,"width":364,"height":11}},{"id":"328e770b-f09d-4421-adff-8389e73c3062","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":188,"box":{"x":102,"y":535,"width":742,"height":12}},{"id":"cfe41cc4-162f-4266-9a7a-9844bdcb627e","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":188,"box":{"x":69,"y":550,"width":832,"height":12}},{"id":"19c3d264-d22e-4e43-a8b8-0de5ea8361b3","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":188,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"aaf69267-c474-48af-a9d3-a858e674d8f0","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":188,"box":{"x":70,"y":581,"width":781,"height":11}},{"id":"5165d904-dd12-4e42-a466-e0ef73aab158","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":188,"box":{"x":69,"y":596,"width":774,"height":12}},{"id":"28cf8247-a20b-4c81-989e-87f066950554","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":188,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"8edd1900-911d-40b9-ba92-70f6baf50468","block_type":"box","text":"individual circumstances.","page_number":188,"box":{"x":70,"y":627,"width":177,"height":9}},{"id":"fcd6166a-dcd5-435b-b5f7-ea8281a69554","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":188,"box":{"x":102,"y":649,"width":758,"height":12}},{"id":"c47008d1-a31e-49d6-9c82-79e314d1a88a","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":188,"box":{"x":69,"y":664,"width":782,"height":12}},{"id":"9d2cc1d7-0237-4c9b-954d-c24e3756851a","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":188,"box":{"x":70,"y":680,"width":783,"height":11}},{"id":"df456268-c2b9-41c8-b8cf-4dda846a5914","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":188,"box":{"x":69,"y":695,"width":797,"height":11}},{"id":"1492eaee-b645-4fa1-a02e-e615219e0716","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":188,"box":{"x":70,"y":710,"width":822,"height":11}},{"id":"d952907a-545c-40d3-8801-284bd5b793d6","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":188,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"c8d61487-743d-4968-9c44-966c4ecc7831","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":188,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"3bd11805-2ee8-4f4b-b104-354204e0b8f2","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":188,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"3d1e074f-b7fb-4b33-b413-282247b1eeeb","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":188,"box":{"x":69,"y":770,"width":800,"height":12}},{"id":"584d950f-d9cd-4279-afd2-9fcd5da31128","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":188,"box":{"x":70,"y":785,"width":770,"height":12}},{"id":"fc10041b-1937-4c71-b846-8b6081d04385","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":188,"box":{"x":70,"y":801,"width":816,"height":11}},{"id":"ff3ba705-9b23-48f6-bef2-485703bba3f4","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":188,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"1765d840-0baf-4430-8408-be91744a1417","block_type":"box","text":"investment oppor tunities.","page_number":188,"box":{"x":70,"y":831,"width":180,"height":11}},{"id":"b05a7068-ab12-4eeb-a9cc-f528a18ad86d","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":188,"box":{"x":102,"y":854,"width":801,"height":11}},{"id":"6a441c4d-f811-4082-b0ba-dda2b08cd385","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":188,"box":{"x":70,"y":869,"width":839,"height":11}},{"id":"1dfa08df-2bf4-401e-9273-e44e6f46e3fb","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":188,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"a0a37c18-0814-4169-9669-f15a6d2f95c7","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":188,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"0f16bfb2-0d29-4c7d-9515-72829b3a017e","block_type":"box","text":"II-129","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2d5463e8-5c0a-4bee-9ca5-ce03ac1df6f4","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d89f4043-db8c-42f8-8360-0780027ec28b","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":189,"box":{"x":70,"y":45,"width":774,"height":11}},{"id":"3c33c22b-0359-4b20-b3db-e4ffeb9e0a20","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":189,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"7dc01f07-16ce-4fa0-b247-d8bdfffd34b1","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":189,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"cd651be7-127b-4e54-8e4d-7d31b17330b2","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":189,"box":{"x":69,"y":90,"width":755,"height":11}},{"id":"3121b88f-0a49-47d4-b5c0-0ff33f9c20b6","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":189,"box":{"x":69,"y":105,"width":811,"height":11}},{"id":"6e34d038-02b7-4f15-8082-9d774057678c","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":189,"box":{"x":69,"y":120,"width":839,"height":12}},{"id":"c2530165-3a6b-4300-91f5-3072a41d9c2f","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":189,"box":{"x":68,"y":136,"width":812,"height":11}},{"id":"092becb1-ee44-40db-ada5-6413416ffcd7","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":189,"box":{"x":69,"y":150,"width":829,"height":12}},{"id":"ffa4f7fa-1f72-4a4c-841b-b20c97189726","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":189,"box":{"x":68,"y":166,"width":827,"height":11}},{"id":"08895f8a-3cf3-43e3-8c02-0c28e2c9957a","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":189,"box":{"x":70,"y":181,"width":829,"height":11}},{"id":"feb75433-066c-42b2-b11c-18f5a4ed3674","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":189,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"ded4a82e-5f94-4fe8-bd2c-68e196bfd3e3","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":189,"box":{"x":69,"y":211,"width":788,"height":11}},{"id":"8cdee5f9-8ebc-4445-914d-374320c3ebd9","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":189,"box":{"x":69,"y":226,"width":818,"height":11}},{"id":"297e10ed-12d3-431f-b4dd-0dd2ed639272","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":189,"box":{"x":69,"y":241,"width":773,"height":11}},{"id":"bf4e6900-09fa-461e-831b-e63ea8eb5ba0","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":189,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"56bc78d3-0443-4228-a2c6-2ee1540eadee","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":189,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"259f91d7-ff07-4c40-9ab8-ac9dca3df857","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":189,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"65db0959-d604-4b7e-b794-5930a245643b","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":189,"box":{"x":68,"y":302,"width":527,"height":11}},{"id":"55f92477-4395-4377-ba7b-8e5542dbc80f","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":189,"box":{"x":102,"y":324,"width":768,"height":12}},{"id":"2518ff96-f9fb-41ec-881b-751198bad3d5","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":189,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"92915d2c-50df-42bb-8694-21116dd030d5","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":189,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"b92c78d4-adb7-4b30-a535-ffde3305fc98","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":189,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"1cdba0c3-ca52-49e4-899b-d9a3e06ca216","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":189,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"7d197424-452a-4b91-b5e3-46d4eaa77c5f","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":189,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"f66210da-c04e-42e2-b6f1-57f0bf1b27d0","block_type":"box","text":"positions in its por tfolio (","page_number":189,"box":{"x":70,"y":415,"width":177,"height":11}},{"id":"1caf8a8f-104f-4bcb-9018-325e0c883b29","block_type":"box","text":"i.e.","page_number":189,"box":{"x":249,"y":415,"width":20,"height":9}},{"id":"0713f19c-7607-47d0-8d4c-003acb07e153","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":189,"box":{"x":272,"y":415,"width":636,"height":11}},{"id":"3f06ad71-bb59-431d-b2a7-a67f25f99b98","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":189,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"bd3fbc3f-4f4c-43b5-9e1b-defae71733f8","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":189,"box":{"x":70,"y":446,"width":830,"height":10}},{"id":"87832920-39bb-44b3-a68d-3b4caf56bd2a","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":189,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"f90e2a9a-899c-474b-8be2-753768f5c5ce","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":189,"box":{"x":69,"y":475,"width":415,"height":12}},{"id":"e3fb294e-56f5-4375-9e18-74ff1dd61b2f","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":189,"box":{"x":102,"y":498,"width":787,"height":11}},{"id":"183c10c8-4adf-4a72-bd37-9c91f36b0619","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":189,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"160f5200-f960-4e7b-8cd3-3f6464b7b2e4","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":189,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"417fe769-3518-4d0b-8a3b-b43b10f26fd7","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":189,"box":{"x":69,"y":543,"width":805,"height":12}},{"id":"f566190f-bcfb-4b78-808b-d05929d31f35","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":189,"box":{"x":68,"y":559,"width":829,"height":11}},{"id":"0ebc1947-fb3c-4908-814f-295f52e4ce69","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":189,"box":{"x":70,"y":574,"width":803,"height":11}},{"id":"e3be7e0b-3f25-4ce3-888b-83a55c4aaacb","block_type":"box","text":"Fund were to invest otherwise.","page_number":189,"box":{"x":70,"y":589,"width":216,"height":9}},{"id":"be8011e7-3661-49f4-890a-96d7279526d6","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":189,"box":{"x":101,"y":612,"width":721,"height":11}},{"id":"3166d5c6-3a05-4ba7-ab41-16517821361d","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":189,"box":{"x":70,"y":627,"width":787,"height":11}},{"id":"6342754e-f318-4fd1-8882-629733e0692f","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":189,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"73f4d705-9a44-4070-a8b4-1ed2afc6daf4","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":189,"box":{"x":68,"y":657,"width":823,"height":11}},{"id":"946c34f9-42a8-4317-b610-270cb40725b8","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":189,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"ce5a7fb7-f482-4b86-9a29-99f5398cce3d","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":189,"box":{"x":68,"y":687,"width":838,"height":11}},{"id":"1529c442-988f-414c-b4d2-677ab82c34c9","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":189,"box":{"x":68,"y":702,"width":830,"height":12}},{"id":"038892e4-117c-49b9-a3ab-0c6bdcc84f94","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":189,"box":{"x":69,"y":717,"width":515,"height":12}},{"id":"15526516-8777-4562-b0aa-bc1df85c8ad3","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":189,"box":{"x":102,"y":740,"width":798,"height":11}},{"id":"b61532b0-c90b-4e13-aff5-a0e977a11c53","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":189,"box":{"x":68,"y":755,"width":835,"height":11}},{"id":"c186968d-3e36-44ff-976d-ab204a64a612","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":189,"box":{"x":70,"y":770,"width":827,"height":12}},{"id":"fd5e697b-c020-4935-9d43-517859ec12d3","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":189,"box":{"x":68,"y":785,"width":830,"height":12}},{"id":"dd9af02c-3cfa-462b-ae26-5fffbd5acd7d","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":189,"box":{"x":69,"y":801,"width":802,"height":11}},{"id":"6a830ede-ae9f-4488-a1ec-27faee7ce2d9","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":189,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"2bc37d7b-bb21-4917-bc96-b590c25200fd","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":189,"box":{"x":70,"y":831,"width":797,"height":11}},{"id":"fb8d0044-cbdf-418b-b25f-f5a426b6d4cc","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":189,"box":{"x":69,"y":846,"width":801,"height":11}},{"id":"aec41724-12a2-42e0-bd0a-872a7cb83f20","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":189,"box":{"x":69,"y":861,"width":818,"height":11}},{"id":"36fca971-257f-40b4-86d7-896e7a555c52","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":189,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"249db69d-68c6-4c64-a57f-d310d015933b","block_type":"box","text":"II-130","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4a4af4a4-5b1f-4b94-9d9b-7caab3a838cb","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f7ad338-c407-4281-835e-98b4f7bceb7a","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":190,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"b3e41ad7-2b26-4317-8e4f-7844c5b9f570","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":190,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"75ba6d5b-87ec-4564-8885-a820e4be7fe3","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":190,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"820a1fe1-b7fb-4d1a-a418-bb5d3e2437d3","block_type":"box","text":"PFICs.","page_number":190,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"51251001-8bf7-49b8-846b-1bd612ce66b1","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":190,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"4aca2b2f-6ce7-4ce6-a73c-a5f74ddcb823","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":190,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"6a8ecc6a-fc68-4244-81fc-818437747eee","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":190,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"b0fc8d1c-ae37-4968-99f2-ce12fee70ab1","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":190,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"127d9f95-5e5c-416b-a6d0-a5d501296762","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":190,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"3fb768ea-ddb2-4917-af4a-dbf946b3dd18","block_type":"box","text":"difficult or impossible to obtain.","page_number":190,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"b21c6d5b-c6bf-4bfa-9f6d-4c101a8eeeb7","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":190,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"57c691be-0c3a-43d8-bd4f-5567d1b555ff","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":190,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"b73a2ac3-67ef-4237-8b75-dd40ed1b1333","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":190,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"7e843aae-4003-4b3a-acae-8fbf32b17838","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":190,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"a570c821-ec67-4b79-8c06-5e05aed16152","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":190,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"7e8ce0c0-a09f-40ec-a85f-1eb69b45b347","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":190,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"a236a91d-ebd7-4281-960c-51a9d15295bb","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":190,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"7145c37c-14fa-4d38-be27-4291e5955197","block_type":"box","text":"Municipal Funds","page_number":190,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"948c2821-9703-4462-84c7-36f1c5800a28","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":190,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"c7fd67e7-d3a5-4275-a297-989da941ab30","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":190,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"5f933eef-6606-4cc6-ba27-827ebfa41099","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":190,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"bf0e5225-d8f8-48c3-a8da-d0d6c79de508","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":190,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"11ad421a-44e6-4928-a9b2-31a21e184d14","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":190,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"a729d398-9e01-40c2-8cda-d3db658438c0","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":190,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"1b8cd35d-c679-4d34-b231-e2cd00b02779","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":190,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"58ee3904-d698-4b76-8df8-5996034b8ef3","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":190,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"d22fe1ae-f38b-4484-be2b-2bdadae61e1d","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":190,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"a1f5fb06-9a07-4a34-9aff-cf1ce81775d5","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":190,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"57bb6c06-95cb-46a0-9ef7-7ce8102337ce","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":190,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"30c2dde6-4829-4213-8dcc-4b07ebda51c0","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":190,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"5c722073-186f-4d4c-af83-34b1a97e8286","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":190,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"a9eb91d0-ff9e-4cc9-a8b4-e4b5f66cc704","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":190,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"c519c474-b221-40bc-80d8-34c0a6dd50c4","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":190,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"1b349881-ea2d-4a7a-9281-4d9727a47be2","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":190,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"a8797a6d-1192-4816-a8d9-cada69d5e06b","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":190,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"1361c732-c5f3-4a09-9cdb-b280ae5e3d89","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":190,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"25eb77bc-d1ff-4d9d-a668-17e869b715a2","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":190,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"3509f740-537b-4b03-acd9-ff498f47dec7","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":190,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"351b17e5-319f-4d1f-8472-460b0c62be4b","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":190,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"4f834a59-b9b0-4a11-b5c6-9cf72a109016","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":190,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"ceb120d1-bbf2-46b6-aca8-42f4e6ce74bc","block_type":"box","text":"constitute exempt-interest dividends.","page_number":190,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"af1787c4-a534-4ee3-a87a-9685fe28c23e","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":190,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"accfd08c-efd4-4795-bca1-8618a312499a","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":190,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"202d7e7e-ef9b-4d14-bc94-215213a8bbb9","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":190,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"8ac42fb8-0d3e-4955-b36b-4d9b403a0989","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":190,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"4b515600-93a8-43e2-b63b-1e8eaafe1011","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":190,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"e697887c-df6d-4a80-ba5c-20f2b3a5b516","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":190,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"a401a7d4-93b8-418b-a112-b2ad3e710034","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":190,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"25853608-aa48-43a0-9fa1-959a4e657386","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":190,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"0bdec950-06e7-4d23-a542-c184a48b97d8","block_type":"box","text":"income dividends received by shareholders.","page_number":190,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"b39b3508-9390-49e7-af7b-95483a9bd059","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":190,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"11e6deca-44ca-44cf-9601-9ec4f42fac8d","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":190,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"52b14cb5-7ee5-49d1-a18b-073d84bb165a","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":190,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"d4e751b8-a576-4f41-9ae1-0dcbd1dc6c66","block_type":"box","text":"II-131","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"15684ef2-9e7f-4e8c-830e-c8b56945dcd0","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0070b8d8-aae3-4753-9a8f-6e833ea68979","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":191,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"4d5b0ca2-9655-4356-9c38-e62e3a59ec8d","block_type":"box","text":"the accrued market discount.","page_number":191,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"dde6595a-e0fb-4efb-a5d5-cc452af03ae4","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":191,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"9041f606-faa5-44bd-85f5-e203089dc2c5","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":191,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"b9eb507e-7b1b-45c7-928f-9e3a0751b8e3","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":191,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"31dade73-2cad-4bc7-a542-5e7b7fb1f948","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":191,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"162c7fe2-3e7b-4c9e-a659-3c8d5cc66ca1","block_type":"box","text":"e.g.","page_number":191,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"94a31234-12aa-4218-abf2-cb0feccbffda","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":191,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"cc145eb6-0ffd-4c10-b186-bde58e9597e4","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":191,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"22525810-ca62-43e4-89d6-556a1918bd71","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":191,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"7438cb36-1c8a-4d87-824b-b7a7b7365194","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":191,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"3d96bde6-6a0a-49de-b2c2-5f5b9d252713","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":191,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"998ed4ac-174b-4fc8-8c5d-bdd05ac69af7","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":191,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"f457575e-cee9-4552-8391-64afc5b02d3e","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":191,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"007f2258-b7e5-4b2e-8463-58813726e371","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":191,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"d4603abd-2ee1-4705-ae64-579829a9b22f","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":191,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"3cb582d2-a66a-4997-8a2e-17b38ee035fb","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income propor tionately, they","page_number":191,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"dcbd6683-c3f4-455c-9c94-08f0ff060233","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":191,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"2471ac1b-41f0-4c0a-b511-c55edc11c2de","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":191,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"74b213f6-27e3-4702-ac30-54a599693ed6","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":191,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"19581ebb-b721-4667-8ea5-877b028a099a","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":191,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"33216670-62f3-421c-a86a-3e3696169ab7","block_type":"box","text":"within each applicable state.","page_number":191,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"aef1f5fa-1b66-497f-a97f-408816d1aa12","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":191,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"52dc7d31-dab0-4bb3-86d4-117adee734d9","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":191,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"f8af2db9-86b5-4b4c-ba42-54fd157c68bf","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":191,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"aaf41905-a354-4558-becc-8f38ba05dff9","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":191,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"df4d4882-0992-46a0-b62a-502206efcd44","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":191,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"3e3e9361-e730-4008-adf5-261b1debd84c","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":191,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"30396125-3eee-4ef2-9e8a-c27563189345","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":191,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"75fa7783-6e29-47fd-9de7-c97d9d14031f","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":191,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"76e35df3-fe1b-4cfa-95d5-5130f05e851a","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":191,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"e563a1e4-7619-4951-9bd6-35921339ab68","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":191,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"3e77d8ec-f534-4781-92d3-15358fc130e8","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":191,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"ff7b3e62-b52d-4eb0-aaee-83d0a217804b","block_type":"box","text":"exempt from state income tax.","page_number":191,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"17ac9acd-c5b3-4971-895c-04d99b77d50c","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":191,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"2ab415a7-bb8f-47ab-999b-136ca928e64d","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":191,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"69c0aa4a-ea45-4d9d-9be4-a62fc0295f46","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":191,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"a71996f5-d54a-4369-956f-d723a64cd815","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":191,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"c54b4c11-a09f-461d-8449-c5ea39208c77","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":191,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"d55e154c-7f9d-4273-8c7e-2d0e3144edf7","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":191,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"bb8f6272-340d-4023-a07a-ee1d298c53be","block_type":"box","text":"decisions may have a retroactive effect.","page_number":191,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"b3063ea5-7382-4b77-ab8d-60c9913b97b9","block_type":"box","text":"PERFORMANCE DATA","page_number":191,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"b0442fd2-fdb4-46b8-aa85-c2749b948a03","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":191,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"b02ad3fd-5480-4780-b37b-14bf61b8c93c","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":191,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"1fc75bba-114f-4572-b52d-4ed03f145369","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":191,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"5346fe8f-0955-4466-ac83-39dc84fe1b2f","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":191,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"c37bac37-edde-454a-a87e-371c48347987","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":191,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"1b692c76-8378-49e1-91c5-7d636b85723c","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":191,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"2d792508-7ada-4d7c-9677-717bfad416c3","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":191,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"f9dab8a8-93d4-4c95-b87a-6023e79527fb","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":191,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"958cd407-5a2d-40a3-b8d3-4b355a030f25","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":191,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"f198ff3d-9b77-47fa-93e9-7915dc386bc5","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":191,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"2040911e-32d4-4262-a032-803e5d409b16","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":191,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"239e2de5-691d-41a3-8ad7-642dcf2251da","block_type":"box","text":"II-132","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eb870766-b562-4133-a2ba-87439e8e3db8","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f8d89c6-c4d4-4cfe-bdd0-a095220399d9","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":192,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"c28dd811-2e3c-4c74-a0e9-6670a921328a","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":192,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"5a53012c-74c5-4277-a1e3-89dc48a130a0","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":192,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"7f6c96d5-bb4a-4645-be4a-138928c175dc","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":192,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"6a5bb18a-d5f3-4045-bcdc-f5437ac55614","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":192,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"432e7dcc-6b64-4f87-843c-797470d6151f","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":192,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"76c62e5a-b83e-41be-9adf-235b8eec4d6e","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":192,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"86b0ad6d-7159-432a-98e4-6ba5d2cec3d3","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":192,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"8664cb7b-f160-4fd7-8d65-fc8f77318a2f","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":192,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"da3df4d9-1642-46bc-89dc-0e1371f49bcb","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":192,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"10953e45-18b4-43bd-a8ca-c3fff208f5fa","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":192,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"a066432a-faeb-47e5-95d3-610bf59d2b9e","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":192,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"c89bc390-f167-463e-8cd9-6953ae180f84","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":192,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"258e74c7-469d-4c66-b8a8-a87164301399","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":192,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"e19f218c-c210-44fa-b351-4f58112487e0","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":192,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"d2c4d281-fc80-429a-80e0-5e4bc9b67695","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":192,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"725fecbd-12d4-401b-b5d7-cbab90e5d758","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":192,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"0e97e81b-9a93-4fa3-99b1-7beebb0890c6","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":192,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"54f9c36e-3611-4664-a45d-ee63b3087a6e","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":192,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"41daeb82-ae9a-4ed0-a343-e8d56cbc9c91","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":192,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"90643836-06d3-4097-96b4-8dc695ee71d8","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":192,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"a0a2dfe0-c020-4c6a-9115-aabdf9fe3221","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":192,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"ff5120ab-39bc-4b1d-aa15-08d0d72a0303","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":192,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"b2a05140-940c-4fb6-8982-6015f5a4cbd9","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":192,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"1ff0a563-72a2-45ef-a8f5-ab2049338238","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":192,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"4f8bb63f-497c-4add-97d0-225112be9b9a","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":192,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"8138f4e2-5ee1-4f25-a837-acbfdc36dfd3","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":192,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"eaf28943-e9e8-437e-9d1f-bb082ccc85db","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":192,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"7d9ac8d7-5434-4e9d-be60-aaa32fc7a3a0","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":192,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"afe6a154-95a0-4856-b2f3-8525dc51ecc7","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":192,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"ea70d099-673a-4ef2-b7a9-3c39d66fa19c","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":192,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"c255480a-b5cd-4315-9e90-8f23d1ed787c","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":192,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"21f7bdc6-0ddd-4e1c-890e-9e159b4dd30e","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":192,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"48939122-8085-4e34-9399-b2c7fc281ca3","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":192,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"f671a071-a201-45a8-a4d0-15a9fd364aa5","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":192,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"0beae10d-28c4-446c-8276-d6c8342e35a2","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":192,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"00e450b7-2798-49f0-a9e7-c68c6234ed61","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":192,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"ee3a587f-5f4b-43a3-93c7-ec915c1b477e","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":192,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"774a1337-7548-4b4e-bdd2-1b646827fdd3","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":192,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"9589f939-dd6d-4230-8846-9748d6bc0aa2","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":192,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"867ac07c-2a65-4a0d-b311-7c5fef3cea63","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":192,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"07a27391-f4f1-4b99-8091-856733caa917","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":192,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"83683856-4760-47c2-ada0-35ac1cebdf06","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":192,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"0d7a5561-d00c-4350-8a51-81f11726f03e","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":192,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"386b76fb-ec81-4c6f-b384-5911700ebad0","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":192,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"3988b251-30c9-4663-9cff-4381f5108779","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":192,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"7019c7c7-c2a2-47fa-abc2-297de34c5de2","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":192,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"0ca055b9-f26d-4105-ba59-addcea7169f8","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":192,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"a04100c5-bfd3-4b8e-8a78-8b015a03812a","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":192,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"8340d5d4-b4b1-464d-9f52-dbef6aebdcab","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":192,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"d8b844e4-de7b-4137-af8a-8db2525c6eeb","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":192,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"4201cb19-c314-4a84-8e17-7ab6504fa8aa","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":192,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"7f398bf4-533d-4d58-b1ee-361660c7fc92","block_type":"box","text":"less than their original cost.","page_number":192,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"8995c222-4025-4b32-bd5c-b68218af7be1","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":192,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"d0badf84-8e5c-45e0-be6d-df3d347ec287","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":192,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"df6d309b-4b30-43b0-8a10-af0e6bccdbc1","block_type":"box","text":"II-133","page_number":192,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2f9df5bf-9b37-4eef-aa8b-38263a627fa2","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d09ec9a-a102-4a85-ad89-435744ff4e7a","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":193,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"87f5dbce-1f58-490d-af59-0013a8d21471","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":193,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"158f9e73-06f0-434d-ab1b-1930b0f892b9","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":193,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"dcd53274-8642-4e54-9973-31724710d587","block_type":"box","text":"lower amount of expenses is deducted.","page_number":193,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"9863fc6e-88d0-423f-b534-d67c11124882","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":193,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"b9a15f08-0e0d-4063-9fb9-81ca53af1b50","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":193,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"00af238f-3149-4034-a7cc-5f492ee615e3","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":193,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"ac8e6437-d2cc-42ba-8d03-921ec234fd03","block_type":"box","text":"Money Magazine, U.S.","page_number":193,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"6616333a-5fcf-45db-aeb1-ca563cb8247c","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":193,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"e1c9eaa9-45f1-4f2c-870c-dd657ef22635","block_type":"box","text":"or other industry publications. When","page_number":193,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"ec356e3d-0c96-499d-9db7-7ca26d55384c","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":193,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"68e06657-e22a-4024-bb26-350fe61d0caa","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":193,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"80cde17a-ae8f-4538-b011-686fbd610cf9","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":193,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"c2b7768e-6dcb-4f9c-b24b-e025a3a60536","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":193,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"61c50ec4-0048-4baf-84f4-baf9731b8e3e","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":193,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"489d1664-924d-4491-bd9f-bb5f40aa9380","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":193,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"4b60a97b-64b1-4fa4-a28a-88c1783caf8c","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":193,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"3c6b7885-be0e-4333-bbc9-4b387459a877","block_type":"box","text":"developed by Fund management.","page_number":193,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"3caf2041-e97b-48f0-8177-87ac728ca449","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":193,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"bf92d5c1-4f6e-4c00-bbcc-3450452651d8","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":193,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"649d1326-fb64-4b1b-b9e2-c1d6564c333c","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":193,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"5c7070d1-4a9a-4063-b754-f6327c57c924","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":193,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"f8440228-637b-4d5b-bb43-c515df4ae367","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":193,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"1d257c3a-587e-4cab-8d4b-65556bee3be7","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":193,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"374dc935-f5f8-4ef1-a643-66ba50d57bda","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":193,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"97a6abee-6565-4281-8147-b01d1fcd5aae","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":193,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"48465761-3953-4028-9e0b-411abf237372","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":193,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"3cf4e710-d281-48de-b8cc-680c8c6e0e21","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":193,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"a082d590-3d32-4c6f-8706-163c5025bdd9","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":193,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"c3670633-eadf-4189-a0a5-306c2198174d","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":193,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"76169efd-e386-428e-a3c2-8a79b431c2e8","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":193,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"9bf42e66-d3da-47eb-87a1-550defaf4c5f","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":193,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"3917ff20-74d0-4669-a98b-07450081e1ea","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":193,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"dfa20764-48e9-4c34-9c8a-79ce172bffd2","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":193,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"d7a96d69-1b65-4215-b9c5-e610cafe5b94","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":193,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"6980a363-63c5-4e47-ad0e-610bca21dc94","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":193,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"edca7dc7-36c9-4be3-8acb-78f70b0ae688","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":193,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"d1b8666f-877e-44be-965b-4391fb591283","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":193,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"2293d3ba-1e03-4dd6-8274-47cede6dd082","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":193,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"f5e8e0fd-dc9a-4b03-ab90-8204d84bc403","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":193,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"db912dae-1608-45fb-befc-c767729e2136","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":193,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"a3eb991c-09ad-4e06-94e4-39ce51bdc98d","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":193,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"dfe55dfa-c258-4ee7-a2f8-8d3bc157218f","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":193,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"75706c2b-6fb8-4efc-b0e6-e65214d83f00","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":193,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"bfa7ef63-e4b8-49e2-a852-aaa389237059","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":193,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"ef607002-53b1-4040-a7cc-180759df7643","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":193,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"7ccc3341-78ec-4a83-988a-3cc1abfec72f","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":193,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"93c98fe4-e8e3-4404-8124-0587b7e6f24b","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":193,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"df57b5c4-3452-4c8d-9548-133a04bb87e0","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":193,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"151e02b7-3960-4a8c-8c96-901cf8651b43","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":193,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"0765d492-8039-4811-92c5-a4872d8d86c3","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":193,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"9fdb8519-186c-48b1-944a-75e46e23a70e","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":193,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"2a5d8b06-98c1-4909-b286-847dfface725","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":193,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"7c94ef9f-5544-4749-b4da-af9a02cf7e69","block_type":"box","text":"II-134","page_number":193,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fbfc7e57-e9a6-4b46-b9d9-0fd1184954e5","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa5e5f02-1f5c-45b3-814c-4afee7fd9b64","block_type":"box","text":"GENERAL INFORMATION","page_number":194,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"747ac05f-8a0c-43b3-a7f1-673f444b556c","block_type":"box","text":"Description of Shares","page_number":194,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"fe8e945e-6e40-4e3a-a63e-41e3afd9a3dc","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":194,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"51179073-c9de-4e4d-b224-c574fca0c25f","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":194,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"5df425cc-233e-47f7-83cc-43f12410423e","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":194,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"409b28af-cb5e-4a5c-af80-9034a60df4f0","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":194,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"13260f3f-d1af-4145-86c6-231f51ed7f46","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":194,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"29104748-e219-4fbc-9b1a-8f611888bac4","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":194,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"c8f4a2af-bad5-4ccb-ab72-d9e71186a3e8","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":194,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"349f2ada-9a5a-4231-bc77-acc98206e238","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":194,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"9e96c149-f0b2-4940-861f-51884b36ac05","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":194,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"a2e7ceb3-ef48-40bb-b03e-2b0b9ff0c678","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":194,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"f7d8864b-cd06-419c-b3b9-df56d7eec2f0","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":194,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"fa6be8d9-b7e9-4742-943b-f1ca7d3538ae","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":194,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"80fd620a-9302-4065-9a4a-f7976fe9fd86","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":194,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"849cd68f-1290-49ae-bb04-bec217bc5697","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":194,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"17862e61-6dd3-4595-b38f-a5054462be85","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":194,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"024c118a-69a1-4f75-a2ae-c5eee4e6cd23","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":194,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"2b5ad229-7ea0-43f1-8faf-2d1252a3c46a","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":194,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"aaf0ff72-f5d2-4922-bb6e-c247a8ceeaed","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":194,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"8f4fb433-0001-4470-9a5d-01196b9d35c3","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":194,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"a66ef168-68ae-45d9-8ac7-9aa0d3d67bec","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":194,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"27f95f39-75a0-47a6-b191-7b9ceec26bdd","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":194,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"031acb6d-a0c3-4241-926e-14e9da9eb840","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":194,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"622efb14-98d4-47a5-8fdf-0e1a00520e33","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":194,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"834b9de5-9bb4-4f7f-adb9-ca93a7f821cb","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":194,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"e6a2d957-aab3-4439-9738-fc85435da00d","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":194,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"f2eda11a-6e27-4d61-aa86-b7eacb6676b3","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":194,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"3961f1fe-b5e9-4bce-8fe8-c0eed8ccc1d1","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":194,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"144a4565-8f4c-4953-b918-6fa95b47d160","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":194,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"1068f263-729c-413c-a649-86912582e1a0","block_type":"box","text":"Additional Information","page_number":194,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"555bb68f-3907-46b8-b0a0-f3e368990b21","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":194,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"c0019113-9a74-4bb0-8852-e9a5f95a6aaf","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":194,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"46fd3762-84e2-4981-a7b0-10adb51c8d6c","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":194,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"328d5af8-adb3-4c43-a595-b19cf2b1e077","block_type":"box","text":"such name to any other company.","page_number":194,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"2623c27a-b437-49fb-a96b-b5e5667b7729","block_type":"box","text":"II-135","page_number":194,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"69fc2b1c-5b9b-418a-ae3f-5283a8ed5ed4","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"250d78a7-ad0a-48f0-a87b-09f98fff06d1","block_type":"box","text":"APPENDIX A","page_number":195,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"3d3062ff-646c-4e1c-9434-abf9ac7ccec4","block_type":"box","text":"Description of Bond Ratings","page_number":195,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"b397e180-1be7-459e-b2f1-7f7b8f7658b7","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":195,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"07020b1b-8176-459d-9fba-70300a1e5dc4","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":195,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"0b015edd-c67d-4eac-8d21-ad4b2674a570","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":195,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"a5c0acff-b2f2-42a2-82f7-33a0c98c6890","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":195,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"83700f14-5577-4db7-bc33-1c1ee24368c7","block_type":"box","text":"date.","page_number":195,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"d015640d-ca7c-4b8d-849f-4646f0425588","block_type":"box","text":"NRSROs may rate specific investments (","page_number":195,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"c60a6427-0104-4089-8866-48c4fce19d43","block_type":"box","text":"e.g.","page_number":195,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"99c70145-8794-4ff7-a85c-4ead1a0d660c","block_type":"box","text":", bonds), issuers (","page_number":195,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"95657f8e-3c60-42b8-b083-64b884eb2096","block_type":"box","text":"e.g.","page_number":195,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"3bfd3c67-6f79-48cb-8f13-c30469cc663d","block_type":"box","text":", corporations, governments and financial","page_number":195,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"f5f102ce-d6b9-4173-9798-4afed2bed6c7","block_type":"box","text":"institutions) and/or programs (","page_number":195,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"d59c97a3-eb41-4c6c-936c-f4509282efe1","block_type":"box","text":"e.g.","page_number":195,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"7e5cec06-2f1d-4341-823a-f10beb9b5e3d","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":195,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"646764f6-bb42-4845-9887-6296eee3b6b7","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":195,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"be67ef00-2729-44fa-bcde-2b66c84e7303","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":195,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"6d4347c6-5fd8-402c-ba4a-453f09a73d46","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":195,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"39d03d63-04a3-42b1-86e0-5cefd1a304ff","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":195,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"bc288b98-83d6-4974-a394-bf4076da0879","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":195,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"d1a33d53-450d-4cea-8c07-8158acd46a6f","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":195,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"975419ec-0070-472c-bcc7-b07823f6434d","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":195,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"d1d6dcae-d8a2-4baf-9cf4-e2989d0022a1","block_type":"box","text":"security (","page_number":195,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"9d6fc09f-bf97-44f0-88ae-469a9000f91f","block_type":"box","text":"e.g.","page_number":195,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"f20f5db9-57ea-4aa5-8ca5-0f6fdef73c44","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":195,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"00958885-06bf-4131-936e-5f237c27f640","block_type":"box","text":"highest of the multiple ratings.","page_number":195,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"96285d6c-70c6-43db-bef8-031179aa9fc3","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":195,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"ec1a9d0c-69ff-418a-a54b-d5412207ec4d","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":195,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"9d2852dd-a7c0-479b-ad55-2fb842c222ee","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":195,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"474f383c-5758-4368-b95d-f97ec512cbe3","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":195,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"fb7a95a4-2103-4cd1-a30b-95ac32791c0c","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":195,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"dbc78975-4392-4d06-bc23-b50effac7daf","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":195,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"6c231042-fbd4-441d-9acc-86e97b6042e7","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":195,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"4cd58288-aaca-47b9-a130-430c8928c722","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":195,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"e3437dc8-645b-4108-bc82-efc937805979","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":195,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"deab9ae1-95d8-442b-9f08-71769c320577","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":195,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"68f57888-8549-40eb-bf9e-d486270d5d03","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":195,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"7be0ed10-5ef6-4a8a-a107-3522b1c302bb","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":195,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"4d463c54-39c4-4575-8722-f66ff15e1cc4","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":195,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"9ca219e0-a6ce-4d49-9d4e-07f234b2492a","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":195,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"5376cb42-4c8c-4cff-972e-772df1a96893","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":195,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"6adb224c-2bca-4198-89d6-b278fa2f1ec1","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":195,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"bdcf29a3-2b49-4c82-aeb9-5220c27d4350","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":195,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"fd6a0b2e-351d-4c5a-a062-16eb4dde065f","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":195,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"78d88cd7-f2ff-4ced-98ea-f67fc482b9e8","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":195,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"b280dca7-aebc-4d3e-8bfa-b6ecb20f0417","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":195,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"50702522-b12b-4583-bdfa-def3343b4a2b","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":195,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"f89f6b11-2835-4211-8439-56d47e6805b3","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":195,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"c22e68ab-0e23-4187-9a7b-129fb42a138d","block_type":"box","text":"Fitch.","page_number":195,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"df1f931b-589d-4409-8393-ec23cbfec9b9","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":195,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"eb34a994-2799-4682-be0e-a7d924d5de91","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":195,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"8f6cb787-174f-4eeb-bc80-22dbeb08c7d5","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":195,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"d1030981-ebfc-494a-a42c-2253f720ae84","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":195,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"c29e08b2-5f09-4ce1-8621-12413e35130b","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":195,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"c7c7fc45-a896-4130-baf9-fe21d1c03034","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":195,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"6868d39d-0c06-4396-a569-12cf9c3695df","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":195,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"df1bd89f-a365-4847-a406-8dfbf6dbefe7","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":195,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"da42fea9-9481-414a-af57-bb187ed0f628","block_type":"box","text":"sources of variation (","page_number":195,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"4e81773d-cfb3-4867-9f61-de17440113de","block_type":"box","text":"e.g.","page_number":195,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"c8bac1ab-20e5-4a0d-8988-b0b2c198b6e7","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":195,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"12c1b3b3-9e14-4afc-a039-bbe519a72aff","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":195,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"2c2d5369-de82-4b43-b2a0-dc1a6742806d","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":195,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"4482d31e-2edd-4591-97fd-fe47d0e9bf82","block_type":"box","text":"e.g.","page_number":195,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"67fc97d4-9beb-42b0-b1b0-2c463c4bbedd","block_type":"box","text":", equity indexed), absent an express","page_number":195,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"7f70723e-dac5-4cee-b971-8da25348feae","block_type":"box","text":"A-1","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c00b19b8-0965-430c-b49e-62e0551fed98","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f01f8671-c71b-4fae-b2d4-8da7823933ee","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":196,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b3952e51-f057-4b58-b619-7343758a49cd","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":196,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"c03867b3-a09a-40b6-a721-b673bb663f67","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":196,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"17a9836f-88f5-4a87-aeee-b3a699ae9063","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":196,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"986a4ad9-7035-434f-859d-2a6ddde7ee2c","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":196,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"d1551f0c-1465-4fce-b0f2-f3d10e855f9d","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":196,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"12a43a91-f4e1-4250-b9dd-d5df1959e661","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":196,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"e91b9557-e2c9-4aea-80fc-bbb2a4a5d2b6","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":196,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"b254b013-d117-42ff-bbf8-366eb0e6e721","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":196,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"86010e9f-486a-4c7d-b263-9eb76c9c9483","block_type":"box","text":"i.e.","page_number":196,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"1fc51e41-5543-4576-98fc-b600cbdc9f5a","block_type":"box","text":", ratings on nonfinancial","page_number":196,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"cc161589-a239-4954-ac15-5f8a8553e4b4","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":196,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"c0dbf836-b031-4ed4-9920-e39131900052","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":196,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"93a1fd5d-6018-4841-ab95-a69c20505f32","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":196,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"5c68890c-d524-4885-a562-d1c601822e67","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":196,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"6bcdc3c3-e344-4ecf-9b83-3793a7ff1bc2","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":196,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"8dca6afd-782e-4f6d-8863-f5a970aa72c9","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":196,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"01d69acf-e412-4855-8632-8c8330894069","block_type":"box","text":"of time.","page_number":196,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"fe0d32d6-ee83-4b93-924d-0e555b908aff","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":196,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"9b8ec952-8c0e-4936-815e-40dd67847601","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":196,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"25a66981-330a-495d-9f4c-baf85c68f171","block_type":"box","text":"risk.","page_number":196,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"4a289442-b96f-4b59-bf4a-d5ddc28f0776","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":196,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"92c42126-67a3-42b6-a4e5-c6a8cb48e59e","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":196,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"a7365da3-6082-45d2-a47a-8bcd1147d3e4","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":196,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"f5ec15cd-19f9-40be-8783-491a864734fb","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":196,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"fa35dba3-4fc1-45e2-8061-7f78680fa07c","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":196,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"f05ff8aa-cf72-4f0a-a7cf-5a32a106138f","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":196,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"ea27a3f1-11eb-4828-bce2-66059e0743b9","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":196,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"487eaec8-adcf-4b78-b9de-5b007172ae98","block_type":"box","text":"credit risk.","page_number":196,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"95c36d4d-e125-43c3-b0a3-0f1e22ef144e","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":196,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"2834189b-8a1e-4137-8184-fefc2b95d84c","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":196,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"58255514-6743-444d-b4cb-84d44902393b","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":196,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"f067003f-1239-46c0-8c32-f9c47e0d4cb1","block_type":"box","text":"of principal or interest.","page_number":196,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"fd36756c-c6d9-4d40-b500-e59950d39b8b","block_type":"box","text":"Note:","page_number":196,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"8dabd5ee-7f95-499b-88dd-bec97aea5d50","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":196,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"413e8ea6-4f8f-48f4-8eb0-85126c77415e","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":196,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"105914ad-f0e2-4606-bc3f-abb056cc4000","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":196,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"42027d83-5767-410b-8d45-7aee58d2e915","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":196,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"cd6feff8-c97e-4438-98ed-8132b9eb49e0","block_type":"box","text":"companies, and securities firms.","page_number":196,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"ec629ec6-58a4-4dba-b918-2ba82d0bc0c8","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":196,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"b170ce00-4e09-4e44-8b74-c041890e447c","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":196,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"cd66fe25-6991-4341-a3aa-48f55629e5e4","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":196,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"3605ea18-004b-423a-ba41-790191aa4f82","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":196,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"2f213625-7bab-4416-9019-72321ef9e94d","block_type":"box","text":"that security.","page_number":196,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"e968d924-0fb6-4708-995f-b860348e4470","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":196,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"3d452759-422f-4353-b7fa-be1345fad6ab","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":196,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"29ef63ed-41f4-420c-9bba-9c1ed97c4d54","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":196,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"d1b94cd5-bd36-4512-81d1-e6ded82f0258","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":196,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"1d0d8e80-dd57-435d-b6b9-bdc61725ea7a","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":196,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"792ce234-8189-4815-982c-de205883a0cd","block_type":"box","text":"categories.","page_number":196,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"13be43d2-c1d3-4780-89a8-5e74301f7014","block_type":"box","text":"A-2","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"6e875ca2-996c-4b95-8b80-6f631349d43b","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1455ee3-44b8-4400-aeaa-e81785387785","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":197,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"1fbb1576-4fbe-4a9d-ba1d-fb944cbb150a","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":197,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"b4511090-ef15-409a-8c46-2c1d1aa838d0","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":197,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"51fad555-f232-43c3-9674-64c1a1dddfac","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":197,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"5cac5a6a-f1d4-45e7-b937-e2947edf5c35","block_type":"box","text":"an issuer’s self-liquidity.","page_number":197,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"1181c648-aa75-4606-9e79-75fda75fb162","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":197,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"4e7e5f39-df5b-4baa-b2e0-736827833fa2","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":197,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"870856c8-f246-4581-b157-dd9837566dc7","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":197,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"75fd5785-8ed3-4263-b940-f213379dd09a","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":197,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"4e05a74d-25a1-40c6-8ccd-f6f831f58824","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":197,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"79fb8222-c315-4218-84a0-7347b10637cf","block_type":"box","text":"MIG Scale","page_number":197,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"a7f1c8bc-8dba-4080-9d5b-e5a17093173a","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":197,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"d1fcba1a-9910-4537-8e3e-3d506c59fbb0","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":197,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"dc1e0511-72bb-48a9-a39d-e107f829421b","block_type":"box","text":"refinancing.","page_number":197,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"4f8ac4a1-90e4-40cd-9462-9f600289a543","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":197,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"e247a9ce-bdcd-4cd6-83ce-d34ec47cd695","block_type":"box","text":"large as in the preceding group.","page_number":197,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"5ed76407-7e71-46b9-a381-6e7543f0b7a0","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":197,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"4e69a9e1-07da-4486-87fb-baf478dea0fa","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":197,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"61ff8845-d906-4d40-ad1b-fc5916b8906f","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":197,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"3631556f-9662-427e-a2d0-d85ee0bdd92f","block_type":"box","text":"lack sufficient margins of protection.","page_number":197,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"e08e0145-df5d-4a1e-b23b-21bb8e68ed27","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":197,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"d2cea261-6ea8-4e47-aff4-2292f1864c61","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":197,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"e196d4a4-5277-4345-8660-a2f19de6757c","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":197,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"7ad47d43-bf8b-4bdb-bd6e-1a9fece44255","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":197,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"96a4aeea-b59e-42c9-8665-da67d3c560b8","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":197,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"a3f8b3cd-84b2-43ca-b9a6-b48750fcf1d2","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":197,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"9c8b28d1-0d84-4593-a026-974f2cae076b","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":197,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"4aa69990-76d3-4620-a180-b6bbb5317e06","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":197,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"c3a1d7fb-baf7-4125-8cc1-d6dab0c3a480","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":197,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"ba4adf12-2e6b-49f2-85a3-c01a7b0dfee5","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":197,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"14704fc9-908c-4580-9689-eb51cf24be32","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":197,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"9e4244aa-a653-4ccf-895c-4119e6ea448f","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":197,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"5402eab0-d7fb-4a6f-a7a7-fd4949e9f30f","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":197,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"f85cd7b2-5003-4ab1-bc47-24d69ac40393","block_type":"box","text":"VMIG Scale","page_number":197,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"1cb3d4af-bd37-4381-8070-f5f46aabd417","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":197,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"d68e1637-2e13-4313-9aca-952a1360642f","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":197,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"fff2678d-bcde-4d02-a86a-cb949cab3bd7","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":197,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"caf5bc5f-51bf-42db-b7d9-29a1a38d6678","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":197,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"c3689af0-f09a-4b05-ae38-f9759333cbda","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":197,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"313ff0f2-374e-47ee-9f84-df7daa2fcef3","block_type":"box","text":"payment of purchase price upon demand.","page_number":197,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"213e8d1e-587b-4ade-88aa-4a8bd73e1923","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":197,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"bb3391f6-5866-4822-9b9f-cc565bba011a","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":197,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"af5f2d24-9e38-4668-887e-700ce49c99b7","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":197,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"b02d84cb-a5d6-4c73-926e-e47fb2a32807","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":197,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"c5239fa9-4495-44a4-9596-5e8cdf7ebe3e","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":197,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"2f6bb1de-8a70-4f18-b18d-8c9774737d5c","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":197,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"b4cb3ee1-07d4-4fe6-9e0d-1c1566566e34","block_type":"box","text":"price upon demand.","page_number":197,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"6b51fe66-1a99-4c13-8fe4-61d25e370285","block_type":"box","text":"A-3","page_number":197,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"33fea408-274f-4a0d-b85b-f21e76fb1a8e","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c7a6123-1dc8-45a5-ad8e-5ca53add3d73","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":198,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"7a3d6606-8d32-48d3-89f1-93f573f61c17","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":198,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"6eefa113-6051-42ba-8d33-776131ca42b5","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":198,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"b57812d4-f4f0-4186-bae6-9745fc3a154b","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":198,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"a0d22d2c-4852-4c87-b177-2793fe1c3fa4","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":198,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"bc32b884-17d1-4425-a243-50099513863c","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":198,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"56e197d8-8284-4702-b1b2-10d49c02ccb7","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":198,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"bbc95cdd-b3f9-450d-83dd-7e457a9127cd","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":198,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"8e81618a-1170-4c17-85eb-74caf884669a","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":198,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"a4297a36-887e-42af-badd-65243f58ef2a","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":198,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"86f93341-06fc-44e6-be9f-ec2d8a91a5f1","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":198,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"886c13f5-971b-4ed6-884e-aa7de27cb9e6","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":198,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"4f2f3ca2-a6d8-45ba-ba1c-fb7b3e8b77e2","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":198,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"9f5bcf59-d404-40d3-a6dc-3d9790d0616f","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":198,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"2a30dedc-2f8b-49ae-ad2f-172f9713d63c","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":198,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"ac809f62-8d54-4ebb-92e5-373f7531096f","block_type":"box","text":"•","page_number":198,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"7ee16c1f-0f21-4c80-8a2e-a291dff001f5","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":198,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"b2b548cd-07f0-4daa-97ba-3f2c39c39614","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":198,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"462b1685-518a-47a3-95be-cbeff833664d","block_type":"box","text":"•","page_number":198,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"49c41414-537c-4c3a-8f04-3fbed24cab13","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":198,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"dfdfcbfe-1833-43f6-885d-73282d89dfa4","block_type":"box","text":"•","page_number":198,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"3cc8974f-6c67-4f22-8b77-f2ef6da4057b","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":198,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"dc60e8a6-1dce-44c5-97eb-267eeb68b292","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":198,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"9856d3c2-70b2-41de-aa5f-d927d466a22f","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":198,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"8d90793f-fcef-4c75-b0fc-ccd9fbd596b8","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":198,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"af466a73-73af-4a07-962b-8dc8a3bf1d10","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":198,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"474ebf5a-4567-4937-ae02-e3b8256b495f","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":198,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"46115dbd-6933-41db-9d46-78ba828bb661","block_type":"box","text":"obligations.)","page_number":198,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"ed5f9693-23a3-4146-8f1f-29495394b2af","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":198,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"11dfd5ec-5ccb-44ff-83da-05dc83395085","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":198,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"a1032db7-4b33-408c-8bd4-1e3ee863a621","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":198,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"f129b903-faa5-40d6-9321-0f2750020da6","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":198,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"e8b659fe-a0a8-42b3-8638-aceb0481ccee","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":198,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"161fa124-51ee-4396-8427-fc636af9896a","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":198,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"76044c05-d108-4656-be90-ce675d2c8ca3","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":198,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"596d5e0a-a6c4-4749-bb2b-ca1ffedb4d6a","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":198,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"3e4c67e0-b20d-4d09-9eeb-af3b09662531","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":198,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"d69a34e2-e8fe-4177-a869-4027f6f2a6c1","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":198,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"ee79bbb9-834f-4c9d-8a22-c585fd6b45a6","block_type":"box","text":"financial commitments on the obligation.","page_number":198,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"3bd242ff-ea3c-4819-b6f7-04978e8acf90","block_type":"box","text":"BB,","page_number":198,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"b55fbfff-4180-432a-84c3-5a2ed3c88fe3","block_type":"box","text":"B,","page_number":198,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"eb1be8d3-b2a8-4958-9c00-9597e54a8a9e","block_type":"box","text":"CCC,","page_number":198,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"74351f1a-9e31-4dcd-adb8-075f77015e43","block_type":"box","text":"CC,","page_number":198,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"65c0eb19-8c03-4459-8324-6dfa48a95c66","block_type":"box","text":"and C","page_number":198,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"852a11eb-9139-4dbb-9798-87a84824fdd3","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":198,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"791cbf8b-659d-4050-876a-1c1faab8e4d5","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":198,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"4743ab74-1cbc-4bec-85ae-e1eaedda3351","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":198,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"a00c9211-c922-4e2d-ab50-46489f79f639","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":198,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"87bef495-cb7f-423f-b28f-77b2f2a8eb15","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":198,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"ee9bd61f-7a73-4b5d-8b2c-ecbf008f56e4","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":198,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"4f27efa6-fca6-4ea6-9237-382ed16ee10c","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":198,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"ea9fd4dc-a6b9-4558-9b8c-190d57f7de46","block_type":"box","text":"on the obligation.","page_number":198,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"f56af15f-9c36-4fd8-98fe-298dc95bc405","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":198,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"8912cd1c-52dd-44a9-ab52-13b91736085c","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":198,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"3adb5668-0a1d-4283-aef0-1b90107ee941","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":198,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"5821a036-4c6e-4df7-9ae5-4ab5ff7f3cb4","block_type":"box","text":"financial commitments on the obligation.","page_number":198,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"ce6ad493-9239-4f4f-b24a-8556e6103632","block_type":"box","text":"A-4","page_number":198,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"74d9fa19-554f-49b4-a49f-aa04057423f6","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8fc3fa5c-cfe0-4089-8274-dcec3a54e82b","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":199,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"c51f446f-7ee2-4d31-bd0d-d70f785a2a26","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":199,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"d1649338-345e-422f-af95-507d476add8d","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":199,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"e63a7c48-cc50-43d1-a8f7-4414778bae1f","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":199,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"61ab1661-c688-4ed7-91bd-1f05e2f3d6a0","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":199,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"ffbfd28e-4428-46eb-ab24-090f659076ef","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":199,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"f565c310-6f74-4bf9-9f4f-806d116b2ade","block_type":"box","text":"anticipated time to default.","page_number":199,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"9b18dff4-96a5-461f-85f8-766ae48994e2","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":199,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"80961a8f-635a-4d14-aa11-fe7b3ad6ea33","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":199,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"846eb90c-c5f2-43ae-93c7-549d02bebd98","block_type":"box","text":"higher.","page_number":199,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"3a92cdff-28a6-44e5-a535-7702cc5921cb","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":199,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"a2dfdfba-a607-439a-a800-f755a3ff2755","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":199,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"93d29378-5077-4c35-9eff-58ee3fd62ee8","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":199,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"28f8e0f5-f793-4c05-abdc-292a9b7e2f4b","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":199,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"fa25b164-6996-4b9a-acf4-a1d4f3738281","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":199,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"a84b52e3-9030-46a0-8ea1-25360ff818f3","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":199,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"b251e52e-fcf7-4cda-887d-1103f89be367","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":199,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"3a3419b0-7428-4188-be2a-f73af67daadd","block_type":"box","text":"restructuring.","page_number":199,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"9ccab965-8293-40a0-a0f5-59d060fd73d9","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":199,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"857835dc-384f-4956-9b8c-79a6527768a7","block_type":"box","text":"standing within the rating categories.","page_number":199,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"6bcb2148-6474-40ff-8be7-38d529d1d405","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":199,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"b96cbc9c-2bce-4f14-95ff-173d4186a190","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":199,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"5db111e6-5f0e-40b6-8bb3-a9910afeb19b","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":199,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"b0542163-c28e-463e-bc47-b6c15af5f170","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":199,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"847fb226-f587-43d8-a8e2-f0c84ce6bcda","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":199,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"21b12119-b9c8-47a6-bcd0-1c3b0249666f","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":199,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"794b5c72-e7c7-4ae2-a800-81bf697ef34d","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":199,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"e5138020-e02a-4f71-b809-c97325c23473","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":199,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"429a0c00-0fe8-49bb-9851-4edb6d6b89bb","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":199,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"9cb765f9-2402-4ebc-9b22-d829670c865c","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":199,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"a7a1838b-a6d2-4830-a50f-9e9edc9b3a3c","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":199,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"d755d62d-c2c8-417e-a41c-61f1eba01b6f","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":199,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"70650f23-41f7-4ae8-865e-d48d6673a376","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":199,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"7c8d4c61-b48b-4c7f-b0c9-b3cd24600fed","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":199,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"92af7a7d-f881-4bff-a102-d1cee2771455","block_type":"box","text":"financial commitments.","page_number":199,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"493d0900-d13c-412e-a8e5-afb12549cac2","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":199,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"4a194c87-e63a-47da-be19-23dd6b736aa3","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":199,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"5b362327-068d-41e8-881e-afb5ca132b14","block_type":"box","text":"commitments on the obligation.","page_number":199,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"04608f2b-3a6d-4104-94ee-48436b3a78a5","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":199,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"3611b9ce-5d87-4132-8e1c-eef982f7ccd7","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":199,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"4d28a0e3-56fb-4483-bf9b-bde9e16e8e5f","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":199,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"61bc092f-02a1-4ec6-be17-de800229a8cb","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":199,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"f6f03502-3727-4a7a-8d71-3c01cd53fa73","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":199,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"edeab7c5-6bb6-4671-95d3-f6cf3e3159e5","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":199,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"ce5f05b6-a3c3-4361-a98a-ff4f3043685f","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":199,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"c34eb8a7-1def-4c43-8837-df57f963da6f","block_type":"box","text":"debt restructuring.","page_number":199,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"f18a1aae-4742-4e85-b348-b5ccfc65f279","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":199,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"ad507928-cddd-47d1-974a-bae0bd267d0b","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":199,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"31152cc2-33be-42c8-a7f4-1039999fc9ef","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":199,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"2d778abc-87a0-410d-ac6b-fc891e4bd05a","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":199,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"d27c9278-63cd-4e9a-831a-664d9d762f47","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":199,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"c46f043b-36b1-4b49-9f0d-5dba70b95ee5","block_type":"box","text":"A-5","page_number":199,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c752f232-4cad-43eb-b20b-d6214213035e","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"926d9418-42b3-48c7-9ef9-4e486874e56d","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"c36bd672-b529-4b88-98da-f282708d5d95","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":200,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"738fdd23-6fd4-4633-a23e-5b7b102a0712","block_type":"box","text":"as a note; and","page_number":200,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"fec0773b-4640-4ad8-a7d8-4cd99ea6f25d","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"f50b5003-237f-4dce-a7aa-5928d54492dd","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":200,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"000e9775-6265-414e-945c-6b7d21d3986e","block_type":"box","text":"treated as a note.","page_number":200,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"879fb1ba-adab-4189-b5df-e9826a58537d","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":200,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"47f90513-f727-425c-a149-ae2ebc5e6144","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":200,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"478d6653-4df6-4dfb-899e-2c9c256c8c68","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":200,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"38c740c5-5f5e-4162-a474-d419a70c4d93","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":200,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"413c3bd4-bdc8-48bc-9b8f-c548cdd65756","block_type":"box","text":"economic changes over the term of the notes.","page_number":200,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"302cc408-3b55-431e-9b4b-7dfc72d64911","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":200,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"56e841bf-575a-46e1-ac49-38271c051951","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":200,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"3f6f1d82-e706-4b98-b03a-13962656e8fb","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":200,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"c2c4a176-fce4-4d3b-a429-c2cfb3e3d9b3","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":200,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"e539ad52-2223-450a-b561-dd2ef8d4a282","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":200,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"36d789f2-fd4c-4487-8a68-3aef584fe3cc","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":200,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"76e6f254-5b05-46ee-8795-85c6899eea5d","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":200,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"afed1ebb-c460-4d32-87c4-22e7b74b3eec","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":200,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"2ed87a84-9823-4561-8c03-079549b905e8","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":200,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"2b8c02ab-0fbe-494b-a992-daaa9bfffc05","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":200,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"2fc66fb0-c92f-46e4-aaec-1a1140afcc01","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":200,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"90073017-9f92-478c-a33f-89f5e9558845","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":200,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"d992dc19-bb02-42f6-83eb-de26c6b13776","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":200,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"41c16e78-9fe1-4dd6-9dcd-6fa24a255059","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":200,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"257e4d06-8830-447a-828f-60b062a5e7c1","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":200,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"5903a622-f6f1-43e0-b9ac-d79228f90f62","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":200,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"b39d9be9-d3cd-47a6-890e-612963e90491","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":200,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"57dacbd3-0092-4f5c-abeb-1b6b536124e6","block_type":"box","text":"receivables or other financial assets.","page_number":200,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"f4295dab-c0f1-4359-a447-01a4eb4a01cc","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":200,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"e579faa7-f5f2-4068-936e-f346927ece6e","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":200,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"174f80fc-0e69-4395-a4c1-e7ee99c33241","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":200,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"e9871b54-d94c-48e1-a966-7df5db6d1d52","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":200,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"25c40cda-b9d1-458a-b96a-100cc93d3106","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":200,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"81298759-67d6-4a6d-ad90-35f95f196405","block_type":"box","text":"occurred.","page_number":200,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"348e2010-4301-4296-ade4-d92c8ca14a29","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":200,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"58853312-8e75-4e65-a982-7d0005d46bf9","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":200,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"90dfed2e-c927-45fb-93a1-b0da78554bdc","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":200,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"8dfee0e9-6d0c-4d32-954a-68e633bcf077","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":200,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"51f6f2fb-67c3-4f82-9c83-674b5be06c2b","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":200,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"22662d22-2d20-4b67-9dce-5d6d170cc27b","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":200,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"737f3ba3-cd00-40c4-96f1-35c79b66421b","block_type":"box","text":"rates.","page_number":200,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"f9158c10-02cc-4c66-9af9-e831afcea528","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":200,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"d2ad30e1-b252-4e15-a421-f1685f89dfc7","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":200,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"b67a688e-3bf1-4509-a885-b561358568c6","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":200,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"cddde2bc-e3b2-4946-b028-43f3b018b79d","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":200,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"0fc11af7-462d-4449-9842-d3cdc7e8119c","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":200,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"163172aa-da65-4b29-ba00-477125941d62","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":200,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"457efc0d-43cb-4a2d-8cde-4d9870819b4a","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":200,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"a9ec229e-13e1-4d2c-8c0f-d879f820167f","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":200,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"0a145c8a-7eed-410f-bc9c-4b13f4945d7f","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":200,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"81173113-5e59-4803-841a-f132e4a721bb","block_type":"box","text":"i.e.","page_number":200,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"abc8b18f-b01d-44e1-8e53-00b6c609d948","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":200,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"ce25c5d2-878a-4477-8a58-efe7c08d38b7","block_type":"box","text":"the obligation’s documentation).","page_number":200,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"d9db789a-19ea-4b98-bd61-470ff89004ad","block_type":"box","text":"A-6","page_number":200,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2da7de3f-6fd7-45c0-ac49-c815980bd71b","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5478c4cd-a228-463f-bbed-5dfaf7f463e9","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":201,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"abd5878a-da72-4037-bbae-62c878ee065c","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":201,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"bc922ed8-ee33-4f4c-a991-b235f500e7c9","block_type":"box","text":"agents in the form of a rating letter.","page_number":201,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"8b89603c-445f-42fb-8c1d-5ba5aab2c4d8","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":201,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"6b2ffafa-8534-4507-95d1-73edd22b86fa","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":201,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"239275e0-6773-42a1-bd74-1d7fe1b08c8d","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":201,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"163d01f6-7061-4067-9c4a-4c2f3d3c66e9","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":201,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"855deaf4-41b8-47d0-a664-c5d38494d730","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":201,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"4f699ec9-e8bd-4010-9282-88f1cc61da25","block_type":"box","text":"e.g.","page_number":201,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"6bac16ce-f629-4edd-b56f-20e870b8df13","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":201,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"42e390fc-6945-4938-9dd4-37acd41afe48","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":201,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"6ee3e2d9-72a8-448f-9487-d8ef52f3a01d","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":201,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"9f9f0f47-50c8-4d77-b7c0-8329d392bf4e","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":201,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"9f93a3db-efee-44d4-a28c-ad44df28425c","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":201,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"b7aeb8f3-89ea-40ec-a1b7-fbe67b6135d2","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":201,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"9b3d83fb-2a6c-4f61-8a2d-dad3e1dd2841","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":201,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"46a636e3-527a-49e8-a63b-46724727a320","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":201,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"a77a33ca-b965-46e1-b946-dca136e6392d","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":201,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"03f7e8ba-8d37-44be-a78b-5c28b02dc5da","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":201,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"a7953f1f-7678-4dce-8813-8da3c843a4ba","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":201,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"a4565cb0-6e7c-4c90-8da4-096083222625","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":201,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"e048c236-25be-4442-b110-b865d785c11e","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":201,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"bb15493c-5790-4e5d-8662-b0dc194aea99","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":201,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"5546dcd1-4647-49b9-825d-e62baae10c06","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":201,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"0c162f8d-1a07-4cb5-8253-f99aa1bfa4e7","block_type":"box","text":"Ratings.","page_number":201,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"245e0305-952c-46f8-8d5b-8c607359f21b","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":201,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"8d4319e5-1161-4977-a9c5-f92376650233","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":201,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"0b5a2dbb-9053-48f1-8193-94ce47b3a01f","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":201,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"6e44622d-eeef-40d0-8dce-b3a40a8fcfd0","block_type":"box","text":"obligation ratings.","page_number":201,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"d846383b-1ee1-468f-a13c-c2d2812b4823","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":201,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"184ade71-45e9-4ab5-a227-381307b489a0","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":201,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"5d64016e-62c4-43e2-89b3-391890a2c55d","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":201,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"8efee268-f6e2-4264-bc27-43d530fd06ed","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":201,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"6023b827-bf9b-4dd2-8360-a214e1cd3478","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":201,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"f0336ccc-a728-4663-acc2-17a5a178be16","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":201,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"5b30f6c5-1ddb-44a1-bb1f-6b1ac0ded5ba","block_type":"box","text":"to foreseeable events.","page_number":201,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"3f6ae6fb-88a9-47e9-b95a-4dcd65e38ef5","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":201,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"d4f9e29d-1037-433c-b83d-ff739108c6b7","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":201,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"3743225e-751d-4496-90b8-746d7c1e779e","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":201,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"0181a912-27e3-4940-9450-6feb4c6ddb75","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":201,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"50af08be-aa5c-4081-8d3d-32076474dc1b","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":201,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"9105b7d6-edb4-4b02-ba91-1ede3ecd1b58","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":201,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"208c4be3-cb00-49b7-9e58-104636339981","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":201,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"62da064f-7a2a-42c5-8309-bd01dead0889","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":201,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"a8dcc40e-edef-48ab-bdaf-98e1e74b6991","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":201,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"2d19cd8f-b122-4e9c-8f05-6b5acdfc3b2a","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":201,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"5fee8f0d-7434-4554-845e-01843a6cb7c6","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":201,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"605300ba-7504-4783-9a41-7d6a9129b8b9","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":201,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"839deb30-5807-4fa3-9b77-3d9e21826105","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":201,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"6e54aa52-ab00-410d-8565-aba4c77ac2bc","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":201,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"ee4a76f5-e47d-4ed1-9ea3-9d0cb6d30b93","block_type":"box","text":"relative status within major rating categories.","page_number":201,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"a0ddc48d-ed57-4fa7-ba15-38ac36934c79","block_type":"box","text":"A-7","page_number":201,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"be096fe3-520f-42de-a58b-2e737fda1cfc","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a1ab858-0b85-46cd-a9ad-8b3fd35ed3f8","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":202,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"e31f53e4-79e9-4b50-9c64-900049fce3fb","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":202,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"6c2f6c88-004b-49d3-a5c0-c0e7aa60c612","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":202,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"2c02bf4c-ec8b-4ef6-9a11-e18763e76447","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":202,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"35f8c160-b344-4f2d-9546-e9def97cfeda","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":202,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"ed59f8fc-5bfb-49a0-9ff2-355a5a6d35aa","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":202,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"7d92e2fa-2660-4c0b-9bb4-64d20e283b69","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":202,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"3a6029e8-92be-4978-a245-35d1164fe38c","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":202,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"729be7ab-d3dc-48a3-8c7b-c2e7c4aec7dc","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":202,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"f3afeaa3-5e17-4e43-b6e2-2a79022cc24a","block_type":"box","text":"finance markets.","page_number":202,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"e63e9ba1-e3c3-481c-ba15-8821cde60863","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":202,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"242e674d-6898-4390-8533-12c6cbe5b6cb","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":202,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"c4c2fedc-cb33-4fc6-a07f-b482df3b883d","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":202,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"b86532a6-6562-468d-a533-10b8693a536f","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":202,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"2baf95bc-6483-469e-ba7c-72fb957ddf61","block_type":"box","text":"commitments.","page_number":202,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"945be862-83c3-41dd-991b-8c3cc901a18e","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":202,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"79c78af7-1d22-41fe-a574-d587a682cca2","block_type":"box","text":"adequate.","page_number":202,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"e04594a4-91ba-4cb5-9dac-4d4d746b4d33","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":202,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"f89f0e11-a5bb-4a3f-8b20-717ab93e5b49","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":202,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"0d71ac41-51b6-4188-81e0-aaad2643ed26","block_type":"box","text":"economic conditions.","page_number":202,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"add177f3-1f91-40c3-b4b2-7d15406a76da","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":202,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"112ab373-e6f3-41bd-a4c6-47cc8b731f86","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":202,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"3ae94e08-5611-4e68-9000-fd9e89225523","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":202,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"320cd619-ee8c-4428-8baa-b8aa557e52d5","block_type":"box","text":"ratings only.","page_number":202,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"993743f7-48da-4b0e-9084-9853ff5166ce","block_type":"box","text":"D Default. 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subject to the","page_number":203,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"c7ea2c60-8ccb-482f-94ad-6de5a5e1f057","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":203,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"34bb4260-2ef5-4bfa-893f-a0b255a95c00","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":203,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"f6c8fb62-9d0e-464d-8276-7e55adc2df02","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":203,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"280473e4-a335-476f-94bd-67ac1c3391f2","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":203,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"cd305da5-819c-4d0a-9da8-944fd39c8639","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":203,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"081c809a-38ba-49bf-ac01-c1e73d610dbb","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":203,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"4cbee9a2-a6a6-4261-baa9-a3d3645087bf","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":203,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"4cb0d6f3-5983-45ee-a3f7-76c02ffd4e2f","block_type":"box","text":"Conflicts Management","page_number":203,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"cd3bf2b9-bdcd-4207-b062-320d6b23063a","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":203,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"0d71eebc-e655-4603-88c7-eafe21dc6655","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":203,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"e27316aa-c321-4c86-8462-af0d6d7163f3","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":203,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"9f6a5069-f399-469d-8b9d-c132a18ac53d","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":203,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"005e5f44-da2c-466e-be35-79d801cf6f12","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":203,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"71ee3072-19b6-4844-86fb-7cb7f6307083","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":203,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"a7d309f2-8a57-44b8-a4b5-326d3d1a5498","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":203,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"a5e9dd86-2162-4290-bc98-cce8ad0f1a11","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":203,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"bdf0d6cb-07f3-466f-b1f6-2ab87224a390","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":203,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"4eab620c-415f-4921-a798-4154f2ab0014","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":203,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"d54bb5ee-cfda-4e98-b823-6ce6b8e8779e","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":203,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"e6857dd3-c1dc-4651-9dea-7a7b92c2eb08","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":203,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"5b71844c-7ea4-4572-807d-86d7cf9d225f","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":203,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"2987cc0c-1442-43ff-ab13-bffcc9e2d1b5","block_type":"box","text":"connection with proxy voting.","page_number":203,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"097abc2a-0a88-44bf-98e2-9ae9528b7da3","block_type":"box","text":"Reports to the Board","page_number":203,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"f4a6cf0a-71d1-417a-84b5-6c4147118197","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":203,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"7d083b0c-7e88-46cf-893a-30ab1fd2df59","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":206,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"dee3d48e-5e7b-42af-87cc-6d419cdb5e22","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":206,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"dba0932c-3ec0-4a6b-a8b2-76943fb7cc78","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":206,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"f8ec500d-0e6f-4e4e-b129-5c7f077f0cb4","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":206,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"e7542781-895c-4a6c-a942-d4b6d1ae6022","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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RESPONSIBILITIES","page_number":206,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"d8987440-5c83-48df-8854-32d0a8fbe786","block_type":"box","text":". 15","page_number":206,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"c1d7bcaf-7fa2-42ab-8860-1b1a08336ec8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f340a0ff-3d7a-46a5-a569-92f72c855a29","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"b5817730-4b97-42e7-819e-18da170cc422","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c2a2d97-2eca-4ad2-9717-5af72a318c21","block_type":"box","text":"OVERVIEW","page_number":207,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"d820420c-20c4-41d6-9f0c-cd2b926ec3c4","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":207,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"40b4080b-b0b6-4f83-bd9d-9fec06e04f14","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":207,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"e42c5e15-e534-476d-aac2-3e1db435edbe","block_type":"box","text":"issuers. BAIS works in par tnership with BlackRock’s investment teams, excluding index equity, providing exper tise on","page_number":207,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"ea603735-10f1-48c1-b7b7-4cac97937805","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":207,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"833c7914-e72d-4416-99b1-134e3cf2b7c9","block_type":"box","text":"recommending, operationalizing and repor ting on voting decisions. The guidance informs BAIS’ voting","page_number":207,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"2a1cf214-2e70-4839-8bdc-c3f6bc24ed07","block_type":"box","text":"recommendations to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s","page_number":207,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"07560dcc-45ce-4434-95a1-322d5c21bad8","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":207,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"0eb17e00-8974-4b7a-9cd2-4da3d0029d2c","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":207,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"74603370-e36c-4c66-8853-5823bc683cf8","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active por tfolio managers have discretion as to how they","page_number":207,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"6ead28ac-ef9d-402b-955b-186e8a71d73b","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":207,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"908c8f5a-ff22-4e94-8532-83976c72ea1d","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":207,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"d4d70f6f-2d4c-4ed6-bef6-cf138fa26a7f","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":207,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"a65c0237-451f-4804-a09e-a3637c62ed5c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f62f13eb-6ad1-4b15-bdd1-3926d05f364c","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"71386df4-1dcc-44c4-b364-e75458d5d9a8","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6091e05-3348-43c7-91f0-3eeb3e6b38da","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":208,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"6a2e247e-846e-4c1c-a979-d400099c7959","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":208,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"c4990591-566a-4184-a886-4dc6bfcd76a6","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":208,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"9274b554-2113-4b33-8ba8-88537e984ea1","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":208,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"5234b51d-1261-4b7c-a60b-f6b84c9e0b1b","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":208,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"fe65d860-ad1e-417a-9210-b9d08451a00f","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":208,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"ccd820b1-5774-47de-9afc-c82780e307e3","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":208,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"bb3c11df-9e48-40e5-8f3f-89c8ae32342b","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":208,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"541d327d-f361-4664-943f-a695e4515b81","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":208,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"6c070c07-7a05-40f0-beac-27b3fbd5f243","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":208,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"e223ba92-6d10-488d-9ac0-60f3e620e6e5","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":208,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"c36ca5b5-2469-4591-a6f8-35f09bec1927","block_type":"box","text":"shareholder meetings.","page_number":208,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"c91b89e9-8bfa-44a8-809f-01a99bf3d61f","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":208,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"d1191e4c-4eba-4384-b01b-6e4bf731e3dc","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":208,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"4ad37358-972c-4d27-869d-23c45ae0a04e","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk adjusted financial returns. Generally, por tfolio managers and","page_number":208,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"c1abaf61-b266-46d0-b509-13b261e8f811","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":208,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"133762d9-cec0-4d71-9bda-7e1ce551c2e4","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":208,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"7bf3fa92-4d61-4e03-9939-daa0884f17f8","block_type":"box","text":"per formance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":208,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"8008c161-6b34-4ba5-a009-fb862a1e0d0e","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally suppor tive of management teams that have a track","page_number":208,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"2d4a8da5-7100-458e-a9f2-7074cc3ac023","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":208,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"012d2d2c-53d4-40d8-b3ec-110e5277fe20","block_type":"box","text":"on open dialogue and mutual respect.","page_number":208,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"5577fd97-ed49-4cc9-b85d-494764e00284","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":208,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"5c2b541b-8144-454e-8f91-a2f01137a3bb","block_type":"box","text":"the por tfolio manager has to make independent voting decisions aligned with their por tfolio objectives and","page_number":208,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"4e57ab0b-e38c-4b58-b016-65b058ee17e2","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity por tfolios in","page_number":208,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"3c8a5532-760a-4d6b-a4d4-d47daa2778da","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity por tfolio managers,","page_number":208,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"1806d76e-6e52-41f9-92fe-1d06ca2e0b50","block_type":"box","text":"who may determine to vote differently based on their por tfolio investment objectives and strategy.","page_number":208,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"82be30ea-b5e0-4fb1-a91d-e9d02e370831","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":208,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"ddd634cc-77b2-4195-9833-50c87abd6b1d","block_type":"box","text":"board directors","page_number":208,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"b915d5c3-de01-43aa-a316-15c81928901e","block_type":"box","text":"1","page_number":208,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"5926a2e4-6abf-4558-9b5c-679090a39049","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":208,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"5a7e120b-7eee-413d-88f4-a8c42d34dae2","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":208,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"418c07f2-242f-4e36-976b-d0b1ff1bddc8","block_type":"box","text":"governance that suppor t a company’s ability to manage material risks and oppor tunities and deliver financial returns","page_number":208,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"cf4efb28-adb5-45d9-98be-fb416caa9388","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":208,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"5d5f62dc-3801-4d49-9461-ba8c49dad475","block_type":"box","text":"markets or, par ticularly in markets without well-established norms, aspire to widely recognized international best","page_number":208,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"154c85c4-d2af-4575-b3b6-d81a00f0f827","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":208,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"3608a25f-d65d-49f8-b77f-0278e7005d0d","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":208,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"b9a6617c-5fa4-4f44-aa9d-dbc61c929678","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":208,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"872c7c34-2744-4bec-90d3-e67a6131501e","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":208,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"a3879b72-ba3c-4db1-ae2a-ffdbea095a83","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have cer tain fundamental rights, including the right to","page_number":208,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"54313953-e6c8-4c88-87ad-e6e5cd37e7e2","block_type":"box","text":"vote on proposals put for th by a company’s management or its shareholders. The voting rights attached to these","page_number":208,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"4d55ac9d-0b70-475d-a296-545732f35458","block_type":"box","text":"clients’ holdings are an impor tant mechanism for investors to express suppor t for, or concern about, a company’s","page_number":208,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"2cf3e61b-92a2-4832-a9f7-c6be0791ebe2","block_type":"box","text":"per formance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":208,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"6c3cb070-b4ae-4118-b533-cf7994ef9355","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":208,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"44fc15ab-27bf-47db-87f9-6d9be4514bf7","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":208,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"b640003b-ff43-4953-b462-b80baebff19f","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":208,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"be2d6122-7c31-4d87-9228-bfae488290cb","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":208,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"29d4ac45-b8f3-48c9-b65e-2def5e1d02ce","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":208,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"c4822916-09f6-443e-bb65-1cc86523000f","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":208,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"99ef89db-5259-41ab-98f6-a6f809505c2c","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":208,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"2efd76a9-8120-47df-88b3-a3fed72e0f13","block_type":"box","text":"stewardship responsibilities.","page_number":208,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"3e4a4993-7e1c-4a1f-82b5-0cb4658130fa","block_type":"box","text":"1","page_number":208,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"ceacd3a9-ddba-44fd-8e01-706958589c7b","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":208,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"5ae718b8-f098-4b58-a234-e390998243c7","block_type":"box","text":"boards and their members, where relevant.","page_number":208,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"80e28036-4a8f-4b33-9ea9-3123ecd5c5fc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6a379f80-c74f-4453-b136-e7348ae75abd","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8f86fc6c-8c10-4702-a4d6-08e4f6538e4a","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b239d23-4919-46f1-bc33-1722acb9b88a","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":209,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"dd536c67-8807-412b-9fa3-da93f1f7d0c0","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":209,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"a91c5b12-62f6-460e-85b3-e71c3b01b9d6","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly those with sustainability objectives in","page_number":209,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"29a0ebc3-541a-42cd-acb8-339141788fa7","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":209,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"54199489-3e37-420f-8122-81eb50a879d5","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":209,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"eff2a9a5-169d-4e9d-be96-df16710298f7","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":209,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"ecc375dd-729c-4013-9e5e-c0ec24b94200","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":209,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"ea8910f3-8080-4cce-ba7d-aebb15bfea37","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4791d80a-f5b5-42b2-abe8-034a7b04f11c","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"87fe5bc0-b24b-4186-990b-9717ce776c83","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71ae8872-8517-4c03-8760-6c794a6ac550","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":210,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"4d607f5c-df45-49b2-813d-4063191c3751","block_type":"box","text":"Roles and responsibilities","page_number":210,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"d6f7dde4-2b7c-4e97-858f-da2d9ed70015","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":210,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"adc4254f-e999-4bd9-b666-7e24b8a7b254","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":210,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"0fa861ee-4d98-41d1-b7a0-b1342797c14c","block_type":"box","text":"2","page_number":210,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"2a574bb0-8a1c-42a2-b6a5-9e0962d0ea78","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":210,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"d554cbe1-3464-4658-af40-0d730ae37dab","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":210,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"1db8940f-ca3a-4cf1-b045-080f21fd4749","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":210,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"caf1d913-b912-4606-84ac-ad95e54e0f2e","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":210,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"49c698a9-3e56-4ca5-8035-05f84530db6f","block_type":"box","text":"per formance over time.","page_number":210,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"e1594570-c50d-4492-bc62-b7983527d620","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":210,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"30522480-f5ea-4b56-9c71-4887fdce93aa","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":210,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"ed58d4e0-071d-4d95-bab6-4d712630228d","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":210,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"ff653795-19f9-417f-b7b9-d2c6771ac380","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the per formance of the CEO and","page_number":210,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"b940175c-517d-4920-abcf-d5d24956e295","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":210,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"facdf2ef-4fae-4853-9e71-e3fa3813ee68","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":210,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"7c5db0e3-f354-41ab-b9fa-8cd4ef30f1e4","block_type":"box","text":"Composition and effectiveness","page_number":210,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"851e0cea-6c85-4b5a-a754-c8aeb13eac01","block_type":"box","text":"Appointment process","page_number":210,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"001ce8ac-43d0-4023-81b0-a87f6c78e696","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":210,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"8fe7950a-a7b8-4451-b4f9-b64e2b7ebc35","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":210,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"95fe6de3-6cf9-4e05-8ef3-e0adda36399d","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":210,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"4d1ca8dd-9adb-476e-9fbd-a48cdee64632","block_type":"box","text":"e.g.","page_number":210,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"d2acb020-3489-44f1-af80-81c9b0671736","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":210,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"189a42e6-44ab-4aa8-a2c6-104dc7b25fbf","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":210,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"1c9f060c-29d0-4a81-8599-72ad647abf19","block_type":"box","text":"e.g.","page_number":210,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"9d550b59-c930-4505-8de2-e7f2f58e39df","block_type":"box","text":", financial exper tise, industry track record). To inform the","page_number":210,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"34a29523-509d-45cf-a368-202c839c55b8","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":210,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"db85f1ea-3bbf-4b5c-8bb2-2acb1223f729","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":210,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"d4a4e8ad-30d3-4a43-aec4-54d1bd8763f6","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":210,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"84c150f5-4df1-408f-9d4b-260a163c0c9f","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":210,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"5effc4ec-064b-4443-9748-64a748a99cc0","block_type":"box","text":"market requirements.","page_number":210,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"9cbad05b-e11b-4de7-ac57-64be778e36b1","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":210,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"ef935243-c636-4af1-901e-d70a16a37e2a","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":210,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"799d4958-dda0-4d8c-82bb-c998a0f04f5b","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":210,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"930f0786-9b36-40fd-91ff-f19cb7bff184","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to suppor t strong financial","page_number":210,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"a294875f-9d88-4272-9ef3-7ec8a3e58efd","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":210,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"cff76c1a-24ed-41c2-b95d-5532f580ae46","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":210,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"fd6e03c2-0c1d-41e9-9709-fda7ac0b3956","block_type":"box","text":"Independence","page_number":210,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"9fddc7f9-cd3d-4d23-b303-b5247c7a3a5e","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":210,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"b070fd13-ef66-4383-b858-221adad409c1","block_type":"box","text":"e.g.","page_number":210,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"52edcfc2-6bf7-47f8-bf88-f62a262e0c88","block_type":"box","text":", government or","page_number":210,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"1d4b8601-e087-45b2-87a6-807b56d397fe","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":210,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"2f64fc49-cd2a-48ec-beca-bf253df2f593","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":210,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"0e8b9d73-1d40-4f04-aa70-e27a4372bbd5","block_type":"box","text":"influence.","page_number":210,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"3c341501-29ea-4901-95ba-784c875f7132","block_type":"box","text":"3","page_number":210,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"0f2a6139-229f-4065-92fc-fcd8aaf4129f","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":210,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"646f2717-259a-47f7-9b5f-a3df17210a6f","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":210,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"502315b7-d39c-45b4-acc8-fc27a899d0fe","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":210,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"d10cf7e6-7a39-4687-850f-bff82b8268a1","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":210,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"fceef2f6-9204-41a3-bb76-0cd6566859d1","block_type":"box","text":"composition if this is a perennial issue.","page_number":210,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"45f87eed-6f18-4cb2-9799-759665220b5d","block_type":"box","text":"Independent board leadership","page_number":210,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"6d69a651-5a0b-43fc-b1a6-de797d608ff7","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":210,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"f599673c-26a2-4d26-b8cd-5e377b434744","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":210,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"17a5c737-7758-41e6-8acc-55a1ec4907ed","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":210,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"cfc2414b-5b3d-46cc-9688-b0d9e9986630","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":210,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"f59c8f27-505d-444b-8987-1d8e2a1f2278","block_type":"box","text":"2","page_number":210,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"01d75c57-19a1-4b92-bb37-93ba093a8a99","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":210,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"fd8d0f7d-08e3-47de-ab14-e206729885d7","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":210,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"3333d907-5d57-4410-85e1-36f891cd0e77","block_type":"box","text":"3","page_number":210,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"45f2f4bd-3eff-4481-84b9-8a07d01953e6","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":210,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"49ef9d23-c5e1-406e-a012-f7f056084ca6","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":210,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"d5d3d5ea-87de-47eb-90bd-b3214d3c0680","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":210,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"60442312-18b6-4d6e-ba74-722352d5bc80","block_type":"box","text":"or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests of the","page_number":210,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"04b5433e-7478-4de6-8557-e0b7a650f419","block_type":"box","text":"company and shareholders.","page_number":210,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"c30e822f-e5ff-4a67-995d-b06fe0dc993f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"eb76496c-8480-452f-ab02-baac11e23921","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":210,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8358043d-2bc1-4ed1-a9c8-7ad2b73aa87c","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"009e30f0-32ca-426a-963a-fe00a790598d","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":211,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"cb81c368-da7c-4b03-abac-b9e4432146dc","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":211,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"55cb663d-c7f8-44f5-a68b-d3f5b45311b0","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":211,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"a36b2281-9e2d-410f-bab8-72b017d2eaa0","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their independent board leadership","page_number":211,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"52106f2f-43f1-4597-b158-b3793a96046f","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":211,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"3200923d-3920-41d2-a082-7a8fcaeb036d","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":211,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"7e2a3093-1f0b-44a9-b2e9-137229194d46","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":211,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"6f991143-df58-4ca8-a2f4-a880efdbfca0","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":211,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"4804e0d0-16c2-487a-b22d-64a9f7a36ea8","block_type":"box","text":"Tenure and succession","page_number":211,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"77839811-e7c4-424a-8119-057e4fae4603","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":211,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"6d810d96-7dbe-408e-801f-22b6efdfd80b","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":211,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"79fc26a2-b583-4b8f-b547-e9e9e413c325","block_type":"box","text":"tenure par ticularly around the contributions of directors who have served for longer periods than provided for in local","page_number":211,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"21a0ebc0-459f-492a-881a-b33121e59da3","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":211,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"936e574c-6fb6-40b6-ac3c-4445647e6e4b","block_type":"box","text":"management and involvement in past board decisions.","page_number":211,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"73a97f70-b335-4f59-bfd0-c6a9352f60e4","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":211,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"1b7782be-d5b8-4967-8810-85e655cc5046","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":211,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"c39fb91e-6739-474a-a863-defbee141f9e","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":211,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"c2f50d64-d5b9-4ff7-92a3-db67faca5bae","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":211,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"e8fc5caf-718a-462a-a4b7-0e2f1912c335","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":211,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"56158f0a-2d0c-40b3-8138-2b0204d3ca4a","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":211,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"4c3e4a9c-b793-451a-abc2-ebd9f7bf7392","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":211,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"22d00ba8-fffd-4413-8ca4-18f29b88dc6a","block_type":"box","text":"Capacity","page_number":211,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"0321dca1-caf0-44f4-b32b-734a13213abb","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":211,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"927e56b7-4af6-4f92-ae27-ea997909d682","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":211,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"6871a0b7-b0fe-4283-b0d9-ff6e3193de8f","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":211,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"64624ebd-e9bc-4320-8aa8-9173d833e534","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":211,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"d3e5a784-3124-4659-ac32-d36733b235ea","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":211,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"96e0e3e1-2c54-4725-97e0-098d32607a9a","block_type":"box","text":"markets.","page_number":211,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"c00d8cda-fb3c-4f79-8a76-10df10c71734","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":211,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"2431b202-6743-4c40-b0cb-10aa2698544b","block_type":"box","text":"their duties to the board and company.","page_number":211,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"21355e4a-f796-4787-9e7c-76b99b2635b7","block_type":"box","text":"Director elections","page_number":211,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"8a53be8e-a100-4fb8-8b19-f7528878256b","block_type":"box","text":"In suppor t of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":211,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"a2639df1-7501-41d6-add1-c1eef69bae27","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":211,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"b4013b27-6755-4dfc-9273-f2a70efcd890","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":211,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"0d7ab276-9682-4985-a08e-5186fe67c748","block_type":"box","text":"e.g.","page_number":211,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"4349151e-51e1-4077-ab82-cddd957e439a","block_type":"box","text":", a non-operating company such as closed-end","page_number":211,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"4f6523ed-1f2f-4b35-b6fd-6278a1703132","block_type":"box","text":"funds.","page_number":211,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"24d86d2c-48e2-42be-85e8-be563341054f","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":211,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"4c16d20c-6388-4469-ab1c-125a36242e46","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":211,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"27d888fd-d029-467c-8666-ef57c29bbdf4","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not suppor t the election of directors whose names","page_number":211,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"ae0ea4ec-7506-44da-ba9a-86ce82cd6361","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":211,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"f3498e2f-71d3-49eb-82ae-1339bccff1fa","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":211,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"3b43baeb-0df7-408b-b2ed-f30e87ca52ea","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":211,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"fe005236-460e-4359-ac4c-721f28739c28","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":211,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"d3566021-e7bd-4101-9b95-23fcff4056b3","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":211,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"ee234bcb-93fe-47d9-b9bf-5a961baed8b2","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":211,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"cdda3137-14f5-4aac-859e-9013312cdc8e","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":211,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"122c257c-fdea-4557-a552-5b54a3bf4dd3","block_type":"box","text":"Committees","page_number":211,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"470118df-1951-4fd7-8c30-4849c679d891","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":211,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"21cfebec-a064-4258-a211-3b8845a65c05","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":211,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"b64eaab9-22ac-4871-bced-308ebc4a14f7","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":211,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"f73a0853-5369-44e7-aaec-087b8814f48a","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":211,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"58daef6c-cb31-4541-ba6f-7df751266e1b","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":211,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"8eead16c-000b-4757-953c-1c1fbce2552d","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":211,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"a5bceddf-7691-43d9-8904-01a666f94c16","block_type":"box","text":"the structure, membership, propor tion of independent directors, and responsibilities of each committee. The","page_number":211,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"026364a4-a13e-4294-80e2-0885d47c121e","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":211,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"bca3355d-3e46-4b55-ab1c-c871f59fc670","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9bcd2faa-94a1-4342-80b7-f1d9d51ab922","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":211,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"9b58f4a9-9669-4a6d-a1d1-00e9f8c8425f","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"804bc6e5-44ed-4837-90e8-bb9cf784786c","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"57370fa7-56d4-4d08-ad71-cc3c8930d2d2","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":212,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"bb185cb0-2cdc-4788-847d-717aef080926","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":212,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"23e27dd1-a843-4907-a06c-3973f3541af7","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":212,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"d62c388b-9dc3-4997-a4a6-609f27d3c87a","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"73a82b3e-aba4-4428-974f-946c8de13897","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":212,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"ba48532a-828e-4132-b39d-bd0d5c4cb92f","block_type":"box","text":"including the periodic review of board per formance; responsible for succession planning for CEO and key board","page_number":212,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"e09d258f-d23e-488c-8e51-313ce825dc41","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":212,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"3981a499-cde4-4c24-9ebc-987f6b059908","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":212,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"4f5d3a9e-9e61-4fd2-a4ea-a4fd60ab198a","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"e0a79f04-e8c2-4f45-ae17-aff1b201e5da","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":212,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"9522d8e7-613c-4b07-852d-55fd0db67281","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":212,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"3a03cb78-ff7e-4e6a-83ef-65970ddc296f","block_type":"box","text":"firm-wide compensation policies.","page_number":212,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"47cf3eb7-e199-47ba-ab14-2f5917079306","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":212,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"72737bf1-5dbf-4173-978c-4f698b6ae1b9","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has under taken its responsibilities. We may vote","page_number":212,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"cf0dbfa7-4900-4ad4-83f3-d6ecd1401b2b","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":212,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"b4ef9e5c-2364-4b67-a29a-626bc06feca1","block_type":"box","text":"committees.","page_number":212,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"374e302c-a80e-44a6-9b4f-bf3b14bb7841","block_type":"box","text":"Board and director evaluation","page_number":212,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"a0cf7ba3-90f8-46cb-a8fa-7d028ba248f7","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":212,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"db9e877c-983b-4025-861f-e86d2268c86f","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":212,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"479ddc63-3b46-4c87-8fd2-c1b7c72983c3","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":212,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"65320eec-697c-4a5a-80e3-bfdcf64c083b","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":212,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"e849418c-5cad-4cf3-a4c8-3e7cc2c2089e","block_type":"box","text":"result.","page_number":212,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"5c8acfba-ec57-483e-be98-1b25c4ccd40e","block_type":"box","text":"Access to independent advice","page_number":212,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"89374811-09c9-47bb-997c-fad1f7557002","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":212,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"bdf9285d-819c-48d7-be80-b03cee2ca047","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":212,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"79a621d6-0caa-4c47-a405-761c783c3efd","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":212,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"eb0d6125-258c-4c60-8d85-06feed2db641","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":212,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"e6c75c95-ce62-4e49-b59f-f5a4d1e906ab","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":212,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"039c351a-0b2c-435f-81d7-87c2aac877bf","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":212,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"918d8a24-d408-42f0-beb1-2bb877b2903d","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":212,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"d530399f-08b0-4e4e-bc1c-99c5c5a1b27c","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":212,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"dff90b7c-68cb-4085-88ea-91b355a99d77","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":212,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"7497f652-3ba5-4daa-86e3-182668cca29b","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial per formance.","page_number":212,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"210fd977-e028-458b-a2ab-15bd262a95c1","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":212,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"948bbc4b-b4fa-4e5e-a271-122b638d47f3","block_type":"box","text":"per formance against shor t-term metrics, share-based incentives that reward per formance against long-term metrics,","page_number":212,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"2ef4d9b9-fad4-46d7-8ab4-5e53f518b4c3","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":212,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"602d8f16-60b6-40b3-9aa0-fb4c6c96bafc","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":212,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"0e5dcf04-261e-4bf6-9d10-da463e4fb046","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":212,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"5d98ad39-be41-4a70-aba2-a20b28dd5b1e","block_type":"box","text":"motivate.","page_number":212,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"54e8b982-f17b-49f6-99c0-57d679a5d7eb","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":212,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"7b92aeb3-4d3c-4c32-b483-af5760a6cc48","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":212,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"bc59eb83-0e6c-4c87-bcc9-9a99f877a6bc","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":212,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"27a64f58-3fb2-4b3a-b19a-027034494d1d","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":212,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"4ce1a952-1c3f-4ea9-892f-e5d3c5251236","block_type":"box","text":"arrangements include:","page_number":212,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"a2cb199e-7677-40ba-8b39-2af8d91ad682","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"aeebbc33-9058-44cb-a2c9-cc77dc2eaca2","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":212,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"2b2deec7-2b84-43bb-b593-689e128ed798","block_type":"box","text":"the company’s size, sector and market.","page_number":212,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"4a802f8b-ce52-41ed-b169-e1fc6159b395","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"2daae3d3-5d68-490b-a33f-daee8d9bdb0c","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":212,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"7d319024-3e43-4c0a-8fa6-e9e63756d58f","block_type":"box","text":"strategic objectives.","page_number":212,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"2945e804-a929-4c02-a25b-cede32133878","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"15a2aa99-42c8-44c1-ab88-d096ff6db63d","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":212,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"4bce0d80-8541-4c52-b4ec-01177673c571","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"190d630a-7c30-44b7-a23f-98de53da7f9b","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":212,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"7caa607a-da02-494f-aec7-829f37f07e4a","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":212,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"b3328571-be25-4c4d-889b-8420857d22db","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"853a95fe-3498-4acb-83df-48fb53fc95ba","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":212,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"8e037842-196c-4c41-a09c-c365c9b900bd","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"31f625d8-4250-4d9f-9d1d-bedeb42175ad","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":212,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"f796792d-fd11-4ef2-b37e-cd23678e5c78","block_type":"box","text":"transparently.","page_number":212,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"d7612144-256d-4a66-8b1b-5374b3c4306e","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"22b6f87b-65eb-4b58-aa94-baf7902a1596","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":212,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"96d2d2fd-f2f8-4ded-9160-a0dd0114d0a1","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":212,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"9912b3d4-96a3-4ecc-b4ff-e7ac6566addc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e0da6220-1347-4932-8d3e-7265f2914232","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":212,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"65140266-2a0c-4f6f-8b8a-620b075dcfd8","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa4938ec-5955-423e-a0c9-2357fe1c132b","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"5b2bfe44-b0fc-4482-b6b1-02956a2cabf6","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":213,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"87e614e6-b43a-4df4-a862-b7e3cef16dca","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"30907d91-299c-47b6-a4fa-dd8e474e7fdd","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":213,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"ac934949-5714-4e28-b5c5-d399ae682350","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":213,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"dfd62333-b5b7-4343-9504-4e3a3c2fc2da","block_type":"box","text":"misconduct.","page_number":213,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"0e9eff19-8821-4ebb-8fa3-b00a03c192ff","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"7d7f7aa1-b064-4db7-8bc9-c5cdaad6ec62","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":213,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"e5cd12f8-1f45-45ab-9ead-1355433cacec","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":213,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"5860bf96-7699-498a-a8f1-a2196219447e","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":213,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"cc8e4788-b0f2-4150-b768-1457c8c5c1e8","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":213,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"a3ad9f9f-2a82-486a-bdda-c25ca5fd6ff0","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":213,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"0e7d41ef-52f2-4771-b4b6-cb50edf2637d","block_type":"box","text":"committee, or the most senior independent director.","page_number":213,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"3e1d1ed0-27ca-410b-b3c2-d923233a2d9c","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":213,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"98244ceb-9f2c-4b30-a065-dd814953ca6c","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":213,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"49659dd7-06c6-40fb-a63c-79a8248f22fd","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":213,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"8f5d75dd-3d9a-4f07-a98b-07723c3d196f","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":213,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"cb11b68c-3e30-4da0-b147-031801f07629","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":213,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"7c5054eb-f514-4984-b1f8-32ef919040f1","block_type":"box","text":"CAPITAL STRUCTURE","page_number":213,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"40652e3e-996e-4703-b6d3-d838e977eaef","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":213,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"e9f7f95f-d2d2-4623-b38a-d2fd632db71f","block_type":"box","text":"appropriate capital allocation and management in suppor t of long-term financial resilience.","page_number":213,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"d5d67ac8-b5d7-4153-9377-a964bb3d713f","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":213,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"10699031-5355-46f9-aef2-b8d0726e7c3e","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":213,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"1b2b7b48-8e89-493a-89d6-036623468177","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":213,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"455d474a-78b6-4be6-a533-19a8026ac5e6","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":213,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"6b573686-31a5-4442-8a46-a174d4413f5b","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":213,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"47dead6b-d0ea-4ceb-a8d8-de71026fc70b","block_type":"box","text":"Share issuance","page_number":213,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"58d1b438-991c-43b4-9079-1c2cd8b21c9b","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":213,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"e017fc4a-c057-4d86-ac2a-7415d20c3c61","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":213,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"2abf5f6f-4e37-4013-a26e-2da28b810cd5","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":213,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"dabc8862-655b-4bae-b52e-81acae6bd3d3","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":213,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"8c5959c0-5f3c-48fa-81be-0f363de9d1b0","block_type":"box","text":"Share buybacks","page_number":213,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"56d664a3-a7af-4746-be15-29d77848a03e","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":213,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"018ce6f9-7ec3-46dd-acb3-7cd6435a3d55","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":213,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"d43f0c31-9973-45d4-97da-dd0da6a4b88c","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":213,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"68788074-53b3-429d-9ef0-9fdadad54343","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":213,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"dfab6547-120d-400e-829d-a0d6e551be56","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":213,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"25f6e0b4-6de7-4bed-84ef-f7df1186d041","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":213,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"a605b165-479e-4460-8143-ef27bdce20e2","block_type":"box","text":"market environment.","page_number":213,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"6e39605d-2896-454f-b4fd-9bc01914190a","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":213,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"57663632-d1f5-433c-893f-c9c4f31cd0b1","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":213,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"fd338fa4-1f08-404c-8d5d-c80b607691e5","block_type":"box","text":"strategy.","page_number":213,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"828cf07e-81ba-40f0-a038-7a6a282e5d4d","block_type":"box","text":"Dividends","page_number":213,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"6c7e1a7b-c767-4f78-900f-a4fe04982988","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":213,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"5588f017-9a98-452b-8bff-8a62c7c8b72a","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":213,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"6963d42a-29fd-453f-ae9d-564269027e39","block_type":"box","text":"Differentiated voting rights","page_number":213,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"8c7b004c-a54b-4652-8201-6966c4c943eb","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":213,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"b3d08a64-1a09-47e3-afd2-b77510e5c720","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":213,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"1e338d8d-2cab-48b5-a602-66fa87638413","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":213,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"2edc6809-066a-4dfa-bc37-2f771cf51df6","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":213,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"c97826f1-cb9c-42d9-b90a-a73ed0e0d70d","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":213,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"d0525939-67b4-408e-bcf0-82ace61f4468","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":213,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"e999956d-9e87-4c6a-a17b-88eb5e6f98d1","block_type":"box","text":"analyses of proposals.","page_number":213,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"053a1920-715a-41e2-9dda-a887a59a9fc1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"04c09578-5da7-4d2a-a23c-60c41bc8bb6b","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":213,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d707e62a-50cf-46b0-88b9-25b289bea8f2","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3638cbe2-53ae-4653-ab4c-293220c8ff3f","block_type":"box","text":"Mergers and acquisitions","page_number":214,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"d6df60d2-0ac4-48be-978a-5caee078eda8","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":214,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"96776bd3-73a9-4566-9039-676ff6890fa9","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":214,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"05454b02-b431-4634-a88f-d35150e60113","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":214,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"bea0d34d-5c60-42d3-b5ab-0003c4a77505","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":214,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"7fdef0c2-a70d-47c3-9119-b2469615a8ef","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":214,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"77d5184d-2ba8-4af5-ab87-0379a91277ca","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":214,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"bc4f9acb-b36c-4924-a2a3-400a1de23d99","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":214,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"832feaee-d4c4-4d6d-8345-05b946b9077f","block_type":"box","text":"Anti-takeover defenses","page_number":214,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"1c157cb0-bda7-4a41-b2a4-95649844f135","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":214,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"9db9a2cc-9ddb-434b-abe5-7f46926ac381","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":214,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"f6667ff9-e4ee-450b-bd7e-5beb79ca2113","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":214,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"f125ef93-a110-4dba-a391-1da3c4b94df4","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":214,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"b5ea2862-9a32-4c6a-8ae4-6e73966cd6cc","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":214,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"08781aa8-094f-4788-a8e7-31dd48168a0a","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":214,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"cdf99e14-710c-4017-9e65-9661d2f06712","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":214,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"2df32af8-ff6b-4ec7-9180-e99fd586e62a","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":214,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"e5587b6e-658e-48d1-bf6c-fea98b3e09e4","block_type":"box","text":"Shareholder activism","page_number":214,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"19c82343-16e5-407f-b82b-f5a4a11eea56","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":214,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"75448bb1-3ab8-4a86-b816-3ddab7f2f700","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":214,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"865c435c-0df1-4617-a291-603d4190ba9e","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":214,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"eccdb3e2-6ae8-49ec-9656-05edc1d14d38","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":214,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"afb5e015-41a1-4f46-b60c-421102cb4153","block_type":"box","text":"management’s plans; and the qualifications of each par ty’s candidates. We evaluate each contested situation by","page_number":214,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"b4c05096-f6ad-4613-90f2-5239e47a4b0b","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":214,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"f7bef727-e85d-404a-b7f4-e4fdc51f2530","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":214,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"d6654f86-c914-427c-99ba-fc0bda2d7c86","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":214,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"91225fa1-cc0e-409d-a6b4-d351643d10d1","block_type":"box","text":"skills and exper tise or have a poor track record of protecting shareholders’ interests.","page_number":214,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"1d8b13f6-f276-44f5-b4a2-53fb7825082e","block_type":"box","text":"Significant shareholders and related party transactions","page_number":214,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"5290e25f-7283-4789-b2fa-3afa7f70be89","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":214,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"274dd05d-0099-4246-b945-a45765f3575a","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":214,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"836a7de6-5c40-4e51-b8d4-171bfcd5ff8f","block_type":"box","text":"Transactions with related par ties, such as significant shareholders or companies connected with the public","page_number":214,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"9c1f7e4b-8d68-4887-95a1-1e9b7d9b1129","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":214,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"ad25af99-2011-41f2-b63e-7b7f4811bad2","block_type":"box","text":"with a non-related par ty. Such transactions should be reviewed and approved by the independent members of the","page_number":214,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"39691587-c7b1-4748-951a-83c27fcc2395","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":214,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"5aef8479-8861-4c19-b639-e927f4a7cfd4","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":214,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"4a50ddb5-0255-4344-833a-d64f52bdd010","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":214,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"51c0ef7f-997c-4ea9-915a-67d912bca68f","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":214,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"a1016932-42a9-4ca6-bae4-d74363644c60","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate repor ting and","page_number":214,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"220bcc14-50e7-40a1-bf49-f36b517754b8","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":214,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"7b01d432-455a-466d-a291-e395c1ecb396","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors and other stakeholders","page_number":214,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"b3cea9a6-61fc-4c47-b8d8-1549712b6ffb","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":214,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"33c33694-b188-430e-9a24-3a06bddbdcdc","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":214,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"49700d75-5e37-41bc-88d0-4d2b036ee4de","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":214,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"62c6f322-ad3b-40fb-9948-a04604de28e0","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":214,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"7fd437d2-7b9e-4229-a025-2f5ab7de982c","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":214,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"2cdbfc98-9565-4789-82f8-49065f45337b","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":214,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"3bd1f1df-48dc-45b7-bb47-1d5aae68a43c","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":214,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"3a633894-1ae2-40fa-be34-f0c5bcc4a909","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":214,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"cf78be34-a01d-48b4-802b-cd15da5de871","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":214,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"0de20a4d-ff7d-40e5-a513-e475185ec82e","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":214,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"d898256d-5735-4e6d-8a3e-fb48752845ed","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":214,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"2fd8c508-d22e-4c35-a61a-dbd00f6d7b1c","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":214,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"a58abb34-a222-4139-bfc6-abe895b56c93","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"94eee6c4-8fd1-4c02-ada0-1f6bdd235516","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"bce2cc11-97ff-4ee9-aaad-f887463c62f5","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"328c1f7b-2c04-4a0b-b015-22015b1d598b","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":215,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"975cebce-c56c-4fe1-803b-e0a15d7c2a8e","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":215,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"cc7d9416-8872-4ee1-85b9-3dfc9faa80e1","block_type":"box","text":"Board, can be helpful to companies in preparing such repor ts.","page_number":215,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"187865a5-b2f7-4665-89c0-a78a9457c161","block_type":"box","text":"4","page_number":215,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"e153b5ef-657a-47a1-a8f2-771a415f3989","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":215,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"3a3a1b0b-137a-46c5-afcc-aeff338f44a5","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":215,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"557f28e6-d9c5-47b2-99c1-68e8e9b39ea3","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":215,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"f89f0022-c8ac-4a8e-a895-6c6cdb4c7c5b","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":215,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"6debe1ed-4798-48bf-b68e-2f1ba47edb60","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":215,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"4ff16869-6489-4049-ae25-8e056309e8fd","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":215,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"a05aa2a1-1948-4d5d-9213-669267bf46bb","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":215,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"d96d2877-e898-48d3-af7e-0caaa7cfd844","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":215,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"769b779b-58b3-4205-b83b-723ca26a4192","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":215,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"ae6167c4-e3d6-4030-870a-661d20d6bee7","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":215,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"5b6a4297-6a98-4c39-8aac-fd5c199ad1de","block_type":"box","text":"remained independent.","page_number":215,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"ded6507e-7a6b-4402-bac4-74b87ec00055","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":215,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"6ff2f88c-a2fa-4f59-a8bd-d8a0b8d41cc0","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":215,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"3702722a-68a4-4846-9b27-1fa9bbb08c11","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the repor ting or","page_number":215,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"89714af9-c5d1-44bd-9301-6d4f0479a24a","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the audit fee if we","page_number":215,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"cc2c1c52-7ff9-4df7-afed-7b8209804997","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":215,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"1aa04ac9-7afe-4fa8-bc79-0ad663cfeb64","block_type":"box","text":"financial repor ts and the board has not established reasonable remediation plans.","page_number":215,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"5e668241-6a25-455c-90c1-c93fc58e97cd","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":215,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"568ea65b-a008-482a-b8f7-c4d543a3cf2d","block_type":"box","text":"General shareholder meetings","page_number":215,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"2a17d952-c0b3-4c8b-8441-b74e5c24978f","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":215,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"0c800d82-5d3e-41a1-b784-9e58060edc45","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":215,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"1b6aa54f-71b8-48c9-9fff-bc5e75978ac0","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":215,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"06db2467-76a6-42b1-8aa0-c372f4bcff82","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":215,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"30df9a36-0aaa-4d63-8ff6-3b23c51dfd37","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":215,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"03a27173-22c5-4f30-9c4a-73534ec4eeda","block_type":"box","text":"an in-person meeting.","page_number":215,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"eb008a64-ee79-42a9-9235-700f576a4ec2","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":215,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"6512b158-52b5-4e98-a094-be90c42d1023","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":215,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"b3a7cec2-d9ab-4175-9a85-da259e9ee2b8","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":215,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"121711ad-f72e-4d90-be3e-413b487c827b","block_type":"box","text":"par ticipation.","page_number":215,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"de3a8277-96a6-4d57-9315-8eb4a8e28e08","block_type":"box","text":"Bylaw amendments","page_number":215,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"631772e4-9391-46c0-a4a0-c7e68c0ffd8a","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":215,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"b0cf76f5-6a80-4806-b8ca-12f55b1ce078","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":215,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"9cd164fc-f6ca-41b5-9235-8b583ddd257b","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":215,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"99d21c86-d80c-4afe-b291-1e9d3280dca2","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":215,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"b7eaca8a-e5df-4847-8ccb-84766f521c18","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":215,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"4272a1de-cc5d-45ae-8146-0d4f4cf01d15","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":215,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"408757d6-9655-42ab-8c51-54ecb4a665f0","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":215,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"b9042ad2-7031-46b2-8b0e-a5ee0bba494b","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":215,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"c23e39c3-7247-4ad0-91ad-34f353384e12","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":215,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"9122dbae-7938-4e62-8c3a-dc3f6f8c44fe","block_type":"box","text":"group, with a meaningful shareholding the right to nominate directors to the company’s board. The threshold for this","page_number":215,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"680ac8b7-8bf8-49a5-82a5-9c30cceeff0f","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":215,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"7d61f3e5-6485-4532-987c-ccbae8d69ec8","block_type":"box","text":"nomination process.","page_number":215,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"ffb99071-4777-4564-bf67-a5d0fea033b2","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":215,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"502057ae-b53b-4caa-bf67-fd19032c2f23","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":215,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"b07f9f46-6163-4212-90c0-d1ccef76e90c","block_type":"box","text":"4","page_number":215,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"6eb3f18d-851a-47d8-8857-efd3432d9300","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":215,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"a9c7bbaf-66a1-4c24-9fa6-2a6a7bf3021d","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":215,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"9b600da2-0edb-4c85-80a2-dc5567202416","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the","page_number":215,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"c17832a7-d83e-4733-89ab-77c9cbaa2006","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":215,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"f7339753-6aa3-44e8-a68e-bceb0b6eb9b7","block_type":"box","text":"climate-related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in","page_number":215,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"1946b29f-5265-4c0e-8f7e-705b48f87de8","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":215,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"1bbb10a3-2f5c-4c24-a5f2-27806b61518b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bbbe09b5-3e74-4d6f-90b0-c8b753d1ae7e","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":215,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"6eaa19eb-df24-478a-af3a-e659d4291636","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0795ec05-a60d-46f2-98ce-186254b5980b","block_type":"box","text":"Change of domicile","page_number":216,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"168601f9-3389-40c0-b0f6-21943ce46b68","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":216,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"3017a864-beb1-45f4-8419-c18b0935b5e4","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":216,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"f8e19402-1325-4c1c-9d39-55ad1f7f7959","block_type":"box","text":"immaterial.","page_number":216,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"6c7b50de-40ea-480c-a8f4-478d8bde1b9a","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":216,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"676bd21f-c745-47c1-8148-53d29da227c9","block_type":"box","text":"with our clients’ financial interests.","page_number":216,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"8799320c-99aa-497d-ae92-fbc7c426a14e","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":216,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"5a3b7d59-8a04-4620-8b3b-4bc37eeb40a0","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":216,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"808e845e-611c-4c5a-a154-147e4606879c","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":216,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"981d154e-b683-44c7-a25f-a2dda1af2554","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":216,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"75512889-26ff-484a-9e7c-d74aa7334d82","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":216,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"cfd5620d-770a-493b-b5f5-5021a0f0f011","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":216,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"7a21be66-0303-4508-905c-e303ec5b5b74","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":216,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"bb85580c-00fb-4d4a-83c9-1798c14fbbde","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":216,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"653e1765-7d2d-4c83-8de8-f7703a2dafbe","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":216,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"ab57913e-d62d-4223-9d4a-7809d17e1d88","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":216,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"048eb7fb-9fa7-45ea-b3b1-bd70dde5271e","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":216,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"c48ae3c9-194e-415d-8cd6-134163835815","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":216,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"d9456e11-d150-4e7b-a308-7430345ba50f","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":216,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"28001b66-f965-4ed1-8cea-e4de32d6c7bb","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":216,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"bcb7646d-1320-48b8-8864-c12c5b6994db","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":216,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"126efc70-e7f6-4998-ad3d-c618e2fb50ec","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":216,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"c8ea4a54-05e9-488d-a249-f24e56d3d406","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":216,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"a240d87c-50bf-482d-b2f1-6284645091d2","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":216,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"725027ce-5579-4111-ae14-d80ca3462b1d","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":216,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"02994768-cfa2-45ff-9ebc-689b5edacd43","block_type":"box","text":"interests. We generally do not suppor t shareholder proposals that are legally binding on the company, seek to alter a","page_number":216,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"7c318e23-96b3-4051-b9c1-19cc479649e8","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":216,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"82d9a0a8-91cd-41d8-8a44-ae0e79a84714","block_type":"box","text":"returns.","page_number":216,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"6f658161-a646-43f5-a0ec-e4998704688d","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":216,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"0da8185f-b24b-4717-bf6a-1654b81d2ff1","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":216,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"9d4e2c9f-170e-4846-a5b3-3d59d4571602","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put for th by others.","page_number":216,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"6dedce28-712a-4b41-9c18-bc03425a2465","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":216,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"126bd938-dc85-4797-8c9f-e633cde57441","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":216,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"0e229ba9-0209-4a0e-9431-eb4aaf45bb2e","block_type":"box","text":"process is consistent with their public statements on policy matters impor tant to the company’s long-term strategy.","page_number":216,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"3ca6cd11-02dc-46a1-a74a-bac292e1b5c3","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":216,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"282001e7-abf3-41f6-9437-845b068bec2f","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":216,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"8feb4c09-3af1-43bc-abbc-5988c2b4d75e","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":216,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"0f12bbcc-51e5-4142-8e77-f36849338925","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":216,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"4f23e3b9-b411-4eeb-adb2-62bde1874dbc","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":216,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"15c823f8-0c5a-4d4d-b1d8-e54a85efbc9d","block_type":"box","text":"are active members and any engagements under taken by trade associations on behalf of members.","page_number":216,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"4e56e487-8182-4caa-9dfe-486e26153772","block_type":"box","text":"Generally, this is an engagement matter, although we may suppor t a relevant shareholder proposal, or vote","page_number":216,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"c8dbec96-f53d-4422-9ccc-6ff3b8803c8c","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":216,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"6c597d5f-5a20-4f33-bdde-d26e3a79c645","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":216,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"f21de4b1-2a85-416a-b56d-61d46fe267a6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"16831a7a-032d-47b3-8b04-0c4d699c51e7","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"69deea94-fd95-4174-ba84-3f1c1773d3f0","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17eeda6a-fe72-462c-aa6f-f1cb6f0a0fa5","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":217,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"ed4f1961-f09e-496e-b1e4-7bfdafa2db86","block_type":"box","text":"We seek to understand how companies manage the risks and oppor tunities inherent in their business","page_number":217,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"3e586f25-f61f-441d-a342-f4862751dccc","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":217,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"2fd40cc4-e6e6-48c5-9a47-981169bf25d8","block_type":"box","text":"5","page_number":217,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"58df3181-50ed-48fc-8e8f-33de1788c72d","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":217,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"dfa43955-cada-4cb8-a1cd-d48cee9d2148","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":217,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"36c2e5e4-45bb-4ff1-81ba-14c227d3852d","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":217,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"dd40cd15-8f0d-4642-905b-cb86be88187a","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":217,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"ffc8ea15-95fd-4882-9269-7e3912e0712d","block_type":"box","text":"regulatory requirements.","page_number":217,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"2a8cfdea-21ad-44dd-b4c5-e66e97082f18","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":217,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"df0b3196-7fed-4847-a862-f061401b8f73","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":217,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"23be3501-c742-49c0-ba70-b77257df8b67","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":217,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"03b9bd48-5b46-4045-9836-4746dd970f61","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":217,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"0968fea1-d31e-4ca3-91a6-bc9aec577748","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":217,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"980cc57c-31fc-4aa8-a853-e27424c768ea","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":217,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"1d08c925-67f1-4fe9-acfd-a584b5b1d66e","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":217,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"5fc732c9-4084-430c-ba7c-34e99de1e5c9","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":217,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"6d8c458c-d2e0-43b7-a4dd-fc4094609e24","block_type":"box","text":"returns.","page_number":217,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"487956ae-83a1-4363-87cc-33855c3d323e","block_type":"box","text":"KEY STAKEHOLDERS","page_number":217,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"8ab6a131-2b7e-4955-9475-960550b3ba10","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":217,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"01c1a955-56c2-43e6-9353-d7389af11aa7","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":217,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"2c295d4f-60c4-4d53-8ea6-88639a01d7e9","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":217,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"70829968-8ce8-4408-9579-96bbbae53168","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":217,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"e01887d6-5785-44e0-b58e-abbdc4752c1a","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":217,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"69919944-4579-4437-929f-bbfcd4b91bc0","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":217,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"592ba70e-5263-4f09-9c05-c671196f9779","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":217,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"e15c3742-d1d9-4312-ac11-bea0e352f842","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":217,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"b1c6b904-ed04-4089-ba93-0cb93e0c83aa","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":217,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"468d65d6-96dc-454d-9f48-8b2b54cfe8a5","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":217,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"9c544f2d-3f24-4026-ab17-8e6f168b0b69","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":217,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"d0d0c8c2-1d92-4453-8203-2701e39eba61","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":217,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"8e0a5fcc-74fc-4210-928a-ad5e272647c7","block_type":"box","text":"i.e.","page_number":217,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"a82716fc-8bb4-492a-bb5c-15fa26147619","block_type":"box","text":", one in which global","page_number":217,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"75620a64-01fd-4b13-9794-6e631dea3a43","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":217,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"e3c27cfb-9b6b-4ecc-a16d-4a3db99bdcfc","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":217,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"c1fb0240-64f2-466c-87fe-d0a0f4debb48","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":217,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"0e3928c8-81db-4eb2-b6bf-170dcebc3210","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":217,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"00a04c3e-c16f-4b19-a77e-c13ee4f49983","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":217,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"37c25b72-59dd-425d-a166-ac1beeb22cab","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":217,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"85ddff9a-21e2-4fc6-9256-e1584c070c77","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":217,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"4629acc1-adea-44d8-a355-04a17549df2e","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":217,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"7a3b43cf-4c16-4d62-a5aa-e9ff7f0464a2","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":217,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"ce5cbea8-3f61-4a08-b6e5-17709109b614","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk repor ting standard issued by the International Sustainability","page_number":217,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"f6bb1f8f-7fee-4b42-a9c3-2f8019afc6d6","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such repor ting.","page_number":217,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"ffdcbd1b-b970-4816-ae07-1decd9c84bc0","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":217,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"b7ad9ca3-005e-404e-96f7-4192f1e7504f","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":217,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"e779b60e-82de-4ed6-a6b2-f6749393f2f1","block_type":"box","text":"material climate-related risks. We may recommend suppor ting shareholder proposals seeking information relevant to","page_number":217,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"84e0b8e4-8603-4e16-8e57-783bfb9b8646","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":217,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"73ca83b5-cd52-4d21-962e-023e5df1b496","block_type":"box","text":"5","page_number":217,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"ee2deb4c-549e-4d84-9c27-907845750beb","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":217,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"a35bf6a8-6cda-4116-8bab-60ba871d0b57","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":217,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"184fbb4a-6c76-49ea-8387-517e198a9b95","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":217,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"c2f1e0f1-a00e-4e71-a8bc-aa1c131fa7ce","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":217,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"10386ad0-c557-4587-8192-ea61e2c790d7","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":217,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"3964eedf-ba7e-4d05-92db-21f8840b8b3a","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":217,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"a82c8584-8065-47e1-95d3-4ea3a89aec74","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":217,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"356a8694-476c-44eb-9c7f-523959bac74c","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":217,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"bc4ead9b-cef5-4125-96c9-d72a63ea8905","block_type":"box","text":"sound governance framework.","page_number":217,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"dd473f44-1ea4-45c6-b027-97c031d0d6f6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c9236e27-9e0c-44d1-a5ce-3efa6ebde880","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"de7a63b9-82e7-4a78-9ae5-76da83ce31f0","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a746c36-1315-43f5-b534-a04826e679a0","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active por tfolio","page_number":218,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"d8311305-98b3-4c85-bb10-fc3c792dff0e","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":218,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"40aba5b0-0019-4b28-98d4-46668e3e3435","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e920c6e4-c47b-41da-b908-b1a8428fa5aa","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":218,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c8983728-c8e2-49bb-8a6b-08e32718f426","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4598c551-c392-4f90-86aa-184def676258","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":219,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"19e264c3-5e32-4226-b6b9-2be35494c384","block_type":"box","text":"Oversight","page_number":219,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"5df99daa-a813-4421-84bd-298902a40adb","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":219,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"c615c966-8134-4057-b1b7-d49a8a554d15","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":219,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"eecf8db6-4dee-4fa2-968c-52c5ec48aada","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":219,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"845407e2-7b9a-4738-b56f-5f7355d7f6a3","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"e40dd1e8-48a4-49d7-96af-31b77a2a75dd","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":219,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"f2e50783-c36a-4d66-a50e-9f65e499efa6","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":219,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"412b4a89-6820-40da-a34f-59c8556f6464","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":219,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"5f6ee5b7-9151-4e2a-96c8-eabbb37cc522","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":219,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"cc200fa8-f8f5-4c3a-bc57-8fdef88f68fc","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":219,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"cf9c7626-a65a-47b9-b869-6957fa5ab72d","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":219,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"228d2261-c40f-4ca8-ae06-894e67e0e1e2","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":219,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"167c6a68-aa94-4ff1-95bc-f3f788f3a987","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the por tfolio managers with holdings in the","page_number":219,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"b796a210-e56d-4de6-963b-e0ace9ff874e","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":219,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"c3c97d1a-5160-44e1-92f4-72dcf1600f50","block_type":"box","text":"Guidelines proposed by BAIS as par t of its annual review.","page_number":219,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"9150af82-906f-4b39-a510-ef5a7697909e","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":219,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"4ea1cb7f-3c08-4bd3-b7ea-f43f41cb042c","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":219,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"1c438102-309c-4e9a-83a6-e21749b739be","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":219,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"ae45acb8-9303-43cb-a032-93e2f749bc10","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":219,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"ba04a93a-4272-4ac6-bc7d-cc3a295d94a2","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":219,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"26127363-2d25-42f8-8eaa-264fdc06f741","block_type":"box","text":"third-par ty vote services providers” below).","page_number":219,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"ae6c6a7c-415a-4c73-8341-e530afa38c0d","block_type":"box","text":"Voting guidelines and vote execution","page_number":219,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"077f6914-706e-4273-a63b-36adc4e1ceef","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":219,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"3380e327-255a-435e-9871-9b2671cc15af","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":219,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"8cec7263-2674-402f-afc7-59892a484357","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":219,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"71d2c5f7-a373-4061-9726-02234551e081","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":219,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"127e76f1-c28b-43f4-9444-41829797a2f6","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":219,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"1b80bd62-2229-45f2-acc3-0a53338ad2b5","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":219,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"2c5dfa9a-082e-46f4-9503-c7e499372761","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":219,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"2e6adf93-488e-45d4-a1d9-ac7d0c1df93e","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":219,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"b2adfff8-86e1-4e1c-9877-9c99fe1420d0","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":219,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"82742378-c0bf-49e6-af17-2e85c51728ee","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":219,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"0660ee0f-2330-46ea-a71c-ea53ad3132c9","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":219,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"707e571e-29e3-4ec6-9b69-3f5660f28d83","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":219,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"8aefa0c8-7e0e-4fa4-9dc8-65289f232be9","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":219,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"af17f635-0bd8-4b42-abcb-0a85c21dc71d","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":219,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"a78a37e4-587f-41b6-a6f1-a2f27e34a89a","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":219,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"6ac24a82-cfa7-4b99-b2b6-2490f0a87a0a","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":219,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"1c57501a-7c1e-4564-9fce-19ab914eb4c4","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":219,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"af83cedf-8061-4621-b045-cce61a0bb6e9","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":219,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"946da5d8-0441-4f1d-bcb7-8932c6f62478","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":219,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"9e5a449d-24e2-4047-a044-795fdcc7eeee","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":219,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"8ab91836-9709-495b-bacb-b43fdbd9e6d7","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":219,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"1cd874f9-d16c-4add-80ae-9458f459d1e0","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":219,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"fc4ca218-437a-461d-9672-7220f9af7ab6","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":219,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"dffcfced-d8c4-4bd2-9c2c-cd1e950e22c6","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":219,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"0d7c372e-aad0-4b3f-9932-8b6e2004efb6","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":219,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"8045e081-bbb6-42ac-9dfb-ae806e0f7d52","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":219,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"590eaa3c-76e8-4fb8-b106-5cf1e33e47fc","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":219,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"b08d7f4f-ef9e-43dd-ae94-ff43e39b1a2e","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":219,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"27f9cb74-5158-4cb8-a129-5524248faaaa","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":219,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"517f0165-8c5b-45d3-8f79-9c4905000186","block_type":"box","text":"Voting Choice","page_number":219,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"431cc3f0-473a-48a6-8e3b-0f4ce6b76c4f","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":219,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"aa7117ae-6b7f-4152-ab1c-63ab72d192cf","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":219,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"8dcd4bf7-8d12-4b9b-b02e-8abdd95d8ced","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"eee21682-b49d-4469-a057-4b0a8a44bcbe","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":219,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"705919b3-1b58-4e5f-99f9-476b0fbbfe08","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1f1cddf-74f1-47db-863d-be03c6dd8a38","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":220,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"ba062bc6-074b-4c42-a0ce-36b95f5dfbd6","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. 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BlackRock does not disclose client information, including a","page_number":220,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"5da3169c-9293-44e3-8d8c-3ca4153d92fb","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":220,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"bc91f72b-ec8b-4668-8f3c-f9b58d6bf78a","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":220,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"b1ebc689-1960-43a8-8e4f-2bf895847e47","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":220,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"6714c1c5-262c-4276-b57a-b83bc51c4f21","block_type":"box","text":"votes, as well as voting infrastructure. 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Clients or business par tners are not given special treatment or differentiated","page_number":220,"box":{"x":102,"y":846,"width":770,"height":11}},{"id":"6d539e63-40ae-44e4-a79c-98dcce3de483","block_type":"box","text":"6","page_number":220,"box":{"x":69,"y":875,"width":4,"height":5}},{"id":"ed98a3e1-58f5-41ce-bd65-edbd37a6b62d","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-par ty proxy advisers the","page_number":220,"box":{"x":78,"y":875,"width":814,"height":11}},{"id":"24fba470-7b32-4f15-9734-047865b8dc75","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":220,"box":{"x":70,"y":890,"width":838,"height":11}},{"id":"4912f9af-2bea-4fdd-9861-ddb274697af2","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":220,"box":{"x":68,"y":905,"width":354,"height":12}},{"id":"4047294b-9278-4113-85a0-bd027bdbdd19","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ed80a4f1-ac1a-46d2-8764-19a06e3eb629","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":220,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ada60d17-e9dc-480b-b9cf-93db71389477","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6fb07ba5-dcbe-41ae-b3ad-618c9912d303","block_type":"box","text":"access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":221,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"673da77e-70ed-42f7-9385-cb756f544654","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":221,"box":{"x":102,"y":59,"width":777,"height":12}},{"id":"9f55849d-25c0-4a8f-a1af-558a5f813dd3","block_type":"box","text":"outcome(s) over time for the economic value of the company. 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While this has occurred in a limited number of cases, the decision to","page_number":221,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"8ce05faa-0684-4c6c-a47f-44bc73144e92","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":221,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"1a7b81d7-599d-4212-83d9-a366e649cb39","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":221,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"dca11a5f-eccc-41af-9932-e9a1867311ad","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":221,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"c44339f9-55f2-4146-a688-8879aa2a6374","block_type":"box","text":"of recall consideration). 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Reliance upon this information is","page_number":222,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"8665c22b-b08a-48f8-b212-e809f52bc133","block_type":"box","text":"at the sole discretion of the reader.","page_number":222,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"e6daef5b-71bd-42b5-8a58-4ecc5c0e8a66","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":222,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"791f69de-55a6-41f1-b533-c1aad4454400","block_type":"box","text":"©","page_number":222,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"343932b8-f010-4c53-87c9-401d69a5899b","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":222,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"1e9a6dc9-95ae-4561-be49-3bca808ed5bb","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":222,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"d86e4618-c84d-4fc2-ab96-23ab099b56c6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cb1171e9-7003-40c6-9f99-df7228f683d1","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":222,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5c2b823f-2fe3-42fd-bc70-7b0bc4a698c8","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a15328b-b271-42ae-82a8-ed748f1bf10e","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":223,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"bfa4364b-479e-47c5-a6e3-24bc16c99f30","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":223,"box":{"x":247,"y":90,"width":486,"height":11}},{"id":"d627d551-9d1d-42bb-b434-173e0e201d1d","block_type":"box","text":"Effective Date: January 1, 2025","page_number":223,"box":{"x":376,"y":105,"width":227,"height":11}},{"id":"57a8623f-3b3b-46b5-a9d8-7b6ca54e0f6c","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":223,"box":{"x":231,"y":128,"width":515,"height":11}},{"id":"b9ff3714-f71a-43eb-bd1d-e0957c69de8e","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":223,"box":{"x":306,"y":151,"width":388,"height":11}},{"id":"9757f381-7bab-4233-aef2-14fdc761d397","block_type":"box","text":"□","page_number":223,"box":{"x":184,"y":173,"width":14,"height":11}},{"id":"c3d58d35-74aa-4453-8914-01ef1a2ac7c8","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":223,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"6d2ac5e4-077a-4ae6-8fc6-fa0460966f67","block_type":"box","text":"□","page_number":223,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"6f1554bf-4d0b-42a1-b420-e465f3ffbf9e","block_type":"box","text":"Money Market Funds","page_number":223,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"e81a1d99-daca-4bb0-9198-a1d122fd6375","block_type":"box","text":"□","page_number":223,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"1a1935f0-252c-41cc-a3ba-c1051f588bb5","block_type":"box","text":"Closed-End Funds","page_number":223,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"cec67ec4-a35c-47c4-b53d-1c9ba5f5dec8","block_type":"box","text":"□","page_number":223,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"a3b97ea4-cbf6-4d90-96b5-7ce64f1ff678","block_type":"box","text":"Other","page_number":223,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"b0e7bd80-224c-4fc3-80c1-c40251d9f681","block_type":"box","text":"Objective and Scope","page_number":223,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"63d2ac14-fc59-4b63-8e48-71d6dea10f4f","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":223,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"63a80726-6247-4c67-9060-7ae1e63027c1","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":223,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"237d3de9-e280-45cb-bc2a-b0df85e0e3e9","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":223,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"c8d25955-d7e0-4abd-a4fa-54d2c70edf8f","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":223,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"7562ab8f-1f0e-4a6d-9b80-f132fa1885d8","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":223,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"1242a252-ae00-4183-be63-f1855f52c335","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":223,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"42bd6375-4309-40ec-bf51-c7997fe18320","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":223,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"f3a3213e-546e-4248-b82a-d2963ca6e2fe","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":223,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"9084f430-b161-4c95-a55a-aaaa0bcd8141","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":223,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"f234ba0c-cc10-4461-be04-a3aa073b4320","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":223,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"a8798e4a-4aba-4998-ac6d-d153ebf48ea1","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":223,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"3927a31f-f24b-49a5-9f32-f9233c32f4bd","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":223,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"bd528447-632f-4964-a2fd-b5262406af37","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":223,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"640399f4-24d7-4a96-8d8f-0e4f970d8f35","block_type":"box","text":"Appendix A.","page_number":223,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"c0754121-23bb-4780-8235-b697e81ab276","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":223,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"9b8c9a24-d235-45a5-a1ac-01798f9ae426","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":223,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"30cf7604-1b85-4829-b54f-fc9bb4de243d","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":223,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"3c522578-3505-47d7-8c7d-01b40cf66853","block_type":"box","text":"Conflicts Management","page_number":223,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"14933e8b-e86a-4cfb-b0d2-6f2d4899e3ad","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":223,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"24cf1e3b-af8e-48f5-866a-043e847f970a","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":223,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"8e97127a-fee3-4745-a3f9-10758af42355","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":223,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"b73adaf1-14cc-4516-988d-7cee0e79f85c","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":223,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"6707f19d-194b-4b84-8b86-9870ca295b62","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":223,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"b5227dbc-ad7b-4e5c-a654-9cf5320840d6","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. 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Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":227,"box":{"x":70,"y":216,"width":823,"height":11}},{"id":"d42cb51e-b4f0-4496-9e9a-034526cf1a9a","block_type":"box","text":"our voting decisions.","page_number":227,"box":{"x":102,"y":231,"width":145,"height":11}},{"id":"f87f76eb-34b5-4dab-ac20-fa61b331a0de","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have","page_number":227,"box":{"x":69,"y":251,"width":783,"height":12}},{"id":"4383374e-ef07-4119-ae99-0d2fa94208a9","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":227,"box":{"x":101,"y":267,"width":284,"height":11}},{"id":"5b101a9d-da86-40bf-817c-2c295bde05b8","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our","page_number":227,"box":{"x":69,"y":287,"width":795,"height":11}},{"id":"429f3cbf-1ed7-45bd-b3cd-eccbdaa3662d","block_type":"box","text":"clients’ investments.","page_number":227,"box":{"x":101,"y":302,"width":147,"height":9}},{"id":"38d3dfc4-8bdd-47ca-8722-9ce7fc6e82e3","block_type":"box","text":"4. Repor ting on our activities to inform clients about our stewardship effor ts on their behalf through a range of","page_number":227,"box":{"x":69,"y":322,"width":803,"height":11}},{"id":"8d81b59e-73c8-4c40-960b-c04677a712f7","block_type":"box","text":"publications and direct repor ting.","page_number":227,"box":{"x":102,"y":337,"width":234,"height":11}},{"id":"d75cfe5c-27f3-4763-8582-d9fb4b3c77dd","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":227,"box":{"x":321,"y":367,"width":337,"height":9}},{"id":"f863018a-69aa-4b8e-b2cf-2498796a7552","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term","page_number":227,"box":{"x":102,"y":390,"width":786,"height":11}},{"id":"b1008be5-f3ee-4b8b-8e95-0bcb8336c408","block_type":"box","text":"financial value creation. Research indicates that high-per forming companies will effectively evaluate and address","page_number":227,"box":{"x":68,"y":405,"width":806,"height":11}},{"id":"aa95c024-00d6-4cef-bb23-f50146b9eff9","block_type":"box","text":"risks and oppor tunities relevant to their businesses, which suppor ts durable, long-term financial value creation.","page_number":227,"box":{"x":69,"y":420,"width":795,"height":11}},{"id":"3bf96b99-e7fa-4590-8eae-67dd93218420","block_type":"box","text":"2","page_number":227,"box":{"x":866,"y":420,"width":4,"height":5}},{"id":"4331b40c-251f-4553-bca7-63c4b93731d1","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":227,"box":{"x":102,"y":443,"width":802,"height":11}},{"id":"4ff0ca43-8c09-4bda-8326-1e6ef620be93","block_type":"box","text":"minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation.","page_number":227,"box":{"x":69,"y":458,"width":819,"height":11}},{"id":"f2a33f54-3a7f-4fe6-af74-539fae404bba","block_type":"box","text":"Our role, on behalf of BlackRock’s clients as long-term investors, is to better understand how corporate leadership is","page_number":227,"box":{"x":69,"y":473,"width":833,"height":11}},{"id":"a7d5d09c-3581-41d3-a4d3-e6f65cd9b899","block_type":"box","text":"managing material risks and capitalizing on oppor tunities to help protect and enhance the company’s ability to deliver","page_number":227,"box":{"x":69,"y":488,"width":840,"height":11}},{"id":"f20cfd9e-7f93-4032-b1bf-6a079b7889d5","block_type":"box","text":"long-term financial returns. We aim to take a globally consistent approach, while recognizing the unique markets and","page_number":227,"box":{"x":70,"y":503,"width":829,"height":12}},{"id":"9231fdaf-7806-4753-ac17-6916ee43995f","block_type":"box","text":"sectors in which companies operate.","page_number":227,"box":{"x":69,"y":519,"width":260,"height":10}},{"id":"39780c3c-095a-4a18-8159-c57b28c22bdc","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":227,"box":{"x":403,"y":549,"width":172,"height":9}},{"id":"cb2f3283-4277-4b14-a426-a32303bdcf0e","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish cer tain fundamental rights attached to","page_number":227,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"20493613-d606-4c9c-b748-fdbf6dbe8e17","block_type":"box","text":"shareholding. Shareholders should have the right to:","page_number":227,"box":{"x":69,"y":586,"width":373,"height":12}},{"id":"60e091a2-5ba3-44d4-aa26-a05cf7afee01","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":609,"width":6,"height":5}},{"id":"23789b15-418f-4d24-9574-91df9370ee3a","block_type":"box","text":"Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate char ter","page_number":227,"box":{"x":102,"y":606,"width":805,"height":11}},{"id":"edf18834-1fc5-476a-83e2-59d19fc22e46","block_type":"box","text":"or by-laws.","page_number":227,"box":{"x":102,"y":622,"width":72,"height":11}},{"id":"ee9ae098-658e-4357-99d7-bd9e15891eb8","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":645,"width":6,"height":4}},{"id":"a3094bb6-93ed-4dad-b3b2-dfef7cec9d44","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":227,"box":{"x":101,"y":642,"width":789,"height":11}},{"id":"a9742a02-76d0-4c14-bc4a-c048ef37227b","block_type":"box","text":"changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income","page_number":227,"box":{"x":101,"y":657,"width":779,"height":11}},{"id":"1ffd69bf-db2a-4b12-8124-564288037209","block_type":"box","text":"and capital structure.","page_number":227,"box":{"x":102,"y":672,"width":150,"height":11}},{"id":"0ab8535f-de7d-48be-902d-86e61555b555","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":695,"width":6,"height":5}},{"id":"5b667f04-e8d6-45f2-bcc1-c019a2d11115","block_type":"box","text":"Access sufficient and timely information on material governance, strategic, and business matters to make","page_number":227,"box":{"x":101,"y":692,"width":757,"height":11}},{"id":"044683e9-b3ed-4143-ba9c-0d713258a826","block_type":"box","text":"informed decisions.","page_number":227,"box":{"x":102,"y":707,"width":138,"height":9}},{"id":"4c047bdf-e480-44f6-a6e4-1e28fecc84f7","block_type":"box","text":"1","page_number":227,"box":{"x":69,"y":737,"width":4,"height":4}},{"id":"9b6be2ac-83f2-45f5-9fd8-29f1a93db9b1","block_type":"box","text":"BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality","page_number":227,"box":{"x":79,"y":737,"width":808,"height":11}},{"id":"fe2d0519-bf01-48b7-9b06-6daf37730a7f","block_type":"box","text":"based approach and are focused solely on advancing clients’ financial interests. BIS’ Benchmark Policies –","page_number":227,"box":{"x":69,"y":752,"width":765,"height":11}},{"id":"72e7dbbd-ee3a-4f8e-836e-400333b51d66","block_type":"box","text":"comprised of the BIS Global Principles, regional voting guidelines, and engagement priorities – apply to clients’","page_number":227,"box":{"x":69,"y":767,"width":788,"height":11}},{"id":"8be3d010-7722-46ff-902a-54dfc434bade","block_type":"box","text":"assets invested through index strategies and provide guidance on our position on common corporate governance","page_number":227,"box":{"x":69,"y":782,"width":805,"height":11}},{"id":"910aea22-191d-4f08-80d1-d3f669d025d4","block_type":"box","text":"matters. We take a globally consistent approach, while recognizing the unique markets and sectors in which","page_number":227,"box":{"x":69,"y":797,"width":768,"height":11}},{"id":"48fadc2a-e3ff-4e4b-b21e-50da426d338d","block_type":"box","text":"companies operate. BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique","page_number":227,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"99184f02-c9c6-4b58-9440-e501f5ec501a","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":227,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"0586b76f-19a3-4705-accb-d247bf0efce6","block_type":"box","text":"2","page_number":227,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"40c9240e-f81f-4678-9707-7f283b530776","block_type":"box","text":"PwC, “The 3 things all high-per forming companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":227,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"65e360d3-5152-4adf-bb29-57dd7d48cc6b","block_type":"box","text":"High-Per forming Companies Apar t”, March 2024.","page_number":227,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"0a0de4aa-76a1-4336-b65f-16d85a3a3fcc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"43ba74d4-6574-40a0-95c7-cd5c376d1092","block_type":"box","text":"Global Principles | 3","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d6dd1f3a-856c-4cc5-9ca5-3a51177db989","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"deb1daa4-933d-4dcf-9f48-57a3dca0af4e","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":228,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"9b50d379-e12d-4ff3-8a0f-bf8e1c75e2e8","block_type":"box","text":"voting rights should be propor tionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":228,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"e9cc7397-5084-44af-9e6c-a9f459c69e42","block_type":"box","text":"this balance.","page_number":228,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"6c1f93bb-3a28-492b-bfd7-361efafe960a","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":228,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"6f93f8ae-e24f-496f-8fca-5d21681e3973","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":228,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"49b3bb9d-d454-419d-8d44-0e4754c85f71","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":228,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"c5a06513-ac74-4da9-8887-455111d06c39","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":228,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"660a2022-260c-41b3-866f-109bee170d57","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":228,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"4f12fc85-6861-4efe-8442-ffb95bba0f8a","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":228,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"d6b8addb-6211-4451-b6df-75a4fe4c650c","block_type":"box","text":"management or its shareholders. Voting is an impor tant mechanism for investors to express suppor t for, or concern","page_number":228,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"6d5064a1-ead1-4e08-9421-81c775771959","block_type":"box","text":"about, a company’s per formance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":228,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"0cc25007-1678-4e5e-9259-8cc8e4cccd78","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":228,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"72d70e05-9f0c-49be-b09f-7cd226753f6b","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":228,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"4b094986-aaee-4c29-a8ee-422698080a87","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":228,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"678700b8-200a-46bb-9625-1ee1695ad6b0","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":228,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"53f4f02a-f523-4eef-90d3-87bfe5a104f3","block_type":"box","text":"engagement with boards and management teams, third-par ty research, and comparisons against a company’s","page_number":228,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"77cbb36d-d9db-49ee-bf1c-9ac5ff0b4b36","block_type":"box","text":"industry peers.","page_number":228,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"3a516b1e-e4fa-4a2b-abee-d4d9d8f6c7be","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":228,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"20bb65e0-7133-4e7f-b6f8-feeb63f59b85","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":228,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"f7bcb8e6-ab77-4899-af8b-a07704a81daf","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":228,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"fbc16ef5-4827-4e0f-97c0-d5e0a5b498f0","block_type":"box","text":"oppor tunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":228,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"cfd83d68-b472-4a70-9bb4-2e84e65c6d0c","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":228,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"653f6d6b-cb2d-4bda-9f26-5dad3f15a3aa","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":228,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"387042a2-5044-4bee-8102-f85c5068cd82","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and oppor tunity set, and management’s plan to deliver","page_number":228,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"6f5faf06-6377-4714-8c4b-91d899322bbe","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":228,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"b5bd970f-b5dc-4c43-a1ff-cf8ba75f708d","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":228,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"6ab9bf8a-1793-48c1-b6a8-c2ab409324a1","block_type":"box","text":"drivers of long-term financial per formance.","page_number":228,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"e7b528fd-6fce-4a75-9d87-444f93546ad6","block_type":"box","text":"Generally, we suppor t the vote recommendations of the board of directors and management. In case of","page_number":228,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"8441870c-ad84-43a5-b04f-eab282b2cf0a","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":228,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"39c32c10-5194-4edf-9225-d1bab76a3232","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":228,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"233fb563-f85c-4ba9-b693-6bb1f4d8c544","block_type":"box","text":"forms: we might not suppor t the election of directors or other management proposals, or we might not suppor t","page_number":228,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"fff790bb-873f-4de4-a1e4-0fdd5a550bb6","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":228,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"9ececfb0-ebe7-4f04-8d7d-ad8740a6b36b","block_type":"box","text":"KEY THEMES","page_number":228,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"22c19e8a-aa61-4ef9-ba3b-467dd3e2b074","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":228,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"9623c4f9-c811-4ca8-ad7c-13e927b820e0","block_type":"box","text":"there are cer tain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":228,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"c1852068-e98f-49ba-96dc-7d824533f78d","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":228,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"315dc0a7-8715-4d0c-8972-a46a7e1fca9a","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":228,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"58f8cc70-2bb4-45ba-bf8e-f6627309b0d7","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":228,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"218f084d-c0ca-4e60-bdef-bac1908e4b61","block_type":"box","text":"their domestic market,","page_number":228,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"92c6f15e-efb8-4260-b6be-5a34c4d56000","block_type":"box","text":"3","page_number":228,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"a44af38a-095b-4c3f-a503-60b2778071b3","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better suppor ts durable, long","page_number":228,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"14cc5c58-7308-443c-905e-322711ef4236","block_type":"box","text":"term financial value creation.","page_number":228,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"97a0cd27-5917-4fdb-a907-f0adbd801979","block_type":"box","text":"These Principles cover seven key subjects:","page_number":228,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"57a13107-5afd-41d9-bf8e-994fa4ef9fe4","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"df6ff484-77aa-478e-bb37-e2865aab2e72","block_type":"box","text":"Boards and directors","page_number":228,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"6151e570-0fe2-48fd-a640-1447f771455a","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"5b1784dc-7a77-4d5e-9e8e-a7809c654935","block_type":"box","text":"Auditors and audit-related issues","page_number":228,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"3812d71a-161b-4f37-80aa-9bcaa133df0b","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"d7ea1253-f021-4ec1-96ee-d406bee514c1","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":228,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"5c348635-449f-4f5e-9bcc-1948d5eeb408","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"72d0cf4e-e861-494d-9151-650a3dc59459","block_type":"box","text":"Executive compensation","page_number":228,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"a5006427-be5a-464e-a0ed-8f286c45d74f","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"66db190b-f7eb-41de-8382-853060fc22bc","block_type":"box","text":"Material sustainability-related risks and oppor tunities","page_number":228,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"0ebb36a4-71db-45a2-8ceb-f70fcca7af6b","block_type":"box","text":"3","page_number":228,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"4f98dd2c-9653-435a-bf92-6ccbce7ae243","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":228,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"23b4047e-fa8b-4559-8699-a18ded3087c2","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":228,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"855037bc-542b-48f6-8353-ae244829c22e","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":228,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"2139399a-01c0-4a54-a8db-0eaf1dd50a14","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c9eae1da-1d82-4b96-a146-c16684afae4a","block_type":"box","text":"Global Principles | 4","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"9f5d1f1c-f92a-41df-927e-b17653d2bf9f","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"70ea5d75-a73b-4ac6-b5d0-23ebf8643ab0","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"ddce6953-7870-4ef7-bb4f-6b997dfa22bb","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":229,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"612e3aea-edb8-4220-882a-3f3273620cc6","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"bf661e52-5bb9-4bfd-91cf-0264475e0302","block_type":"box","text":"Shareholder proposals","page_number":229,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"4674b561-8d29-4d76-9f77-36e953d9eea4","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":229,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"cdbad106-fb76-4ec4-ba2b-2169a7fac492","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":229,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"4302418b-e059-4795-b962-8623c1e800df","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":229,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"ae305db3-a4f7-451b-80e3-15924afcc778","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or oppor tunity.","page_number":229,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"41681436-9797-4bb6-a35e-3133ecb6fc42","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":229,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"ac9d268e-1fec-43c3-b33c-cf60c18580cf","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":229,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"221ff7e1-a661-45dd-afed-c606a1c4a110","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":229,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"ba9704f2-c8ab-4646-9ed5-f5dfa9d14c48","block_type":"box","text":"environment within which a company is operating.","page_number":229,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"3ff54cc0-1a40-461a-aed7-4256eb25e1e6","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":229,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"635d4b85-3269-438d-81ce-2b320ef5fd60","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":229,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"d8361a60-29aa-4ba6-bb6f-0e7741f2a127","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":229,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"9e81138b-4963-4726-9f48-27eebde3c8d7","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":229,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"5869998d-2584-4ffc-baca-49f42b19a278","block_type":"box","text":"oversight and contributing to the most impor tant management decisions that suppor t long-term financial","page_number":229,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"617f2e51-b267-483a-ac50-af903bad87ad","block_type":"box","text":"per formance. As par t of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":229,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"bd0af9ae-6d74-49a6-97c5-e06c931ba564","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship effor ts","page_number":229,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"63199b5a-f756-4b33-954f-1cb263298844","block_type":"box","text":"have always star ted with the per formance of the board of directors, and why we see engagement with, and the","page_number":229,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"ad76f13c-a39e-4a8f-abf9-6efed207c456","block_type":"box","text":"election of, directors as one of our most impor tant responsibilities. We engage, as necessary, with members of the","page_number":229,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"0f47c004-b690-4301-b7d8-3acf1ec43491","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":229,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"69108417-cead-4685-aaa0-5a0ba035ff46","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":229,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"94e8d40b-b6f9-4fab-baef-711b88ebbdb4","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":229,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"e5b5df1b-6c40-40f1-bf5b-7ccd0d72163b","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":229,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"09eb5e9c-c67a-4b99-aca7-b720eeb310d9","block_type":"box","text":"governance mechanisms to suppor t its oversight of the company’s strategy and operations consistent with the long","page_number":229,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"63ab4c7b-74d9-4825-ba29-7624c612570d","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":229,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"9a71a953-4827-4139-8e49-87b2e2c2ce08","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":229,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"eda94f30-7456-4b6a-9611-2ddaa62f577c","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":229,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"b3368d40-6025-4d64-8b3a-8b1885fd2cae","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":229,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"22959bd5-2e4a-453d-a173-7b5474d07fd0","block_type":"box","text":"managing, and mitigating such risks.","page_number":229,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"f77a5ab2-08eb-43af-80f8-eb255f2dd29f","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":229,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"f83ea303-b233-48d5-862a-c23d6cee8876","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":229,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"034c78bb-e592-4f6b-9353-1d8f4b3c6f23","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":229,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"3ef86c17-79cc-4e33-ac28-7ae0aff02193","block_type":"box","text":"reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these mechanisms in","page_number":229,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"364b03be-c1d2-48ce-a1df-84a926ca519c","block_type":"box","text":"overseeing the management of business risks and oppor tunities and the fulfillment of the company’s strategy.","page_number":229,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"ba1666a5-1744-44e1-bebb-a9f1b6100930","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":229,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"dbb269ef-688f-4521-b5ea-f479e8dae730","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":229,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"2dc29b04-07f6-422e-8769-ed6daa4f8306","block_type":"box","text":"assessment, have par ticular responsibility for the issues. We assess director per formance on a case-by-case basis","page_number":229,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"f3a065f5-6a5c-4dc4-b2d4-f073cdfa178a","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":229,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"1d7d9706-d371-4a99-97bd-c0bce42d61cb","block_type":"box","text":"suppor t durable, long-term financial value creation, and per formance. Set out below are factors we may take into","page_number":229,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"838af51d-5971-456a-a64b-63acca0c03fa","block_type":"box","text":"consideration.","page_number":229,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"2f5458e7-75ed-4007-bbe0-341670955eee","block_type":"box","text":"Regular accountability through director elections","page_number":229,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"a05e1976-919a-45c3-ba33-47ab71bafbb4","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":229,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"5cf6c61f-1cf8-4e1f-8759-7cb40cf63e17","block_type":"box","text":"regular basis, ideally annually.","page_number":229,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"9d928449-dd66-4f54-984b-798db1d91ab0","block_type":"box","text":"4","page_number":229,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"bda844e9-69e9-47c2-a107-13b398e4ff24","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for board","page_number":229,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"7a80e2e2-071e-46f1-8ef3-4b32484ddbb3","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":229,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"59ecb2a5-224c-47bc-a739-aef1b4e97905","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":229,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"e77051e6-ed26-4c09-a008-388cf13627c2","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a propor tion of directors being put forward for","page_number":229,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"5b4f985d-8e1c-4e6a-9189-ead9c9cf4938","block_type":"box","text":"election at each annual general meeting.","page_number":229,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"abf4a740-5858-4b60-93a0-e0199a735ac5","block_type":"box","text":"4","page_number":229,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"f17f85f4-43a9-4c28-b34d-a4d2a49fa8ac","block_type":"box","text":"In most markets directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":229,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"98202d11-7047-43eb-a9ab-cb39ad2bb403","block_type":"box","text":"market regulation or voluntary best practice.","page_number":229,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"97bd91a4-dda9-4a6a-bfb3-32d4907fe954","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8d34233d-0f2f-462b-b6bf-a5c9c41ba9e3","block_type":"box","text":"Global Principles | 5","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"ea2c5ee6-e4c2-451d-b198-2eba2bd3bfce","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e992639-ac63-4608-a2a1-92cea005b8b0","block_type":"box","text":"Effective board composition","page_number":230,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"ac854002-3909-4552-a354-bdce1c3d80e8","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":230,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"4afae182-cc19-45ce-b183-2b41d4669cac","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":230,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"ece28d41-a61f-42f6-986c-935a56643c97","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":230,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"affd6e38-6924-4cd8-bf7a-b1c8aef2de7a","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":230,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"4d1d19f1-f8c7-4257-b10e-e598715903ed","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":230,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"69b86b9a-b5a0-408c-91e5-d6be4c837269","block_type":"box","text":"recently.","page_number":230,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"6d9af88e-b0fc-4d2a-984a-a46137058ddb","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":230,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"ff8ea5fd-d954-43cd-ba03-b5aec7e60c8c","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":230,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"ff0a7d0a-d485-4603-be24-fa3fa416f4f9","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":230,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"0594f629-76d5-4c45-88e2-e44b3260526e","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":230,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"80f089cf-c37d-42b0-a546-1bf6e7129e7a","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":230,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"0b61fe40-301f-49dc-95da-c26feba63d7c","block_type":"box","text":"Director independence – from management, significant shareholders, or other related par ties – is a central tenet","page_number":230,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"27d0b525-8939-47c8-93fc-e4c2935ece5b","block_type":"box","text":"of sound corporate governance across markets.","page_number":230,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"de83a9a2-cf9a-4a48-a190-4209c38b60a5","block_type":"box","text":"5","page_number":230,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"b4b38c3c-5817-497e-93dc-885dbd668e3e","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":230,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"ea82f54c-cfd5-47a4-b074-b3bad693d61e","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":230,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"746d50eb-34fc-48f9-b26b-29316ecf7d89","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":230,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"848d1d5d-dd59-4020-84ef-6b0feed0149d","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":230,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"d18abfaf-b2d2-4ea3-b21d-b189b7a8539e","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":230,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"6ae1edeb-90e9-4bbf-a3f1-ba2c7db34698","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"902dac16-9442-4cd2-966d-9ac95d881f54","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":230,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"9b579b12-a937-4be0-a07d-ed520b53bd10","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"c1e6158b-9d65-4170-8e4f-6f792356fa61","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":230,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"5efdeeda-b65d-4f95-9089-2bccedeff542","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"e894b69e-1473-48b0-b529-4e15c8b202a9","block_type":"box","text":"Interlocking directorships","page_number":230,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"23a2148f-beca-430c-970c-9deffa155e6d","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"2a4dba34-cd60-43b1-b789-a9e778728824","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":230,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"0f71d399-c8fd-4aee-b28f-027e4e576ce6","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":230,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"41df0050-22c8-4dba-9e78-e43c41b8c616","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":230,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"31713082-ae59-42d0-af6b-bdfc44dd69c0","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":230,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"37ceae49-8f97-4dc2-bdd1-703ac9bef9c3","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":230,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"8ef3e143-9fe0-4956-86ee-039548e42b18","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":230,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"226e6f4c-60af-42dc-a55c-bb36b22937bc","block_type":"box","text":"the board, and encouraging independent director par ticipation in board deliberations. The lead independent director","page_number":230,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"7c9e6e19-1ec0-46c5-b2af-1127ef302112","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":230,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"f3e3141c-5428-4e54-b29f-b30563d9c995","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":230,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"60cc2381-805d-45aa-aaba-70f59448f8e4","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":230,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"d1c7b4a1-96b1-4b3b-9d81-49b895d99bd4","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":230,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"418d50cf-3926-40e8-a7f4-19569e0b0907","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":230,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"eeb75189-1a44-42d5-8353-63065a33d3d3","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":230,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"0e023ba1-423a-48bb-86ce-51ec0f781ffb","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":230,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"015c0c3f-4c95-4c2c-b304-1b84923f87ec","block_type":"box","text":"transaction, par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":230,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"6a19b320-7a50-4d21-98ad-ed8eb740d5eb","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":230,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"635d3906-9d3a-4c56-b2d2-b331b2428136","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":230,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"fe6e7c21-64fe-407d-93fa-8cdf2e9079ad","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":230,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"eb281e21-246c-4313-9707-8cd899404293","block_type":"box","text":"and exper tise of the board, as well as the par ticular skill sets of individual directors, aligns with the company’s long","page_number":230,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"aaa211e0-a67f-4579-ac73-78d03b609174","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":230,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"61ac01be-84b6-4f4c-b480-ac9a97e42293","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":230,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"67950340-851e-4f7c-9f44-c76c86a34731","block_type":"box","text":"board discussions.","page_number":230,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"b0d6dc81-5fe4-4dd8-8983-e7ad0dac8994","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":230,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"61013221-3cef-48da-813d-53e06a219398","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":230,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"7c3b33ba-983b-41fa-8259-2833e7abc4ba","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":230,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"b39fa626-f223-476d-8d04-f9a9999f24f0","block_type":"box","text":"5","page_number":230,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"f9911f9d-4325-4cbd-b8d7-275f6bc9559e","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Repor ting","page_number":230,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"813ba13b-c481-44dd-84f4-7cbe57166c6d","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":230,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"ced428b9-5882-441d-a591-1ea271686be2","block_type":"box","text":"Principles for US Listed Companies.”","page_number":230,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"aeb2a701-f8ac-41fd-9081-c7603bf68970","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ad3d1ed6-e828-476a-8dfa-efc4ee33e748","block_type":"box","text":"Global Principles | 6","page_number":230,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"3f1de83a-30fc-4be9-a56b-192416fabe7b","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"371683e8-cf8b-42f7-ad61-7950545b3eeb","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":231,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"46ecc8c3-4be2-49df-979b-da4144105f10","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":231,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"f6467de8-6e49-4920-b7a8-bd6a52eccc8e","block_type":"box","text":"composition suppor ts the company’s governance practices.","page_number":231,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"5063984c-be3e-4b83-9635-df0ed83523e3","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":231,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"f52aff80-760b-46d2-9eb0-3fa0c6eaae77","block_type":"box","text":"companies, par ticularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":231,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"734c645c-644e-4058-9e02-b2e2a9e3c693","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":231,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"f5dff10a-679f-4833-8cbb-fec4d54443ae","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":231,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"a521163c-be02-4fbf-b46f-e3a449148e49","block_type":"box","text":"6","page_number":231,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"51163447-1562-45ee-9943-5110bf4ac061","block_type":"box","text":"Sufficient capacity","page_number":231,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"9c8f741f-9d07-40a9-aaed-e246642329aa","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":231,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"8f994c13-6409-48c7-b10c-2f811d6f4fd5","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":231,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"4bcfc21f-530d-43e7-8f33-6489a6108dd1","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":231,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"ac4191b5-2ff9-4377-ab92-cc9b2e36e0ba","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":231,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"82e6a2c9-e997-40b6-88dc-5cfed878112f","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":231,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"f672509b-d0b9-4861-be2a-aa3106de7bb6","block_type":"box","text":"BlackRock recognizes the critical impor tance of financial statements, which should provide a true and fair picture","page_number":231,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"e12f16de-34d1-4468-b3af-0d0f1143fb29","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":231,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"0a3643dd-b496-4559-8b9c-2fb99874b1ca","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":231,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"717f3f09-4952-4042-9fc8-83232df05928","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":231,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"0536f28a-9f0f-47fe-9c61-e88b5fa14de3","block_type":"box","text":"under market-specific accounting rules, is of paramount impor tance to BlackRock. Investors increasingly recognize","page_number":231,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"f5c3e885-7da6-46ef-b4c0-c0d1fe59cad7","block_type":"box","text":"that a broader range of risks and oppor tunities have the potential to materially impact financial per formance. Over","page_number":231,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"aecfc3f6-c539-454a-8676-79d65bad092c","block_type":"box","text":"time, we anticipate investors and other users of company repor ting will increasingly seek to understand and","page_number":231,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"d445e408-c7cf-47f6-abff-368a3b11679e","block_type":"box","text":"scrutinize the assumptions underlying financial statements, par ticularly those that per tain to the impact of the","page_number":231,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"edc6a0db-adf0-4fad-a08b-ee8b82ad3902","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":231,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"297d4a07-96b5-4fc6-9a8b-d42476b08538","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Repor ting","page_number":231,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"7ea5b878-de13-41f0-bf33-27f06668bf17","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":231,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"789d75ae-7ea1-4fa0-b6a3-9085efe289df","block_type":"box","text":"their guidance to companies.","page_number":231,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"1a7031a0-d9e3-47b9-92c8-1e86e9ee22aa","block_type":"box","text":"7","page_number":231,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"012717cf-9e7d-4a97-8f55-e0e5b47c4dca","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial repor ting system by","page_number":231,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"628ec281-3d78-43f2-8655-dc2cc35729d5","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":231,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"8928bdc6-719c-4490-9279-158ee0baf67b","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":231,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"1c99961c-77cb-4238-8b9d-1bcb457f2967","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":231,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"cb60491e-108d-4e3a-91d4-e9bc11a15b20","block_type":"box","text":"8","page_number":231,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"421aba1b-cf67-47cb-9cb4-dabafd3938b5","block_type":"box","text":"In our view, effective audit committee","page_number":231,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"928f508c-b14c-43d9-9cd4-03a43e09eb26","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an impor tant level","page_number":231,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"649d3444-c392-4604-9b47-a8cc2707ce85","block_type":"box","text":"of reassurance to shareholders.","page_number":231,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"7f48d9f1-d77c-4636-9f82-121f1392f0b1","block_type":"box","text":"Audit committees or equivalent should have clearly ar ticulated char ters that set out their responsibilities and","page_number":231,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"65fd8e84-999b-4956-86b7-09c519f336f4","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":231,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"377a87d0-02f5-4aab-8d74-1bfbcd663d79","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":231,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"7134a3e3-1b72-4534-9555-827e65814715","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":231,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"dc4c325d-6a09-453b-88b8-89e5e74105bc","block_type":"box","text":"relevant exper tise to monitor and oversee the audit process and related activities.","page_number":231,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"02e1cad8-8b40-4a79-b05a-d0372884f5c4","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":231,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"0ecc0a56-c4d2-45f6-8d58-13904fdd4e81","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":231,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"1f7a4826-bd4d-4b10-a23b-f3829849483d","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":231,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"a1290364-fbeb-4bd8-a1ba-3ddc3674a612","block_type":"box","text":"or internal audit function.","page_number":231,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"1270b3b0-16b2-4f54-995b-35ea07ce0edf","block_type":"box","text":"6","page_number":231,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"ab073aa0-7f98-448d-af00-b83ebe586a8f","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":231,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"3f920fe0-5b62-4e36-9baf-edd03a953d7d","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":231,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"82e3ccbe-8e04-4134-b899-d4fafa4a8bc3","block_type":"box","text":"7","page_number":231,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"b87913bd-1d5b-495d-a460-6186264561c3","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":231,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"377d898a-7b0d-4aeb-aca7-f354539ed28e","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":231,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"011d8cdc-cb82-4fdb-bb74-c35bf509cf52","block_type":"box","text":"August 2023.","page_number":231,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"148e228f-505e-44ee-bfc9-ada2acbe48a3","block_type":"box","text":"8","page_number":231,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"de668f63-6d29-453b-9c7c-c9405e40bb21","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":231,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"77bf5938-7613-467a-ac4f-0deabbb25ff8","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":231,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"6e9c5be1-db3c-4b1c-a62c-fdcba6160d10","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":231,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"d14b05c9-4800-43b4-ba60-1a87ac1fad5b","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":231,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"56901fbe-1d53-49ea-aa77-279db02e7095","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":231,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"f44cddd5-9abe-49f4-85a9-8dc055e3359b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1ae855c7-fa8a-4111-9a16-777975700ebe","block_type":"box","text":"Global Principles | 7","page_number":231,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"0f7038b3-3f97-42be-aa1c-5cfcd353cbd2","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f77d9e6f-ad90-4126-b496-a130605fbe98","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":232,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"6027888c-f16e-4a05-a03c-2c9d54ac6a13","block_type":"box","text":"check on management. To that end, it is impor tant that auditors are, and are seen to be, independent. Where an","page_number":232,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"4f6ecdbf-976c-4f35-8694-63479481ed10","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":232,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"f7b11872-836d-4733-afb3-25052813a332","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":232,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"91f9a692-1d23-45da-9e96-1af469f0e816","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":232,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"b9ad9f02-af9b-42e4-b7e1-2cbff492f187","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":232,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"fb15347f-b3e8-47e8-bb96-a43bf164155a","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":232,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"d50567ec-b137-4815-8c86-fdecb01f6017","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":232,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"4d02388c-8b28-47cb-9d19-9f00ca1f2ad3","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":232,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"babc66bf-9a78-4e6f-8650-a56d98bb1d11","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":232,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"52ff4d32-6208-4c44-9cec-a048f0710f2c","block_type":"box","text":"adequately managing risk.","page_number":232,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"441592cf-d81c-4784-8eab-947f11a22529","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":232,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"0e9cd437-735d-4a44-8a4d-b8958864cfbb","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":232,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"602e18e4-9d6e-45e6-9ae4-b8bc76db9274","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":232,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"db0bc564-566f-4e9a-99af-4919c728f96d","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":232,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"50e5dfaa-2d96-475c-a481-478521464f4a","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":232,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"eaed3781-ea77-4880-85f1-4e464b8605ad","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":232,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"0606143b-f8fa-4bb0-b010-9b366e533c13","block_type":"box","text":"and voting rights should match economic exposure,","page_number":232,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"fd06fb5c-a9b9-488d-9d1a-09901c5dfff7","block_type":"box","text":"i.e.","page_number":232,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"0b3a08ed-0c2e-40da-8077-250243fd1c9a","block_type":"box","text":"one share, one vote.","page_number":232,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"1723d0c0-f2b8-4f37-b20c-a0edd1bbdabb","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":232,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"54e3c68f-2138-4b80-84d4-ad1a9fc37310","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":232,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"ba15a0cb-4f6d-4789-b7b9-06333f23d45e","block_type":"box","text":"propor tionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":232,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"c169172d-fb88-446b-8951-d4e14353d8c9","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in cer tain markets,","page_number":232,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"f94b6af3-b6ef-44b6-abdf-2bb452a5576b","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":232,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"c464bd97-892d-4caf-b4b6-72f5b02409ed","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":232,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"426843c1-d246-4dc2-9c3d-91b8661f596e","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":232,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"e2f51ba9-9660-41b6-9b79-e286ecdb781b","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":232,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"96814e67-7150-443d-8e46-57e5a372d96d","block_type":"box","text":"should give unaffiliated shareholders the oppor tunity to affirm the current structure or establish mechanisms to end","page_number":232,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"7b36e6a7-b832-421e-b53d-a6ef48382a6b","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":232,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"1e92209f-84a8-48c5-8d10-f99b219d7972","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":232,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"809a9354-cb25-4e13-b2d6-3aa80c4ba3b5","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":232,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"19b600e5-e240-4ec6-b278-1c817c093287","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":232,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"6028fd01-9beb-437a-813c-68026544d4c4","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":232,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"93b202b9-6c11-41c2-8354-616c48cd21c0","block_type":"box","text":"transactions have the unanimous suppor t of the board and have been negotiated at arm’s length. We may seek","page_number":232,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"a5157462-ecee-4eb9-a3e8-f9131f33d10f","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":232,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"30ecde68-6228-4840-84b9-19fc590217e8","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":232,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"df0cffb7-9f92-445d-85b5-8d07fcc9a669","block_type":"box","text":"involves related par ties, the recommendation to suppor t should come from the independent directors, a best","page_number":232,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"5a12147f-28e1-4657-a29a-058440c34e15","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":232,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"fe30887c-b875-4d67-b969-25795f3f20f1","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted par ties.","page_number":232,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"021f9a56-ccd8-4a4e-b5d3-9df8b49cc1de","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":232,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"43d6ebc2-31c4-4940-8331-6d610fb93182","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":232,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"d66d4720-266e-42e7-9139-1ea3146ae5d1","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":232,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"ccf32356-b6a4-4128-a511-554ea6575d11","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":232,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"dfcd622e-2c9b-4c04-a861-dfcf1cb53f35","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":232,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"e3311770-f2bf-42a0-a940-780b21426a1d","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":232,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"cfbc0584-38a2-4804-8c42-e47e85274e86","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":232,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"f54ec32c-b126-4caa-aae5-fd0581633a70","block_type":"box","text":"In most markets, one of the most impor tant roles for a company’s board of directors is to put in place a","page_number":232,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"2546d2e1-cc0a-4747-8e96-407f4132a8f4","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":232,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"64e987dc-adcf-483b-9fca-fae38aff64f3","block_type":"box","text":"impor tant tool used by companies to suppor t long-term financial value creation. In our experience, well-structured","page_number":232,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"21ade952-8ca2-44ed-afbb-f765e6ce5d45","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":232,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"f3a181eb-4d82-448c-820d-65c9da20998e","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":232,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"c73479b0-dd7c-41bb-ae45-512b384d03e5","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial per formance.","page_number":232,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"88d7e9cd-b8ca-4ef3-8809-62ec3a1cfa45","block_type":"box","text":"Per formance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":232,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"ed3aa8be-abd4-4715-8da9-e0694cafee56","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"abbc86a1-bca3-4c97-a702-f972addc027d","block_type":"box","text":"Global Principles | 8","page_number":232,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"682a19fd-2fb1-4f59-a383-d305cf63affe","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7f2b736-847d-445d-9c61-e7ee3af88542","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":233,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"c322678b-626f-42f1-a021-532328372372","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":233,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"91098be2-f31f-4838-af02-db51ded8312f","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":233,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"5f78ae87-945f-40ea-9970-e90fbe9436a7","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":233,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"926e7ec1-6502-49e1-ac1f-9e0ac68de98f","block_type":"box","text":"period of years.","page_number":233,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"476efe4e-5add-4951-a228-3686505c7dda","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":233,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"4fa47541-bc79-4f0f-9aed-de1ee6b42d45","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":233,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"298b05be-f5a3-4b8a-bfcd-15b2aaf46c10","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":233,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"901c1210-5fad-4eca-a16a-685aff958c03","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":233,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"1d3f4391-3057-497e-be55-e94a4fa4e8ff","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":233,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"5209f783-250b-4482-b8e2-f8acd97b3853","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":233,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"00c7b9de-a03c-41b7-b8de-bdd9603798fc","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":233,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"6bc9ce0e-7b1c-42f2-aa4e-bd18bf72d88c","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":233,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"9c83bf6c-9553-4ce6-afef-7bd9c0809477","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":233,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"fd8529e2-9a56-492a-90fe-752e2ede7ced","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":233,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"50e53db0-065f-44cd-8b7a-ca6dd888e0bc","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":233,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"4ab77dd3-2198-4853-908e-76bb3862b2a2","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":233,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"c7b458f8-7e01-41cc-986c-fdcd06515d39","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outper formance. We encourage companies to","page_number":233,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"f551420f-f8b9-4210-a688-fe2767f39fa6","block_type":"box","text":"clearly explain how compensation outcomes have rewarded per formance.","page_number":233,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"ffbb430c-e6eb-4edc-b976-27de012b4f95","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":233,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"2992fda8-fe05-45be-99b6-322fbb279083","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":233,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"7e68f9d8-f19f-4a74-99cf-86e035d65f6d","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":233,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"80a60b0d-170d-4450-a588-e1edf9762b8c","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":233,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"7f4148f7-3892-4736-855e-865f12b78423","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":233,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"4547ae22-04e0-4370-8302-1e2d7136efc3","block_type":"box","text":"restatement of past results.","page_number":233,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"adaa95fb-85b9-40d6-8833-14527d09bf5c","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":233,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"99408027-a0b5-4e9d-8985-249b766eb01b","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":233,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"6417b11e-6168-4e7b-aca4-2e272a36153b","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":233,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"0dcff3eb-1760-4532-829c-6da70140c564","block_type":"box","text":"whom they are charged with overseeing.","page_number":233,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"7b3efbac-163c-4cef-baf5-ad869f379a87","block_type":"box","text":"BIS may convey concerns through not suppor ting management’s proposals to approve compensation, where they","page_number":233,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"d3141844-2055-4d56-bcb8-bbff44002716","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":233,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"b1634ca8-dde2-4be9-ba05-97317118875b","block_type":"box","text":"for poor compensation practices or structures.","page_number":233,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"90fb6ea9-3eaf-4c4e-82d5-cde66158ab3b","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":233,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"86afcc97-2784-40f5-aca3-2994fdb79d18","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":233,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"38506cc1-e40a-4aa3-8451-ff8cb40390b6","block_type":"box","text":"risks and oppor tunities relevant to their businesses.","page_number":233,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"de51a828-975a-419d-a935-6554923c4a37","block_type":"box","text":"9","page_number":233,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"39f17095-e764-41db-8ed7-16816c695dee","block_type":"box","text":"As with all risks and oppor tunities in a company’s business","page_number":233,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"f103a954-cc2e-42b9-b2a8-7686fdbbd29f","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":233,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"48cc7b5b-9b55-448d-9300-b9736a86537e","block_type":"box","text":"governance framework that suppor ts durable, long-term financial value creation.","page_number":233,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"0c723213-f1a9-4231-b331-b9cb3da0765d","block_type":"box","text":"9","page_number":233,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"8a7bf672-6024-4bd2-a8f9-8fe2317505bd","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":233,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"ab03698e-97f8-4ff1-9483-57f25c2ddb6e","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":233,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"039d30e2-b82b-4081-8ead-5dff9cbb286f","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":233,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"e1c479dc-659f-435d-9e93-5b41cd6558d0","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":233,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"e2ba551e-baea-47d7-b818-6c712882a0bb","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":233,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"33e510c4-3979-409a-b3b3-fa1aba16f345","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"887a86e9-8675-4160-8d6e-b8768808723b","block_type":"box","text":"Global Principles | 9","page_number":233,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b3bcfd55-499c-4f25-829c-d93aeb718bb9","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d430c5f2-f1e7-4c98-b576-df187f85c32d","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":234,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"d94cdac7-4e57-454c-8194-c81b02d3d504","block_type":"box","text":"material sustainability-related risks and oppor tunities. We find it helpful when companies’ disclosures demonstrate","page_number":234,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"097fd2cd-eb28-4e82-ae64-8b8c626c365a","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and oppor tunities into","page_number":234,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"8937e882-951d-49a9-8fe4-07b5941c34d5","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":234,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"8099ddf8-8fd6-40aa-ab31-00b70aba06dc","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":234,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"d0aa9743-5304-4af5-9dee-a72ec1c76c4d","block_type":"box","text":"10","page_number":234,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"6ab5ae6c-9f7c-4669-9b79-e5e00b38d03c","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":234,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"b947e1bc-e6c6-48b3-8f30-851604808edc","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":234,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"64d62aab-57cc-41eb-9ba4-5e96f77d1ee0","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":234,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"84b481d6-4006-422d-b524-26da60642570","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in repor ting aligned with the ISSB standards","page_number":234,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"d55a9f01-a767-4733-ae35-3616d310bb4d","block_type":"box","text":"over several years. We also recognize that some companies may repor t using different standards, which may be","page_number":234,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"7a53679a-a4d3-44b2-8415-5ffb7971ee15","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":234,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"279668b3-0ca0-4878-8c8b-bbaa145036f7","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":234,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"c9c2d972-6150-43c9-9f64-cde09c6c6776","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":234,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"6819e795-80b6-4f62-9b5f-9bb0d2727dcf","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":234,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"6429ea5a-9798-42f9-a277-40987dc2aa18","block_type":"box","text":"and repor ting may not line up with financial repor ting cycles and companies may require additional time after their","page_number":234,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"4d649715-1520-4333-9002-2ca5877ee90a","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and repor t this data to investors. That said, while we do not prescribe","page_number":234,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"109d4e9c-3625-4782-b95a-0e22bc342366","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":234,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"27e13f3c-948a-47d6-99ff-8360f24d10cd","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":234,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"8db3e8df-b469-440b-b27f-40aab95a380f","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":234,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"11c8e965-52b1-43cd-b3d5-cc6880412ccf","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":234,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"41d8785a-b342-4743-9ecc-24a884a5abf4","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":234,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"eba7bcc7-36fa-458e-b0bd-a5c2893165e8","block_type":"box","text":"Development. Fur ther, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":234,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"89b45031-e396-425c-aecd-251f908d113f","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":234,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"b32af191-1e64-42b7-85d1-8e0fe57728e8","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":234,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"41e9305a-7d74-46f2-8775-fdc4baf536f2","block_type":"box","text":"adopted, the industry initiatives in which they par ticipate, any peer group benchmarking under taken, and any","page_number":234,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"daf5b207-1184-46e5-81ac-e9b4c145c850","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":234,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"73984a2a-2778-465b-8f2e-408b0cbc66c7","block_type":"box","text":"10","page_number":234,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"34f73d29-ba99-4c6c-812f-af6207ef295c","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":234,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"d1712b06-5e0c-41cf-ab55-eeadc354b5c0","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":234,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"8311082d-b8b5-4aa3-b5e0-8f90967f131e","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the entity.","page_number":234,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"d9a86ac3-f18f-4682-8e93-022c973047e5","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":234,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"ba21690c-90c8-4418-928b-4e2152a2a87f","block_type":"box","text":"related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in making","page_number":234,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"730b469e-52c4-4062-98e1-2b18adda6739","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":234,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"331578c9-fa26-4f1a-bea5-46f485e1d2a7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2d23577d-f999-4018-a699-334e0b2fa84f","block_type":"box","text":"Global Principles | 10","page_number":234,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"41a86718-ee0b-48d1-a797-d1d4e4ab8956","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09ae11db-cc98-4960-bdfb-e62f827b7983","block_type":"box","text":"Climate and nature-related risk","page_number":235,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"cc48a76d-c72a-488e-8e0f-c5ee38f6d4ae","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":235,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"a90336c6-fb1a-4f41-b464-936fe31143c8","block_type":"box","text":"11","page_number":235,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"72120a22-777e-4893-90b0-e245f4f27209","block_type":"box","text":"Our","page_number":235,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"74d5108c-e866-4ed9-a2cf-2c84aad501cf","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":235,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"3021d629-0f35-4270-92f7-7cf6e43ac1d6","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":235,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"a4af3900-bd78-4efe-bfcb-fbdc8e3b91f1","block_type":"box","text":"companies.","page_number":235,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"669fb551-5d96-4dc7-a3a9-2a33d9c8a669","block_type":"box","text":"12","page_number":235,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"e49e5907-aa8b-46e5-abd7-37df0378987a","block_type":"box","text":"Yet the path to a low-carbon economy is uncer tain and uneven, with different par ts of the economy","page_number":235,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"36d57c13-3061-4821-b333-6b2295ae7d2a","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":235,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"e5f0530c-0f11-4619-be4d-516ed043c17a","block_type":"box","text":"related risk and oppor tunity on their businesses and operating environments. Many companies are assessing how to","page_number":235,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"b41a8ab9-5c41-461c-8302-091f2abe2273","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":235,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"a3498e01-8d8b-4d4c-9fb9-30d851076e6c","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":235,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"853ed417-7da1-4723-b280-50b105da18b1","block_type":"box","text":"and sector, how they intend to deliver long-term financial per formance through the transition to a low-carbon","page_number":235,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"f103e17b-4442-4770-91e1-7fa8d6c0e395","block_type":"box","text":"economy, including where available, their transition plan.","page_number":235,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"d5637736-a8c6-4336-a2f7-1febeed602ab","block_type":"box","text":"13","page_number":235,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"d5f497cc-6f55-4f82-81cc-41384e1aeab3","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":235,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"fe94228f-3ba8-404d-bfa2-617e5ecbaa2f","block_type":"box","text":"assess company-specific climate-related risks and oppor tunities, and inform investment decisions.","page_number":235,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"72baa15c-8935-4ebb-8c93-1ecf04958547","block_type":"box","text":"14","page_number":235,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"15c3bd07-feb8-4e9a-b86b-897c0e48f37d","block_type":"box","text":"Such","page_number":235,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"48a7e213-af82-44cb-8e58-c24aee0fc353","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":235,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"f1112344-36c1-4059-9ee1-3fa40cc56e5d","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":235,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"f8e250d5-6450-43c6-a318-289a1f64717a","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":235,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"1525215d-c3ef-4a47-967d-09f39b8e0df5","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":235,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"67d735d9-de39-4d00-858e-0abc78480a22","block_type":"box","text":"as best practice in the market.","page_number":235,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"f84590c1-60fe-4193-ac46-b3a6eb869887","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":235,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"59e9d3b2-ad36-41ce-96a0-b9e82a0a1499","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and oppor tunities for, their","page_number":235,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"1be1c948-225f-4db6-9821-054c2d2400ff","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":235,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"68412a5a-fbf0-4763-b624-5d151945347b","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":235,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"5fb1d0d6-e738-4488-b61a-6159b4cced5f","block_type":"box","text":"recently reaffirmed by G20 members as par t of the 2024 Leader’s Declaration.","page_number":235,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"a66328d9-d17a-48d1-a584-42d53ba459cd","block_type":"box","text":"15","page_number":235,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"e807e6c1-477e-4e18-a25e-37c7d97f3543","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting shor t-, medium- and long-term","page_number":235,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"f5b66ad2-243e-4038-b949-e37b989a2790","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":235,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"ff6dd33d-e2ba-4934-b883-c9a4fc1f71df","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":235,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"c11199fe-8232-45d5-b703-38f6a6c9fb6c","block_type":"box","text":"interests of their investors.","page_number":235,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"5b789ca6-9e74-4c3e-a305-48d4f59d6d45","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":235,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"67cdd3c1-f887-4002-906f-7016f9776ac9","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":235,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"2e0a3e80-eab6-4028-a814-68f726e18a99","block_type":"box","text":"11","page_number":235,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"2667ba8b-762d-4720-b966-049fbf93fcb8","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment oppor tunity”, 2023.","page_number":235,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"bdfad557-021c-406a-b639-95fc668e5c96","block_type":"box","text":"12","page_number":235,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"959df8eb-c815-4b50-86a2-23b4dbd55ccf","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":235,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"89c7c010-b2bf-4aac-b2f4-28a9a38f077c","block_type":"box","text":"13","page_number":235,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"3c108b85-7dd4-4287-a44f-1f9d40e18ab1","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":235,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"c09af979-1311-4e46-8d81-523242a9cb30","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":235,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"79b3c95f-5dee-49b3-93d3-467dfe907fbd","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":235,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"80714086-9c8e-4024-8423-9ba02c948398","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":235,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"bafcc222-2bee-433b-8062-a7f3dd7de200","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":235,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"a4bcb081-b07b-410c-9b2f-9de7846877b9","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":235,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"8e99cbc9-43b4-4759-89dc-67aa85b858a2","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":235,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"a5ee2c61-6950-4076-937e-edcb52779037","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":235,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"b4d09123-7b00-4efc-8bc7-1337210088be","block_type":"box","text":"approach to managing financially material business relevant risks and oppor tunities – including climate-related risks","page_number":235,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"59c26f48-0fc8-496f-9ad7-20fcef20f032","block_type":"box","text":"– to deliver long-term financial per formance, which allows investors to make more informed decisions. While","page_number":235,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"394b705d-d155-46b3-9d0c-c37be14db6fa","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":235,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"9e424fb5-a1bb-48e4-b252-89100322ac7f","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":235,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"8dd654fa-3c12-4bf3-9efb-cb8e9a4b6f8a","block_type":"box","text":"actions and resource implications.","page_number":235,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"b1b709dd-3e03-4500-91c1-870fecef6d0f","block_type":"box","text":"14","page_number":235,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"ee019b8c-7ec3-4c1b-9204-669b32510266","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":235,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"98448e7d-bdb1-4194-b8f1-8fb63ebf2144","block_type":"box","text":"companies may phase in repor ting aligned with the ISSB standards over several years, depending on local","page_number":235,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"4bc8370c-58a2-427a-ad48-0e2a802d4465","block_type":"box","text":"requirements. We also recognize and respect that some companies may repor t using different local standards, which","page_number":235,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"134062a8-46d5-4b29-8962-e031b56c1bee","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":235,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"ee0fd78c-47f5-42b8-99e8-bf83fb62c9fe","block_type":"box","text":"disclose their rationale for repor ting in line with the specific disclosure framework chosen and highlight the metrics","page_number":235,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"d6c428d0-e586-4d49-ae1a-5443166365d5","block_type":"box","text":"that are industry- or company-specific.","page_number":235,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"605569ce-d731-4327-9780-87cb222b0178","block_type":"box","text":"15","page_number":235,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"300e285d-ca2b-4ded-9cdb-b4ceb93db295","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as par t of the Leader’s","page_number":235,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"8686188d-e69f-45e2-a964-0a42051390b1","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":235,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"02c798fe-6e13-4733-ba8e-a92079ce227f","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":235,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"b5553919-0934-4391-aa58-9f30d39cd3f3","block_type":"box","text":"about two-thirds of the world population.","page_number":235,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"9f292b36-0aab-4552-a031-4eab83a83855","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a3da7e4f-07bf-41b5-bb1a-ee766eef7811","block_type":"box","text":"Global Principles | 11","page_number":235,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b3acf15e-08b9-465c-a90f-14a184ccc209","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f1b32f4-fc69-4586-a960-2664032d7268","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":236,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"2b114b49-a475-40e6-9421-c4813a0451a5","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":236,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"1d2f6252-7e6f-4562-b8c6-5c24171fbe9c","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":236,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"a704d514-a867-454c-a2f3-0c9951d856bf","block_type":"box","text":"climate-related risks and oppor tunities.","page_number":236,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"eb1cf554-d64b-4457-8e73-c5e50783b0e7","block_type":"box","text":"In addition to climate-related risks and oppor tunities, the management of nature-related factors is increasingly a","page_number":236,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"589c0acd-9bd3-459e-bb42-cd100507a4a3","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, par ticularly","page_number":236,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"4dcbfbd4-f392-4e5e-b153-7abdc5635dfd","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":236,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"b1aa03b1-da12-4ae0-9d55-289100bd960a","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":236,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"a92ac32f-6231-455c-9155-468ffe2bff4b","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":236,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"514b6738-1989-4fcf-bd5e-91d1c46bd7dd","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":236,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"8ad4913c-31e2-4aef-8e71-c34b34a9dfe9","block_type":"box","text":"our view of how a company is managing material nature-related risks and oppor tunities. We rely on company","page_number":236,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"58e7ce4e-56ad-40c3-8e0e-f9dcfe82c7ca","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":236,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"435097c1-92aa-40ed-91af-6bfac6051860","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":236,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"02413007-9d55-48b3-b696-6a11622bc937","block_type":"box","text":"16","page_number":236,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"c174da44-7262-4b8b-995e-fe538deffa3e","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":236,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"714f992a-4dd6-4927-a2c7-3cfa0f82b806","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":236,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"0536d13b-45d4-456e-85b6-a5991e5d859b","block_type":"box","text":"par ties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":236,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"68b1c22b-437f-49f7-830e-20d7a65c30d0","block_type":"box","text":"based on what is material to their business and long-term financial per formance. For many companies, key","page_number":236,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"507fcc57-a820-4db8-83a1-503c58272fe8","block_type":"box","text":"stakeholders include employees, business par tners (such as suppliers and distributors), clients and consumers,","page_number":236,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"354f4c00-7733-4c85-9fee-df026ae3eb60","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":236,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"74f1907a-9735-46bc-bd33-6311c9a3e548","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":236,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"77fbee9e-925a-4f48-90d6-06a93dd5aecb","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":236,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"40e792bb-ec8a-42b2-809f-5668dbd76046","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":236,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"03ab80b2-3df7-4597-86aa-50964c3a59c1","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":236,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"c0794b1d-efcf-4fa0-905a-3ad1062af3b2","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":236,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"60e6532a-8341-45f3-9fee-81804cd71626","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":236,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"2c9a5796-6322-42ab-8d48-eecbd32f3d8c","block_type":"box","text":"Companies should ar ticulate how they address material adverse impacts that could arise from their business","page_number":236,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"e7a5ec9b-7f58-4387-86f3-0d510e5cf429","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":236,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"ca3e441a-9212-484b-b237-9b3ce02227b8","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":236,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"5acdb789-c1e2-4a16-934b-84b163ff1dc0","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":236,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"ef5f8534-d5aa-4759-86f8-ecb0abb71309","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":236,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"c4ff7eea-22f5-4e9b-a5b0-6ace97e057da","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":236,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"7e0fc112-22c0-429c-9800-b55a9c507cc8","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial per formance and","page_number":236,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"0ae15fc6-78ef-41fb-9915-78039db1cf30","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":236,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"4127e58c-1401-481a-86cb-3ab541dc985b","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The repor ting and disclosure","page_number":236,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"f0f77690-6af3-49d1-9c21-c6eb9faf4148","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":236,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"993a692e-7fda-4fee-a4f9-5f14c256466c","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":236,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"37377e07-694d-461d-bc84-eb15d576bbeb","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":236,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"57b7922d-ce6d-40bb-bbf1-465ec59df234","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":236,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"2c11d5c7-ebec-44dd-ada0-47765e96624a","block_type":"box","text":"16","page_number":236,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"d1025b11-a9b0-4f61-a9e8-1ac43343d392","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":236,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"28dd2f94-1ae8-4dea-a6eb-470b692643b6","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":236,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"0d298832-d546-486b-8c87-4aa255d1d764","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":236,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"1105c306-2f01-459f-9478-c37bfa5d5dc7","block_type":"box","text":"companies. We recognize that some companies may repor t using different standards, which may be required by","page_number":236,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"387b2e50-0663-4e80-8dc1-9b478712ce0d","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned repor ting is not a voting issue.","page_number":236,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"083c96cb-c921-42ae-803b-fc7a163c56c5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a52cc328-65d3-43bb-bbfd-880f3705d406","block_type":"box","text":"Global Principles | 12","page_number":236,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b2f4e884-dbc8-4173-b8ef-c5167acf41f5","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bad4f9e5-da0b-44e1-bb8e-f6f9914503bc","block_type":"box","text":"Corporate form","page_number":237,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"18a5fa63-b756-476b-ad60-7885f18e2e53","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":237,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"7105f705-22e7-49ff-8fbe-3cb89d61bda4","block_type":"box","text":"the company’s purpose and business model.","page_number":237,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"2de9f484-886e-437f-a0e8-5e531a88624d","block_type":"box","text":"17","page_number":237,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"31acaee2-d1cd-47dd-884b-d79b22753337","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":237,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"f7418348-c4c5-49c1-9f8a-000a48b96819","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":237,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"d8bcda3a-c648-40a4-8e2c-155317387604","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholder proponents proposing","page_number":237,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"ff1045f2-3948-484d-8327-68d7514f03cb","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":237,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"5d9b6f0a-5919-44cb-aec5-f111e5e55f09","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":237,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"78e66038-fe7a-45b4-b325-2d9e51a70284","block_type":"box","text":"suppor t management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":237,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"aa37497a-c05d-46b6-ada3-87b6796467ab","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":237,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"8f06eaee-ade4-4a6d-824d-d5a3ef4b0a5f","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":237,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"fe3258fe-91f9-44cc-9b9e-a76e36735083","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":237,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"a68a3258-716d-4c66-97cb-69a4d293b2e4","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":237,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"7b3a3d78-1c50-4681-8b37-1d169d11dbf4","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":237,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"c2ff0cef-f5df-4ca3-8cfd-37227a3d24d9","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":237,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"8f4bcf02-09ba-47d5-acc0-27cb76fe450a","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":237,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"a9f976aa-36c0-4aac-9f93-9745f6a6b0b3","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":237,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"29dde09b-801f-4df2-a7dd-19465e7bf4a1","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put for th by","page_number":237,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"2967ad5a-f3c0-432b-b50f-c27bcda82b76","block_type":"box","text":"others.","page_number":237,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"1fb2d679-4def-4fc3-a55a-4cd875856cbf","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":237,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"22d6618c-f9a5-404e-907e-b644b78f38e4","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":237,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"0c8aa6e4-5ba0-41df-b7f0-fce4709530c2","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":237,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"4cefc4d7-9734-4e09-b55a-db036f25b956","block_type":"box","text":"may impact a company’s long-term per formance. We look for consistency between the specific request formally made","page_number":237,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"f643180d-3ca1-44ab-bfd3-e07822e76eb5","block_type":"box","text":"in the proposal, the suppor ting documentation, and the proponents’ other communications on the issues. We also","page_number":237,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"4321cde7-1f7f-433b-b873-dd79570d4fbc","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":237,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"f38d66ee-21b8-4eef-8644-9f918f86804d","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":237,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"5fc5e7bd-b2f3-4c81-b946-cdd3fca856c8","block_type":"box","text":"of their peers.","page_number":237,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"c9649977-557d-486a-994b-53a0d279b981","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":237,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"5bb8e526-cb75-4def-80d6-a482d4ada716","block_type":"box","text":"submitted or advised on the proposal.","page_number":237,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"a3844b3e-62c4-4a46-8bb2-a00af074dcdc","block_type":"box","text":"We would not suppor t proposals that we believe would result in over-reaching into the basic business decisions","page_number":237,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"40bfb2ea-ba91-4ac2-8187-73c63b28c206","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":237,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"3a5385dc-00d9-4613-9ab5-4e613855df5d","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":237,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"3161eced-746d-49e7-af16-52eb0783dd8d","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":237,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"542cb41c-7450-4831-abed-a91b1cc687d9","block_type":"box","text":"BIS is likely to suppor t shareholder proposals that request disclosures that help us, as long-term investors on","page_number":237,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"9240612e-286e-4606-b040-c8eda5b467b3","block_type":"box","text":"behalf of our clients, better understand the material risks and oppor tunities companies face and how they are","page_number":237,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"e60fb14c-5143-40ba-9cd2-958bb15717c2","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":237,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"dfd5cf4f-af50-4e51-b195-eb2cde169422","block_type":"box","text":"suppor t shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":237,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"42c4bcb9-73a3-46c1-8608-e0c0bd948f84","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":237,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"854572c8-eeea-41bf-b217-17cbdd520eed","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Fur ther, the proponent’s","page_number":237,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"b741682f-3d6d-4c42-b7a8-78c288e401a1","block_type":"box","text":"suppor ting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":237,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"64e13858-8233-4027-8fb7-fdac6022f5b1","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the suppor ting statements – we must vote yes or no on","page_number":237,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"d31b92d8-7ac1-449d-bf3d-54a735f7cf40","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily","page_number":237,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"405bf738-4366-4251-ba62-46642e448f14","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We","page_number":237,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"aa80d555-a6f4-446e-81f3-5dc1df041493","block_type":"box","text":"may suppor t a proposal for different reasons from those put for th by the proponent, when we believe that, overall, it","page_number":237,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"27f3520a-32c0-4844-9196-a8574ffa6a72","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for suppor ting","page_number":237,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"72795d67-80cd-4167-b2f9-446ce33d3035","block_type":"box","text":"such proposals.","page_number":237,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"da751ae7-b535-4d4e-8e3e-c7d5b9f755b6","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":237,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"4918f4a9-af09-43c0-9159-0ee23685a7b1","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also suppor t","page_number":237,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"8afe1092-e99a-4c3f-bf32-79e80f82ed55","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate effor ts to address a","page_number":237,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"aa7bd9ab-6384-4ecb-8bc1-f498b860291c","block_type":"box","text":"material risk.","page_number":237,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"9cdcfede-bfb9-4c53-b75a-c567a5ab22d2","block_type":"box","text":"17","page_number":237,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"a4434460-52a6-475d-82a1-b15dfa8a7173","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":237,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"6d80905c-0237-4e74-823d-77e482958ad9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"60305563-6bc1-479c-830b-5ee7b3ab597b","block_type":"box","text":"Global Principles | 13","page_number":237,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"20fc95ea-3803-496a-a33d-606a578b1a36","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f24f223a-b331-4ff2-b57e-48caa7ea9690","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":238,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"6a0747bd-4f97-46dd-b9b4-7358585496a1","block_type":"box","text":"Oversight","page_number":238,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"141a28e9-f5e3-4b83-bbaa-6b367ccd7fa4","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":238,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"b0c21319-6741-4a86-bfd7-3d0c53662fa8","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":238,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"a5112f6e-9806-407f-a216-c205b0cc9987","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":238,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"98591c56-e1ea-4f07-b95b-43e23c30f25d","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":238,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"1b4f3f5f-1c2b-4e35-a8fd-24e004692e99","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":238,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"79895fe3-2dbe-4d2b-81b0-c0039082ba80","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":238,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"6f32d3a8-856e-4076-80ae-91c59e673628","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":238,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"a3d8725c-de24-42d6-9e0a-48a75fdd9d06","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":238,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"3ac08e27-b439-4f64-80e1-78b44fdb53e3","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":238,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"f872c31b-cbb6-42be-9c98-632ad600c12c","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":238,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"0ebf640a-5e73-4aaa-b8cb-eb280340227e","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":238,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"76271cb4-fee9-4cdf-a8a1-ab99910594d5","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":238,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"2ca9495f-ef33-4d96-9130-618b03b10fb3","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic repor ts regarding the votes cast by BIS, as well","page_number":238,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"da696cb9-adee-429a-9482-2477c85cab45","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":238,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"f85c6e01-27ec-4bf9-b406-da9c439b5ba3","block_type":"box","text":"Committee reviews these repor ts in an oversight capacity as informed by the Guidelines.","page_number":238,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"f2e2c220-5b05-4982-a158-0ce159fe8b34","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":238,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"f0635ec1-41bd-4a45-92b7-4777ca992005","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":238,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"daf09cc5-56bf-479a-b442-69de0c00b825","block_type":"box","text":"on corporate governance issues and par ticipates in industry discussions to contribute to and keep abreast of","page_number":238,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"282868ec-59ae-4ea8-a585-69d1bdce236a","block_type":"box","text":"impor tant developments in the corporate governance field. BIS may utilize third par ties for cer tain of the foregoing","page_number":238,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"f51a0840-6d6f-4611-9f05-6c8eb6259844","block_type":"box","text":"activities and per forms oversight of those third par ties. BIS may discuss complicated or par ticularly controversial","page_number":238,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"732d4f9f-803a-48f5-bd97-0cc182a908db","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":238,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"3b70da22-d3b9-4743-a2a2-4272a701d063","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":238,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"045520d6-cbf7-4405-aff9-bab991d91bc1","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":238,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"be88f049-2d79-4b4c-b458-2fbc1b46fa54","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":238,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"fc441bd4-e3b9-4a11-9016-6ece805df78b","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":238,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"f6576e9b-43d0-4512-a706-018509d70654","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":238,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"e2e24e8b-35cc-441e-bf2a-917ea03a7bc5","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":238,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"faa66331-59b7-461a-9189-ec37fdfdd16b","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":238,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"c5459fe8-a608-44af-9d3a-fb58a487e831","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":238,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"f8fd9d68-e004-4a26-adf9-45be9fdef257","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":238,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"5392bb62-1136-457b-9586-73ceb33c8afd","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":238,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"b5bc0c6c-fee5-4c0d-87f4-ca80c9e429c7","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":238,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"67c3514a-22de-45d0-a030-5db8b4e57d41","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":238,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"e097d1f4-2ab5-4a4a-a676-3998ad8214c5","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":238,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"39f61ddc-794f-48ae-ad99-5e263c409792","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":238,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"c9c201be-ac28-4a03-b8b0-37a1f4adee24","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":238,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"465322e2-d378-4215-8e8c-a10d95e6db65","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":238,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"56a2a87f-549b-44aa-bce1-e515c485aaef","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":238,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"13116160-0dc2-414e-a44a-5c2fc423713c","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":238,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"e85f9f00-d2d4-4de5-b634-397184ca50e3","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":238,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"86fcc237-c512-4a32-8b0f-519534c9e08c","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":238,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"b956d934-cee8-4fac-a48b-57a67e582623","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":238,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"5f48ed58-6edc-4cf7-86fd-affcad4b6369","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":238,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"4ae54c3e-42d1-4acd-8988-9aee71d7e8ee","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":238,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"475d7bd5-1b57-40a4-8b27-c3f2dfd2acdc","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":238,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"bed972e0-a678-43d1-b45a-a0c7e9e5e4ee","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":238,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"09ff78c9-f235-4ab0-9d0e-de4aaeb52caf","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":238,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"d64b6c98-ecdc-48e0-9c91-1a5814f8860d","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":238,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"970a431d-43dc-4a1d-be0f-4d4294a47162","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":238,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"682e0134-0cee-42a3-9e92-f2b91d8c83e6","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":238,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"7109e345-699e-4edd-a635-7c489b434293","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d02d8eea-8c25-41e5-ac6b-1f33418d373f","block_type":"box","text":"Global Principles | 14","page_number":238,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d8df0b5c-ef18-4720-ba25-f25af67b7010","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d685aa2-7ba3-4011-8d5b-c6895b44a77a","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is","page_number":239,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"cfea4d0d-cc30-4378-9d10-28b50c64bd28","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":239,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"16e45b11-0a3d-435f-b886-06fee58078c5","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":239,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"188c8d9c-bfba-4f10-b243-284992137561","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":239,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"d91e9eaf-c49b-442c-9116-ddf4f4c892f9","block_type":"box","text":"VOTING CHOICE","page_number":239,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"fc6ff311-4c99-4833-a529-265f329751d3","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":239,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"820fc91e-78be-4447-aee2-cf6c547527e3","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":239,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"42e5d87e-ec87-4b31-806a-1e77c3dfdf3f","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":239,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"072bf12b-e86c-40dc-9e25-088a386266a3","block_type":"box","text":"UK, Ireland, and Canada that utilize cer tain equity index investment strategies, as well as eligible clients in cer tain","page_number":239,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"208b3c82-4cf9-4d38-8085-1070f47b5816","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":239,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"7123e428-e506-4ad7-91ab-4fe7aa091491","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":239,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"b4081720-6bec-4554-ab52-9219370d78e7","block_type":"box","text":"regardless of their investment strategies.","page_number":239,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"9d4f34f2-7ef2-4ba7-9f5a-cded17e20edb","block_type":"box","text":"18","page_number":239,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"395dc59f-f3d6-448c-9879-e53b0f68caef","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":239,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"3d5c99c5-ca11-4b35-8608-d013cbb9b7f7","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":239,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"b3d81537-407e-4016-b059-006d1d19e9ac","block_type":"box","text":"19","page_number":239,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"ddabf912-d4f7-41ce-935e-f422405fe36d","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":239,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"b636e0e5-2a8c-4c7f-a59f-51efa37b4503","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":239,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"fc8e64b4-1bd7-4fba-be85-347645554eb6","block_type":"box","text":"third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":239,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"63abd5a5-fd45-405d-bbce-eeeb912ade26","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":239,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"81fd4441-8296-4293-9905-0f2582f8b433","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":239,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"3c55a8ae-5456-4d6a-a522-0a38f1add5f4","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":239,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"d478e9fd-6d88-49a2-b796-91353aec7c4b","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":239,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"c763ba4e-89bf-498e-9507-b306f01e725c","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent 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the","page_number":239,"box":{"x":102,"y":612,"width":785,"height":11}},{"id":"659d164d-a4d9-4629-843a-6ce50fc0572a","block_type":"box","text":"following:","page_number":239,"box":{"x":68,"y":627,"width":66,"height":11}},{"id":"771db0bb-8563-4d56-bcbc-42af69eef38f","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":650,"width":6,"height":4}},{"id":"a0dd335b-1c56-4925-a73e-b8dff48348f4","block_type":"box","text":"Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the","page_number":239,"box":{"x":101,"y":647,"width":732,"height":11}},{"id":"8826b2f0-a53a-47a2-8106-eb2f2662c47a","block_type":"box","text":"companies in which BlackRock invests on their 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In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":239,"box":{"x":102,"y":697,"width":802,"height":12}},{"id":"a5b7b5db-2f6b-49eb-b528-e9e1eefcab43","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":239,"box":{"x":101,"y":713,"width":794,"height":11}},{"id":"64182622-47a6-4553-9443-98eb7fa20bc2","block_type":"box","text":"relationship with such par ties. Clients or business par tners are not given special treatment or differentiated","page_number":239,"box":{"x":102,"y":727,"width":770,"height":12}},{"id":"91d9f62e-6a04-4f46-b321-a97880547eb0","block_type":"box","text":"access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":239,"box":{"x":102,"y":743,"width":802,"height":11}},{"id":"894b0a23-03cb-4b9c-8008-88c52b119348","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":239,"box":{"x":102,"y":758,"width":777,"height":11}},{"id":"2c7b734d-4531-4fec-8b47-765d39eec1e3","block_type":"box","text":"outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may","page_number":239,"box":{"x":102,"y":773,"width":775,"height":11}},{"id":"daed4de1-1879-4340-abba-ea7a7de70920","block_type":"box","text":"engage directly with BlackRock clients, business par tners and/or third par ties, and/or with employees with","page_number":239,"box":{"x":101,"y":788,"width":764,"height":11}},{"id":"e66735a5-dd33-41c1-bee4-edfc18217040","block_type":"box","text":"sales, vendor management, or business par tnership roles, in discussions regarding our approach to","page_number":239,"box":{"x":102,"y":803,"width":714,"height":11}},{"id":"2ab48992-35bc-4447-84fc-3a5d77b9ad0d","block_type":"box","text":"stewardship, general corporate governance matters, client repor ting needs, and/or to otherwise ensure that","page_number":239,"box":{"x":102,"y":818,"width":772,"height":11}},{"id":"421127d6-f568-44c7-b494-5bdc5e8632d9","block_type":"box","text":"proxy-related client service levels are met","page_number":239,"box":{"x":102,"y":834,"width":295,"height":10}},{"id":"1f6cf101-bd90-427b-99fe-93fa1e420bec","block_type":"box","text":"18","page_number":239,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"db829616-d727-4ab5-863f-8f2f69754d40","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-par ty proxy advisers the","page_number":239,"box":{"x":83,"y":862,"width":814,"height":12}},{"id":"e0cfd02b-56f0-4258-9cde-70ba361e0d93","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":239,"box":{"x":70,"y":878,"width":838,"height":11}},{"id":"2ed30a6e-b155-4059-adfe-ae5cd058d0f5","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":239,"box":{"x":68,"y":893,"width":354,"height":11}},{"id":"3c1ee483-afa5-4718-8ef8-0b4791c50774","block_type":"box","text":"19","page_number":239,"box":{"x":69,"y":911,"width":9,"height":4}},{"id":"9842c814-f3b4-4e67-a9c0-f48e1aa2790e","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":239,"box":{"x":84,"y":911,"width":415,"height":11}},{"id":"12041443-c885-48ec-a8c9-9c6a81ed0ec1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"50c6cc77-bbe4-4a55-9dd1-b01b6edb452a","block_type":"box","text":"Global Principles | 15","page_number":239,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"5161c7a7-d91f-44c2-b55b-631c289c9324","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a6574ab-3445-4a3d-8b2c-b993073ceb8d","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"438d00ab-610d-4f8a-ac53-3b1f0656bafd","block_type":"box","text":"Determined to engage, in cer tain instances, an independent third-par ty voting service provider to make proxy","page_number":240,"box":{"x":102,"y":45,"width":777,"height":11}},{"id":"114ddb48-acfb-42cf-b0bb-70d416d1416b","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":240,"box":{"x":101,"y":60,"width":763,"height":11}},{"id":"c21e7f7a-3269-41c8-81dc-0116ab1d2b8a","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the","page_number":240,"box":{"x":101,"y":75,"width":749,"height":11}},{"id":"9c6be070-5039-41ad-982e-32e30d6bd70f","block_type":"box","text":"independent third-par ty voting service provider provides BlackRock with recommendations, in accordance with","page_number":240,"box":{"x":102,"y":90,"width":782,"height":11}},{"id":"bbeaeddb-e697-458e-af99-0bd8a0e42151","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-par ty voting service","page_number":240,"box":{"x":101,"y":105,"width":749,"height":11}},{"id":"2643b4f9-76bf-4204-b4fd-7349cadb953c","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":240,"box":{"x":102,"y":120,"width":765,"height":12}},{"id":"5a4bb7ea-f9ab-477c-9110-0daca8f0c054","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-par ty voting service provider to make proxy voting","page_number":240,"box":{"x":102,"y":136,"width":797,"height":11}},{"id":"c4e8526e-7d47-4ad1-a198-933d33096e29","block_type":"box","text":"recommendations for:","page_number":240,"box":{"x":102,"y":150,"width":154,"height":9}},{"id":"de4e6aad-24f9-4557-877a-7c6c6462bcd9","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"1951cb60-07f6-41b3-b638-e1f8c3bc8d94","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":240,"box":{"x":135,"y":171,"width":570,"height":11}},{"id":"010bdfa0-4fb6-4616-8a07-4e892ee1a2b2","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"26c4d612-5017-4100-88ba-c64ac86d9aef","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":240,"box":{"x":135,"y":191,"width":748,"height":11}},{"id":"176e62b6-2c71-401d-b2b6-d7ba060faec3","block_type":"box","text":"the board of directors","page_number":240,"box":{"x":134,"y":206,"width":153,"height":9}},{"id":"8ed030df-dc43-4429-a58b-0935787b39be","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"f3822872-fcfc-43e1-b2ba-02d577ce9278","block_type":"box","text":"public companies that are the subject of cer tain transactions involving BlackRock Funds","page_number":240,"box":{"x":135,"y":226,"width":626,"height":11}},{"id":"11e37cf3-40cc-4797-aa38-9c04453ef967","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":249,"width":6,"height":5}},{"id":"f130c852-7d2a-40de-a5c8-09995b9c1b31","block_type":"box","text":"public companies that are joint venture par tners with BlackRock, and","page_number":240,"box":{"x":135,"y":246,"width":490,"height":11}},{"id":"e9286cf8-8b1f-45bd-b5eb-d3dfee15a295","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":269,"width":6,"height":5}},{"id":"f7cd19a4-aa3c-4057-b8f7-a1d9adab23ef","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":240,"box":{"x":135,"y":267,"width":740,"height":11}},{"id":"d5f95c62-f349-47d6-8cc1-9e3206fc9181","block_type":"box","text":"par ty voting service provider","page_number":240,"box":{"x":135,"y":282,"width":200,"height":11}},{"id":"33b2f629-dd5e-4291-82f4-b933d0311b90","block_type":"box","text":"In selecting an independent third-par ty voting service provider, we assess several characteristics, including but","page_number":240,"box":{"x":102,"y":304,"width":790,"height":11}},{"id":"7bc8f9be-aac5-4d29-9ac3-b85927765655","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":240,"box":{"x":69,"y":320,"width":834,"height":10}},{"id":"a4d57dd9-4958-4a79-96b9-f4a644958342","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":240,"box":{"x":69,"y":334,"width":806,"height":12}},{"id":"0863f172-7e21-4271-b6ce-fc6248f72fe8","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":240,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"18ac0886-e579-4a77-ac6e-b10cded80476","block_type":"box","text":"third-par ty voting service provider, in par t to mitigate potential or perceived conflicts of interest at a single voting","page_number":240,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"09585b46-5e4f-4f1e-af2e-d8c10a937e89","block_type":"box","text":"service provider. The Global Committee appoints and reviews the per formance of the independent third-par ty voting","page_number":240,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"f9b8bd97-5fa0-4bc4-819c-0494e9ea3c46","block_type":"box","text":"service providers, generally on an annual basis.","page_number":240,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"18e914c8-a698-42b8-a275-a8771fbd026c","block_type":"box","text":"SECURITIES LENDING","page_number":240,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"0afe3dd2-5a93-4398-802b-2a87bb9846be","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":240,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"ead35b5e-8968-408a-95db-eff6c2d080d5","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":240,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"76fa7533-ee78-4f5d-bf7a-fd368fea5ac8","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":240,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"791e1afe-120b-4aa8-aa51-2e7582a6074c","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":240,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"66287f6d-f665-45e0-a5be-5e6a221122b3","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":240,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"784b76a2-564d-48a8-91a5-ef5650691d70","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":240,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"87a34d24-007b-492d-bb65-027cb5109f0f","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":240,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"8da1170f-42fd-44f8-902a-87fbdcddb694","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":240,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"280463a1-9558-47f9-a273-144efe0cd2bf","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":240,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"02526fa0-63db-4c53-9d9e-778d5a71a4ad","block_type":"box","text":"of recall consideration).","page_number":240,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"d47b5a49-6a6c-444b-aa40-3f0b7301abc9","block_type":"box","text":"20","page_number":240,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"88b042ce-aa2a-4270-99b6-32f7054b304a","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":240,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"5902c657-22d2-422f-aa0a-b6abfe5f5954","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":240,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"b693c601-ab73-462a-916b-274bed628ddb","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":240,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"6396d204-4f12-4fe3-9499-4124badd393b","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in cer tain instances,","page_number":240,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"9f96f80d-499c-4c28-9d0d-b94f1dde77a2","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":240,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"91e0b921-8445-4948-b5bb-e9851d860c9f","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":240,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"a6dfecc6-1d28-4dda-874e-7befbebb1bc1","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":240,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"d1a19303-4980-4651-a535-d8d7b60cfdcc","block_type":"box","text":"and may modify it as necessary.","page_number":240,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"8caa4e51-6c2c-4c4f-936e-ac40b72ac4b9","block_type":"box","text":"20","page_number":240,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"f1fcb1d1-4ff5-48cb-89d8-53321ecb5db9","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":240,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"bc172993-be38-42a9-951f-5a3fc04dd8fa","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":240,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"ccb59757-7945-409c-90e1-1134823fa750","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":240,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"b9ae0a64-53e9-405d-b6fd-09e03f1a6749","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":240,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"57436a89-fb13-4705-8775-88e27aeb4e9a","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":240,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"8f9abc57-3f20-4749-8661-5de8593d09e6","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":240,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"92bee861-8e30-4e31-807e-3dc1fdcb149a","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":240,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"8785c7c8-1163-468d-b855-39f00135a581","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":240,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"be04e10c-bf61-4fd1-8fa1-e00d58430acc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2ce5189b-278b-4ee0-8e62-1cc9f0430e12","block_type":"box","text":"Global Principles | 16","page_number":240,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c4cb8592-8c56-46c2-854f-5a8770d82edf","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62eea64b-e966-4d92-b725-666dc77ce0c9","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":241,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"9619b44d-78ce-457a-a68e-4cf5f8e4f77a","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":241,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"419f9be2-886a-4cdf-980e-66df63e03d2b","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":241,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"5851152d-8f53-42de-8301-9330987d9543","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":241,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"d9767370-47a5-4c05-8b99-054fdfd988fa","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":241,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"cfabc3e3-a967-40f2-aa96-a4786d8f6597","block_type":"box","text":"and emerging key themes.","page_number":241,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"e9e8157f-46bd-4eaf-8e37-ff41ff5a1d1e","block_type":"box","text":"At a more granular level, on a quar terly basis, we publish our vote record for each company that held a","page_number":241,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"25099a7f-76b2-4c09-9ad3-9a680c7dd674","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":241,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"d2f5133d-7b81-42b3-9a6d-f1dc31440628","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":241,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"40959b43-9cd7-4d48-9dfd-1be66830e8f2","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":241,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"ce3e8382-a0a2-4061-a9c9-3a04577ad53b","block_type":"box","text":"explaining our vote on key proposals. We also publish a quar terly list of all companies with which we engaged and the","page_number":241,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"c0d5a723-33ce-450c-8aa5-051c7f97a9c8","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":241,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"255d52d4-f42e-4e6f-99d2-2cab17ef7759","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":241,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"1434d427-9ca7-45dc-8c3b-d4c85141dfa5","block_type":"box","text":"business practices that suppor t durable, long-term financial value creation by companies.","page_number":241,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"81b23f32-62ec-4351-ab78-adec4298b843","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e507e86b-2964-458a-87c8-6a798576d6cb","block_type":"box","text":"Global Principles | 17","page_number":241,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"06addde6-26a6-4e6a-883e-8709dab11b27","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b61631e9-b868-4e64-a90d-fb19ed1d1698","block_type":"box","text":"Want to know more?","page_number":242,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"fd597a1b-4ab2-4cfc-9496-398b79491ce6","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":242,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"c3d5537b-1ac5-401c-8a7a-3dc2df777e3d","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":242,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"feace13f-45ac-4a5c-937e-a5980ae03b79","block_type":"box","text":"principal.","page_number":242,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"f82ea8de-9c94-400a-85e8-2704c729cefa","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":242,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"96d74f1a-92a6-4f39-85a4-da603d6dc882","block_type":"box","text":"©","page_number":242,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"39aa0995-ace8-4cdb-9926-eef44bd47903","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":242,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"66174bea-f0d9-4b4c-b398-e9a83b2422c4","block_type":"box","text":"BLACKROCK","page_number":242,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"826885e7-53f3-43cc-ac1f-058b52a50e08","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":242,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"d2725067-df9e-4a3d-a396-d1d9aed56eda","block_type":"box","text":"United States and elsewhere. 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BIS takes a long-term approach in our stewardship effor ts,","page_number":244,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"79d4206a-a15e-4e0e-bb0f-00c5dee61b5d","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":244,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"a1fdd2b1-2d0d-41e8-864b-e6f0b04e5f54","block_type":"box","text":"1.","page_number":244,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"58088a1f-931a-4772-bcde-596670451d21","block_type":"box","text":"Engaging with companies","page_number":244,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"2f1ccc86-e7ea-48f3-93a0-c374de9ade4d","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":244,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"d399480e-51d6-4534-9ac2-6306e991e8f3","block_type":"box","text":"our voting decisions.","page_number":244,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"335eb58d-8b41-4d66-92dc-8821f0ad4eee","block_type":"box","text":"2.","page_number":244,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"6b9a279a-6c3c-4083-9292-10feacc01209","block_type":"box","text":"Voting at shareholder meetings","page_number":244,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"2078bc94-70eb-4241-a42e-e60a3af5ff25","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":244,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"8fa0820a-a5f9-49eb-9b45-1518f920536a","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":244,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"14928276-ba79-4251-84e2-36d638e92fa8","block_type":"box","text":"3.","page_number":244,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"b244b933-b11b-40ee-a8ee-d9af713724fc","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":244,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"dcd8acd8-92af-4dc3-b644-5222ab89a5c2","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":244,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"a4d83921-2f2c-44ca-906f-77463489a7b1","block_type":"box","text":"clients’ investments.","page_number":244,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"e6a4f681-588a-4a2e-ab2b-ecdccf2208be","block_type":"box","text":"4.","page_number":244,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"fad48bac-5fd7-4aa5-969a-7b3b36d0a529","block_type":"box","text":"Reporting on our activities","page_number":244,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"176f167b-bc41-45d6-b218-514d0625f70b","block_type":"box","text":"to inform clients about our stewardship effor ts on their behalf through a range of","page_number":244,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"35dc5a3f-a900-454d-83c3-31fe20d10959","block_type":"box","text":"publications and direct repor ting.","page_number":244,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"9e8fbfa2-4bdf-479a-b95b-dfb5e47da112","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":244,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"ec822719-a4c6-4c5d-b5b5-840e28c6fa7f","block_type":"box","text":"2","page_number":244,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"e610678a-726a-42ef-ad3b-97f14a147663","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique and varied","page_number":244,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"eeb7da1b-1812-4d7b-82e5-ac48227c4493","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":244,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"83747c4c-6171-45d2-8d8c-0d3642ed0651","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":244,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"4a29306f-4d3b-4135-8352-754b18ae5523","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":244,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"b3939d72-2973-4a92-82b2-4ddac75334a5","block_type":"box","text":"financial oppor tunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":244,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"642f8f7d-9fe5-461d-93b2-f44f672afbee","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":244,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"68f6c93a-a16d-4b6a-b3c8-f74cde6d1b30","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":244,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"b56c9ea0-c335-47cb-9781-9c8781c01fdb","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":244,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"349750f4-cd83-42ea-8b19-6627954fd7b4","block_type":"box","text":"clients believe, will shape financial oppor tunities in the transition to a low-carbon economy. A survey of 200","page_number":244,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"f94f8269-fb82-451f-8d1c-a7cf2ece8b34","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":244,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"45b6c9ef-530d-4087-adeb-166a1c15addb","block_type":"box","text":"have set some kind of transition investment objective for their por tfolios.","page_number":244,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"3bd7068c-323a-446d-b113-4136e1b6f0d2","block_type":"box","text":"3","page_number":244,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"f4a6d8e8-2a4b-4786-ba81-d15248718f40","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":244,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"d64673f3-7dfa-4c39-a0e6-b7fbed92b15f","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":244,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"3775ff57-e528-4866-a80a-80b4b75125ed","block_type":"box","text":"4","page_number":244,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"9af18293-366c-4095-9236-dd7923295b2e","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":244,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"57b99456-c15d-4f68-bb86-903f62a270e8","block_type":"box","text":"leadership to suppor t our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":244,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"620fe91a-41ab-4d91-b745-306575abe252","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":244,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"656766ba-96d9-4744-a3b1-ac39774d32ce","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":244,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"f8f76a43-dff7-4fe1-afd3-390570af5b34","block_type":"box","text":"1","page_number":244,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"278bda9f-4d6b-46d6-a45e-01e952631a01","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":244,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"9d15158e-ccc1-4037-8af7-ee3bc9f779ce","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":244,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"82cf7e05-12cc-45be-8597-b0b1b6d29227","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":244,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"bfa1bc99-88e1-41b6-806d-45cc8206dfe9","block_type":"box","text":"commitment to offer clients choice.","page_number":244,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"e30826ae-010b-4bcd-8bad-823dd6baec51","block_type":"box","text":"2","page_number":244,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"02160ef8-4be7-4102-9d25-d770d8736a25","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":244,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"24dbe45f-3419-4552-9cd9-944791a7d9c0","block_type":"box","text":"appendix 1.","page_number":244,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"64603c33-af27-43d4-a1b7-07e8aadccf32","block_type":"box","text":"3","page_number":244,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"cc6a5d5c-9a62-4191-93d1-e9b538e909d2","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":244,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"abc855ac-ccd2-4356-9eb6-e18a2bbfe2fe","block_type":"box","text":"independent third-par ty research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":244,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"1b3e93d4-45c5-47af-9971-f322d24020fb","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":244,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"1917fbad-a7c5-432b-8bf3-e85a87547dc4","block_type":"box","text":"4","page_number":244,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"8595dee1-62cb-4b47-9db2-8b3ae59121f8","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":244,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"57e4f7ef-b186-4aaf-898c-fc879aaaa1f6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"105fb5f0-7b67-4341-92e1-f320e24bd6af","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":244,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"01c7a630-6829-4f97-928e-124248d7a42d","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42575a1d-5dcb-40e4-b6fa-4a094e33b73e","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":245,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"cf58f0a9-24a0-469b-9a02-332860a378f6","block_type":"box","text":"5","page_number":245,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"839e79ad-7715-4efe-b535-cb8406612abd","block_type":"box","text":"and are focused on matters","page_number":245,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"d5d1e857-f0e4-45e1-87a5-c8f01d570e4f","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":245,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"01ded1c0-7076-4e6a-baa9-b4e498e22d21","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":245,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"10346b32-df9b-477c-89a9-7795b3ad97ab","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":245,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"0adf157a-c434-420c-b6b7-e34d8b235689","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":245,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"8e6043aa-21d1-4ac3-a8a7-3c381bf35cbd","block_type":"box","text":"oppor tunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":245,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"e84347d4-6995-4dab-8b61-a9c1a3570d52","block_type":"box","text":"Agreement,","page_number":245,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"f42eb544-53ae-488b-9b93-a1dc143971fc","block_type":"box","text":"6","page_number":245,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"81721ce0-f538-4ee0-9a35-3b415290e95c","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":245,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"f271a35d-fa4e-4f34-9db0-c785ecfbb21c","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":245,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"bd9f9abb-dd2a-4bcd-9624-16bc42b6e52d","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":245,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"567108cc-52b0-44a4-a519-1a81ba607883","block_type":"box","text":"based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":245,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"96ffb3b6-3edb-45c1-8d9a-494e003f67d1","block_type":"box","text":"7","page_number":245,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"12144eaf-7766-4bd0-afa8-8b8e7c8b7202","block_type":"box","text":"We estimate these companies","page_number":245,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"551226f1-50f1-476e-8332-70d8836067a4","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":245,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"384e1bc2-61e3-48df-a2f4-85fb73aeb5fd","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":245,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"0c0b185e-33c3-4bb8-99a7-be62c296a040","block_type":"box","text":"apply.","page_number":245,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"6224436e-eb45-4b7e-9d44-06aa96ebcb57","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":245,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"0405b791-8c4c-4f02-9fe5-d9aec792a053","block_type":"box","text":"benchmark policies.","page_number":245,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"708538ec-4d8f-49fa-86a0-b7144f356985","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":245,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"41c93189-fec5-4d06-8c18-d6e57ac2cebf","block_type":"box","text":"objective, BIS will continue to under take our stewardship responsibilities in line with our benchmark policies, with a","page_number":245,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"13dd8b06-70ac-4eac-aa32-997116a1af13","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":245,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"dd83c062-8663-4b98-8c98-fb082599a3c8","block_type":"box","text":"risks and oppor tunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":245,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"d2899232-d94c-48a1-91e1-3a993bb5e803","block_type":"box","text":"financial returns.","page_number":245,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"f1b52e54-a042-48d2-8b51-541dc8a545b4","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":245,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"3b9180d2-74aa-4614-a125-2424be0c5881","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":245,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"86f11890-2145-4cfd-829e-dd2d25ab970e","block_type":"box","text":"5","page_number":245,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"aac6d3e5-57de-4068-8d22-b4bb0cde7ddb","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":245,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"69c2ad2f-8abe-4cfc-9864-360b6e5d36da","block_type":"box","text":"effor ts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":245,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"d98ea160-c7ed-4615-aa17-e43eed915695","block_type":"box","text":"They are anchored in our Global Principles, which set out cer tain globally applicable fundamental elements of","page_number":245,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"ebb49ae9-a7b3-4a99-9eb7-f0311f73fc5f","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":245,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"25c489fb-a7a4-4c9c-8024-90df83ddb43e","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":245,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"5579a28b-fcd2-4285-b0db-6c4e01e400d8","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":245,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"c3cbc447-3986-48af-ba74-771455da5da2","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":245,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"4dc46786-d85c-4d6a-83a1-c74fa4e4ed97","block_type":"box","text":"are relevant, as these can be a source of material business risk or oppor tunity. The BIS policies are applied on a","page_number":245,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"ee5a8017-f134-4278-9c21-b0a79e80dc2a","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":245,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"75e3239c-01a4-425d-99c8-75062f10b5d4","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":245,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"9bc27616-d6d9-479c-8518-c8e97c9da891","block_type":"box","text":"6","page_number":245,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"d76a0ec9-75ff-4732-accb-ddc3bbb9e8fb","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":245,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"0e28de52-564c-4912-824a-2dedbaf0e2bb","block_type":"box","text":"7","page_number":245,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"4ce21c74-14c6-4b7c-a290-6ba6f078130c","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":245,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"03f7a352-ad7a-48b3-86bf-42b28aa61dfe","block_type":"box","text":"their operations, providing key inputs or goods and services that suppor t real world decarbonization, or pivoting their","page_number":245,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"82120f89-7e6b-4da9-8bac-c311b58e66a2","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":245,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"ea6bcc66-60c3-4152-bafb-3cf90444e57f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"90cfe7c8-70b0-4e1e-9576-e1b05dad1ae5","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":245,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"8f8521a9-ef5d-419f-ac25-55968adf814d","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6be1b495-882c-4ada-91e3-f4b56276ac1e","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":246,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"b6e2f3cd-557d-4a16-b14c-21aa55a7ee39","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":246,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"7a18fcfa-dbc1-42e4-b245-199bbdc8ce21","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":246,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"c8e4c2b5-e956-4e3f-8b8a-d9f31571f5e0","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":246,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"1debfb18-33b2-495a-af8b-85a763eace2b","block_type":"box","text":"already being deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon","page_number":246,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"05e43fe9-5939-4e5f-b5c8-1bc8cd231d7a","block_type":"box","text":"alternatives exist. We have heard from cer tain clients that they see the low-carbon transition as a series of shifts","page_number":246,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"5d9d1080-d2aa-462f-86ab-6d20c882bd51","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":246,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"cfd7e3e0-7766-4329-a8d2-61d0003c13a6","block_type":"box","text":"oppor tunities and a wider range of financial and competitive outcomes for companies.","page_number":246,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"2d09bd2d-7a58-409f-a273-c14a85611e97","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":246,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"15e32c0b-fcb4-4573-87ef-dc2c3f90cd09","block_type":"box","text":"risks and oppor tunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":246,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"6d30f42e-23ee-4493-aef5-6080dd45a78a","block_type":"box","text":"by Aladdin","page_number":246,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"70f59cdb-d232-455e-acb9-8570015da633","block_type":"box","text":"®","page_number":246,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"a5b55a69-b6cb-449e-8c68-5ba2695f2f5d","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":246,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"4381b2bb-235e-4885-8081-6d6aad499344","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":246,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"f4bcc932-3f67-4cea-b03f-e41874ea562d","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":246,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"c60791d4-4759-4660-a9da-eb80e6285fbb","block_type":"box","text":"BlackRock’s por tfolio managers and other exper ts.","page_number":246,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"cc6ba36e-55ac-4dd3-9b54-2900896d4c99","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":246,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"b87505da-ff3a-4623-b056-ebcd269af6e4","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":246,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"d23bc9af-2945-4b85-9efd-66c8a298dbfc","block_type":"box","text":"®","page_number":246,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"102a6b6b-5dc8-4337-b3ac-b3a4c62562fc","block_type":"box","text":"Climate,","page_number":246,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"90c81981-e8ef-46bd-996c-4f796565a282","block_type":"box","text":"8","page_number":246,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"6f6cac2b-099d-422d-87e2-fbaa44a6b878","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":246,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"1edb9273-bb43-42ad-a84f-0a455e0c4172","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":246,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"14a52a04-b42d-41e4-8ef9-00337039d3f0","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":246,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"cb059ae8-bc44-450e-8630-a6c717404a99","block_type":"box","text":"increasing number of jurisdictions.","page_number":246,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"6bc94bd1-6783-45ee-8154-db68b499648e","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":246,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"6b6eb63f-1bfa-4787-99b8-2646ae554e54","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":246,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"36efac72-c311-474b-a7d0-8e59d365bd81","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"bb1722d9-207b-4306-885b-92067bd931f3","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":246,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"9c79b41d-9fd7-421e-9ddd-52cff032af25","block_type":"box","text":"This includes","page_number":246,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"d9b4f0b3-53d3-466b-a2d1-9ae654ead550","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":246,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"d94daee2-ad23-47f9-ab3a-23a02f0ff8b9","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":246,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"fc46a3c8-e30c-4e8a-b7a5-ae5e291b4472","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"072ced00-73e0-4367-a64c-359e602d590f","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":246,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"670be11c-ed4e-4af3-92ba-14de1bcee6a2","block_type":"box","text":"across sectors and markets:","page_number":246,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"862a0685-bbe4-464f-a322-71528244615b","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":246,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"35b621d2-94d0-4846-ac32-8c47a6a70141","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":246,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"199a9249-b601-4f68-9ee6-f0ff6f325f31","block_type":"box","text":"other factors. Fur ther, we recognize that these factors are uncer tain and dynamic, which will require that we","page_number":246,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"77ad508a-dab4-49ac-bb40-0085b3816352","block_type":"box","text":"evolve our approach as necessary.","page_number":246,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"043f429f-be42-4eaf-b536-7119a74a727b","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"984f5aeb-5afe-4638-b01d-d28ab02f2b46","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":246,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"2c49a4cc-0083-4482-87b2-c9177f62f1df","block_type":"box","text":"their key stakeholders:","page_number":246,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"cf692baf-7e61-4a10-b609-9b3bc350ffd0","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":246,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"2cad5f58-0bfd-439a-9e35-0f9b6c351315","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":246,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"cdaceb3a-98dc-4820-9d86-b14499938a53","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":246,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"17a1b1da-9be3-4048-9de1-f7704ac97846","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Fur ther, we consider the","page_number":246,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"5ef772d6-505e-49c7-a706-a047922513b7","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":246,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"2311146b-e703-4a73-9e79-e3c387460810","block_type":"box","text":"does not.","page_number":246,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"ae88ea21-050e-4172-a595-0dc51bb84bb7","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"18e339cc-3397-44f8-9b53-673823854c22","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":246,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"c408f367-524b-4082-9f21-9ecf1c6db8e2","block_type":"box","text":"limitations:","page_number":246,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"73cc1080-e5fd-44f5-add1-03065fa5dfaf","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":246,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"437d952c-e1e2-40f4-b7ad-6c2b77b5af6c","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":246,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"de85451e-8e95-4d60-87cc-6e3fb19c8f07","block_type":"box","text":"include relevant data and narrative.","page_number":246,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"bec2f49d-b929-47a1-9f02-991f28365eae","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"fe361e7b-c179-4111-b067-8ff29e181a3d","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":246,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"0fb383b9-cad0-41ca-93d1-6f82e8334db2","block_type":"box","text":"The boards and executive","page_number":246,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"9cb4d82a-3dba-4b9b-a26f-ca2760cb7412","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":246,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"1bc1fa6b-3d9b-4756-ad04-8c3d22b0250f","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":246,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"0aba14ff-f1d0-4a2c-8e87-7da1d23aa991","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":246,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"6361d338-1a4a-49b1-9d09-f88c2cc68c74","block_type":"box","text":"8","page_number":246,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"657454da-e6a1-4cda-9bc6-255d293926dd","block_type":"box","text":"Aladdin","page_number":246,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"597f1124-7f7b-4899-8f1c-b68a0be43cff","block_type":"box","text":"®","page_number":246,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"79fa2efd-439d-4bfe-be8d-6fde96507493","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":246,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"19f22b21-19a5-4719-8644-2a7864798bcc","block_type":"box","text":"analytics. 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As a general","page_number":247,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"a29be124-c631-4603-9313-a39962244bcc","block_type":"box","text":"point, we would expect companies that have disclosed their aim to par ticipate in the transition to a low-carbon","page_number":247,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"40045ac7-c068-4482-9eeb-a1220d847877","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":247,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"36666146-d554-41ff-83ae-a260995c195e","block_type":"box","text":"appropriate, which may include:","page_number":247,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"53361e20-c884-4515-98e3-e2c7d2936686","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":247,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"683fae9a-b461-4ab0-bd9e-df59810bce7f","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":247,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"e7e37c31-3b5d-4d3b-ad7a-eb3931dfeb7d","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":247,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"2fae9784-116f-4061-89ba-03c512c48e79","block_type":"box","text":"milestones to assess their progress.","page_number":247,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"51858877-2fbf-4540-ad8e-090ead0c41ab","block_type":"box","text":"(2) low-carbon transition-related repor ting consistent with the standards developed by the International Sustainability","page_number":247,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"ffc3ee1c-06c6-4b59-b572-4aff5307e352","block_type":"box","text":"Standards Board (ISSB).","page_number":247,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"68d273cd-1a12-41ce-9174-16193b78fef1","block_type":"box","text":"11","page_number":247,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"9324baff-d9e2-4b3a-95cd-2fc3a3c97044","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability repor ting and IFRS S2","page_number":247,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"efbcc4d7-3573-4963-b704-8397a440a805","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":247,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"4f5806fe-b290-441d-ba48-f127bc9dfdf4","block_type":"box","text":"significant climate- and low-carbon transition-related risks and oppor tunities. As audit and assurance standards","page_number":247,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"8d69c694-2bce-486f-a807-1d734f04e79c","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":247,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"1907793c-10f1-4cc9-894d-f4b048ee4c4d","block_type":"box","text":"independent, third-par ty assurance.","page_number":247,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"1f4b87de-78ef-427d-84b0-a16932e64b0d","block_type":"box","text":"9","page_number":247,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"cb7db9e8-8d0c-4050-94cf-fbf7015cd405","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":247,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"6e7d054a-58f2-4dd2-8888-b4b2117385b6","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":247,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"2e119373-09da-4ef8-9e13-4d4184349f44","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":247,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"50d017f9-d5fe-400e-be2a-1d301eaf8fb3","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":247,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"eb950de2-f47f-49bf-bef7-61408f83ab81","block_type":"box","text":"10","page_number":247,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"d3ded865-1d5c-42f1-8fe1-6e38319a32bf","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":247,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"d0d8eccb-3b49-461a-8663-b37d8d0f6f95","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":247,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"d1ccc0a4-5730-4e4a-97b7-c16c48ff68e3","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":247,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"b157a0b8-0bea-4995-b239-e9bd5749f7d0","block_type":"box","text":"11","page_number":247,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"dcafd606-38fd-4793-9cd3-86a0ae28b3b3","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Repor ting","page_number":247,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"d857f13e-9afc-42c0-a822-ba34f0728ca3","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability repor ting for corporates","page_number":247,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"99158d3b-281b-46d6-9659-081f4d47dcae","block_type":"box","text":"and investors to suppor t more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":247,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"443f4f8e-ff9f-4822-851a-390329395f37","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":247,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"6e30e6c3-f01f-4495-9c81-a8638971f901","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":247,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"bbd5036b-0c88-4fed-8bb8-78558805f34c","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":247,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"16d1852b-7811-4016-8c77-94f516711ac6","block_type":"box","text":"their repor ting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":247,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"8c31353e-4330-4bbe-a3d1-b33dfdc48e67","block_type":"box","text":"already committed to doing so.","page_number":247,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"4f8dc587-6ed1-4eab-90ef-1cbf449a96be","block_type":"box","text":"BlackRock Investment Stewardship","page_number":247,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5f9968ea-37ba-4143-9ef3-4169530e9813","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":247,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"459b7494-995e-4a61-8a05-60ee9ad83825","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":247,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76724edb-8b92-42aa-9924-bd8ae784a227","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":248,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"682a01bd-e344-477b-ae80-c6eaa31e9972","block_type":"box","text":"12 13","page_number":248,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"c6490842-43ed-492a-b09d-a2638cd6159c","block_type":"box","text":"In addition, we look to companies to disclose","page_number":248,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"153c043b-d2d1-4739-a782-6ddb0c93d82f","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":248,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"10db2782-7898-4d33-81c3-6076734799e3","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":248,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"0034375f-05ae-449b-a095-a1b9ce5812c8","block_type":"box","text":"these would be provided on a ‘best effor ts’ basis given the methodological challenges these currently present","page_number":248,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"f47669ae-ed90-495c-b781-e3293afee551","block_type":"box","text":"for repor ters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":248,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"1e1162b3-74b9-49d6-bdd8-77a1cd842b3a","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":248,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"8422b476-b988-47fe-b9aa-f3dea3280040","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":248,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"bb730441-5043-4607-80cb-1bc4c604e4a6","block_type":"box","text":"14","page_number":248,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"d915bd8b-4c54-4b5c-837b-426031f3afb4","block_type":"box","text":"However, we recognize that","page_number":248,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"02951a46-0b15-40a7-8b44-937245557cdd","block_type":"box","text":"companies have varying ability to influence the emissions across the different par ts of their value chain and it is","page_number":248,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"f8352df8-1f55-4e3f-a21f-f9d87969b696","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":248,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"91e38af3-19a2-4b42-81e5-682e2c56c581","block_type":"box","text":"Transition plans","page_number":248,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"455ecc45-b25b-4ab6-a625-f6ee323beeba","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":248,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"e88d771f-9d93-4a39-9dbb-87bcccc6d1ae","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":248,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"710b8f84-529a-4247-8bad-82598f2ec7f2","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":248,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"b1b982ea-3a21-473c-875a-6ee8933f3713","block_type":"box","text":"appendix 1).","page_number":248,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"b4d2d4db-3d64-4867-bf19-df5901d509db","block_type":"box","text":"We note the work being under taken in a number of jurisdictions on establishing a common approach in a market","page_number":248,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"b9d449c5-f241-4f4f-bb26-bca9c70f39a5","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":248,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"c998bde6-1fbd-487b-aa6b-ae08099a5301","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":248,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"843e8b70-1443-4aaa-a77c-bbaa4e4bfab0","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":248,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"b7580437-2a77-489c-b14f-f8590603bd99","block_type":"box","text":"Boards and directors","page_number":248,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"c760f11e-5fa3-4e45-ae6b-efac4e1981c1","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":248,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"9e923029-9677-4a32-bc96-72091a531dab","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":248,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"e26697e0-9d2f-485b-b70a-58df126e2214","block_type":"box","text":"transition strategy.","page_number":248,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"b729cfa8-28ca-4818-9632-348cc41b28dc","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":248,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"ff240c24-578a-4953-a11b-42b71395dd2f","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"8c512d9c-0272-468e-b6d0-de3d4727c3e8","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":248,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"d23b5633-524e-4566-824e-f6a7b37dc60a","block_type":"box","text":"oppor tunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":248,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"3d361963-b331-4dc1-9c08-51e2aec87a5a","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":248,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"a94d7be5-a8d1-49ae-8b33-c01055094b24","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"cb8f40de-749d-482e-84d3-76b96ce65964","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":248,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"c6cd8d74-2412-4594-a256-d3e7a19e9de3","block_type":"box","text":"accountability for delivery by senior executives.","page_number":248,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"316bd7d4-844d-422e-b07c-e5bc30605831","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"784462ec-d9c7-4430-be31-9d5fece5aca7","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":248,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"6dd1fc29-3ce9-4389-8c43-e41bbd453e98","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":248,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"7a5e8043-03bb-4330-b819-b6e71956945d","block_type":"box","text":"transition strategy.","page_number":248,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"c108f6f1-1b11-4c8e-9d6d-8b562961b7c6","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"b228d221-71e1-437e-99b0-edc08274a3c4","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":248,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"d76e70e4-9f35-4300-8ff9-85bb01283198","block_type":"box","text":"company’s enterprise risk management processes and repor ting.","page_number":248,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"c33d31aa-6549-4068-b077-51662c29f8cd","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"044f77fc-887c-4960-a4c1-b53e9c52dfc4","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":248,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"468e749b-f819-4145-9284-8849c1c9630f","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":248,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"4c37d3e4-c1c9-4d86-8254-47cb4bce950b","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":248,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"abe999e2-c43c-4dd6-83de-47bb72a60680","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"468fa6a9-9a20-4bf6-a835-30ac8a4d3122","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":248,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"bdb87b3e-c6ff-4cd9-a895-8a64ae662f9a","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":248,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"8f4afdbf-ee76-4d4b-b94a-ee9417d6ca25","block_type":"box","text":"12","page_number":248,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"f1f6919f-0946-4393-9861-add376ff80d7","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":248,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"b7ad8da0-be2e-47aa-b643-d72d18906475","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":248,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"43e6eb46-c677-414c-bbaa-9b5dd66a87c4","block_type":"box","text":"13","page_number":248,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"9ecb4426-796e-4bd7-9705-8495c85ff63d","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":248,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"1bc6df41-18d8-4256-81ce-b0cce4aba441","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":248,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"45baa68d-5ec1-42ba-bf96-cdfe6a902b50","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":248,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"1f226551-1e95-4f15-acc7-206d02903213","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":248,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"6496b4f5-5dde-4479-ac0a-3e95b6fc0023","block_type":"box","text":"14","page_number":248,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"94b021dc-ea66-471a-8298-4af1e4d72371","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":248,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"4e2b69db-5ef6-48f1-98d8-110132835c92","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":248,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"f15f2954-df07-474b-b733-6222fac265da","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":248,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"f384f332-eb8b-4775-8285-48127a95b2dc","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":248,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"f2eb8c23-2d5c-4ba9-ab53-b311d7549781","block_type":"box","text":"business models.","page_number":248,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"9106fe62-29b9-452c-94d6-6fac5843a8fa","block_type":"box","text":"BlackRock Investment Stewardship","page_number":248,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5a522452-9799-4147-89fa-10e3bc28243d","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":248,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"26695c5a-f722-4bd2-88c3-65af7edaac48","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":248,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26801001-1f11-4864-a703-968b2181202b","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"352a6b08-c202-4a31-b80e-12daf1231ad7","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":249,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"91ec1379-5d62-414d-8517-4d510df9b8cb","block_type":"box","text":"15","page_number":249,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"45ebb1ac-7a4d-4344-bedf-2c53e0acbb42","block_type":"box","text":"and disclosing these where it is confident in the","page_number":249,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"0e53694c-3100-4a0c-9214-8297e6a1848b","block_type":"box","text":"data. Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":249,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"5223f575-e6c1-4b2f-8580-f40ad0a220ab","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":249,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"f9494505-6582-4d86-93d4-c7d9571bee4c","block_type":"box","text":"with the different constituents in their value chain.","page_number":249,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"9c244725-9934-4070-802f-d2fdecbf74d8","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"4385f59e-2f2e-4156-93e6-f953de59c7af","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":249,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"a1da2c44-775e-47fa-af93-0b376f66715a","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":249,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"61efc15c-0017-491d-9a05-7e04c7e42368","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":249,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"17b95bf6-c0c1-477c-a77b-6bb288cf2f6c","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":249,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"1e3f3666-caba-405a-baa0-7e3e6da9f4f3","block_type":"box","text":"In implementing these guidelines, BIS will generally suppor t non-executive directors standing for election where,","page_number":249,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"6fd68790-6cbe-435d-ba9d-dc1a3ecb5d25","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":249,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"7f93c5c9-2d42-43e5-99a1-3da9d31df950","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":249,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"324a14db-e430-421f-9303-47c28eb0796e","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":249,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"f2f50ca0-5a65-4132-9ef7-6dece1b365c0","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":249,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"576bc186-b015-4549-91c9-29e4900ebfd9","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":249,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"473f6ed0-d8c5-4f6e-8840-ac3fc47a8a79","block_type":"box","text":"executive chair of the board. In cer tain markets, we may withhold suppor t for the discharge of the supervisory board","page_number":249,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"0395b67d-1d4f-44f7-aa71-eae3af4e2205","block_type":"box","text":"or equivalent.","page_number":249,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"a450c238-182b-46fd-ab91-04701a1f7130","block_type":"box","text":"Where we have not suppor ted director elections over climate concerns in a prior year, and the company has not","page_number":249,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"39595416-a526-4f30-bd91-377d04690bf4","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":249,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"5c2eaa4f-567c-496b-a8db-6cf1e25b4b00","block_type":"box","text":"16","page_number":249,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"a90762f3-b3d4-4ff1-a21f-27ab271a915d","block_type":"box","text":"by","page_number":249,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"e5384d49-883b-4cd0-8fff-cf1969dd20cc","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":249,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"c5ff8d2d-11d3-4db9-bbdf-7b4e401631e1","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":249,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"0346b485-283f-4643-9eee-980342b638f5","block_type":"box","text":"In cer tain markets, company management may submit proposals asking shareholders to approve their climate","page_number":249,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"6b2eb56d-cf43-43a0-9b8c-d2a57d5db326","block_type":"box","text":"action plans or progress repor ts, sometimes known as “Say on Climate.” BIS will generally suppor t management’s","page_number":249,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"1983a826-20c7-47dc-a4b7-7515da77f7ff","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":249,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"b96697c1-6ec8-4940-be3f-4619ddd645f3","block_type":"box","text":"transition. Similarly, we will generally suppor t management’s proposal on a progress repor t if the company has","page_number":249,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"4b6b55a4-a8d0-4333-b73a-c87314d1ed39","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":249,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"d9d07f9e-7115-4dc7-ad26-24bb8ac672cf","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":249,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"1c4191ee-2497-4f54-bc6c-3610f80b2356","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":249,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"a5487ef7-814b-4170-b52e-b330c33ffa41","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":249,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"b49cac92-88b7-44f4-b5ca-69be9f7ad522","block_type":"box","text":"stated low-carbon transition strategy and targets. We may suppor t shareholder proposals that, for example, ask a","page_number":249,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"7669f3a0-f5c7-4b79-9930-0758df42f01e","block_type":"box","text":"company to:","page_number":249,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"933a3492-d41c-481b-90e3-e0574c3d8b2f","block_type":"box","text":"•","page_number":249,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"daa79b21-0fa9-477b-9fc9-f83dcd225a7e","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":249,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"dce17017-45f1-4419-82af-b6efafe3791c","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":249,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"d3c01b96-9d48-4791-8a54-71b86b499117","block_type":"box","text":"•","page_number":249,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"12229f9e-7819-4e22-8d5a-dd2a9d3e95ce","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":249,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"3771dc98-3dfa-47e7-bcfb-5b2cc1c95fa5","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":249,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"acc04049-0bc1-4f21-ba81-7c831f66c3b7","block_type":"box","text":"•","page_number":249,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"7838cffe-227a-48b7-9188-7e5929c4ae0a","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":249,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"17340391-94a5-40e2-a0e4-d1fe78ef29a0","block_type":"box","text":"•","page_number":249,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"732a0bbd-97bf-4a16-b71c-429386c33195","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":249,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"c3fdca91-3521-4ede-b101-6ebcc571d3e2","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":249,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"2d5e5427-e72c-465e-a470-781e833df0ef","block_type":"box","text":"We would not suppor t shareholder proposals that seek to constrain board or management decision-making or","page_number":249,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"6d95c264-1762-4f82-af9a-420d0beaceef","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s ar ticles of","page_number":249,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"2d4114f1-9362-49d4-955a-35c7669fce75","block_type":"box","text":"association or char ter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":249,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"347d0306-212a-4db7-ac02-ae03654f290b","block_type":"box","text":"15","page_number":249,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"ec42c88b-bfcb-495d-a797-9db84bd5bc37","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":249,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"a54c51f1-0f0a-4e24-a8bb-c2f7a29faec0","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":249,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"2d6d53df-718d-4c9c-b619-a13f943200f6","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":249,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"6caf7e65-8241-4663-acaf-deac1822b942","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":249,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"964be0c2-1a09-4505-9fb0-90a974be22ff","block_type":"box","text":"16","page_number":249,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"6d14a9c5-e689-43ca-87c4-c9d1961fbbe2","block_type":"box","text":"While BIS may escalate voting by not suppor ting additional management proposals, principally director elections,","page_number":249,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"5711f5b5-1319-4d50-b686-75d03a23dafa","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":249,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"9505e395-04b4-418a-ad30-3cb7e3410ad6","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":249,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"c24e6f4b-cd73-4672-a472-5b531d51a860","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":249,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"48d5c13d-001f-4420-837c-e9d174f5b771","block_type":"box","text":"BlackRock Investment Stewardship","page_number":249,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0dea1e9e-5221-438d-b816-44db61d7372b","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":249,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"0984c2e1-e7a9-47f8-bbb1-4d23aa6c3396","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":249,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6d5bec7-e738-45e8-93de-3af5c841e675","block_type":"box","text":"RELATED MATTERS","page_number":250,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"94ff7803-9a30-4af2-9419-f028f7605fa0","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":250,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"4a179e63-5979-437a-bd38-d102d53bfab3","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":250,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"9acd41d5-7732-438a-ab5c-4f91a3988d27","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":250,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"8e44d6fa-f683-4d0d-9af1-52ec530a719c","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":250,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"14f3ee40-4cdc-41b7-877b-477320a684d4","block_type":"box","text":"Executive compensation","page_number":250,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"14a46180-766d-453a-848d-a468e544c399","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":250,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"cbacbb08-7dd0-4c74-9b87-150ca301213d","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":250,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"8ea607b2-3087-4ccd-a42b-30716e3fff74","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":250,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"e827f55f-3e0b-4629-989d-e84ffbdd6fdc","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":250,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"517eaffc-5045-4031-aadb-01508309e74f","block_type":"box","text":"Auditors and audit-related issues","page_number":250,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"8172be26-7ad0-41c3-875e-d5894550e5b6","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, BIS is","page_number":250,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"6ea8f823-f089-45ca-80ed-09b8165a167a","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":250,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"944e5221-b566-4097-bf83-57bc0ad16dad","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":250,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"1f8f68c0-b995-4e3e-9c1f-c9ce0b04fabe","block_type":"box","text":"audit repor t. We note that work is being under taken to develop audit and assurance standards in relation to climate","page_number":250,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"1a334a1c-c42f-4759-a15c-d8eaa97cbac9","block_type":"box","text":"and transition repor ting, which may impact the future repor ting requirements of companies. We note that assurance","page_number":250,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"e7e07faf-7b6b-4ecf-84d8-0b980d63cea9","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":250,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"8da4ba48-8484-4508-959a-cf35e77081d5","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":250,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"cf36d27c-d7e7-4ccd-b062-341e77f9708c","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":250,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"9b6ffb1e-5d6e-4c5a-b05d-ccd6fc29c5ed","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":250,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"317f8af4-f834-44ed-8678-0f7a7eb2ad9a","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":250,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"43b71431-bdce-4e8c-bec2-79ea657ae3d4","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":250,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"f9cdc61b-d09f-4037-830f-7fd119ae6fd5","block_type":"box","text":"shareholder activism.","page_number":250,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"0f46bc4a-2c84-4f8d-bad4-e3a2ba56a046","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":250,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"c534d018-973f-491e-9062-7066a68713e9","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":250,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"0a166465-680d-4d2d-a04d-3d9759d2e8d8","block_type":"box","text":"related risks and oppor tunities that may be relevant to a company’s business model and long-term per formance.","page_number":250,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"9cbfe3e8-e12a-42e4-9463-0938a0c704e6","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":250,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"e9c09715-7f8f-44b9-ab26-86a7b56dc85f","block_type":"box","text":"17","page_number":250,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"dcc1ccb7-5044-4b28-b519-ca5ecb7e1090","block_type":"box","text":"In the context of","page_number":250,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"c116b839-8b9c-4a60-a86c-60b466668295","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":250,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"dfee9836-a9bc-4d50-a737-28db9f347b6d","block_type":"box","text":"e.g.","page_number":250,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"2ce22ec0-5f4b-4862-bbec-605b4c5cbc33","block_type":"box","text":",","page_number":250,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"7e287c5a-e853-4797-8265-63e25e185a2e","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":250,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"5ad7e1b3-0686-465c-9767-1abca65c177f","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":250,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"44fab798-8b3e-4791-ac6a-c0d4c16810d9","block_type":"box","text":"oppor tunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":250,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"1862918d-4015-4cc1-b1e1-449334e3d612","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":250,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"4059c464-3e79-4730-ad8c-d3b7c78a3c7b","block_type":"box","text":"17","page_number":250,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"5ff78904-77f7-4e81-892c-cad480745943","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":250,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"f09a21b3-8809-4923-b8de-04a75477e794","block_type":"box","text":"capital management and human rights.","page_number":250,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"627a4217-815a-4264-af74-8ddb5003dab7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":250,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3e2903f1-651a-4fca-8a4c-7ffcdbf083d9","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":250,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"10046b82-a392-4c6a-b88c-57fd991a1d9c","block_type":"box","text":"BNM1026U-6032767-19203897","page_number":250,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76fcb08d-a347-4af7-baa7-144ccaab36b8","block_type":"box","text":"Appendix 1","page_number":251,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"5aaea534-4843-4a05-b92d-d57d984f4af6","block_type":"box","text":"Terminology","page_number":251,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"0a9a5ee3-9f26-44c7-9b4c-d1f9778f549c","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":251,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"42fce120-1a24-46bb-b2c9-02983b62545f","block_type":"box","text":"Climate risk:","page_number":251,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"ccdf5710-d816-4d94-87b5-08ee31d0f87b","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":251,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"b74f8c2c-fb29-4485-9b3e-f9b7a3a43f79","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":251,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"9a8e7417-4873-4aac-a219-78ecc655b0d2","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":251,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"4ae2137b-a7f3-4b4b-9d3d-07f8af3a91f6","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":251,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"20e4090d-d8e9-4475-bf75-2bd52ad2ece6","block_type":"box","text":"The global economic shift toward lower","page_number":251,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"23bb1802-ce9c-42a7-b70e-b0e6780e02e9","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":251,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"9c09cbd2-c937-4b65-b9fe-c1caa0a3298c","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":251,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"a6d615c6-8955-4993-a2ec-2ceaed0b2164","block_type":"box","text":"change (","page_number":251,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"7756c29e-0a5a-46d5-8d88-8eca8d366541","block_type":"box","text":"e.g.","page_number":251,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"54f976d6-a4d5-48cb-82d7-e11d2a22d094","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":251,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"e9b97db3-037b-4130-86c6-219e9456c5de","block_type":"box","text":"Decarbonization:","page_number":251,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"2dbd1a32-6b7a-4594-96e1-468755936183","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":251,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"a5b33718-673e-4302-ac4d-250896fe32c1","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":251,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"4d10ebf8-6175-42c8-9159-f96f481455c3","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":251,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"d974ba4e-2d86-48a5-904d-ae29dc4bfdf4","block_type":"box","text":"e.g.","page_number":251,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"6d13774d-0d0d-4b6b-83b3-c45dfce74d68","block_type":"box","text":", methane.","page_number":251,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"12eebed3-828e-4823-96c2-96a4a54e917a","block_type":"box","text":"Climate-related risks and opportunities:","page_number":251,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"67af49d1-8ce3-4cfc-8d2b-99350f2c5063","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":251,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"4c7547fd-59be-4650-a304-0cbf10e8407c","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":251,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"300ccc3d-5d18-45b7-8d5b-1432e3ba0da4","block_type":"box","text":"to physical climate change.","page_number":251,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"806038b7-fbe7-4e9e-b6bf-eeec14a3d0da","block_type":"box","text":"Climate-related transition plan:","page_number":251,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"427a3382-6bca-488f-88c6-eaad31391fe1","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":251,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"541248f0-2270-4c4c-a75b-829465e8abbe","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":251,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"9b4ce5c5-cee3-44e2-a263-92b5a619fa16","block_type":"box","text":"greenhouse gas emissions.”","page_number":251,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"e54a40f2-1a6e-4607-9a25-de3a03bda688","block_type":"box","text":"18","page_number":251,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"75391829-a4aa-46c7-bce2-2305da01c182","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":251,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"bd895011-1351-4bdd-9324-fade280c101a","block_type":"box","text":"Targets that “","page_number":251,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"c21e47f2-ccb6-490a-8b94-18efe97ccb4b","block_type":"box","text":"are in line with what the latest climate science","page_number":251,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"de56ea7d-0029-4376-b6ed-a87a3dddb23d","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":251,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"4ce0f739-b72d-4157-a0d4-56c5a3f79e10","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":251,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"b00d8e64-c6e0-43bd-a614-956efafb937a","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":251,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"f52fd32b-93be-4857-a4b7-ed5da50ed26e","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":251,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"dec2a709-98a6-40c1-91cf-e4a4933b4e6c","block_type":"box","text":"19","page_number":251,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"01be47e3-670d-4f42-949a-62c300b67d53","block_type":"box","text":"18","page_number":251,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"f8b73b3b-f8fd-4ddc-8840-49291f9a24b4","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":251,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"4ca419a6-4dc5-4bd2-be2d-d0044fabb3a1","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":251,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"e0218ef6-5c55-4724-acae-872fc0372566","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":251,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"3f3c93ef-ec0b-4cd9-800a-24be75ac2715","block_type":"box","text":"19","page_number":251,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"10dd3cc2-7d45-479b-8c09-450a6f44c0da","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). 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