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In","page_number":8,"box":{"x":81,"y":320,"width":341,"height":12}},{"id":"3666167e-4ad3-4d7c-b981-f56b5745a9eb","block_type":"box","text":"addition, convertible securities are subject to the risk","page_number":8,"box":{"x":81,"y":335,"width":394,"height":12}},{"id":"8aee592b-686b-4e9a-b3b6-4e7975b032b9","block_type":"box","text":"that the issuer will not be able to pay interest,","page_number":8,"box":{"x":81,"y":351,"width":341,"height":12}},{"id":"605ae3b3-6eca-4f7f-8b9d-58e4a1e1de02","block_type":"box","text":"principal or dividends when due, and their market","page_number":8,"box":{"x":81,"y":366,"width":371,"height":12}},{"id":"ca83b46a-c32a-4478-b20d-a31acb0b89e8","block_type":"box","text":"value may change based on changes in the issuer’s","page_number":8,"box":{"x":81,"y":382,"width":390,"height":12}},{"id":"f4a00b91-edd7-472f-aa9e-105bdbcddb5d","block_type":"box","text":"credit rating or the market’s perception of the issuer’s","page_number":8,"box":{"x":81,"y":397,"width":400,"height":12}},{"id":"c6904c31-e66a-4b0d-b880-06ed28928275","block_type":"box","text":"creditworthiness. 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In addition to investment risks","page_number":8,"box":{"x":81,"y":583,"width":333,"height":10}},{"id":"045247f4-205c-4b8c-b8ca-a6e7e964bcbf","block_type":"box","text":"associated with the underlying issuer, depositary","page_number":8,"box":{"x":81,"y":599,"width":366,"height":12}},{"id":"ad342b2d-2af6-4217-94f3-199012788ee6","block_type":"box","text":"receipts expose the Fund to additional risks","page_number":8,"box":{"x":81,"y":614,"width":328,"height":12}},{"id":"fdb7b2be-0164-4afa-9b8c-6f1088b9fd6f","block_type":"box","text":"associated with the non-uniform terms that apply to","page_number":8,"box":{"x":81,"y":630,"width":385,"height":12}},{"id":"77b5e4b8-8287-438f-b809-d07d03392513","block_type":"box","text":"depositary receipt programs, credit exposure to the","page_number":8,"box":{"x":81,"y":645,"width":384,"height":12}},{"id":"33ab2871-7453-4d0e-b0a5-f883dd7d4e34","block_type":"box","text":"depository bank and to the sponsors and other","page_number":8,"box":{"x":81,"y":661,"width":347,"height":12}},{"id":"4b5eff9a-b27a-4a6b-bea0-a3d186ef6791","block_type":"box","text":"parties with whom the depository bank establishes","page_number":8,"box":{"x":81,"y":676,"width":374,"height":12}},{"id":"d7403a24-f0a8-4f2e-aed6-9af7e0d7dbd0","block_type":"box","text":"the programs, currency risk and the risk of an illiquid","page_number":8,"box":{"x":81,"y":692,"width":388,"height":12}},{"id":"6c801a95-8322-435e-accc-3f5aaa9a68b5","block_type":"box","text":"market for depositary receipts. The issuers of","page_number":8,"box":{"x":81,"y":707,"width":337,"height":12}},{"id":"30dc4999-c741-48bd-ad2c-ff385f0b6459","block_type":"box","text":"unsponsored depositary receipts are not obligated to","page_number":8,"box":{"x":81,"y":723,"width":391,"height":12}},{"id":"8c0d36ed-0970-496f-95ad-fd44d8128ec8","block_type":"box","text":"disclose information that is, in the United States,","page_number":8,"box":{"x":81,"y":738,"width":357,"height":11}},{"id":"de6ef5da-9bdf-43a7-b109-befd2b0065bd","block_type":"box","text":"considered material. Therefore, there may be less","page_number":8,"box":{"x":81,"y":754,"width":370,"height":12}},{"id":"3d499a20-55d2-4135-81ce-9962340dfaa8","block_type":"box","text":"information available regarding these issuers and","page_number":8,"box":{"x":81,"y":769,"width":365,"height":12}},{"id":"e9d7f6de-f76d-4ed5-8c13-d50e4a11748c","block_type":"box","text":"there may not be a correlation between such","page_number":8,"box":{"x":81,"y":785,"width":330,"height":12}},{"id":"2eb9bd94-2709-4729-93f8-a80af00cd6f5","block_type":"box","text":"information and the market value of the depositary","page_number":8,"box":{"x":81,"y":800,"width":374,"height":12}},{"id":"56e172ea-1892-4e5a-a288-8ada330b67d9","block_type":"box","text":"receipts. 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Valuation may be","page_number":8,"box":{"x":521,"y":893,"width":389,"height":12}},{"id":"7163d00c-bc4c-4c45-aff6-0b8d6ffa3e5c","block_type":"box","text":"more difficult in times of market turmoil since many","page_number":8,"box":{"x":521,"y":909,"width":377,"height":12}},{"id":"732e0a51-e90c-4098-be0e-ceb62e015dbb","block_type":"box","text":"S-5","page_number":8,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"3d8443ae-de54-4532-82a8-c9ceb6d6a34c","block_type":"box","text":"NM1026U-6040015-8/40","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1b8ac456-45ef-4344-b261-30f9b8eb535b","block_type":"box","text":"investors and market makers may be reluctant to","page_number":9,"box":{"x":81,"y":56,"width":368,"height":12}},{"id":"d5fa271c-287d-4f0a-85db-bfd8a0d09ab7","block_type":"box","text":"purchase complex instruments or quote prices for","page_number":9,"box":{"x":81,"y":71,"width":373,"height":12}},{"id":"6b1c76cf-baf6-4f3a-acec-8994764b2c45","block_type":"box","text":"them.","page_number":9,"box":{"x":81,"y":87,"width":46,"height":10}},{"id":"8d7f3cb9-4c9c-405c-829d-55e52f0c4b81","block_type":"box","text":"Hedging Risk","page_number":9,"box":{"x":81,"y":118,"width":100,"height":12}},{"id":"f2103f30-656e-4057-be14-d01c9c7b749f","block_type":"box","text":"k — Hedges are sometimes subject to","page_number":9,"box":{"x":180,"y":118,"width":281,"height":12}},{"id":"1ff2bec7-942e-48c8-bffe-19ef5340c89f","block_type":"box","text":"imperfect matching between the derivative and the","page_number":9,"box":{"x":81,"y":134,"width":380,"height":12}},{"id":"cdda06cd-50cf-4f6c-b678-c515a70ccba5","block_type":"box","text":"underlying security, and there can be no assurance","page_number":9,"box":{"x":81,"y":149,"width":386,"height":12}},{"id":"b145d78d-aa1e-4333-943f-d077bfa7ab37","block_type":"box","text":"that the Fund’s hedging transactions will be effective.","page_number":9,"box":{"x":81,"y":165,"width":399,"height":12}},{"id":"d48184ca-1f4b-4c7e-8e9e-1ff1cd734451","block_type":"box","text":"The use of hedging may result in certain adverse tax","page_number":9,"box":{"x":81,"y":180,"width":395,"height":12}},{"id":"551e29aa-8a48-4b06-b60c-b3c0275ac3ce","block_type":"box","text":"consequences.","page_number":9,"box":{"x":81,"y":198,"width":117,"height":9}},{"id":"aab0cc14-9e70-4c42-a6eb-6c671598639c","block_type":"box","text":"Tax Risk","page_number":9,"box":{"x":82,"y":227,"width":65,"height":9}},{"id":"5d70f7b2-fdac-403b-9c1d-571b7ea25936","block_type":"box","text":"k — Certain aspects of the tax treatment of","page_number":9,"box":{"x":146,"y":227,"width":316,"height":11}},{"id":"c80ed77a-850e-43cf-aca3-060b31d3b24d","block_type":"box","text":"derivative instruments, including swap agreements","page_number":9,"box":{"x":81,"y":242,"width":381,"height":12}},{"id":"605af0ee-b614-4637-9481-43ac5eeb5e9a","block_type":"box","text":"and commodity-linked derivative instruments, are","page_number":9,"box":{"x":81,"y":258,"width":370,"height":12}},{"id":"778e03a9-94a3-4a98-921a-afb976609428","block_type":"box","text":"currently unclear and may be affected by changes in","page_number":9,"box":{"x":81,"y":273,"width":394,"height":12}},{"id":"4f2406fa-0c16-4511-acd3-a0d2aafce788","block_type":"box","text":"legislation, regulations or other legally binding","page_number":9,"box":{"x":81,"y":289,"width":344,"height":12}},{"id":"3de914b2-8076-4950-98d4-7709e1f90fe0","block_type":"box","text":"authority. 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Preferred securities","page_number":11,"box":{"x":80,"y":661,"width":386,"height":12}},{"id":"b0608e39-2ed8-4b12-a3fa-579ee2807bff","block_type":"box","text":"of smaller companies may be more vulnerable to","page_number":11,"box":{"x":81,"y":676,"width":362,"height":12}},{"id":"cbadf4db-39b9-4290-a7da-2d3d2f3ffcf2","block_type":"box","text":"adverse developments than preferred securities of","page_number":11,"box":{"x":81,"y":692,"width":374,"height":12}},{"id":"5e9bf7a2-0c0a-40bb-8811-34a54acdd916","block_type":"box","text":"larger companies.","page_number":11,"box":{"x":81,"y":707,"width":132,"height":12}},{"id":"82bd982a-1fe1-47a5-b614-10ad3c84f868","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":11,"box":{"x":81,"y":738,"width":273,"height":10}},{"id":"5cbea6fc-6ee8-4919-bd04-920060341b57","block_type":"box","text":"— If the other","page_number":11,"box":{"x":358,"y":738,"width":102,"height":10}},{"id":"354c7061-01ae-4873-8eed-1d1d2ca02422","block_type":"box","text":"party to a repurchase agreement or purchase and","page_number":11,"box":{"x":81,"y":754,"width":369,"height":12}},{"id":"560b271c-402f-474c-a436-c51d0c2954d3","block_type":"box","text":"sale contract defaults on its obligation under the","page_number":11,"box":{"x":81,"y":769,"width":355,"height":12}},{"id":"b76eb0e9-ed09-48d9-90ba-e51d495a8ca5","block_type":"box","text":"agreement, the Fund may suffer delays and incur","page_number":11,"box":{"x":81,"y":785,"width":366,"height":12}},{"id":"a7494743-9927-4901-bb88-382167d73f59","block_type":"box","text":"costs or lose money in exercising its rights under the","page_number":11,"box":{"x":81,"y":800,"width":390,"height":12}},{"id":"819215d6-59da-4b52-aa8f-7c8af991e3be","block_type":"box","text":"agreement. 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The availability of mortgage","page_number":11,"box":{"x":516,"y":180,"width":375,"height":12}},{"id":"13766665-c74d-45dc-8690-ae8140dfc941","block_type":"box","text":"financing and changes in interest rates may also","page_number":11,"box":{"x":515,"y":196,"width":365,"height":12}},{"id":"070141f3-441f-4ba6-a090-249c0f2274ff","block_type":"box","text":"affect real estate values. If the Fund’s real estate","page_number":11,"box":{"x":515,"y":211,"width":368,"height":10}},{"id":"610a70b5-8119-4613-b03c-c8e3d9ce14a6","block_type":"box","text":"related investments are concentrated in one","page_number":11,"box":{"x":516,"y":227,"width":331,"height":9}},{"id":"32d1aa54-209a-4f04-8792-2323eabc4b3c","block_type":"box","text":"geographic area or in one property type, the Fund will","page_number":11,"box":{"x":515,"y":242,"width":403,"height":12}},{"id":"5f45d369-e373-442b-ad0e-3cdd4c5b9544","block_type":"box","text":"be particularly subject to the risks associated with that","page_number":11,"box":{"x":516,"y":258,"width":405,"height":12}},{"id":"5694e6e1-d26d-4116-b55e-89e29c952254","block_type":"box","text":"area or property type. Many issuers of real estate","page_number":11,"box":{"x":515,"y":273,"width":372,"height":12}},{"id":"9c34c79a-977e-419f-9bd3-313f7ead6a71","block_type":"box","text":"related securities are highly leveraged, which","page_number":11,"box":{"x":516,"y":289,"width":339,"height":12}},{"id":"88395dbb-f558-4d6f-be91-9886173c276a","block_type":"box","text":"increases the risk to holders of such securities. The","page_number":11,"box":{"x":516,"y":304,"width":386,"height":10}},{"id":"5f964b1f-df1b-45cb-b036-a720816bfa18","block_type":"box","text":"value of the securities the Fund buys will not","page_number":11,"box":{"x":515,"y":320,"width":335,"height":12}},{"id":"9ddd411a-00d7-4353-83ec-04b3a7989566","block_type":"box","text":"necessarily track the value of the underlying","page_number":11,"box":{"x":516,"y":335,"width":331,"height":12}},{"id":"8fcd8533-1515-4b1b-8db8-bc2dc183658a","block_type":"box","text":"investments of the issuers of such securities. In","page_number":11,"box":{"x":516,"y":351,"width":356,"height":9}},{"id":"7696d0c0-f8c5-470a-93ea-f0d19f8842d3","block_type":"box","text":"addition, certain issuers of real estate-related","page_number":11,"box":{"x":515,"y":366,"width":340,"height":11}},{"id":"e1b3789c-b3e9-40e1-810b-2cb041729f4c","block_type":"box","text":"securities may have developed or commenced","page_number":11,"box":{"x":515,"y":382,"width":351,"height":12}},{"id":"bfd8f47a-8220-47fc-817b-8f88a0382ed4","block_type":"box","text":"development on properties and may develop","page_number":11,"box":{"x":515,"y":397,"width":337,"height":12}},{"id":"ccca2f4a-38e9-4730-b470-d3e9153b18d3","block_type":"box","text":"additional properties in the future. Real estate","page_number":11,"box":{"x":515,"y":413,"width":344,"height":12}},{"id":"f211eb1e-8eeb-4cf8-8a03-f7dd414c54eb","block_type":"box","text":"development involves significant risks in addition to","page_number":11,"box":{"x":515,"y":428,"width":385,"height":12}},{"id":"614ea24c-05f5-42f1-b929-885fb2bf09c5","block_type":"box","text":"those involved in the ownership and operation of","page_number":11,"box":{"x":515,"y":444,"width":365,"height":12}},{"id":"df0e8d27-7356-4dab-883f-75375f116426","block_type":"box","text":"established properties. Real estate securities may","page_number":11,"box":{"x":515,"y":459,"width":376,"height":12}},{"id":"c07a8787-7d95-4b18-87d2-9cfaa8ae175c","block_type":"box","text":"have limited diversification and are, therefore, subject","page_number":11,"box":{"x":516,"y":475,"width":401,"height":12}},{"id":"77b8184c-eca8-4171-a82f-5cf6b031b5d2","block_type":"box","text":"to risks inherent in operating and financing a limited","page_number":11,"box":{"x":515,"y":490,"width":388,"height":12}},{"id":"0413ea8e-7688-4bfa-8845-e21cff38f3aa","block_type":"box","text":"number of projects. Real estate securities are also","page_number":11,"box":{"x":516,"y":506,"width":378,"height":12}},{"id":"37eaf46b-47b4-41d1-89b3-6d37e07e4c84","block_type":"box","text":"subject to heavy cash flow dependency and defaults","page_number":11,"box":{"x":515,"y":521,"width":394,"height":12}},{"id":"9257446a-e83e-4d53-b16c-ebfb184aac36","block_type":"box","text":"by borrowers or tenants.","page_number":11,"box":{"x":516,"y":537,"width":185,"height":12}},{"id":"f354e9b9-c8bd-4fae-81d4-8677a4da7671","block_type":"box","text":"REIT Investment Risk","page_number":11,"box":{"x":515,"y":568,"width":173,"height":9}},{"id":"f5117673-f2be-401d-9807-76cd410e89d9","block_type":"box","text":"k — Investments in REITs","page_number":11,"box":{"x":687,"y":568,"width":191,"height":9}},{"id":"1c7a1c77-98ef-4290-b66d-9f98dfe6af9f","block_type":"box","text":"involve unique risks. REITs may have limited financial","page_number":11,"box":{"x":516,"y":583,"width":404,"height":12}},{"id":"1ef18183-917e-4504-a108-a9b0bf78ef84","block_type":"box","text":"resources, may trade less frequently and in limited","page_number":11,"box":{"x":516,"y":599,"width":379,"height":12}},{"id":"f3335035-ea95-49c6-ae37-3b59ca3bb890","block_type":"box","text":"volume, may engage in dilutive offerings of securities","page_number":11,"box":{"x":515,"y":614,"width":399,"height":12}},{"id":"85fa60b8-9d65-46d3-8151-b95b9be6b273","block_type":"box","text":"and may be more volatile than other securities. REIT","page_number":11,"box":{"x":515,"y":630,"width":396,"height":12}},{"id":"faee16e2-bd1a-44ae-ae94-b042b74b4660","block_type":"box","text":"issuers may also fail to maintain their exemptions","page_number":11,"box":{"x":516,"y":645,"width":370,"height":12}},{"id":"1346cc0f-c7b2-40cb-a77e-dd8a26857361","block_type":"box","text":"from investment company registration or fail to qualify","page_number":11,"box":{"x":515,"y":661,"width":398,"height":12}},{"id":"2a2daa4d-aa31-4ef0-86fe-7e994a64fe94","block_type":"box","text":"for the “dividends paid deduction” under the Internal","page_number":11,"box":{"x":515,"y":676,"width":384,"height":12}},{"id":"b3c911a1-ba7a-4332-997d-1360217069f4","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal","page_number":11,"box":{"x":516,"y":692,"width":373,"height":12}},{"id":"2e30a094-3b81-4159-8d33-f153ceea069b","block_type":"box","text":"Revenue Code”), which allows REITs to reduce their","page_number":11,"box":{"x":516,"y":707,"width":390,"height":12}},{"id":"fe945346-aaba-489a-98fc-44feeffeae91","block_type":"box","text":"corporate taxable income for dividends paid to their","page_number":11,"box":{"x":515,"y":723,"width":382,"height":12}},{"id":"233553f8-52db-4ab5-a188-1e94466dce57","block_type":"box","text":"shareholders.","page_number":11,"box":{"x":515,"y":738,"width":100,"height":10}},{"id":"326bfd37-6a7f-4923-8b28-07bd73fb8c07","block_type":"box","text":"Restricted Securities Risk","page_number":11,"box":{"x":515,"y":769,"width":208,"height":10}},{"id":"205b5149-b5d3-41a9-a822-bfb5fb4ef236","block_type":"box","text":"— Limitations on the","page_number":11,"box":{"x":727,"y":769,"width":153,"height":10}},{"id":"ff5c26ca-0430-4345-963f-4c522d2cb5d8","block_type":"box","text":"resale, including any required lock up or holding","page_number":11,"box":{"x":516,"y":785,"width":354,"height":12}},{"id":"3a5eafee-e3f4-42f3-a827-9511bf9d4c94","block_type":"box","text":"periods, of restricted securities may have an adverse","page_number":11,"box":{"x":516,"y":800,"width":392,"height":12}},{"id":"2266eb25-a0f3-44eb-9cbe-63855ea3f65e","block_type":"box","text":"effect on their marketability and their liquidity, and","page_number":11,"box":{"x":515,"y":816,"width":368,"height":12}},{"id":"3fb85adb-f9a0-45fe-bd67-7c9f604ae399","block_type":"box","text":"may prevent the Fund from disposing of them","page_number":11,"box":{"x":516,"y":831,"width":342,"height":12}},{"id":"a58cb181-0511-40cd-9792-fc25d4460a88","block_type":"box","text":"promptly at advantageous prices, if at all. 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The Fund’s","page_number":14,"box":{"x":525,"y":183,"width":404,"height":9}},{"id":"5cb9c428-e2ba-4e8a-8928-3699fe49f294","block_type":"box","text":"investment objective is a non-fundamental policy and may be changed without shareholder approval.","page_number":14,"box":{"x":61,"y":198,"width":753,"height":12}},{"id":"98644366-0ae0-4181-b379-6ccb9a31f7c5","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings","page_number":14,"box":{"x":61,"y":227,"width":861,"height":12}},{"id":"3ec176af-4bdf-4ac0-b337-f5f708557491","block_type":"box","text":"for investment purposes, in equity securities issued by robotics companies and related technology companies and","page_number":14,"box":{"x":60,"y":242,"width":851,"height":12}},{"id":"0e462b80-3290-4629-be29-19a3f60935c6","block_type":"box","text":"derivatives that provide investment exposure to such securities or to one or more market risk factors associated with","page_number":14,"box":{"x":61,"y":258,"width":868,"height":12}},{"id":"930ab011-7b64-477a-9427-dc4ab50854e0","block_type":"box","text":"such securities.","page_number":14,"box":{"x":61,"y":273,"width":120,"height":10}},{"id":"e42e03a7-3ccd-40d0-a33e-40edd7559339","block_type":"box","text":"Fund management focuses on robotics companies and related technology companies in the value chain by seeking to","page_number":14,"box":{"x":61,"y":302,"width":881,"height":12}},{"id":"d65f04f6-8a79-4039-9fb8-33bd3185a950","block_type":"box","text":"invest in companies that are expected to focus on, support, supply, service, enable or implement the automation of","page_number":14,"box":{"x":61,"y":317,"width":856,"height":12}},{"id":"95d701d1-50bd-4fc5-a6b4-71cd7369dde8","block_type":"box","text":"physical tasks by using intelligent machines across industry, services, infrastructure and adjacent applications. As","page_number":14,"box":{"x":61,"y":333,"width":849,"height":12}},{"id":"5dbd93c7-49fd-486c-aba3-075fd720aa62","block_type":"box","text":"used herein, the robotics and related technologies value chain refers to the range of activities, technologies and","page_number":14,"box":{"x":61,"y":348,"width":833,"height":12}},{"id":"14c964c0-dc25-4e42-a30b-1b8818231c09","block_type":"box","text":"components relevant to developing, enabling, producing, deploying and commercializing robotics and autonomous","page_number":14,"box":{"x":61,"y":364,"width":854,"height":12}},{"id":"4e4036b0-a170-4f29-a541-2dc0e847ad1d","block_type":"box","text":"technologies, including both robotics applications and the hardware, sensing, compute, artificial intelligence (“AI”),","page_number":14,"box":{"x":60,"y":379,"width":849,"height":12}},{"id":"a6dc392e-93cb-48bb-92e4-d214a7848874","block_type":"box","text":"connectivity and other enabling technologies that support them.","page_number":14,"box":{"x":61,"y":395,"width":475,"height":12}},{"id":"896fa7f3-ef2c-4a1c-a56a-e0f6f5356b0d","block_type":"box","text":"For purposes of the Fund’s 80% policy, robotics companies and related technology companies are those that, as","page_number":14,"box":{"x":61,"y":423,"width":841,"height":12}},{"id":"38443f0f-1e29-44bb-a08b-ef68d3f34446","block_type":"box","text":"determined by Fund management in its discretion, (i) are classified by a third-party classification system as being in","page_number":14,"box":{"x":61,"y":438,"width":861,"height":13}},{"id":"358fbf5f-4a4c-44a1-b49a-b897e12bcc99","block_type":"box","text":"an industry or sub-industry that Fund management has mapped to robotics and related technology value chain","page_number":14,"box":{"x":61,"y":454,"width":825,"height":12}},{"id":"f8be014c-d992-4a5d-bd06-e61db7400fa0","block_type":"box","text":"functions, (ii) meet current or forecasted revenue thresholds in robotics or related technologies in the value chain or","page_number":14,"box":{"x":60,"y":469,"width":862,"height":13}},{"id":"f7ff9aa8-8cb8-47b0-aafe-382852eedeb5","block_type":"box","text":"(iii) are projected by Fund management to be future market leaders in robotics or related technologies in the value","page_number":14,"box":{"x":61,"y":485,"width":851,"height":12}},{"id":"bac357b4-84ef-4af8-9769-bc08bfa2e308","block_type":"box","text":"chain. In each case, Fund management has developed a proprietary framework to map companies across two","page_number":14,"box":{"x":61,"y":500,"width":824,"height":13}},{"id":"e9638f53-9335-4d17-8d9d-9d2dc229d353","block_type":"box","text":"themes within the robotics or related technologies value chain (applications and enabling technologies) and to","page_number":14,"box":{"x":60,"y":516,"width":820,"height":12}},{"id":"9f205ef1-03de-43b2-9ff0-95502c6dcb33","block_type":"box","text":"evaluate companies based on factors including current and forecast revenue or profit related to robotics and related","page_number":14,"box":{"x":61,"y":532,"width":863,"height":12}},{"id":"a878a81a-c826-407c-a669-9a536ce3eac4","block_type":"box","text":"technologies, related capital investment, research and development activity, product development and testing activity,","page_number":14,"box":{"x":60,"y":547,"width":879,"height":12}},{"id":"1e438b34-af09-412c-99bf-7f9e3848430b","block_type":"box","text":"commercial partnerships, regulatory milestones, corporate engagement and the company’s current and expected","page_number":14,"box":{"x":61,"y":563,"width":844,"height":12}},{"id":"25dfe62e-50c3-448d-b703-feb548acead6","block_type":"box","text":"competitive position, including market share.","page_number":14,"box":{"x":61,"y":578,"width":335,"height":12}},{"id":"0c2f5a9b-05da-4bd5-bdec-2aa5f1e70764","block_type":"box","text":"Fund management’s investment process includes, but is not limited to, direct engagement with company","page_number":14,"box":{"x":61,"y":607,"width":779,"height":11}},{"id":"bc30b1da-7f96-4455-a334-522094a835a6","block_type":"box","text":"management, evaluation of corporate strategies and vision, and the development of proprietary forecasts to model","page_number":14,"box":{"x":61,"y":622,"width":854,"height":12}},{"id":"77733259-6d18-4156-953f-6b5b2ec77674","block_type":"box","text":"expected outcomes.","page_number":14,"box":{"x":61,"y":638,"width":154,"height":11}},{"id":"598e952a-adc6-4be0-92b6-16e7ef3bae61","block_type":"box","text":"Robotics companies may include companies that offer or enable automated solutions for physical tasks and may","page_number":14,"box":{"x":61,"y":666,"width":835,"height":12}},{"id":"a2ec9e2a-6796-4014-9eb0-7ce1246d6dae","block_type":"box","text":"operate in any industry, including but not limited to, aerospace and defense; automobiles; electronic equipment,","page_number":14,"box":{"x":61,"y":681,"width":827,"height":12}},{"id":"384d0a05-f75a-49e5-9fd1-1b7b579d875e","block_type":"box","text":"instruments and components; machinery; passenger airlines; professional services; semiconductors and","page_number":14,"box":{"x":61,"y":697,"width":774,"height":12}},{"id":"3e0ec10a-7a08-4201-875c-78afee8a1b3b","block_type":"box","text":"semiconductor equipment; and software. The industries represented by such companies may change from time to","page_number":14,"box":{"x":61,"y":712,"width":845,"height":12}},{"id":"f0a369ad-0cfa-4bcd-b9a7-20c425cf421a","block_type":"box","text":"time.","page_number":14,"box":{"x":60,"y":728,"width":35,"height":9}},{"id":"5e2e6ad4-74ef-4399-9688-ced6c4f6d118","block_type":"box","text":"Fund management considers related technologies to be the enabling technologies necessary to develop, operate or","page_number":14,"box":{"x":61,"y":756,"width":860,"height":12}},{"id":"2dbd1239-5e21-429b-aba1-33e8d895bd68","block_type":"box","text":"deploy robotics and autonomous systems. These include, but are not limited to, hardware systems; sensing and","page_number":14,"box":{"x":61,"y":772,"width":830,"height":12}},{"id":"a15b24dc-0807-4de4-8d86-f84bfcf7409b","block_type":"box","text":"control; compute and AI for autonomy; and automation enablement technologies such as connectivity, integration","page_number":14,"box":{"x":61,"y":787,"width":839,"height":12}},{"id":"a2dd3102-312e-4704-a598-2e7858c192cd","block_type":"box","text":"platforms and digital twins. These may include companies operating in any industry including, but not limited to,","page_number":14,"box":{"x":61,"y":803,"width":825,"height":12}},{"id":"1778c7f9-a190-463b-a5bd-df130c23ce0c","block_type":"box","text":"communications equipment; diversified telecommunication services; electronic equipment, instruments and","page_number":14,"box":{"x":61,"y":818,"width":793,"height":12}},{"id":"acdfa663-8beb-4c9e-a4ec-e2ee7b2d0201","block_type":"box","text":"components; IT services; interactive media and services; technology hardware, storage and peripherals;","page_number":14,"box":{"x":61,"y":834,"width":779,"height":12}},{"id":"4f26d7fe-852d-4fcc-a712-fe3c7ce6ad83","block_type":"box","text":"semiconductors and semiconductor equipment; software; automobiles; aerospace and defense; broadline retail;","page_number":14,"box":{"x":61,"y":849,"width":835,"height":12}},{"id":"eff0f8c9-dbd1-4bb6-b52c-815b060c5314","block_type":"box","text":"machinery; and media. The industries represented by such companies may change from time to time.","page_number":14,"box":{"x":61,"y":865,"width":759,"height":12}},{"id":"015c41d0-1994-4c43-8deb-dfe4b7613d22","block_type":"box","text":"Because the Fund’s 80% policy is measured in aggregate across robotics and related technologies, at a given time","page_number":14,"box":{"x":61,"y":893,"width":858,"height":12}},{"id":"fb4d6d0e-4bb0-48d0-bd7b-c98327f55826","block_type":"box","text":"the Fund may have less than 80% of its net assets invested in either robotics or related technology companies. BFA","page_number":14,"box":{"x":60,"y":909,"width":862,"height":12}},{"id":"2893e2a2-a847-4c34-9d78-6c701a4db7f5","block_type":"box","text":"determines, in its discretion, whether a company is a robotics company or related technology company.","page_number":14,"box":{"x":61,"y":924,"width":765,"height":12}},{"id":"b6af5611-2229-4f3f-8d25-401b8f76850c","block_type":"box","text":"1","page_number":14,"box":{"x":497,"y":955,"width":12,"height":10}},{"id":"bbf5215c-851f-47ce-8ef1-f49b9aac94e2","block_type":"box","text":"NM1026U-6040015-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1318a811-bd0e-4ec3-a0d1-fe8cc4c880ce","block_type":"box","text":"The Fund will concentrate its investments (i.e., invest at least 25% of its total assets) in one or more industries or","page_number":15,"box":{"x":60,"y":40,"width":843,"height":13}},{"id":"198bd7a9-1d8a-4578-b5b1-fc638eb35e9e","block_type":"box","text":"groups of industries within the industrials and information technology sectors, in aggregate. Because this","page_number":15,"box":{"x":61,"y":56,"width":781,"height":12}},{"id":"3fb5622a-31d5-43b8-9fa3-324d229523ab","block_type":"box","text":"concentration is measured in aggregate across both groups of industries, at a given time the Fund may have less than","page_number":15,"box":{"x":61,"y":71,"width":883,"height":13}},{"id":"ce5a491e-3999-4123-9e27-9df466499b57","block_type":"box","text":"25% of its total assets invested in either the industrials or information technology sector.","page_number":15,"box":{"x":61,"y":87,"width":657,"height":12}},{"id":"2d99c2c4-9fdd-4c60-a89e-64f92c0cc8f0","block_type":"box","text":"The Fund may invest in companies of any market capitalization located anywhere in the world, including companies","page_number":15,"box":{"x":60,"y":118,"width":863,"height":12}},{"id":"72d78718-1dd4-4f30-b090-a5fb5ab54ff3","block_type":"box","text":"located in emerging markets. Equity securities in which the Fund may invest include common stocks, preferred stock,","page_number":15,"box":{"x":61,"y":134,"width":875,"height":12}},{"id":"f14a3f61-7803-4805-9c12-30c0a76f216b","block_type":"box","text":"warrants, depositary receipts, and equity interests in real estate investment trusts (“REITs”) and master limited","page_number":15,"box":{"x":60,"y":149,"width":825,"height":12}},{"id":"85b46649-ba5f-436d-a61a-fd7fdbf04eae","block_type":"box","text":"partnerships (“MLPs”). The Fund may also invest in privately placed securities, including Rule 144A securities. The","page_number":15,"box":{"x":61,"y":165,"width":857,"height":12}},{"id":"36eeb897-8af9-45f3-b571-629b1e4544c7","block_type":"box","text":"Fund may also invest in convertible securities. From time to time, the Fund may invest in shares of companies","page_number":15,"box":{"x":61,"y":180,"width":822,"height":12}},{"id":"a75bae03-8eaf-40f3-b559-a7876debe2f1","block_type":"box","text":"through initial public offerings (“IPOs”).","page_number":15,"box":{"x":60,"y":196,"width":292,"height":12}},{"id":"8f063c62-4b8e-4c08-95c8-4568f11f8062","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":15,"box":{"x":60,"y":227,"width":883,"height":12}},{"id":"e9502cf3-cc24-4ad9-a13c-d2cfa729b2b3","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies, or enter into foreign currency","page_number":15,"box":{"x":61,"y":242,"width":819,"height":12}},{"id":"2caf542d-90f6-46aa-bf80-fd500367b283","block_type":"box","text":"transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or sell a","page_number":15,"box":{"x":60,"y":258,"width":845,"height":12}},{"id":"cfb1a8cb-cbe2-4e8e-b8c1-3befb525f548","block_type":"box","text":"security or an index of securities at a specific price on or before","page_number":15,"box":{"x":61,"y":273,"width":475,"height":12}},{"id":"6439800c-78f5-45f3-84f7-0866eafeb999","block_type":"box","text":"a specific date. A future is an agreement to buy or sell","page_number":15,"box":{"x":536,"y":273,"width":406,"height":12}},{"id":"beab9c52-95d7-41b2-993c-d798da6f2680","block_type":"box","text":"a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one party","page_number":15,"box":{"x":61,"y":289,"width":862,"height":12}},{"id":"fcc4a90f-8b05-427f-8f7c-98ce202f292d","block_type":"box","text":"exchanges its right to receive or its obligation to pay one type of currency for another party’s obligation to pay or its","page_number":15,"box":{"x":61,"y":304,"width":856,"height":12}},{"id":"cb0b8e4a-6804-4a6e-b8b9-a61c81df66f6","block_type":"box","text":"right to receive another type of currency in the future or for","page_number":15,"box":{"x":61,"y":320,"width":438,"height":12}},{"id":"088140b3-87f8-46dc-91bb-21067d755686","block_type":"box","text":"a period of time. The Fund typically uses derivatives as a","page_number":15,"box":{"x":500,"y":320,"width":428,"height":12}},{"id":"114e3438-33bf-4eb6-971a-abc3fb06806b","block_type":"box","text":"substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to","page_number":15,"box":{"x":61,"y":335,"width":846,"height":12}},{"id":"4df79b5d-080f-45c5-90a3-8285a8cc3d34","block_type":"box","text":"other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use","page_number":15,"box":{"x":61,"y":351,"width":844,"height":12}},{"id":"8a8c1fb0-8fb9-4590-be93-7236e5006b76","block_type":"box","text":"would involve leveraging risk. The Fund may also use forward foreign currency exchange contracts (obligations to buy","page_number":15,"box":{"x":60,"y":366,"width":882,"height":12}},{"id":"92414915-3cb3-4d29-8bba-e6ef96379ad8","block_type":"box","text":"or sell a currency at a set rate in the future). The","page_number":15,"box":{"x":61,"y":382,"width":364,"height":12}},{"id":"bc4bd498-7e0f-4f53-8bbd-cc1d7ad597d1","block_type":"box","text":"Fund may seek to obtain market exposure to the securities in which","page_number":15,"box":{"x":426,"y":382,"width":506,"height":12}},{"id":"18e9944f-b923-40f7-8e1d-d1d9e036e416","block_type":"box","text":"it primarily invests by entering into a series of purchase and sale contracts.","page_number":15,"box":{"x":61,"y":397,"width":560,"height":12}},{"id":"e38aa798-b10a-49c3-adfc-91cdc893ee82","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment","page_number":15,"box":{"x":60,"y":428,"width":805,"height":12}},{"id":"90fb7c8b-876d-498e-9afc-045f96d93c89","block_type":"box","text":"strategies.","page_number":15,"box":{"x":61,"y":444,"width":81,"height":12}},{"id":"2eb703c4-e80a-4a90-b904-a261bc6e991e","block_type":"box","text":"The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “Investment","page_number":15,"box":{"x":60,"y":475,"width":862,"height":12}},{"id":"a91e6963-4394-462b-9c5d-db8640c7d478","block_type":"box","text":"Company Act”).","page_number":15,"box":{"x":61,"y":490,"width":121,"height":12}},{"id":"fc331f09-aef8-4303-88b9-8093ecf6871a","block_type":"box","text":"The Fund’s 80% investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’","page_number":15,"box":{"x":60,"y":521,"width":844,"height":12}},{"id":"fa21bc2d-6791-46c8-b334-974f02a98d07","block_type":"box","text":"notice to shareholders.","page_number":15,"box":{"x":61,"y":537,"width":174,"height":9}},{"id":"06cf2c65-0eb7-412c-b18c-cb37ff13feb5","block_type":"box","text":"Investment Process.","page_number":15,"box":{"x":61,"y":568,"width":162,"height":9}},{"id":"d1294520-addf-43f6-baf9-835c75855dc0","block_type":"box","text":"Fund management’s investment process is centered on bottom-up, fundamental research, with","page_number":15,"box":{"x":224,"y":568,"width":715,"height":12}},{"id":"b820dd51-a267-4c5f-a631-16d3e771a0ad","block_type":"box","text":"a focus on engaging with companies and industry experts to identify undervalued businesses with strong growth and","page_number":15,"box":{"x":61,"y":583,"width":869,"height":12}},{"id":"55084cc2-258a-4d6a-8e95-1e624b882980","block_type":"box","text":"profitability potential. This process includes direct engagement with company management, evaluation of corporate","page_number":15,"box":{"x":61,"y":599,"width":859,"height":12}},{"id":"898aaf2c-f97a-4b58-8962-972b45292727","block_type":"box","text":"strategies and vision, and the development of proprietary forecasts to model expected outcomes. The Fund will","page_number":15,"box":{"x":61,"y":614,"width":830,"height":12}},{"id":"19eca181-21b6-4402-9955-25c54b39dd77","block_type":"box","text":"generally sell a stock when, in the opinion of Fund management, there is a deterioration in company fundamentals, a","page_number":15,"box":{"x":61,"y":630,"width":871,"height":12}},{"id":"f57f8d4b-dbfe-45a2-8c78-d28e6b860bd0","block_type":"box","text":"change in the macroeconomic outlook, technical deterioration, valuation concerns, a need to rebalance the portfolio,","page_number":15,"box":{"x":61,"y":645,"width":866,"height":12}},{"id":"7e5c7867-eef8-449e-8174-6b5d9985fc94","block_type":"box","text":"or a more attractive investment opportunity elsewhere. In addition, the team utilizes a broad set of quantitative tools to","page_number":15,"box":{"x":61,"y":661,"width":875,"height":12}},{"id":"420852f0-16e9-43c1-aea8-281f6f4be41a","block_type":"box","text":"help inform the timing of buy and sell decisions.","page_number":15,"box":{"x":61,"y":676,"width":351,"height":12}},{"id":"b146efde-1a18-47c8-b2b6-2b91cabbaf03","block_type":"box","text":"An investment in the Fund is not a bank deposit and","page_number":15,"box":{"x":60,"y":707,"width":386,"height":12}},{"id":"692aac92-c27c-48d7-84d8-2152de43fc9b","block_type":"box","text":"it is not insured or guaranteed by the Federal Deposit Insurance","page_number":15,"box":{"x":453,"y":707,"width":474,"height":12}},{"id":"9f74acc6-7e34-4b47-9ff7-5b8bdf158690","block_type":"box","text":"Corporation or any other government agency, BFA or any of its affiliates.","page_number":15,"box":{"x":61,"y":723,"width":538,"height":12}},{"id":"dc1ead0c-4e9a-4809-8256-2e8517554583","block_type":"box","text":"Other Strategies Applicable to the Fund.","page_number":15,"box":{"x":61,"y":754,"width":320,"height":12}},{"id":"43dd9900-fe4c-4565-9925-5720ec4acd27","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also","page_number":15,"box":{"x":388,"y":754,"width":546,"height":12}},{"id":"9067e375-6c83-4d1a-a68a-7ad672a0388a","block_type":"box","text":"invest or engage in the following investments/strategies:","page_number":15,"box":{"x":61,"y":769,"width":415,"height":12}},{"id":"c7386825-6015-4311-b45c-b8b18fb5f0bc","block_type":"box","text":"•","page_number":15,"box":{"x":95,"y":796,"width":4,"height":3}},{"id":"11f6d40c-485a-4e16-8057-5fbc3da82ca0","block_type":"box","text":"Borrowing","page_number":15,"box":{"x":129,"y":793,"width":82,"height":12}},{"id":"f4c70eaa-68dc-4d05-a221-be7878585dfb","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act, the rules","page_number":15,"box":{"x":216,"y":792,"width":708,"height":13}},{"id":"e0d8bf26-e79a-41c1-8f5f-35f95889d91d","block_type":"box","text":"and regulations thereunder and any applicable exemptive relief.","page_number":15,"box":{"x":128,"y":808,"width":471,"height":12}},{"id":"1243da0a-f633-4f1b-8836-6db8134e7d07","block_type":"box","text":"•","page_number":15,"box":{"x":95,"y":829,"width":4,"height":3}},{"id":"26b01106-b032-4de5-91b4-e804a1c38691","block_type":"box","text":"Illiquid Investments","page_number":15,"box":{"x":129,"y":826,"width":155,"height":12}},{"id":"3b395a71-81ae-4f1f-bffd-e54a57585c42","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the","page_number":15,"box":{"x":285,"y":826,"width":575,"height":12}},{"id":"494c69ac-add3-4b9e-be58-ff2e3a214ea8","block_type":"box","text":"acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. 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To the extent that Authorized Participants exit the","page_number":17,"box":{"x":61,"y":196,"width":815,"height":12}},{"id":"5ca68f91-5d17-49cf-832c-c4b4fe6ceb8c","block_type":"box","text":"business or do not place creation or redemption orders for the Fund and no other Authorized Participant places","page_number":17,"box":{"x":61,"y":211,"width":829,"height":12}},{"id":"9697151e-47ff-41d8-a702-7488916af839","block_type":"box","text":"orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or","page_number":17,"box":{"x":61,"y":227,"width":829,"height":12}},{"id":"563fbb48-150b-4725-850e-b2f63a901be3","block_type":"box","text":"delisting. Authorized Participant concentration risk may be heightened for the Fund because it may invest in securities","page_number":17,"box":{"x":61,"y":242,"width":879,"height":12}},{"id":"6d9aa7bc-80bd-42d3-825c-fd4b1df24817","block_type":"box","text":"issued by non-U.S. issuers or instruments with lower trading volume. Such assets often entail greater settlement and","page_number":17,"box":{"x":61,"y":258,"width":871,"height":12}},{"id":"9e6a1f68-3b86-4d35-a05b-f161b175640f","block_type":"box","text":"operational complexity and higher capital costs for Authorized Participants, which may limit the number of Authorized","page_number":17,"box":{"x":61,"y":273,"width":872,"height":12}},{"id":"50a8611b-7cec-426b-b35d-18f286bb22a8","block_type":"box","text":"Participants that engage with the Fund.","page_number":17,"box":{"x":61,"y":289,"width":296,"height":12}},{"id":"dad845c9-50d5-431d-a433-7dcd5956c9a3","block_type":"box","text":"Cash Transactions Risk.","page_number":17,"box":{"x":61,"y":320,"width":190,"height":9}},{"id":"bc27453b-fc38-4405-b21c-45448a82bd83","block_type":"box","text":"The Fund may effect part or all of its creations","page_number":17,"box":{"x":252,"y":320,"width":338,"height":12}},{"id":"a6a934c9-886b-4952-8e50-635f26aab87c","block_type":"box","text":"and redemptions for cash, rather than in-kind","page_number":17,"box":{"x":591,"y":320,"width":337,"height":12}},{"id":"e1f8f2ac-f7e9-4491-82fa-f4c72dba107b","block_type":"box","text":"securities. Paying redemption proceeds in cash rather than th","page_number":17,"box":{"x":61,"y":335,"width":446,"height":12}},{"id":"63ef2e6b-f1b4-498c-b5f3-8a16ec4f0396","block_type":"box","text":"rough in-kind delivery of portfolio securities may require the","page_number":17,"box":{"x":508,"y":335,"width":434,"height":12}},{"id":"9dd7c824-2a76-4b45-a6a6-860d7327857a","block_type":"box","text":"Fund to dispose of or sell portfolio securities or other a","page_number":17,"box":{"x":61,"y":351,"width":394,"height":12}},{"id":"695360fa-1387-4133-99d1-017ba1a1f58f","block_type":"box","text":"ssets at an inopportune time to obtain the cash needed to meet","page_number":17,"box":{"x":456,"y":351,"width":465,"height":12}},{"id":"cbe7034f-c454-4096-8b83-bedf42c08e65","block_type":"box","text":"redemption orders. This may cause the Fund to sell a security","page_number":17,"box":{"x":61,"y":366,"width":449,"height":12}},{"id":"d0791556-a37e-4c7f-a395-1e2e6e8b115c","block_type":"box","text":"y and recognize a capital gain or loss that might not have","page_number":17,"box":{"x":510,"y":366,"width":412,"height":12}},{"id":"cea40426-2920-4f2b-98e3-ea08f5fa1988","block_type":"box","text":"been incurred if it had made a redemption in-kind. As a resu","page_number":17,"box":{"x":61,"y":382,"width":435,"height":12}},{"id":"06e2613e-d0f2-4be1-88e3-9b54b8c4e22a","block_type":"box","text":"lt, the Fund may pay out higher or lower annual capital gains","page_number":17,"box":{"x":498,"y":382,"width":443,"height":12}},{"id":"05e19786-fc72-44b8-9da6-835b4c703599","block_type":"box","text":"distributions than ETFs that redeem in-kind. The use of","page_number":17,"box":{"x":61,"y":397,"width":405,"height":10}},{"id":"a8a972a4-8225-41d1-bc07-9410e372137f","block_type":"box","text":"cash creations and redemptions may also cause the Fund’s","page_number":17,"box":{"x":466,"y":397,"width":438,"height":12}},{"id":"64c989d6-c491-4249-a775-c50845c5ed27","block_type":"box","text":"shares to trade in the market at greater bid-ask spr","page_number":17,"box":{"x":61,"y":413,"width":369,"height":12}},{"id":"c347b436-a4aa-4bff-8d86-622d784ade90","block_type":"box","text":"eads or greater premiums or discounts to the Fund’s NAV.","page_number":17,"box":{"x":430,"y":413,"width":429,"height":12}},{"id":"b05a2dc1-8f37-4817-bbb0-75ea33632980","block_type":"box","text":"Furthermore, the Fund may not be able to execute cash trans","page_number":17,"box":{"x":61,"y":428,"width":447,"height":12}},{"id":"af947ad6-e4d1-4cf0-aa4b-7bda469b58c5","block_type":"box","text":"actions for creation and redemption purposes at the same","page_number":17,"box":{"x":509,"y":428,"width":425,"height":12}},{"id":"281f5599-7410-4192-87e4-8cdf739a2759","block_type":"box","text":"price used to determine the Fund’s NAV. To","page_number":17,"box":{"x":61,"y":444,"width":324,"height":12}},{"id":"59962b69-73f7-451b-95fa-9974b0f82b4b","block_type":"box","text":"the extent that the maximum additional","page_number":17,"box":{"x":385,"y":444,"width":282,"height":9}},{"id":"4a9b5b1c-42a7-43f9-905a-724718ea6e6c","block_type":"box","text":"charge for creation or redemption","page_number":17,"box":{"x":668,"y":444,"width":253,"height":12}},{"id":"6011f857-6da4-4ddc-bd04-3c565fb07d98","block_type":"box","text":"transactions is insufficient to cover the execution s","page_number":17,"box":{"x":60,"y":459,"width":365,"height":10}},{"id":"bd17a803-c8f0-437a-9978-032ed1de3fb5","block_type":"box","text":"hortfall, the Fund’s performance could be negatively impacted.","page_number":17,"box":{"x":427,"y":459,"width":457,"height":12}},{"id":"a6db2161-5bf7-4cc5-ab94-dee9362c79a5","block_type":"box","text":"Concentration Risk","page_number":17,"box":{"x":61,"y":490,"width":153,"height":10}},{"id":"162a5960-d681-4a92-9e58-2fcc151fe5b8","block_type":"box","text":". The Fund’s strategy of concentrating in the industrials and information technology sectors","page_number":17,"box":{"x":216,"y":490,"width":678,"height":12}},{"id":"1ade9eeb-0b88-40f5-a478-4d7027a431af","block_type":"box","text":"means that its performance will be closely tied to the performance of a particular market segment. The Fund’s","page_number":17,"box":{"x":61,"y":506,"width":819,"height":12}},{"id":"e10d81a1-8d51-4fa4-99af-1319606c1cf5","block_type":"box","text":"concentration in these companies may present more risks than if it were broadly diversified over numerous industries","page_number":17,"box":{"x":61,"y":521,"width":873,"height":12}},{"id":"f347c99b-9cab-4137-ade5-72269b3c2941","block_type":"box","text":"and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a","page_number":17,"box":{"x":61,"y":537,"width":830,"height":12}},{"id":"ca9f191b-43c8-46ff-b86e-4200932769c9","block_type":"box","text":"mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the","page_number":17,"box":{"x":61,"y":552,"width":867,"height":12}},{"id":"5a0cfd4d-e4b8-4feb-a36f-75ed788c2796","block_type":"box","text":"performance of other industries or the broader market as a whole.","page_number":17,"box":{"x":61,"y":568,"width":493,"height":12}},{"id":"a69e8a48-2b49-49fe-b144-102a1d02cff2","block_type":"box","text":"Convertible Securities Risk.","page_number":17,"box":{"x":61,"y":599,"width":221,"height":9}},{"id":"fe7d7e50-17c7-4d65-b88e-219bd0405e14","block_type":"box","text":"The market value of a convertible security performs like that of a regular debt security;","page_number":17,"box":{"x":283,"y":599,"width":650,"height":12}},{"id":"22ecc168-5245-44de-9fc2-8a072eabc93e","block_type":"box","text":"that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities","page_number":17,"box":{"x":60,"y":614,"width":862,"height":12}},{"id":"e74a6dcb-c833-4ed9-b7bd-d8ab486c9213","block_type":"box","text":"are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market","page_number":17,"box":{"x":61,"y":630,"width":877,"height":12}},{"id":"6ccf6b94-e098-454b-86e8-d26abb0f20f9","block_type":"box","text":"value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s","page_number":17,"box":{"x":60,"y":645,"width":792,"height":12}},{"id":"2e1dcd7d-0c34-4c18-8f11-c812d45e45c9","block_type":"box","text":"creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a","page_number":17,"box":{"x":61,"y":661,"width":829,"height":12}},{"id":"13b8d9b6-87e8-4def-93e2-d2bffed5ed54","block_type":"box","text":"convertible security is also subject to the same types of market and issuer risks that apply to the underlying common","page_number":17,"box":{"x":61,"y":676,"width":863,"height":12}},{"id":"524417ca-9a26-4439-b021-e6992d57152b","block_type":"box","text":"stock, including the potential for increased volatility in the price of the convertible security.","page_number":17,"box":{"x":61,"y":692,"width":663,"height":12}},{"id":"e0f45132-9765-4caf-bdb2-2b6575736cd8","block_type":"box","text":"Depositary Receipts Risk.","page_number":17,"box":{"x":61,"y":723,"width":205,"height":12}},{"id":"20120082-a1a2-4df0-8578-e5868764e7a3","block_type":"box","text":"Depositary receipts are generally subject to the same risks as the foreign securities that","page_number":17,"box":{"x":273,"y":723,"width":650,"height":12}},{"id":"51d566e9-0464-481d-b0ce-73816865e838","block_type":"box","text":"they evidence or into which they may be converted. In addition to investment risks associated with the underlying","page_number":17,"box":{"x":60,"y":738,"width":838,"height":12}},{"id":"00a37610-331e-484d-b6bb-718f9b5937ff","block_type":"box","text":"issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to","page_number":17,"box":{"x":61,"y":754,"width":844,"height":12}},{"id":"4503008d-0a1e-4ee3-8f7e-d73767580bd1","block_type":"box","text":"depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom","page_number":17,"box":{"x":61,"y":769,"width":869,"height":12}},{"id":"b1ed05be-9a40-4a59-b632-0195735b7bb2","block_type":"box","text":"the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.","page_number":17,"box":{"x":60,"y":785,"width":860,"height":12}},{"id":"9b7947d9-d984-45f3-844a-d29a5d1b6b6e","block_type":"box","text":"The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States,","page_number":17,"box":{"x":60,"y":800,"width":865,"height":12}},{"id":"6a68d4d4-c7e3-459a-9915-e8fef41a31b1","block_type":"box","text":"considered material. Therefore, there may be less information available regarding these issuers and there may not be","page_number":17,"box":{"x":61,"y":816,"width":873,"height":12}},{"id":"d45b97f0-8433-413d-9ffe-a4844e47f645","block_type":"box","text":"a correlation between such information and the market value of the depositary receipts. While depositary receipts","page_number":17,"box":{"x":61,"y":831,"width":845,"height":12}},{"id":"94bb4262-5844-4559-883e-98b4cb605269","block_type":"box","text":"provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies,","page_number":17,"box":{"x":61,"y":847,"width":864,"height":12}},{"id":"fcb2043a-16ce-489f-b6b1-c94faaa286d3","block_type":"box","text":"they continue to be subject to many of the risks associated with investing directly in foreign securities, including","page_number":17,"box":{"x":60,"y":862,"width":830,"height":12}},{"id":"a8d7e11c-dbba-4143-8aac-908221f1547b","block_type":"box","text":"political, economic, and currency risk.","page_number":17,"box":{"x":61,"y":878,"width":283,"height":12}},{"id":"101f227e-c8c7-423f-8f5b-dfd157b19494","block_type":"box","text":"4","page_number":17,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"0f8fb989-3096-40d8-9b78-2a6bcb52d9ea","block_type":"box","text":"NM1026U-6040015-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"434c5cee-5fa5-4bf1-818f-2cf62f97e0bd","block_type":"box","text":"Derivatives Risk.","page_number":18,"box":{"x":61,"y":41,"width":133,"height":9}},{"id":"21d2581f-9582-4d36-a859-7617ae884609","block_type":"box","text":"The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase","page_number":18,"box":{"x":195,"y":40,"width":721,"height":13}},{"id":"40d37bef-2128-4720-935e-70ad2a57e896","block_type":"box","text":"volatility. Derivatives involve significant risks, including:","page_number":18,"box":{"x":60,"y":56,"width":413,"height":12}},{"id":"14166428-ea27-48c3-acbb-6a5c6245e022","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":61,"y":87,"width":108,"height":12}},{"id":"b604363d-e884-4a09-b1c2-1ad4a867ae9f","block_type":"box","text":". The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":18,"box":{"x":169,"y":87,"width":723,"height":12}},{"id":"f9598cd7-1406-40d7-a62f-faa70c969343","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":18,"box":{"x":61,"y":102,"width":841,"height":13}},{"id":"582b77b7-6f10-4382-9b2d-63e06210815a","block_type":"box","text":"exceed the amount originally invested.","page_number":18,"box":{"x":61,"y":118,"width":290,"height":12}},{"id":"a7a0b969-89df-4cd3-ac20-4bba50e0376c","block_type":"box","text":"Market Risk.","page_number":18,"box":{"x":61,"y":149,"width":91,"height":10}},{"id":"209a5aad-b108-482b-9299-a406283f95d3","block_type":"box","text":"Some derivatives are more sensitive to interest rate changes and market price fluctuations than other","page_number":18,"box":{"x":154,"y":149,"width":762,"height":12}},{"id":"968b46ac-724c-4472-be85-f3bd65ef487a","block_type":"box","text":"securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market","page_number":18,"box":{"x":61,"y":165,"width":851,"height":11}},{"id":"3301a1a4-5547-4ee3-97ca-646c3674e093","block_type":"box","text":"movements, which losses are potentially unlimited. Finally, BFA may not be able to predict correctly the direction of","page_number":18,"box":{"x":61,"y":180,"width":859,"height":12}},{"id":"205325f8-f988-42c7-8e39-a3e818667bc6","block_type":"box","text":"securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose","page_number":18,"box":{"x":61,"y":196,"width":880,"height":11}},{"id":"a502f8eb-dfcc-4b01-b309-0b5df7a1ced7","block_type":"box","text":"value.","page_number":18,"box":{"x":60,"y":211,"width":50,"height":10}},{"id":"3de029f3-73d2-46e3-9692-6a39e288020c","block_type":"box","text":"Counterparty Risk.","page_number":18,"box":{"x":62,"y":242,"width":136,"height":12}},{"id":"8ad74958-6284-48f4-a0c5-25a677018f3d","block_type":"box","text":"Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":18,"box":{"x":199,"y":242,"width":684,"height":12}},{"id":"1a3ed482-07c7-4448-b0cf-20f40e0c2aca","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":18,"box":{"x":60,"y":258,"width":861,"height":12}},{"id":"b0cf212c-f1e1-4bf0-8770-4ae1d34b7c07","block_type":"box","text":"exposure to such a counterparty.","page_number":18,"box":{"x":61,"y":273,"width":249,"height":12}},{"id":"21bde422-2440-41cc-8a63-2e1692e29afc","block_type":"box","text":"Illiquidity Risk.","page_number":18,"box":{"x":61,"y":304,"width":104,"height":12}},{"id":"0e0ab856-aa86-41b4-bb71-8085a2ef4bc0","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to","page_number":18,"box":{"x":167,"y":304,"width":762,"height":12}},{"id":"6b28515d-a202-4c07-839a-9106cf354b27","block_type":"box","text":"sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":18,"box":{"x":61,"y":320,"width":829,"height":12}},{"id":"dbf7b73f-cac8-4299-b80a-c9d70df1584a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":18,"box":{"x":61,"y":335,"width":301,"height":12}},{"id":"607eb8d3-4b7e-439c-a55e-76def88f3950","block_type":"box","text":"Operational Risk.","page_number":18,"box":{"x":62,"y":366,"width":126,"height":12}},{"id":"1de6d887-829a-4fbc-ac4a-92a7b1f3905c","block_type":"box","text":"The use of derivatives includes the risk of potential operational issues, including documentation","page_number":18,"box":{"x":189,"y":366,"width":718,"height":12}},{"id":"468c8372-89d3-49a7-bd8f-48d2075f0b24","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":18,"box":{"x":61,"y":382,"width":611,"height":12}},{"id":"e83fa679-a357-4114-b876-68fa74c07b74","block_type":"box","text":"Legal Risk.","page_number":18,"box":{"x":61,"y":413,"width":81,"height":12}},{"id":"56503792-d2a9-46b7-89a8-50e357ffb663","block_type":"box","text":"The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":18,"box":{"x":143,"y":413,"width":750,"height":12}},{"id":"cfa15ce2-b68e-4d5b-8f66-e839558cc13b","block_type":"box","text":"enforceability of a contract.","page_number":18,"box":{"x":61,"y":428,"width":205,"height":12}},{"id":"f2ffc510-f2ba-4f76-995c-c5708d6af1fc","block_type":"box","text":"Volatility and Correlation Risk.","page_number":18,"box":{"x":62,"y":459,"width":221,"height":12}},{"id":"57601286-90f3-4705-b22a-d6ac11ffd01c","block_type":"box","text":"The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility.","page_number":18,"box":{"x":284,"y":459,"width":653,"height":12}},{"id":"6dfd8471-93cd-4756-9648-9183ae2b3ebd","block_type":"box","text":"Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a","page_number":18,"box":{"x":60,"y":475,"width":856,"height":12}},{"id":"ad9d3df3-147f-455f-a05b-dc94dd637045","block_type":"box","text":"short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with","page_number":18,"box":{"x":61,"y":490,"width":864,"height":12}},{"id":"a58a18f5-3d89-4d73-9e62-45cdbe1610d8","block_type":"box","text":"the overall securities markets.","page_number":18,"box":{"x":60,"y":506,"width":227,"height":9}},{"id":"c3a6b460-f61e-4c11-8f28-ea34276435d1","block_type":"box","text":"Valuation Risk.","page_number":18,"box":{"x":62,"y":537,"width":109,"height":9}},{"id":"17ab5c29-688a-443c-9743-52f90f373df7","block_type":"box","text":"Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in","page_number":18,"box":{"x":172,"y":537,"width":762,"height":12}},{"id":"ebe2517f-7d54-4ec4-9e87-10815bdc3519","block_type":"box","text":"times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments","page_number":18,"box":{"x":60,"y":552,"width":867,"height":12}},{"id":"1ac3f812-fe61-49d2-988e-670b6197bd31","block_type":"box","text":"or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs. Certain","page_number":18,"box":{"x":61,"y":568,"width":814,"height":12}},{"id":"05945cb8-45d9-4eda-9579-977c72f300a5","block_type":"box","text":"transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that exceed","page_number":18,"box":{"x":60,"y":583,"width":871,"height":12}},{"id":"10f3550b-f22e-4957-a298-854857b4ec62","block_type":"box","text":"the amount originally invested by the Fund.","page_number":18,"box":{"x":60,"y":599,"width":326,"height":12}},{"id":"967124a9-c46b-4b06-a17b-6c38bdabf2ae","block_type":"box","text":"Hedging Risk.","page_number":18,"box":{"x":61,"y":630,"width":102,"height":12}},{"id":"a64dee35-72bd-4bb8-81cc-404dc310de9d","block_type":"box","text":"When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the","page_number":18,"box":{"x":165,"y":630,"width":776,"height":12}},{"id":"ac23a330-8308-4266-aa58-85d6e7e73114","block_type":"box","text":"derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging","page_number":18,"box":{"x":61,"y":645,"width":869,"height":12}},{"id":"c5961b7b-33c1-4809-bbf1-4390ab5494bc","block_type":"box","text":"can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect","page_number":18,"box":{"x":61,"y":661,"width":837,"height":12}},{"id":"05365768-19f4-4da2-a8bd-f0d98802ca06","block_type":"box","text":"matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging","page_number":18,"box":{"x":61,"y":676,"width":867,"height":12}},{"id":"aa693ce6-e73f-4204-9bc8-3880b03b6356","block_type":"box","text":"transactions will be effective. The use of hedging may result in certain adverse tax consequences noted below.","page_number":18,"box":{"x":60,"y":692,"width":822,"height":12}},{"id":"0d900332-c39d-446d-b54d-5ab7c6421a2b","block_type":"box","text":"Tax Risk.","page_number":18,"box":{"x":62,"y":723,"width":67,"height":9}},{"id":"c6387211-4cfc-48c3-91f3-8d8f68baa910","block_type":"box","text":"The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":18,"box":{"x":135,"y":723,"width":750,"height":12}},{"id":"51468b1a-d06f-477a-89d8-72b5554cbca7","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":18,"box":{"x":61,"y":738,"width":835,"height":12}},{"id":"c703b515-4ada-4354-bf48-b0bdf13a7ac4","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":18,"box":{"x":61,"y":754,"width":846,"height":12}},{"id":"93407574-09ec-4580-9c8b-6b5c7fbebd1a","block_type":"box","text":"capital gains. In addition, certain transactions are subject to mark-to-market, straddle or constructive sale provisions","page_number":18,"box":{"x":61,"y":769,"width":859,"height":12}},{"id":"7428bc3d-354f-4b09-815e-1352295cfc57","block_type":"box","text":"of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable,","page_number":18,"box":{"x":61,"y":785,"width":862,"height":12}},{"id":"3f2e285c-8d27-46e4-b0bd-ed5cea79cdf2","block_type":"box","text":"there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax","page_number":18,"box":{"x":60,"y":800,"width":840,"height":12}},{"id":"bce1900d-1a54-4821-a564-2fa08746f396","block_type":"box","text":"treatment of certain derivatives, such as swaps and commodity-linked derivative instruments, as applicable, is","page_number":18,"box":{"x":60,"y":816,"width":815,"height":12}},{"id":"dfef31f3-5824-4046-8ae2-fcb672fb5920","block_type":"box","text":"unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the Internal","page_number":18,"box":{"x":61,"y":831,"width":875,"height":12}},{"id":"69bf65a7-7aec-4592-a8cc-03364959a4e9","block_type":"box","text":"Revenue Service (the “IRS”). The pursuit of certain investment strategies by the Fund may be limited by the Fund’s","page_number":18,"box":{"x":61,"y":847,"width":859,"height":12}},{"id":"1b505662-5267-4816-8676-3d55c90eb223","block_type":"box","text":"intention to qualify for treatment as a regulated investment company under Subchapter M of the Code and/or could","page_number":18,"box":{"x":61,"y":862,"width":857,"height":12}},{"id":"57c3696c-7a93-475d-ad72-998bdea8a364","block_type":"box","text":"adversely bear on the Fund’s ability to so qualify.","page_number":18,"box":{"x":61,"y":878,"width":368,"height":12}},{"id":"46d0d5c0-ea40-419f-975f-5381120e77ce","block_type":"box","text":"Regulatory Risk.","page_number":18,"box":{"x":61,"y":909,"width":121,"height":12}},{"id":"661fe4a4-5ac5-4857-9c90-f15eeb4a6e97","block_type":"box","text":"Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":18,"box":{"x":190,"y":909,"width":678,"height":12}},{"id":"297df448-f9c4-47e3-af29-5fcf426b0d67","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":18,"box":{"x":61,"y":924,"width":867,"height":12}},{"id":"c5338f2f-f90c-4100-8104-86f3cc02384b","block_type":"box","text":"5","page_number":18,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"eb3b3298-6dc0-4eaa-aa4c-9f7b41a75315","block_type":"box","text":"NM1026U-6040015-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a0419d36-4ff7-414d-af50-85a71ff73c91","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":19,"box":{"x":61,"y":40,"width":831,"height":13}},{"id":"2fce0959-c912-4b48-8468-683a3e0db3eb","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":19,"box":{"x":61,"y":56,"width":864,"height":12}},{"id":"5d9e4ff7-2f1d-4d2c-b153-927881b0c7a1","block_type":"box","text":"exchange initial margin with the Fund. Both Initial and variation margin may be comprised of cash and/or securities,","page_number":19,"box":{"x":61,"y":71,"width":861,"height":13}},{"id":"f313e725-0a01-4845-8dbf-4f6b4468e130","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":19,"box":{"x":61,"y":87,"width":843,"height":12}},{"id":"b5cedc2b-0079-42cc-bb20-c4c18ab6a952","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require certain","page_number":19,"box":{"x":61,"y":103,"width":873,"height":12}},{"id":"18e5991d-efd1-4fd8-aeca-cc56294faab6","block_type":"box","text":"bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many","page_number":19,"box":{"x":61,"y":118,"width":849,"height":12}},{"id":"53c0e6ab-b110-4279-ae53-2d9d252b31ed","block_type":"box","text":"derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such","page_number":19,"box":{"x":61,"y":134,"width":843,"height":12}},{"id":"ea9def57-1a9f-426e-9637-4b6039d7be46","block_type":"box","text":"contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that","page_number":19,"box":{"x":61,"y":149,"width":875,"height":12}},{"id":"d3dda018-9a9e-4eed-99a0-f8c04f4a943c","block_type":"box","text":"the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The","page_number":19,"box":{"x":60,"y":165,"width":807,"height":12}},{"id":"c1c2ec46-99b9-4414-81a4-0efcac666ee6","block_type":"box","text":"implementation of these requirements with respect to derivatives, as well as regulations under the global regulations","page_number":19,"box":{"x":61,"y":180,"width":866,"height":12}},{"id":"672c5c49-bc7d-444b-82c4-2496d75276dc","block_type":"box","text":"regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the","page_number":19,"box":{"x":61,"y":196,"width":842,"height":12}},{"id":"9bb96c4b-9f82-4188-bbe5-3bfb228bb71f","block_type":"box","text":"Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.","page_number":19,"box":{"x":61,"y":211,"width":721,"height":12}},{"id":"9b1495b8-26c0-4832-9645-d6d3fe701bbe","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":19,"box":{"x":61,"y":245,"width":837,"height":12}},{"id":"5b322f62-004c-4cc1-af67-ead91dec9e86","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BFA cannot predict the effects","page_number":19,"box":{"x":61,"y":260,"width":879,"height":12}},{"id":"8b24f19c-6fba-4762-9d62-e5367b1cb87e","block_type":"box","text":"of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or any other","page_number":19,"box":{"x":61,"y":276,"width":851,"height":12}},{"id":"d951f745-c8f4-47ea-9a37-929606a9f0b0","block_type":"box","text":"financial derivative product, and there can be no assurance that any new governmental regulation will not adversely","page_number":19,"box":{"x":60,"y":291,"width":864,"height":12}},{"id":"0398e2c4-bc11-4a79-9125-947f042b39d7","block_type":"box","text":"affect the Fund’s ability to achieve its investment objective.","page_number":19,"box":{"x":61,"y":307,"width":441,"height":12}},{"id":"dbce1554-981c-483f-b7d1-e08decec7ab0","block_type":"box","text":"Risks Specific to Certain Derivatives Used by the Fund","page_number":19,"box":{"x":61,"y":340,"width":412,"height":12}},{"id":"afc747a3-17ef-482a-a65d-4c6cc9134146","block_type":"box","text":"Swaps.","page_number":19,"box":{"x":95,"y":374,"width":52,"height":12}},{"id":"529d816d-71c2-494f-8dc3-82166e602e0c","block_type":"box","text":"Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":19,"box":{"x":149,"y":374,"width":766,"height":12}},{"id":"64b85196-8128-456d-9b10-45d8cf0da943","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":19,"box":{"x":94,"y":389,"width":842,"height":12}},{"id":"37441742-3a4f-40b4-b14c-5432eb9fa3cf","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":19,"box":{"x":94,"y":405,"width":818,"height":12}},{"id":"ff66f932-4035-4f90-ad01-af9ec2556a9b","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":19,"box":{"x":95,"y":420,"width":822,"height":12}},{"id":"d1df83c6-54eb-409c-a9fd-6deb80fe23bb","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":19,"box":{"x":94,"y":436,"width":824,"height":12}},{"id":"1b940cbe-abe3-484d-9717-999e70cb3ef5","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":19,"box":{"x":95,"y":451,"width":799,"height":12}},{"id":"c7ebee25-7a77-40e6-92cf-cb077ae2972b","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced asset.","page_number":19,"box":{"x":94,"y":467,"width":846,"height":12}},{"id":"ac642e5b-5bb5-464e-8e7a-1c6c869014ef","block_type":"box","text":"In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":19,"box":{"x":95,"y":482,"width":755,"height":12}},{"id":"06b0c733-1617-4a92-9276-615a27cc62c9","block_type":"box","text":"Forward Foreign Currency Exchange Contracts.","page_number":19,"box":{"x":95,"y":516,"width":354,"height":12}},{"id":"ba227677-bd9a-4bbb-964d-d23ad5a77ac2","block_type":"box","text":"Forward foreign currency exchange transactions are OTC","page_number":19,"box":{"x":451,"y":516,"width":439,"height":12}},{"id":"c76bb4f5-f8a7-493a-b1a0-f53fe556d5ad","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":19,"box":{"x":94,"y":531,"width":828,"height":12}},{"id":"fd1aeebb-c937-49fd-be97-b23292b18bcf","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":19,"box":{"x":94,"y":547,"width":811,"height":12}},{"id":"e8572d62-2367-4f0f-8953-096fe4e6e9d4","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a","page_number":19,"box":{"x":94,"y":562,"width":850,"height":12}},{"id":"8e7912bf-658c-480f-ae42-9543fc403dac","block_type":"box","text":"future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":19,"box":{"x":94,"y":578,"width":824,"height":12}},{"id":"0917b433-5ac4-4b51-9a42-f4c4a1d0ba3f","block_type":"box","text":"Futures.","page_number":19,"box":{"x":95,"y":611,"width":59,"height":10}},{"id":"cb8aed28-5bc2-48d4-98a5-d5ef90a680a7","block_type":"box","text":"Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":19,"box":{"x":156,"y":611,"width":764,"height":12}},{"id":"0091ecbb-83b8-4e12-81b1-dcaa83214848","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":19,"box":{"x":94,"y":627,"width":791,"height":12}},{"id":"41ac81cc-f0e2-4d6e-8549-1ca5a8087a71","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations between","page_number":19,"box":{"x":95,"y":642,"width":839,"height":12}},{"id":"57fcb6f6-54ec-41dc-af13-03a2418232a8","block_type":"box","text":"the change in market value of the instruments held by the","page_number":19,"box":{"x":94,"y":658,"width":432,"height":12}},{"id":"bd1ee5c4-8897-456a-9213-6ceeecf84709","block_type":"box","text":"Fund and the price of the futures contract or option;","page_number":19,"box":{"x":528,"y":658,"width":386,"height":12}},{"id":"c99e1980-77d2-4acf-bf3e-0ec9b307d7b0","block_type":"box","text":"(b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a","page_number":19,"box":{"x":95,"y":673,"width":789,"height":12}},{"id":"6ea143b4-3ed5-4d1c-8c9c-9c3a4a05eb2b","block_type":"box","text":"futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":19,"box":{"x":94,"y":689,"width":798,"height":12}},{"id":"e0e31aa3-a97a-4d23-bb6b-3032ea426b7c","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates,","page_number":19,"box":{"x":95,"y":704,"width":835,"height":12}},{"id":"abaa74f3-a5ac-4b3a-84bc-312d2741bb68","block_type":"box","text":"currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in","page_number":19,"box":{"x":94,"y":720,"width":820,"height":12}},{"id":"7b3753f3-16b5-40cd-b729-aa308b84515d","block_type":"box","text":"the performance of its obligations.","page_number":19,"box":{"x":94,"y":735,"width":251,"height":12}},{"id":"e4e5b13d-de81-4d83-a075-46d22cece892","block_type":"box","text":"Options.","page_number":19,"box":{"x":95,"y":769,"width":60,"height":12}},{"id":"9ef235b4-fd76-44da-821e-ab27601f0789","block_type":"box","text":"An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":19,"box":{"x":161,"y":769,"width":757,"height":12}},{"id":"e0c2f797-8321-45fa-91f2-206f89b5b837","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash","page_number":19,"box":{"x":94,"y":784,"width":843,"height":12}},{"id":"2360d9c1-91e1-409e-84e6-d0df218766af","block_type":"box","text":"in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a","page_number":19,"box":{"x":95,"y":800,"width":803,"height":12}},{"id":"c3504247-ee4b-4eeb-8e9f-7baacfa5cdbf","block_type":"box","text":"period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":19,"box":{"x":95,"y":815,"width":772,"height":12}},{"id":"9ee97410-51d1-4de4-ad79-234e5d2ccd72","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other assets","page_number":19,"box":{"x":95,"y":831,"width":844,"height":12}},{"id":"00856434-8bc8-46f2-8348-3115e085d3e0","block_type":"box","text":"decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call","page_number":19,"box":{"x":94,"y":846,"width":850,"height":12}},{"id":"d1d9e45e-e00a-4e4d-b397-9d7010270057","block_type":"box","text":"option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the","page_number":19,"box":{"x":94,"y":862,"width":811,"height":12}},{"id":"d890fee8-9820-4aeb-a812-257e04a44de6","block_type":"box","text":"case of a put option). If a put or call option purchased","page_number":19,"box":{"x":94,"y":877,"width":401,"height":12}},{"id":"97cdcb61-19de-4205-9b0a-a5b67e7d8fbf","block_type":"box","text":"by the Fund were permitted to expire without being sold or","page_number":19,"box":{"x":497,"y":877,"width":436,"height":12}},{"id":"f555d3cf-ea43-40bd-9305-4095dd36ea55","block_type":"box","text":"exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an option, if","page_number":19,"box":{"x":94,"y":893,"width":846,"height":12}},{"id":"e28c28a1-d4eb-4dff-9d29-b23078d30352","block_type":"box","text":"the decline or increase in the underlying asset is significantly below or above the exercise price of the written","page_number":19,"box":{"x":94,"y":908,"width":806,"height":12}},{"id":"896b640f-d6e6-43c4-a3b3-555af6780eee","block_type":"box","text":"option, the Fund could experience a substantial loss.","page_number":19,"box":{"x":94,"y":924,"width":390,"height":12}},{"id":"4f240dad-da99-43eb-b315-1665f2cbe5de","block_type":"box","text":"6","page_number":19,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"f40a63fb-7f79-495b-b5d2-9a3731a23714","block_type":"box","text":"NM1026U-6040015-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9ae89438-66b3-429d-bc72-df67ae840630","block_type":"box","text":"Emerging Markets Risk.","page_number":20,"box":{"x":61,"y":41,"width":189,"height":12}},{"id":"4b35938e-b0ab-4b5e-af23-33a69fe7cd11","block_type":"box","text":"The risks of foreign investments are usually much greater for emerging markets.","page_number":20,"box":{"x":251,"y":40,"width":606,"height":13}},{"id":"b64f113a-e984-4796-998c-f04afab11eee","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":20,"box":{"x":62,"y":56,"width":864,"height":12}},{"id":"078b039a-c4e6-4783-93b3-0ddd90595142","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":20,"box":{"x":61,"y":71,"width":864,"height":13}},{"id":"90d4f1c5-5fb7-4897-896a-d2d2e04f9755","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":20,"box":{"x":61,"y":87,"width":859,"height":12}},{"id":"8fc43026-6b43-4d47-a00b-bfd772ae66bf","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":20,"box":{"x":60,"y":102,"width":846,"height":13}},{"id":"2ac29ce2-180e-4c50-af87-faf0c8e8f97e","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":20,"box":{"x":61,"y":118,"width":861,"height":12}},{"id":"09a1d477-cf6b-43ec-ac4b-11e0417027f8","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":20,"box":{"x":61,"y":134,"width":862,"height":12}},{"id":"b96dcf02-fbc0-4b62-a5c6-ee43067a9b79","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large","page_number":20,"box":{"x":61,"y":149,"width":880,"height":12}},{"id":"0091173f-7e37-4843-a109-6d6cb8e36025","block_type":"box","text":"investors. In addition, traditional measures of investment value used in the United States, such as price to earnings","page_number":20,"box":{"x":61,"y":165,"width":858,"height":12}},{"id":"df247135-02f7-470f-8a84-08e52cb73b10","block_type":"box","text":"ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in","page_number":20,"box":{"x":61,"y":180,"width":868,"height":12}},{"id":"c7e8e4fd-f9ea-42e8-b33d-65047e0247a1","block_type":"box","text":"emerging markets than would be available about issuers in more developed capital markets, and such issuers may","page_number":20,"box":{"x":61,"y":196,"width":857,"height":12}},{"id":"8135a5dc-3fe7-41c9-8abc-58a1c9009669","block_type":"box","text":"not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to","page_number":20,"box":{"x":61,"y":211,"width":842,"height":12}},{"id":"19497534-b96d-4d10-8051-e5059168af3c","block_type":"box","text":"which U.S. companies are subject.","page_number":20,"box":{"x":60,"y":227,"width":263,"height":12}},{"id":"4e3add38-b167-48e8-b539-a8f557d2614f","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":20,"box":{"x":61,"y":258,"width":809,"height":12}},{"id":"e14d9315-5fd4-4772-aebf-0117840947a9","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment","page_number":20,"box":{"x":61,"y":273,"width":867,"height":12}},{"id":"bae5894f-638d-4862-a09d-8256df6b2fbf","block_type":"box","text":"than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation","page_number":20,"box":{"x":60,"y":289,"width":878,"height":12}},{"id":"928cd7cb-c38e-4d31-9a9c-03586237bfc7","block_type":"box","text":"or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial","page_number":20,"box":{"x":61,"y":304,"width":839,"height":12}},{"id":"abec553d-16dd-48f9-a59a-be4f899fd87e","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled. There is no","page_number":20,"box":{"x":61,"y":320,"width":825,"height":12}},{"id":"a0174796-1703-4771-956b-d6903a9fcf6b","block_type":"box","text":"assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire","page_number":20,"box":{"x":61,"y":335,"width":875,"height":12}},{"id":"35c63f5d-d99d-4336-abfc-4c8ebfa5a746","block_type":"box","text":"value of its investments in the affected market. Some countries have pervasive corruption and crime that may hinder","page_number":20,"box":{"x":60,"y":351,"width":870,"height":12}},{"id":"b40f75ff-cf02-4131-abf1-6a48b3321089","block_type":"box","text":"investments. Certain emerging markets may also face other significant internal or external risks, including the risk of","page_number":20,"box":{"x":61,"y":366,"width":865,"height":12}},{"id":"eca8b1e5-1cc1-45d0-b070-1b7d33d5d574","block_type":"box","text":"war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate","page_number":20,"box":{"x":60,"y":382,"width":878,"height":12}},{"id":"1f65d06c-926a-49b4-858a-3f6e8fbafb44","block_type":"box","text":"to a significant degree in their economies and securities markets, which may impair investment and economic growth.","page_number":20,"box":{"x":60,"y":397,"width":879,"height":12}},{"id":"4e6957fb-cb3c-4f16-a76c-22c3dfae85e4","block_type":"box","text":"National policies that may limit the Fund’s investment opportunities include restrictions on investment in issuers or","page_number":20,"box":{"x":61,"y":413,"width":849,"height":12}},{"id":"6a15ad4b-caaa-4132-8d5a-1ff52552f1a9","block_type":"box","text":"industries deemed sensitive to national interests.","page_number":20,"box":{"x":61,"y":428,"width":367,"height":10}},{"id":"cde00b8d-d64c-4b04-862d-b60a94052640","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":20,"box":{"x":61,"y":459,"width":824,"height":12}},{"id":"9a904658-edfc-42a6-af73-e2791aa994ec","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":20,"box":{"x":61,"y":475,"width":791,"height":12}},{"id":"a3558512-e42f-48f2-9db3-6a0e69892312","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":20,"box":{"x":61,"y":490,"width":842,"height":12}},{"id":"175912d0-1e98-4e63-b383-3f2f4f17c5f6","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":20,"box":{"x":61,"y":506,"width":835,"height":12}},{"id":"e210ab51-9ce2-426c-8110-50f1be150d35","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":20,"box":{"x":61,"y":521,"width":844,"height":12}},{"id":"cd7b7ba1-b83f-4f67-b825-8cb422f255f7","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may impose","page_number":20,"box":{"x":61,"y":537,"width":872,"height":12}},{"id":"bd5abd8c-9e1a-4878-9c0e-ca072866f4b7","block_type":"box","text":"differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S. exchanges may","page_number":20,"box":{"x":61,"y":552,"width":866,"height":12}},{"id":"9bd1d950-9c28-4815-8660-8c3a20bf3087","block_type":"box","text":"be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may significantly","page_number":20,"box":{"x":61,"y":568,"width":876,"height":12}},{"id":"6bbe7784-1062-43e8-8e90-b22a83b181e7","block_type":"box","text":"decrease the liquidity and value of the securities.","page_number":20,"box":{"x":61,"y":583,"width":367,"height":12}},{"id":"dd68b28b-c319-4245-8937-3e4211c1d88d","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":20,"box":{"x":61,"y":614,"width":848,"height":12}},{"id":"e3729437-ee9f-48ce-bd83-1966db3307a1","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":20,"box":{"x":61,"y":630,"width":797,"height":12}},{"id":"06720fcb-6524-4d92-824b-439ed463ee4f","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":20,"box":{"x":61,"y":645,"width":833,"height":12}},{"id":"c3434ee5-3f04-4876-8ea5-3148d938e7cd","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":20,"box":{"x":61,"y":661,"width":853,"height":12}},{"id":"722b842c-a3c2-49d1-a781-67bd19b781ab","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":20,"box":{"x":61,"y":676,"width":853,"height":12}},{"id":"4b709e1b-0a3c-4086-88a2-4e1a8836f063","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":20,"box":{"x":61,"y":692,"width":843,"height":12}},{"id":"7e9da10a-ab38-4531-8228-1610da16cf64","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":20,"box":{"x":61,"y":707,"width":850,"height":12}},{"id":"07465ecf-0bf1-4f7c-abde-28d882e6f7ac","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":20,"box":{"x":60,"y":723,"width":469,"height":12}},{"id":"ac151bdf-1599-4481-b4e6-97ff16344357","block_type":"box","text":"Equity Securities Risk.","page_number":20,"box":{"x":61,"y":754,"width":179,"height":12}},{"id":"1b71f3b6-7670-4451-b9a3-3e4bed36129c","block_type":"box","text":"Common and preferred stocks represent equity ownership in a company. Stock markets are","page_number":20,"box":{"x":247,"y":754,"width":682,"height":12}},{"id":"b272f49e-1c4f-415b-a307-516863212610","block_type":"box","text":"volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in","page_number":20,"box":{"x":60,"y":769,"width":842,"height":12}},{"id":"89bf26cd-ba2a-45b6-98ff-ae80d2253914","block_type":"box","text":"equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies","page_number":20,"box":{"x":61,"y":785,"width":876,"height":12}},{"id":"94f1b320-f80d-479f-b706-32230d3541a0","block_type":"box","text":"the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities","page_number":20,"box":{"x":60,"y":800,"width":853,"height":12}},{"id":"62c67592-42cb-4a45-b8d2-e892b0d357d1","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in","page_number":20,"box":{"x":61,"y":816,"width":874,"height":12}},{"id":"4b38e062-a4c9-4db1-830e-4505d5de5b31","block_type":"box","text":"production costs and competitive conditions within an industry. In addition, the value may decline due to general","page_number":20,"box":{"x":61,"y":831,"width":836,"height":12}},{"id":"1d8f6d63-3cba-4f93-868b-0930b0cbd6b9","block_type":"box","text":"market conditions that are not specifically related to a company or industry, such as real or perceived adverse","page_number":20,"box":{"x":61,"y":847,"width":819,"height":12}},{"id":"6d465059-5304-4c03-8819-01b44299bbc7","block_type":"box","text":"economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency","page_number":20,"box":{"x":61,"y":862,"width":871,"height":12}},{"id":"c6672bbb-c792-474d-bf75-674ba0148ee8","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":20,"box":{"x":61,"y":878,"width":344,"height":12}},{"id":"4ce0e971-2fe5-461f-b3f5-3d01c122d14d","block_type":"box","text":"Foreign Securities Risk.","page_number":20,"box":{"x":61,"y":909,"width":190,"height":12}},{"id":"2bd5c16d-7098-497f-bf0b-53be09843a48","block_type":"box","text":"Securities traded in foreign markets have often (though not always) performed differently","page_number":20,"box":{"x":257,"y":909,"width":658,"height":12}},{"id":"bc1bbd9a-ddf2-4b52-9b98-7e63c6c56f3f","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in U.S.","page_number":20,"box":{"x":60,"y":924,"width":867,"height":12}},{"id":"cf2c1f5a-2e73-4b43-ab30-0d9f1057cf88","block_type":"box","text":"7","page_number":20,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"8b4ee45b-83d0-41c1-ac9d-7fd746d15aa6","block_type":"box","text":"NM1026U-6040015-20/40","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"346fac30-22db-4bde-9cf5-4d12ecde8791","block_type":"box","text":"investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to the risk","page_number":21,"box":{"x":61,"y":41,"width":870,"height":12}},{"id":"ff225463-094a-42b8-837f-ee5c3aa5c284","block_type":"box","text":"that because there may be fewer investors on foreign exchanges and a smaller number of securities traded each day,","page_number":21,"box":{"x":60,"y":56,"width":880,"height":12}},{"id":"71b3b1b2-4e64-4b89-a73b-386b99c59974","block_type":"box","text":"it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign","page_number":21,"box":{"x":61,"y":71,"width":828,"height":13}},{"id":"d9e3c1b3-a25f-4c72-aac9-ae21f46707dd","block_type":"box","text":"securities may go up and down more than prices of securities traded in the United States.","page_number":21,"box":{"x":61,"y":87,"width":669,"height":12}},{"id":"39a3a224-b39a-4d6a-93a2-94a44f0fe2b5","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States","page_number":21,"box":{"x":62,"y":115,"width":473,"height":12}},{"id":"13102bea-831a-4152-ad95-9149cf3b121b","block_type":"box","text":". The Fund generally holds its foreign securities and","page_number":21,"box":{"x":537,"y":115,"width":388,"height":12}},{"id":"ee23996e-8536-4340-a004-98293bb4e307","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":21,"box":{"x":61,"y":131,"width":853,"height":12}},{"id":"24d01f0e-549e-4212-8611-85395cf13450","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their","page_number":21,"box":{"x":61,"y":146,"width":870,"height":12}},{"id":"0b2ee426-b5a7-4e6a-90f9-b03365d63745","block_type":"box","text":"operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a foreign bank, depository","page_number":21,"box":{"x":61,"y":162,"width":874,"height":12}},{"id":"f0e7d3a2-3367-4c55-bdc0-737e4b18278f","block_type":"box","text":"or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to","page_number":21,"box":{"x":61,"y":177,"width":849,"height":12}},{"id":"9d8cef17-cd9e-4c60-8eb1-a73a9e821d55","block_type":"box","text":"buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":21,"box":{"x":61,"y":193,"width":867,"height":12}},{"id":"fa572da7-f035-4c1a-b7fc-e3575cecb2c6","block_type":"box","text":"in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating","page_number":21,"box":{"x":61,"y":208,"width":882,"height":12}},{"id":"deaed5fe-bda2-4422-a067-f74255e15806","block_type":"box","text":"expense ratio for the Fund than for investment companies invested only in the United States.","page_number":21,"box":{"x":61,"y":224,"width":693,"height":12}},{"id":"60e98ae9-ce63-4444-9b43-6f5ad8ada04f","block_type":"box","text":"Currency Risk","page_number":21,"box":{"x":62,"y":252,"width":105,"height":12}},{"id":"6c0a3f17-a285-46f9-806a-b1065405c930","block_type":"box","text":". Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":21,"box":{"x":167,"y":252,"width":703,"height":12}},{"id":"503e4bdf-d09b-412e-a295-5749933232ce","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the value","page_number":21,"box":{"x":61,"y":268,"width":882,"height":12}},{"id":"64438793-e0fc-4ec8-858c-b45de9a7e268","block_type":"box","text":"of the Fund’s portfolio.","page_number":21,"box":{"x":61,"y":283,"width":170,"height":12}},{"id":"78d2a0c1-7aa0-49ac-a597-ff45b0f03fc2","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":21,"box":{"x":61,"y":312,"width":841,"height":12}},{"id":"72789764-bf3c-494c-be61-3e263e2110f3","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":21,"box":{"x":61,"y":327,"width":853,"height":12}},{"id":"7a2994b8-9021-42b6-8412-681ed9d56702","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":21,"box":{"x":61,"y":343,"width":862,"height":12}},{"id":"6b91b8cd-71a4-498f-91c6-8972789f8db7","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means","page_number":21,"box":{"x":61,"y":358,"width":488,"height":12}},{"id":"316f6d7d-5336-4769-9e25-e03557a578c7","block_type":"box","text":"that a strong U.S. dollar will reduce returns for U.S.","page_number":21,"box":{"x":549,"y":358,"width":384,"height":12}},{"id":"4c8b61bb-4f7a-4389-aacd-f79f74bf2a27","block_type":"box","text":"investors while a weak U.S. dollar will increase those returns.","page_number":21,"box":{"x":61,"y":374,"width":459,"height":9}},{"id":"88345400-aa2b-4cf1-a58d-8f4ae42ac8dc","block_type":"box","text":"Foreign Economy Risk","page_number":21,"box":{"x":61,"y":402,"width":169,"height":12}},{"id":"f20f543d-e32f-443b-9b03-12ab75869302","block_type":"box","text":". The economies of certain foreign markets may not compare favorably with the economy of the","page_number":21,"box":{"x":231,"y":402,"width":713,"height":12}},{"id":"7e1e1fbc-f5cc-423d-8f8b-3ac337e5f659","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and","page_number":21,"box":{"x":61,"y":417,"width":871,"height":13}},{"id":"9939a97d-bbb1-417e-8a57-d5ee942a9991","block_type":"box","text":"balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital","page_number":21,"box":{"x":61,"y":433,"width":856,"height":12}},{"id":"a17e5cf6-b055-422c-b571-e7cd37ac6a03","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":21,"box":{"x":61,"y":448,"width":826,"height":13}},{"id":"2c698400-143a-43f0-bd38-8bb72b0f1998","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory","page_number":21,"box":{"x":61,"y":464,"width":840,"height":12}},{"id":"24aa49aa-d250-464f-ae4e-51838237ff5c","block_type":"box","text":"measures. Investments in foreign markets may also be adversely affected by governmental actions such as the","page_number":21,"box":{"x":61,"y":480,"width":831,"height":12}},{"id":"0f283f7f-236e-42a6-82be-2b6f3ec36bb5","block_type":"box","text":"imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of","page_number":21,"box":{"x":61,"y":495,"width":859,"height":12}},{"id":"9b7be3f3-bf0f-426a-b43b-f2e87d845687","block_type":"box","text":"punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political","page_number":21,"box":{"x":61,"y":511,"width":869,"height":12}},{"id":"050b2c02-f848-4000-8dd3-a1e3706f0147","block_type":"box","text":"events, military action and other conditions may, without prior warning, lead to the governments of certain countries,","page_number":21,"box":{"x":61,"y":526,"width":865,"height":12}},{"id":"99d670b7-8316-40eb-b454-de71b3c39e3d","block_type":"box","text":"or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through","page_number":21,"box":{"x":61,"y":542,"width":835,"height":12}},{"id":"f172f5b6-1fb7-45fc-bf68-f3963b99f793","block_type":"box","text":"capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries.","page_number":21,"box":{"x":61,"y":557,"width":875,"height":12}},{"id":"8a7b0059-d557-40f5-8b0c-2d7339dc44cd","block_type":"box","text":"Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer","page_number":21,"box":{"x":61,"y":573,"width":822,"height":12}},{"id":"cdd16488-fa45-491d-819e-3adc27c34750","block_type":"box","text":"currency, securities, derivatives or other assets and may also include retaliatory actions of one government against","page_number":21,"box":{"x":61,"y":588,"width":858,"height":12}},{"id":"0709ecab-0b6f-4f59-97bf-b37d9b67bb4d","block_type":"box","text":"another government, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to","page_number":21,"box":{"x":61,"y":604,"width":826,"height":12}},{"id":"5e7f3df8-13a9-421d-aa1b-d388948ae28d","block_type":"box","text":"purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":21,"box":{"x":61,"y":619,"width":858,"height":12}},{"id":"d30a6401-568b-4213-8f64-bafd910c7ae5","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/","page_number":21,"box":{"x":61,"y":635,"width":871,"height":12}},{"id":"205b9cb2-28ab-40cb-b06b-3448dd8921c9","block_type":"box","text":"or liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value.","page_number":21,"box":{"x":61,"y":650,"width":860,"height":12}},{"id":"1e3318ba-3497-4ac6-a205-c2857ec59361","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":21,"box":{"x":61,"y":678,"width":838,"height":13}},{"id":"90e75bd8-de8a-4e8b-a503-0cd3811600ae","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":21,"box":{"x":60,"y":694,"width":816,"height":12}},{"id":"5fec3a5a-13bd-4bfb-b472-0281f51e5d6a","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":21,"box":{"x":61,"y":710,"width":832,"height":12}},{"id":"1add22d5-e58f-4d14-aa8f-4912beaa444a","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and","page_number":21,"box":{"x":61,"y":725,"width":867,"height":12}},{"id":"a473e291-5eff-46b7-a0fe-2c68aa1d9bfc","block_type":"box","text":"the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to","page_number":21,"box":{"x":60,"y":740,"width":860,"height":13}},{"id":"6d090cce-f387-4528-9165-e14e0f2accd9","block_type":"box","text":"predict and take into account with respect to the Fund’s investments.","page_number":21,"box":{"x":61,"y":756,"width":509,"height":12}},{"id":"706841d7-b7b7-42f8-a0c9-26daa57fe90a","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":21,"box":{"x":62,"y":784,"width":483,"height":12}},{"id":"615ce6f9-8eaa-4d89-a57b-289fa77c9426","block_type":"box","text":". Many foreign governments do not supervise and","page_number":21,"box":{"x":547,"y":784,"width":367,"height":12}},{"id":"220779ef-2dd9-4591-b59d-c2739772c94c","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United","page_number":21,"box":{"x":61,"y":800,"width":877,"height":12}},{"id":"5ccaece1-7548-4093-aa5b-d2d984791800","block_type":"box","text":"States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example,","page_number":21,"box":{"x":61,"y":815,"width":851,"height":12}},{"id":"754314f5-c3c1-4ceb-b7a6-c18af1ec3690","block_type":"box","text":"some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys","page_number":21,"box":{"x":61,"y":831,"width":869,"height":12}},{"id":"0d0bb201-ee4a-4112-807a-e3ac3b9eb4d9","block_type":"box","text":"or sells a company’s securities based on material non-public information about that company. In addition, some","page_number":21,"box":{"x":61,"y":846,"width":831,"height":12}},{"id":"5f19eccc-a59f-4d75-accc-59c586052763","block_type":"box","text":"countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise shareholder rights,","page_number":21,"box":{"x":61,"y":862,"width":868,"height":12}},{"id":"171bcff9-c0aa-4918-b896-1087aeca515a","block_type":"box","text":"and pursue legal remedies with respect to its foreign investments. Accounting standards in other countries are not","page_number":21,"box":{"x":61,"y":877,"width":850,"height":12}},{"id":"2cad65b5-a766-4595-98f4-de593d120e96","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":21,"box":{"x":61,"y":893,"width":864,"height":12}},{"id":"4712ddc2-38fb-4146-9d5e-2e3537716e3c","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":21,"box":{"x":61,"y":908,"width":876,"height":12}},{"id":"cb822eed-1d76-44dd-8124-c54720623dfb","block_type":"box","text":"company’s financial condition.","page_number":21,"box":{"x":61,"y":924,"width":221,"height":12}},{"id":"fb7d8d27-8da0-4434-b463-18745b9656b2","block_type":"box","text":"8","page_number":21,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"384eaeaa-5873-4929-b4d7-0456085a47bd","block_type":"box","text":"NM1026U-6040015-21/40","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2c3979a6-fbcf-409e-8d4c-54abf54003b8","block_type":"box","text":"Settlement Risk","page_number":22,"box":{"x":61,"y":40,"width":118,"height":10}},{"id":"27702b8b-73b9-49dc-aa5e-848f504a53af","block_type":"box","text":". Settlement and clearance procedures in certain foreign markets differ significantly from those in the","page_number":22,"box":{"x":179,"y":40,"width":751,"height":13}},{"id":"f6f7a435-8175-4cb9-aea6-fd4a2a84bbd6","block_type":"box","text":"United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":22,"box":{"x":61,"y":56,"width":839,"height":12}},{"id":"b3b192a6-a647-43f9-ad00-61f5399be153","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":22,"box":{"x":61,"y":71,"width":794,"height":13}},{"id":"8fc52a0e-3219-4ac5-819f-ea09d7d005ba","block_type":"box","text":"investments.","page_number":22,"box":{"x":61,"y":87,"width":98,"height":10}},{"id":"cd99dbed-a599-4b26-b62a-abe0970c704c","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These","page_number":22,"box":{"x":60,"y":118,"width":881,"height":12}},{"id":"ad27b233-9c6a-4bdf-ae50-19a2cb696ca2","block_type":"box","text":"problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling","page_number":22,"box":{"x":61,"y":134,"width":872,"height":12}},{"id":"d85ca766-d4de-4af4-ab99-149fa0e741d8","block_type":"box","text":"a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested","page_number":22,"box":{"x":61,"y":149,"width":863,"height":12}},{"id":"ea8fbf66-8fb7-44d9-97df-fac2bb175d51","block_type":"box","text":"with no return earned thereon for some period. If the Fund cannot","page_number":22,"box":{"x":60,"y":165,"width":493,"height":11}},{"id":"376dbd8d-e987-4315-8aaa-5f78e0aa4b99","block_type":"box","text":"settle or is delayed in settling a sale of securities, it","page_number":22,"box":{"x":553,"y":165,"width":382,"height":12}},{"id":"cff8f86a-1b1a-4aa6-a1fd-f72e637066c3","block_type":"box","text":"may lose money if the value of the security then declines or, if it has contracted to sell the security to another party,","page_number":22,"box":{"x":61,"y":180,"width":858,"height":12}},{"id":"c14c4598-43e5-41af-a832-4b26ddd2dbbe","block_type":"box","text":"the Fund could be liable for any losses incurred.","page_number":22,"box":{"x":60,"y":196,"width":362,"height":12}},{"id":"8669e1eb-d0a5-43b9-8424-118ade92adeb","block_type":"box","text":"Withholding Tax Reclaims Risk.","page_number":22,"box":{"x":62,"y":227,"width":233,"height":12}},{"id":"3ce0b867-207d-4ac1-8452-46a1ffa9bba0","block_type":"box","text":"The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":22,"box":{"x":297,"y":227,"width":589,"height":12}},{"id":"fc0d21a0-86d9-40f2-81a1-41a400b29758","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":22,"box":{"x":61,"y":242,"width":842,"height":12}},{"id":"1bd6a52b-1112-44bd-9a88-9e03f086eab4","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":22,"box":{"x":61,"y":258,"width":849,"height":12}},{"id":"e710ebfd-03cb-4d68-ad45-08e2b68bd74e","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":22,"box":{"x":61,"y":273,"width":848,"height":12}},{"id":"533bbb9e-1da9-45fd-837c-54b57b97702d","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":22,"box":{"x":60,"y":289,"width":872,"height":12}},{"id":"45788021-162d-4e71-993f-7d4a1907f6e9","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":22,"box":{"x":60,"y":304,"width":843,"height":12}},{"id":"a1669507-ab7f-4cca-b9e5-f5ab0010219d","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":22,"box":{"x":61,"y":320,"width":865,"height":12}},{"id":"fd54f062-02c4-4c3b-9a4d-137269029fa4","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time an","page_number":22,"box":{"x":61,"y":335,"width":879,"height":12}},{"id":"a688c032-bcbb-4b42-a1dd-7d00e816871c","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":22,"box":{"x":61,"y":351,"width":851,"height":12}},{"id":"48a8ef8c-bf91-48af-bd6c-81348dfebb3f","block_type":"box","text":"were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":22,"box":{"x":60,"y":366,"width":811,"height":12}},{"id":"2adaa577-009c-4142-8fa9-6dce0ede5d8a","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":22,"box":{"x":61,"y":382,"width":840,"height":12}},{"id":"ab35b6f7-df8f-41b5-9cfe-3d8533e8aadd","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":22,"box":{"x":61,"y":397,"width":843,"height":12}},{"id":"e5d6cd80-8031-48e1-b597-61c2974d5f56","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":22,"box":{"x":61,"y":413,"width":331,"height":9}},{"id":"c4454545-f056-4b91-9d86-148c82c5e778","block_type":"box","text":"High Portfolio Turnover Risk","page_number":22,"box":{"x":61,"y":444,"width":228,"height":12}},{"id":"fab6099e-9de1-4578-a196-0048f9bbc138","block_type":"box","text":". The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":22,"box":{"x":291,"y":444,"width":628,"height":12}},{"id":"a089a239-8219-4566-b16b-d53fd6983936","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":22,"box":{"x":61,"y":459,"width":825,"height":12}},{"id":"b1e05d77-c51e-4234-a958-ded0411f064b","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other","page_number":22,"box":{"x":61,"y":475,"width":867,"height":12}},{"id":"fe42d909-7daa-4491-b0f9-f8fafec0b66b","block_type":"box","text":"securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of","page_number":22,"box":{"x":61,"y":490,"width":838,"height":12}},{"id":"911b7fbb-6cad-4364-9d52-cd03686f95ee","block_type":"box","text":"higher capital gains or losses as compared to a fund with less active trading policies, such as index ETFs. These","page_number":22,"box":{"x":61,"y":506,"width":841,"height":12}},{"id":"80fac396-640d-49dc-82eb-48e29fc54c15","block_type":"box","text":"effects of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":22,"box":{"x":61,"y":521,"width":654,"height":12}},{"id":"4a5958b0-4e33-4dab-9a35-36a608aaf8b5","block_type":"box","text":"Industrials Sector Risk","page_number":22,"box":{"x":61,"y":552,"width":181,"height":10}},{"id":"10480dae-2a34-4896-b5d8-7d601ffceb18","block_type":"box","text":". The value of securities issued by companies in the industrials sector may be adversely","page_number":22,"box":{"x":244,"y":552,"width":656,"height":12}},{"id":"c4575184-7050-4ad6-9c0e-0ea8d2eaac62","block_type":"box","text":"affected by supply and demand changes related to their specific products or services and industrials sector products","page_number":22,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"225786e6-354c-4846-bd05-4862819604bf","block_type":"box","text":"in general. The products of manufacturing companies may face obsolescence due to rapid technological","page_number":22,"box":{"x":61,"y":583,"width":779,"height":12}},{"id":"1628dfff-08ff-4402-aa20-d4ceb1066443","block_type":"box","text":"developments and frequent new product introduction. Global events, trade disputes and changes in government","page_number":22,"box":{"x":61,"y":599,"width":836,"height":12}},{"id":"761f66a2-290c-4932-aa5b-392050439ce6","block_type":"box","text":"regulations, economic conditions and exchange rates may adversely affect the performance of companies in the","page_number":22,"box":{"x":61,"y":614,"width":838,"height":12}},{"id":"60f339d7-e49e-41dc-84dd-7cbd7f879e4a","block_type":"box","text":"industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage","page_number":22,"box":{"x":61,"y":630,"width":880,"height":12}},{"id":"b87d7799-89b7-4940-92a4-edc272dadc08","block_type":"box","text":"and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity","page_number":22,"box":{"x":61,"y":645,"width":872,"height":12}},{"id":"61ccff90-e6a1-4d16-abb0-c0fe827c8555","block_type":"box","text":"prices, which may be influenced by unpredictable factors. Aerospace and defense companies, a component of the","page_number":22,"box":{"x":61,"y":661,"width":847,"height":12}},{"id":"f8f54388-c172-4a47-a23e-ed98d348c383","block_type":"box","text":"industrials sector, can be significantly affected by government spending policies because companies involved in this","page_number":22,"box":{"x":61,"y":676,"width":860,"height":12}},{"id":"50b30687-be98-4366-a9cc-d81e30669ad2","block_type":"box","text":"industry rely, to a significant extent, on government demand for their products and services. Thus, the financial","page_number":22,"box":{"x":61,"y":692,"width":820,"height":12}},{"id":"193e0379-ab99-42b0-95e0-142f799e8088","block_type":"box","text":"condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental","page_number":22,"box":{"x":61,"y":707,"width":831,"height":12}},{"id":"db8418e4-bd91-4fc0-bbb4-88b6451f4ce3","block_type":"box","text":"defense spending policies, which are typically under pressure from efforts to control government budgets.","page_number":22,"box":{"x":61,"y":723,"width":782,"height":12}},{"id":"c07d0fcb-ca64-42b0-837b-e194a098390d","block_type":"box","text":"Transportation stocks, a component of the industrials sector, are cyclical and can be significantly affected by","page_number":22,"box":{"x":60,"y":738,"width":805,"height":12}},{"id":"9086a370-259e-460f-88ac-efa31eae7800","block_type":"box","text":"economic changes, fuel prices, labor relations and insurance costs. Transportation companies in certain countries","page_number":22,"box":{"x":61,"y":754,"width":844,"height":12}},{"id":"3771c05f-7e31-41b5-85b9-114ed7becadc","block_type":"box","text":"may also be subject to significant government regulation and oversight, which may adversely affect their businesses.","page_number":22,"box":{"x":61,"y":769,"width":865,"height":12}},{"id":"538493d4-e126-491a-8549-4d60401fb9dc","block_type":"box","text":"Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected","page_number":22,"box":{"x":61,"y":785,"width":859,"height":12}},{"id":"4fda3a24-d356-4aaf-a42d-cf4b9ac7d70b","block_type":"box","text":"by government spending policies because companies in this sector tend to rely to a significant extent on government","page_number":22,"box":{"x":61,"y":800,"width":865,"height":12}},{"id":"3be45e29-68a1-4fd9-8690-7decb92bda7f","block_type":"box","text":"demand for their products and services.","page_number":22,"box":{"x":61,"y":816,"width":293,"height":12}},{"id":"1f9fbdd0-f1a5-4175-956e-935ca46ffcfb","block_type":"box","text":"Issuer Risk","page_number":22,"box":{"x":61,"y":847,"width":89,"height":9}},{"id":"25e072c3-cce8-4750-8228-cf2ad42682e7","block_type":"box","text":". The performance of the Fund depends on the performance of individual securities to which the Fund has","page_number":22,"box":{"x":151,"y":847,"width":790,"height":12}},{"id":"570a31b1-244b-474b-b47a-ac849cada698","block_type":"box","text":"exposure. Any issuer of these securities may perform poorly, causing the value of its securities to decline. Poor","page_number":22,"box":{"x":61,"y":862,"width":829,"height":12}},{"id":"9df7c8de-1044-4577-b491-82e460bda09f","block_type":"box","text":"performance may be caused by poor management decisions, competitive pressures, changes in technology,","page_number":22,"box":{"x":61,"y":878,"width":810,"height":12}},{"id":"5c6c025a-0159-4553-98c5-0cd40ce463dc","block_type":"box","text":"expiration of patent protection, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent","page_number":22,"box":{"x":61,"y":893,"width":878,"height":12}},{"id":"43ff45e3-e2cb-49e1-abc3-4ed6a50b65e4","block_type":"box","text":"disclosures, credit deterioration of the issuer or other factors. Issuers may, in times of distress or at their own","page_number":22,"box":{"x":61,"y":909,"width":806,"height":12}},{"id":"bc60ae77-c91a-43af-8c01-c284721df908","block_type":"box","text":"discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.","page_number":22,"box":{"x":61,"y":924,"width":757,"height":12}},{"id":"00c5d40a-bd68-4204-902b-f83e7f3b26d0","block_type":"box","text":"9","page_number":22,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"35d8eea0-4020-439c-96d0-e548e14e305a","block_type":"box","text":"NM1026U-6040015-22/40","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dd81babf-9dfd-4b7c-801e-da84edbd7011","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":23,"box":{"x":61,"y":40,"width":425,"height":13}},{"id":"8edac50b-e1ff-4755-8958-b2775536fe2b","block_type":"box","text":". Certain shareholders, including an Authorized Participant, a","page_number":23,"box":{"x":487,"y":40,"width":456,"height":13}},{"id":"61a2829a-2c1d-4e78-a144-736b62a84bb4","block_type":"box","text":"third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":23,"box":{"x":60,"y":56,"width":852,"height":12}},{"id":"b7fb5388-5406-4ff9-88e4-ba9939e0dc61","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, including funds or accounts over which the","page_number":23,"box":{"x":60,"y":71,"width":855,"height":13}},{"id":"1536ed0a-32ba-48ef-9126-0d018911e113","block_type":"box","text":"Fund’s adviser has discretion, or may invest in the Fund and hold their investment for a limited period of time. These","page_number":23,"box":{"x":61,"y":87,"width":868,"height":12}},{"id":"3fcbfb4b-78e3-4e85-813b-19bccef885b2","block_type":"box","text":"shareholders may also pledge or loan Fund shares (to secure financing or otherwise), which may result in the shares","page_number":23,"box":{"x":61,"y":102,"width":872,"height":13}},{"id":"a6242cd2-491c-4405-9bef-6413d5d507fe","block_type":"box","text":"becoming concentrated in another party. There can be no assurance that any large shareholder or large group of","page_number":23,"box":{"x":61,"y":118,"width":843,"height":12}},{"id":"05e182b6-9c73-4be2-a75b-c5edd18c5174","block_type":"box","text":"shareholders would not redeem their investment or that the size of the Fund would be maintained. Redemptions of a","page_number":23,"box":{"x":61,"y":134,"width":868,"height":11}},{"id":"e85999b3-7a1c-4e55-afab-a3bf1aa08170","block_type":"box","text":"large number of Fund shares by these shareholders may adversely affect the Fund’s liquidity and net assets. To the","page_number":23,"box":{"x":61,"y":149,"width":865,"height":12}},{"id":"8f4141eb-1920-4f53-a887-a401c33f93cc","block_type":"box","text":"extent the Fund permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities when it","page_number":23,"box":{"x":61,"y":165,"width":881,"height":12}},{"id":"f1286bcd-a5ad-46ef-b19f-5b142c8f5021","block_type":"box","text":"might not otherwise do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of","page_number":23,"box":{"x":61,"y":180,"width":880,"height":12}},{"id":"7ef476c5-0d94-45d5-8106-8c2a52301984","block_type":"box","text":"the Shares and increase the Fund’s brokerage costs and/or accelerate the realization of taxable income and/or gains","page_number":23,"box":{"x":60,"y":196,"width":873,"height":12}},{"id":"f1bb14da-0c51-4163-9ead-dd531861cce2","block_type":"box","text":"and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In","page_number":23,"box":{"x":61,"y":211,"width":863,"height":10}},{"id":"1ca77505-820c-49e4-966a-aa7382bd278e","block_type":"box","text":"addition, under certain circumstances, non redeeming shareholders may be treated as receiving a disproportionately","page_number":23,"box":{"x":61,"y":227,"width":869,"height":12}},{"id":"ed73a4aa-ada5-41cc-8f56-b6e77ab033e1","block_type":"box","text":"large taxable distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting","page_number":23,"box":{"x":61,"y":242,"width":870,"height":12}},{"id":"4fc91196-31c5-4907-9b5f-55744c52f22f","block_type":"box","text":"from such transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an","page_number":23,"box":{"x":60,"y":258,"width":883,"height":12}},{"id":"b39f44a3-a323-404c-91ab-5f5dbff30a8b","block_type":"box","text":"IRA, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":23,"box":{"x":62,"y":273,"width":869,"height":12}},{"id":"0f1ba89e-dc27-4111-a696-6bd8ea60925c","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a taxable","page_number":23,"box":{"x":61,"y":289,"width":874,"height":12}},{"id":"eeeeac5b-047c-4c4c-9f9a-36f9e74ccecf","block_type":"box","text":"account. The Fund also may be required to sell its more liquid Fund investments to meet a large redemption, in which","page_number":23,"box":{"x":61,"y":304,"width":877,"height":12}},{"id":"6ce774ca-7450-40ea-a41c-193f26dcd343","block_type":"box","text":"case the Fund’s remaining assets may be less liquid, more","page_number":23,"box":{"x":61,"y":320,"width":441,"height":12}},{"id":"77fa5b50-b053-4a7a-aac5-ae6c04fbe2c8","block_type":"box","text":"volatile, and more difficult to price. To the extent these","page_number":23,"box":{"x":502,"y":320,"width":408,"height":12}},{"id":"7970b6ea-fad3-4e32-a5ff-1a852bfd3bb8","block_type":"box","text":"large shareholders transact in shares on the secondary market, such transactions may account for a large percentage","page_number":23,"box":{"x":61,"y":335,"width":881,"height":12}},{"id":"e083eee7-5670-4c6b-b18a-58d049867c74","block_type":"box","text":"of the trading volume for the shares of the Fund and may, therefore, have a material upward or downward effect on","page_number":23,"box":{"x":61,"y":351,"width":860,"height":12}},{"id":"0ef5c77e-d1c7-4736-abd5-9120f4cb53a8","block_type":"box","text":"the market price of the Fund shares. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":23,"box":{"x":60,"y":366,"width":846,"height":12}},{"id":"38b7e832-29aa-43be-82f3-fa7f394aa638","block_type":"box","text":"performance to the extent that the Fund is delayed in investing","page_number":23,"box":{"x":61,"y":382,"width":469,"height":12}},{"id":"0a0b2eca-e749-431f-9a54-deedc936dbce","block_type":"box","text":"new cash and is required to maintain a larger cash","page_number":23,"box":{"x":531,"y":382,"width":380,"height":12}},{"id":"7170fa95-d7a9-4eef-8e59-3082301785f6","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":23,"box":{"x":61,"y":397,"width":466,"height":12}},{"id":"60265b1f-a2cc-45f4-86e3-51621095012c","block_type":"box","text":"Leverage Risk","page_number":23,"box":{"x":61,"y":428,"width":113,"height":12}},{"id":"59f5d501-284c-461c-b208-37e62ea8aa81","block_type":"box","text":". Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":23,"box":{"x":176,"y":428,"width":742,"height":12}},{"id":"bb74defa-c7bf-412d-b15a-7da0228f2bec","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":23,"box":{"x":61,"y":444,"width":803,"height":12}},{"id":"3caaa6e2-dfc1-4d9a-80e6-434c57eca3c1","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to the","page_number":23,"box":{"x":61,"y":459,"width":876,"height":12}},{"id":"14d729b8-fd4c-4b84-89f0-ccf0af05477e","block_type":"box","text":"federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":23,"box":{"x":60,"y":475,"width":868,"height":12}},{"id":"7608b3eb-05f7-4783-b029-159c961cb45d","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":23,"box":{"x":62,"y":490,"width":850,"height":12}},{"id":"2adf6614-01ca-4cce-8d37-96108c638bd0","block_type":"box","text":"with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate","page_number":23,"box":{"x":60,"y":506,"width":869,"height":12}},{"id":"783db135-9408-4ed9-b9d1-13b0c0b6b11f","block_type":"box","text":"portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable","page_number":23,"box":{"x":61,"y":521,"width":823,"height":12}},{"id":"019aed01-68c2-4a3d-825a-70bf76f0f8d7","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":23,"box":{"x":61,"y":537,"width":865,"height":12}},{"id":"8ae9ad9c-3a57-48ae-bd0f-4ca583df91fb","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":23,"box":{"x":61,"y":552,"width":478,"height":12}},{"id":"e4597c33-8bf0-492b-aa54-9e775d329304","block_type":"box","text":"Market Risk and Selection Risk","page_number":23,"box":{"x":61,"y":583,"width":248,"height":10}},{"id":"eceed3f9-b7e3-47e7-b04e-767ca8fd1069","block_type":"box","text":". Market risk is the risk that one or more markets in which the Fund invests will go","page_number":23,"box":{"x":311,"y":583,"width":608,"height":12}},{"id":"f264a656-3d44-4463-9fcf-c2d253edc75b","block_type":"box","text":"down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could lose","page_number":23,"box":{"x":61,"y":599,"width":880,"height":12}},{"id":"fb1f97e4-3e2f-475e-bb53-86452c6263bf","block_type":"box","text":"money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":23,"box":{"x":61,"y":614,"width":794,"height":12}},{"id":"ccd22034-9bb9-47cc-8aed-9d4e7f52e4f5","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":23,"box":{"x":61,"y":630,"width":869,"height":12}},{"id":"669021d5-9aab-416a-a9ae-ac3058571741","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar","page_number":23,"box":{"x":61,"y":645,"width":863,"height":12}},{"id":"11090acb-c6a0-425d-b481-56f2eb3530e4","block_type":"box","text":"investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of a security","page_number":23,"box":{"x":61,"y":661,"width":872,"height":12}},{"id":"690f4b54-2f5c-4eb9-a906-96f268d9e4c8","block_type":"box","text":"or other asset may decline due to changes in general market conditions, economic trends or events that are not","page_number":23,"box":{"x":61,"y":676,"width":828,"height":12}},{"id":"0dac8c63-30e6-4f3d-a573-8c6415e465c5","block_type":"box","text":"specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers,","page_number":23,"box":{"x":61,"y":692,"width":827,"height":12}},{"id":"2cdaa1f7-17d4-4b88-bb1d-d5f9dd3e5559","block_type":"box","text":"exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The","page_number":23,"box":{"x":61,"y":707,"width":815,"height":12}},{"id":"912a4003-a41a-4bc9-9089-f7bafdd9c29b","block_type":"box","text":"success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":23,"box":{"x":61,"y":723,"width":831,"height":12}},{"id":"5778e207-9579-4c68-a11d-941ef734cdea","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":23,"box":{"x":61,"y":738,"width":819,"height":12}},{"id":"257cd6ac-a346-4ed6-ac5f-bd7d04ced812","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":23,"box":{"x":61,"y":754,"width":833,"height":12}},{"id":"5602d4c7-1408-4edf-8c86-2880faa933db","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":23,"box":{"x":61,"y":769,"width":730,"height":12}},{"id":"ac26823b-1f15-47a4-9c6a-26d4fecdf42a","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade","page_number":23,"box":{"x":61,"y":800,"width":867,"height":12}},{"id":"db0a458e-2b01-4a4e-9dfa-fdbae9ecf877","block_type":"box","text":"agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic","page_number":23,"box":{"x":61,"y":816,"width":853,"height":12}},{"id":"7689a018-b445-49b0-8690-182f522272a8","block_type":"box","text":"and global markets, and could adversely affect the investment performance of the Fund. In particular, actions taken","page_number":23,"box":{"x":61,"y":831,"width":860,"height":12}},{"id":"9f077bd2-09f1-4d2a-ad29-7fc7b796159f","block_type":"box","text":"by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for","page_number":23,"box":{"x":61,"y":847,"width":819,"height":12}},{"id":"188b583d-8bd7-46df-a54d-81ce0bf27fcc","block_type":"box","text":"imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund","page_number":23,"box":{"x":61,"y":862,"width":858,"height":12}},{"id":"370fc205-f73c-449b-b826-98f78b840109","block_type":"box","text":"invests.","page_number":23,"box":{"x":61,"y":878,"width":61,"height":9}},{"id":"d2fee476-c316-49d5-9c3c-16cdc53cacf0","block_type":"box","text":"10","page_number":23,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"c3cb4f61-4457-4972-81b3-cdc6f496e48b","block_type":"box","text":"NM1026U-6040015-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ada3f5ad-f0c2-40ac-92ab-df605b00b078","block_type":"box","text":"Market Trading Risk","page_number":24,"box":{"x":61,"y":41,"width":160,"height":12}},{"id":"3ccf9d7c-66a7-488b-a023-36d98ff42886","block_type":"box","text":". The Fund faces numerous market trading risks, any of which may lead to its shares trading in","page_number":24,"box":{"x":223,"y":40,"width":706,"height":13}},{"id":"b076e0eb-af84-47aa-85f3-b688993b7719","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you","page_number":24,"box":{"x":60,"y":56,"width":875,"height":12}},{"id":"d465eb79-14ce-48b7-8736-a918caf9688f","block_type":"box","text":"buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the","page_number":24,"box":{"x":61,"y":72,"width":837,"height":12}},{"id":"c190e99d-f7e0-4397-bdea-d92e027d5c7a","block_type":"box","text":"market price is at a discount to the NAV, you may pay significantly more or receive significantly less than the","page_number":24,"box":{"x":61,"y":87,"width":809,"height":12}},{"id":"2aa382b0-9d32-4da5-8c81-7a90b2acf5d4","block_type":"box","text":"underlying value of the Fund shares.","page_number":24,"box":{"x":61,"y":102,"width":276,"height":13}},{"id":"ebeca560-e244-4202-879c-a4d990236991","block_type":"box","text":"Absence of an Active Primary Market","page_number":24,"box":{"x":60,"y":134,"width":278,"height":12}},{"id":"a5b8d0ca-3a5f-484a-9b28-53063b3ea44c","block_type":"box","text":". Although Fund shares are listed for trading on one or more stock exchanges,","page_number":24,"box":{"x":339,"y":134,"width":584,"height":12}},{"id":"f46a1f1d-a6b1-4ba9-8dc7-2288743a8ef9","block_type":"box","text":"there can be no assurance that an active primary trading market for Fund shares will develop or be maintained by","page_number":24,"box":{"x":60,"y":149,"width":849,"height":12}},{"id":"ee9da163-cd5c-414b-aef0-03a8587b1eba","block_type":"box","text":"market makers or Authorized Participants.","page_number":24,"box":{"x":61,"y":165,"width":317,"height":11}},{"id":"c73c5558-ea14-4f00-bcc5-c195cbc7fcfe","block_type":"box","text":"Secondary Listing Risks","page_number":24,"box":{"x":61,"y":196,"width":179,"height":12}},{"id":"d1c75efa-af5f-461f-ab00-3636ac3d61dc","block_type":"box","text":". The Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other","page_number":24,"box":{"x":241,"y":196,"width":666,"height":12}},{"id":"b5accf91-985c-4028-8d58-4f0fb7f2e083","block_type":"box","text":"than the U.S. stock exchange where the Fund’s primary listing is maintained. Fund shares also may be available to","page_number":24,"box":{"x":60,"y":211,"width":859,"height":12}},{"id":"f80671c0-35f6-430f-9317-6660b5d5519d","block_type":"box","text":"non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no","page_number":24,"box":{"x":61,"y":227,"width":851,"height":12}},{"id":"7a6e911d-0293-4c2e-8fbe-2cbccf0a1f49","block_type":"box","text":"assurance that the Fund’s shares will continue to trade on any such stock exchange or in any market or that the","page_number":24,"box":{"x":61,"y":242,"width":834,"height":12}},{"id":"b66bfc67-6554-4738-b8e7-de7ccecbf1d5","block_type":"box","text":"Fund’s shares will continue to meet the requirements for exchange listing or market trading. The Fund’s shares may","page_number":24,"box":{"x":61,"y":258,"width":865,"height":12}},{"id":"1adb2557-a4cb-4758-ad13-256d0dde7bcd","block_type":"box","text":"be less actively traded in certain markets than in others, and investors are subject to the execution and settlement","page_number":24,"box":{"x":61,"y":273,"width":850,"height":12}},{"id":"048a45d2-a61c-498f-85ec-9fbecb980640","block_type":"box","text":"risks and market standards of the market where they or their broker direct their trades for execution. Certain","page_number":24,"box":{"x":61,"y":289,"width":805,"height":12}},{"id":"32c31392-5b40-486e-964e-b5a6e0abc98c","block_type":"box","text":"information that is available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market","page_number":24,"box":{"x":61,"y":304,"width":874,"height":12}},{"id":"32b8a9c8-e1a6-41a1-b1c6-e90684989f0b","block_type":"box","text":"hours may not be available to investors who trade in other markets, which may result in secondary market prices in","page_number":24,"box":{"x":61,"y":320,"width":858,"height":12}},{"id":"2ffb4326-f121-4556-9685-1e117b1c8ad6","block_type":"box","text":"such markets being less efficient.","page_number":24,"box":{"x":61,"y":335,"width":252,"height":12}},{"id":"18227f3b-78e2-4b2a-bd98-f5f45f949837","block_type":"box","text":"Secondary Market Trading Risk","page_number":24,"box":{"x":61,"y":366,"width":236,"height":12}},{"id":"77d48e61-2654-4fa3-aa52-e2456de8e8a5","block_type":"box","text":". Shares of the Fund may trade in the secondary market at times when the Fund does","page_number":24,"box":{"x":297,"y":366,"width":641,"height":12}},{"id":"fe44132c-3410-4918-8745-28219a300388","block_type":"box","text":"not accept orders to create or redeem shares. At such times, shares may trade in the secondary market with more","page_number":24,"box":{"x":61,"y":382,"width":853,"height":12}},{"id":"eda60a81-d0f9-4346-92e8-c286f2cc5cf8","block_type":"box","text":"significant premiums or discounts to NAV than might be experienced at times when the Fund accepts creation and","page_number":24,"box":{"x":61,"y":397,"width":853,"height":12}},{"id":"f5d40f69-3a95-4089-a95b-3fb8ee548976","block_type":"box","text":"redemption orders. Securities held by the Fund may be traded in markets that close at a different time than an","page_number":24,"box":{"x":61,"y":413,"width":821,"height":12}},{"id":"b3e5c115-c5b1-443a-8f83-bcff8e710683","block_type":"box","text":"exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable closing","page_number":24,"box":{"x":61,"y":428,"width":867,"height":12}},{"id":"7b071592-703f-48e4-8142-8497c2212af3","block_type":"box","text":"time. As a result, during the time when the exchange","page_number":24,"box":{"x":60,"y":444,"width":397,"height":12}},{"id":"6f389605-a4cb-4f1c-b2f4-f8b7025fecc1","block_type":"box","text":"is open but after the applicable market closing, fixing or","page_number":24,"box":{"x":458,"y":444,"width":414,"height":12}},{"id":"aa1cf545-83f7-4251-a111-ff3bb901615c","block_type":"box","text":"settlement time, there may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":24,"box":{"x":61,"y":459,"width":847,"height":12}},{"id":"484f50b2-e07c-43ea-97c7-eaf02e7063c6","block_type":"box","text":"In stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating","page_number":24,"box":{"x":62,"y":490,"width":862,"height":12}},{"id":"8e9890ea-4397-4e57-a1e7-726f63642812","block_type":"box","text":"liquidity in the markets for the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":24,"box":{"x":61,"y":506,"width":838,"height":12}},{"id":"0f105ad1-0542-479d-8b98-d63ab95189b7","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for","page_number":24,"box":{"x":61,"y":537,"width":849,"height":12}},{"id":"4c8726a0-5704-4595-94f3-5f85d85409cc","block_type":"box","text":"other reasons. In times of extraordinary market volatility, Fund shares may be subject to trading halts pursuant to","page_number":24,"box":{"x":61,"y":552,"width":843,"height":12}},{"id":"6e3f6372-ed86-40b9-96f2-9e3892e4cd7e","block_type":"box","text":"“circuit breaker” rules of a stock exchange or market. If there is a trading halt or unanticipated closure of an exchange","page_number":24,"box":{"x":61,"y":568,"width":876,"height":12}},{"id":"d176ce88-4e4b-4bca-a146-00815c769231","block_type":"box","text":"or market, an investor may be unable to purchase or sell Fund shares. In addition, if trading in certain securities or","page_number":24,"box":{"x":61,"y":583,"width":852,"height":12}},{"id":"d4c8cfcb-7489-451f-91d1-8f8f4c4b300c","block_type":"box","text":"financial instruments is restricted, this may disrupt the Fund’s creation/redemption process, affect the price at which","page_number":24,"box":{"x":60,"y":599,"width":863,"height":12}},{"id":"fe5bd68e-0a72-4bae-b742-8a0296044f79","block_type":"box","text":"Fund shares trade in the secondary market, and result in the Fund being unable to trade certain securities or financial","page_number":24,"box":{"x":61,"y":614,"width":877,"height":12}},{"id":"c6800387-5838-4208-8ca0-5bd3a0dcb4d3","block_type":"box","text":"instruments. In such circumstances, the Fund may be unable to rebalance its portfolio or accurately price its portfolio","page_number":24,"box":{"x":61,"y":630,"width":870,"height":12}},{"id":"48df404d-d674-4d69-86a3-fafcc31bb65f","block_type":"box","text":"holdings and may incur substantial trading losses","page_number":24,"box":{"x":61,"y":645,"width":370,"height":12}},{"id":"513618c0-d7b7-4423-9e88-d6b0180d75ce","block_type":"box","text":"Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore","page_number":24,"box":{"x":61,"y":676,"width":873,"height":12}},{"id":"3ef55afa-c3b4-4b43-a6ad-af353f363383","block_type":"box","text":"subject to the risk of increased volatility and price decreases associated with being sold short. In addition, trading","page_number":24,"box":{"x":61,"y":692,"width":837,"height":12}},{"id":"aa7090ec-45ce-465e-89d2-a9a1f2d65626","block_type":"box","text":"activity in derivative products based on the Fund may lead to increased trading volume and volatility in the secondary","page_number":24,"box":{"x":61,"y":707,"width":869,"height":12}},{"id":"99377a8b-d64a-442f-b10a-fd24d95973b6","block_type":"box","text":"market for the shares of the Fund.","page_number":24,"box":{"x":61,"y":723,"width":252,"height":9}},{"id":"db83f286-f5b3-4085-9d5d-d063fc3def30","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":24,"box":{"x":61,"y":754,"width":382,"height":12}},{"id":"4b7b299b-b093-4ec6-b119-c8ec0a5aa09b","block_type":"box","text":"V. Shares of the Fund trade on stock exchanges at prices at, above","page_number":24,"box":{"x":442,"y":754,"width":490,"height":12}},{"id":"686ac057-f157-4d80-9489-da645b1cf277","block_type":"box","text":"or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates","page_number":24,"box":{"x":61,"y":769,"width":859,"height":12}},{"id":"5d11046a-df9e-4cc1-a9b7-5661e9246f64","block_type":"box","text":"with changes in the market value of the Fund’s portfolio holdings. The trading price of the Fund’s shares fluctuates","page_number":24,"box":{"x":60,"y":785,"width":848,"height":12}},{"id":"db7e0e69-31eb-4e32-96d4-389b8dd58549","block_type":"box","text":"throughout trading hours based on both market supply of and demand for Fund shares and the underlying value of the","page_number":24,"box":{"x":60,"y":800,"width":878,"height":12}},{"id":"07edaf25-6db2-4b21-84b1-64f846a34112","block_type":"box","text":"Fund’s portfolio holdings or NAV. As a result, the trading prices of the Fund’s shares may deviate significantly from","page_number":24,"box":{"x":61,"y":816,"width":849,"height":12}},{"id":"1328d25e-db99-424c-99b8-5e1766a50be3","block_type":"box","text":"NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":24,"box":{"x":61,"y":831,"width":784,"height":12}},{"id":"296c8f51-1f3e-4795-acb9-bb801504e46e","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large","page_number":24,"box":{"x":61,"y":862,"width":841,"height":12}},{"id":"959b4da4-e215-46f2-85ab-b8f5ff53703e","block_type":"box","text":"discounts or premiums to the Fund’s NAV are not likely to be sustained over the long term (unlike shares of many","page_number":24,"box":{"x":61,"y":878,"width":847,"height":12}},{"id":"29d898ef-d208-42c1-bfc5-55e2a532fcec","block_type":"box","text":"closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAVs).","page_number":24,"box":{"x":61,"y":893,"width":870,"height":12}},{"id":"9f269fbf-f557-43b2-9c07-a6bd603cfb0c","block_type":"box","text":"While the creation/redemption feature is designed to make it more likely that a Fund’s shares normally will trade on","page_number":24,"box":{"x":60,"y":909,"width":852,"height":12}},{"id":"94fe0486-0120-43ff-88e3-942dd7eb9792","block_type":"box","text":"stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate","page_number":24,"box":{"x":61,"y":924,"width":845,"height":12}},{"id":"39bb3582-e49f-4122-a032-44b37d34449c","block_type":"box","text":"11","page_number":24,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"77353c39-3bb1-4410-a90b-209bea5741dd","block_type":"box","text":"NM1026U-6040015-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"31f46f57-5a14-40e2-be46-1e3a3de36651","block_type":"box","text":"exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition,","page_number":25,"box":{"x":61,"y":40,"width":848,"height":13}},{"id":"5aa03e13-3b13-47be-bcd5-402f8eb4f1a6","block_type":"box","text":"disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or other","page_number":25,"box":{"x":61,"y":56,"width":853,"height":12}},{"id":"e5848329-f44d-4139-8eb4-b50978f4c35c","block_type":"box","text":"market participants, and during periods of significant market volatility, may result in trading prices for shares of a Fund","page_number":25,"box":{"x":61,"y":71,"width":880,"height":13}},{"id":"5a83a9d7-a90d-4ecc-b2bf-5c67a0ee6243","block_type":"box","text":"that differ significantly from its NAV. Authorized Participants may be less willing to create or redeem a Fund’s shares if","page_number":25,"box":{"x":60,"y":87,"width":882,"height":12}},{"id":"41034e25-3b16-45e4-9694-b0d2f3b69ab7","block_type":"box","text":"there is a lack of an active market for such shares or the Fund’s underlying investments, which may contribute to the","page_number":25,"box":{"x":60,"y":102,"width":870,"height":13}},{"id":"f9b14e33-9dec-456e-9f12-4c1f1d14d8c8","block_type":"box","text":"Fund’s shares trading at a premium or discount to NAV.","page_number":25,"box":{"x":61,"y":118,"width":418,"height":12}},{"id":"a70152e4-653b-44ea-8d4a-f6ee334ffbad","block_type":"box","text":"Costs of Buying or Selling Fund Shares","page_number":25,"box":{"x":62,"y":147,"width":292,"height":12}},{"id":"8a150d10-7324-41b9-b937-f1c462428184","block_type":"box","text":". Buying or selling Fund shares on an exchange involves two types of costs","page_number":25,"box":{"x":355,"y":147,"width":563,"height":12}},{"id":"982e5e61-6ed1-44df-b855-2afb19292a3c","block_type":"box","text":"that apply to all securities transactions. When buying or selling Fund shares through a broker, you will likely incur a","page_number":25,"box":{"x":60,"y":162,"width":857,"height":12}},{"id":"191dcf55-f02c-43e3-aca8-e6ef2c94af7f","block_type":"box","text":"brokerage commission and other charges. In addition, you may incur the cost of the “spread,” which is the difference","page_number":25,"box":{"x":61,"y":178,"width":869,"height":12}},{"id":"1bc1c34c-a355-47db-9826-cffa83abb1db","block_type":"box","text":"between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to","page_number":25,"box":{"x":61,"y":193,"width":854,"height":12}},{"id":"ae85edac-ef02-4456-8c0e-d36ffba071ec","block_type":"box","text":"sell Fund shares (the “ask” price). The spread varies over","page_number":25,"box":{"x":61,"y":209,"width":431,"height":12}},{"id":"4d80b43d-fc31-435b-b1e2-e54a5f6cbb42","block_type":"box","text":"time for Fund shares based on trading volume and market","page_number":25,"box":{"x":493,"y":209,"width":437,"height":12}},{"id":"c666b723-f0aa-4d0a-851d-8ee7392551be","block_type":"box","text":"liquidity. It is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has","page_number":25,"box":{"x":61,"y":224,"width":857,"height":12}},{"id":"b129b6ac-072b-4db5-a550-e6666d78b9ba","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there","page_number":25,"box":{"x":61,"y":240,"width":868,"height":12}},{"id":"6afb2459-0af0-4d89-aad1-b370fd9215f7","block_type":"box","text":"may be regulatory and other charges that are incurred as a result of trading activity. Because of the costs inherent in","page_number":25,"box":{"x":61,"y":255,"width":869,"height":12}},{"id":"4ca7d4a6-55ea-4429-a97b-472248cebae2","block_type":"box","text":"buying or selling Fund shares, frequent trading may detract significantly from investment results, and an investment in","page_number":25,"box":{"x":61,"y":271,"width":879,"height":12}},{"id":"d6797cf5-bd91-478f-a905-d15ae9b5ebb6","block_type":"box","text":"Fund shares may not be advisable for investors who anticipate regularly making small investments through a","page_number":25,"box":{"x":61,"y":286,"width":812,"height":12}},{"id":"e6319a1b-3db0-4f1e-bea4-64dc0d701026","block_type":"box","text":"brokerage account.","page_number":25,"box":{"x":61,"y":302,"width":148,"height":12}},{"id":"8a634439-01a3-44c6-8bf3-53d4855b71c0","block_type":"box","text":"Master Limited Partnerships Risk","page_number":25,"box":{"x":61,"y":331,"width":266,"height":11}},{"id":"26b49b25-ae5e-4f40-aca9-bab80ffdedfb","block_type":"box","text":". The common units of a MLP are listed and traded on U.S. securities exchanges","page_number":25,"box":{"x":328,"y":331,"width":604,"height":12}},{"id":"5d3ca1e1-d191-47ea-aaa8-00f43357ca14","block_type":"box","text":"and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike","page_number":25,"box":{"x":61,"y":346,"width":857,"height":12}},{"id":"20233e1f-2749-43da-ad25-69e73d91f8b1","block_type":"box","text":"owners of common stock of a corporation, owners of common units have limited voting rights and have no ability to","page_number":25,"box":{"x":61,"y":362,"width":857,"height":12}},{"id":"75b87a46-7cc1-45f8-ae48-fb8e5dd156c8","block_type":"box","text":"annually elect directors. In the event of liquidation, common units have preference over subordinated units, but not","page_number":25,"box":{"x":61,"y":377,"width":854,"height":12}},{"id":"fa6a3319-c245-4a2a-98f6-acc4017eb00b","block_type":"box","text":"over debt or preferred units, to the remaining assets of the MLP.","page_number":25,"box":{"x":61,"y":393,"width":481,"height":12}},{"id":"d3a64d4c-5b65-49ef-9981-7ffc223a0a46","block_type":"box","text":"“New Issues” Risk","page_number":25,"box":{"x":61,"y":421,"width":148,"height":10}},{"id":"535eb580-dc5e-4c88-a6b2-cc2206cc577e","block_type":"box","text":". “New issues” are IPOs of equity securities. Investments in companies that have recently gone","page_number":25,"box":{"x":210,"y":421,"width":709,"height":12}},{"id":"f2c9fa18-6d22-47db-90ad-7668839362ea","block_type":"box","text":"public have the potential to produce substantial gains for the","page_number":25,"box":{"x":61,"y":437,"width":452,"height":12}},{"id":"6905ba61-65e1-46d7-baa3-045dbfdfe215","block_type":"box","text":"Fund. However, there is no assurance that the Fund will","page_number":25,"box":{"x":514,"y":437,"width":420,"height":11}},{"id":"01c03e05-bdba-4d83-b3b5-c62b67f5e8b1","block_type":"box","text":"have access to profitable IPOs and therefore investors should not rely on these past gains as an indication of future","page_number":25,"box":{"x":61,"y":452,"width":862,"height":12}},{"id":"349f1ed2-6917-464a-92cc-cf48466c9e18","block_type":"box","text":"performance. The investment performance of the Fund during periods when it is unable to invest significantly or at all","page_number":25,"box":{"x":61,"y":468,"width":872,"height":12}},{"id":"71272de3-7f03-431a-b7b0-6ead1e17b5d8","block_type":"box","text":"in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the Fund increases in size,","page_number":25,"box":{"x":61,"y":483,"width":866,"height":12}},{"id":"b3f2fc2c-fa56-44a1-b389-c27ac857b14a","block_type":"box","text":"the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in IPOs are subject to many","page_number":25,"box":{"x":60,"y":499,"width":872,"height":12}},{"id":"c578fdf4-c7d4-40bc-bade-00ba006993d3","block_type":"box","text":"of the same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have no","page_number":25,"box":{"x":61,"y":514,"width":850,"height":12}},{"id":"5c4d43bf-4049-4318-bf2f-12e3eb3f1ea6","block_type":"box","text":"trading history, and information about the companies may be available for very limited periods. In addition, the prices","page_number":25,"box":{"x":60,"y":530,"width":871,"height":12}},{"id":"395378b5-ca76-4fb9-8a69-1bfd0616a02b","block_type":"box","text":"of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. When an IPO is brought to the","page_number":25,"box":{"x":61,"y":545,"width":859,"height":12}},{"id":"adb11dac-45fc-4062-a6cb-362b984c7526","block_type":"box","text":"market, availability may be limited and the Fund may not be able to buy any shares at the offering price, or, if it is able","page_number":25,"box":{"x":61,"y":561,"width":879,"height":12}},{"id":"96fc7330-364d-4700-8307-1986fa4be732","block_type":"box","text":"to buy shares, it may not be able to buy as many shares at the offering price as it would like.","page_number":25,"box":{"x":60,"y":576,"width":690,"height":12}},{"id":"60b70cf7-44ae-409f-a8ed-c670e9083089","block_type":"box","text":"New Fund Risk.","page_number":25,"box":{"x":61,"y":605,"width":129,"height":10}},{"id":"d0a720f6-8595-47af-865e-737b62315e55","block_type":"box","text":"The Fund is new and has limited or no performance history as of the date of this prospectus. Like","page_number":25,"box":{"x":191,"y":605,"width":726,"height":12}},{"id":"a3f058d3-734c-4c5b-94a9-224690cf2661","block_type":"box","text":"other new funds, large inflows and outflows may impact the Fund’s market exposure, and in turn, the Fund’s returns","page_number":25,"box":{"x":61,"y":621,"width":864,"height":12}},{"id":"41caa3e1-8e16-4468-81ff-4be6d6400aa7","block_type":"box","text":"for limited periods of time. While the Fund is new, it","page_number":25,"box":{"x":60,"y":636,"width":386,"height":12}},{"id":"0987b1a3-4b24-4351-9611-f84ad555ec2f","block_type":"box","text":"may temporarily not be fully invested consistent with the principal","page_number":25,"box":{"x":447,"y":636,"width":487,"height":12}},{"id":"c601964d-a681-4cb8-8cf7-005ac825f267","block_type":"box","text":"investment strategies disclosed in its prospectus.","page_number":25,"box":{"x":61,"y":652,"width":369,"height":12}},{"id":"3b5ca58d-477a-4b8c-b79d-59a76b739ce3","block_type":"box","text":"Non-Diversification Risk","page_number":25,"box":{"x":61,"y":680,"width":194,"height":10}},{"id":"18510fa8-ac43-4a6c-9430-878b0832abb0","block_type":"box","text":". The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller","page_number":25,"box":{"x":256,"y":680,"width":679,"height":12}},{"id":"074f46e6-838a-4c7a-a5c5-b7c2c3d824cd","block_type":"box","text":"number of issuers, it may be more exposed to the risks associated with and developments affecting an individual","page_number":25,"box":{"x":61,"y":696,"width":836,"height":12}},{"id":"82ab828e-6fec-4732-aa61-5ab86ad07fbe","block_type":"box","text":"issuer than a fund that invests more widely.","page_number":25,"box":{"x":61,"y":711,"width":321,"height":12}},{"id":"2c93853c-ed99-4af5-8e6f-db226e19a381","block_type":"box","text":"Operational and Technology Risks","page_number":25,"box":{"x":61,"y":740,"width":275,"height":12}},{"id":"1598a717-9ca0-4bac-aadd-9a96f16575f9","block_type":"box","text":". The Fund and the entities with which it interacts directly or indirectly are","page_number":25,"box":{"x":338,"y":740,"width":540,"height":12}},{"id":"998588cc-ccc0-4962-8178-380a419819e1","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":25,"box":{"x":61,"y":756,"width":792,"height":12}},{"id":"2f161aa3-a07d-492a-bceb-eb029c5de02c","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for the","page_number":25,"box":{"x":61,"y":771,"width":864,"height":12}},{"id":"ab921972-8513-4c06-af1a-4befcc88a66d","block_type":"box","text":"Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the Fund’s","page_number":25,"box":{"x":61,"y":787,"width":852,"height":12}},{"id":"7915222f-ab37-44dc-a195-cd64a923669d","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants,","page_number":25,"box":{"x":61,"y":802,"width":809,"height":12}},{"id":"d4bd170f-a904-4a2e-bfa0-8f3466cfcc18","block_type":"box","text":"custodians, and transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants,","page_number":25,"box":{"x":61,"y":818,"width":844,"height":12}},{"id":"bbcb0fec-ec86-47c1-80ab-f2c8f054ae5b","block_type":"box","text":"listing exchanges, other financial market operators, and governmental authorities, as applicable. Operational and","page_number":25,"box":{"x":61,"y":833,"width":842,"height":12}},{"id":"4199cd04-7a07-4cc3-b690-5b26bdf0f4fc","block_type":"box","text":"technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such","page_number":25,"box":{"x":60,"y":849,"width":880,"height":12}},{"id":"8b8ba48a-d1bd-4215-bfe3-318197734290","block_type":"box","text":"issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may incur substantial costs in","page_number":25,"box":{"x":61,"y":864,"width":875,"height":12}},{"id":"4e143c95-542d-438e-9fad-49537e8aedab","block_type":"box","text":"order to mitigate operational and technology risks.","page_number":25,"box":{"x":61,"y":880,"width":376,"height":12}},{"id":"9a9a5370-f47f-46ae-93f0-c09b5ce1c0e6","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Fund","page_number":25,"box":{"x":61,"y":908,"width":867,"height":12}},{"id":"d741baf4-f692-49c7-9519-223a4a4c7027","block_type":"box","text":"invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to","page_number":25,"box":{"x":61,"y":924,"width":859,"height":12}},{"id":"a849098f-5cd3-426b-a330-77a5a85a95e0","block_type":"box","text":"12","page_number":25,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"75a5ff77-f840-413b-8b74-2251daaf4333","block_type":"box","text":"NM1026U-6040015-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f037ae01-076e-40f7-b87c-3f3c5fde99ce","block_type":"box","text":"systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational","page_number":26,"box":{"x":61,"y":40,"width":842,"height":13}},{"id":"fc7325c0-a10a-4c58-8729-21493a9b18b1","block_type":"box","text":"disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from","page_number":26,"box":{"x":61,"y":56,"width":879,"height":12}},{"id":"3dccb356-cfea-48ed-899d-f8c76ddeaaed","block_type":"box","text":"nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following:","page_number":26,"box":{"x":61,"y":71,"width":841,"height":13}},{"id":"f3345ee2-6d40-4aab-9367-2f7721b8e104","block_type":"box","text":"financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":26,"box":{"x":60,"y":87,"width":819,"height":12}},{"id":"aa7d30ec-4d67-4f1a-b091-1c1d2a2d60d5","block_type":"box","text":"impediments to trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders;","page_number":26,"box":{"x":61,"y":102,"width":872,"height":13}},{"id":"d30ef931-efc4-4cbb-b794-e75b4c52ccd9","block_type":"box","text":"the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws;","page_number":26,"box":{"x":60,"y":118,"width":862,"height":12}},{"id":"2d8c73f9-67e6-4914-8728-f24b26ba6881","block_type":"box","text":"regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and","page_number":26,"box":{"x":61,"y":134,"width":850,"height":12}},{"id":"70a455c5-1a72-44cf-823f-5479f85a30c4","block_type":"box","text":"compliance expenses. Furthermore, cybersecurity incidents may render records of the Fund, including records","page_number":26,"box":{"x":61,"y":149,"width":824,"height":12}},{"id":"1546b314-6744-4c20-83d6-05af5f0cafb0","block_type":"box","text":"relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to the Fund’s","page_number":26,"box":{"x":61,"y":165,"width":857,"height":12}},{"id":"b94864a5-04ab-4cd1-8379-768faa248231","block_type":"box","text":"functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and","page_number":26,"box":{"x":60,"y":180,"width":854,"height":12}},{"id":"934203ec-26d0-4874-99e2-ae1f23b5bf8c","block_type":"box","text":"processing errors that threaten information and technology systems relied upon by the Fund or its service providers,","page_number":26,"box":{"x":61,"y":196,"width":866,"height":12}},{"id":"a34353ea-f4d8-4b90-b8cc-0d9dfd9b8af2","block_type":"box","text":"as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or","page_number":26,"box":{"x":61,"y":211,"width":870,"height":12}},{"id":"30d6791f-cee4-4d34-9bbc-2ca83fd2be96","block_type":"box","text":"impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data","page_number":26,"box":{"x":61,"y":227,"width":869,"height":12}},{"id":"b1210e4c-d28f-44fa-9bfc-1ceb4a1034ec","block_type":"box","text":"risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on the collection","page_number":26,"box":{"x":61,"y":242,"width":862,"height":12}},{"id":"25decc26-6df8-41a4-8126-c976cc90180b","block_type":"box","text":"and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable","page_number":26,"box":{"x":61,"y":258,"width":875,"height":12}},{"id":"f10dc10f-3681-4e62-970a-b54b0dedb4a9","block_type":"box","text":"to incorporate all relevant data into such technologies. The output or results of any such AI technologies may","page_number":26,"box":{"x":60,"y":273,"width":813,"height":12}},{"id":"711c86a4-a016-4020-8b88-43257362a990","block_type":"box","text":"therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is","page_number":26,"box":{"x":60,"y":289,"width":879,"height":12}},{"id":"e17218b1-f3f8-4dc6-9caf-33f5f7b0d3ab","block_type":"box","text":"utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities","page_number":26,"box":{"x":61,"y":304,"width":866,"height":12}},{"id":"0f9e2ddb-ee61-43fb-90f7-900f26d49599","block_type":"box","text":"into infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":26,"box":{"x":61,"y":320,"width":875,"height":12}},{"id":"e232d6c6-bad4-449e-b988-972a3a345a66","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":26,"box":{"x":61,"y":335,"width":837,"height":12}},{"id":"2ffe9daf-af93-47d1-97af-ac1b451a14e5","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":26,"box":{"x":61,"y":351,"width":866,"height":12}},{"id":"cae6485b-304a-4823-8c26-c251c7feed45","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":26,"box":{"x":61,"y":366,"width":564,"height":12}},{"id":"a576d4b8-eea7-4a0a-9c5c-257e01e8af49","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":26,"box":{"x":60,"y":397,"width":783,"height":12}},{"id":"0fc58214-306a-428e-ad10-b672db3c61c7","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":26,"box":{"x":61,"y":413,"width":865,"height":12}},{"id":"8a07fbce-ee3f-4081-aa17-a344e7ef48bc","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":26,"box":{"x":60,"y":428,"width":855,"height":12}},{"id":"d714091a-fa99-45fa-8e62-1163f8c33f31","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":26,"box":{"x":60,"y":444,"width":791,"height":12}},{"id":"e05d47f1-a35a-4204-8a95-99f221f6da89","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":26,"box":{"x":61,"y":459,"width":873,"height":12}},{"id":"7662fe47-09da-4664-bcaf-ffca9d9ad1ac","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or may","page_number":26,"box":{"x":61,"y":475,"width":878,"height":12}},{"id":"ea9b46f6-c14c-4e1b-b21e-7fc04dbb3006","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects","page_number":26,"box":{"x":61,"y":490,"width":880,"height":12}},{"id":"20318112-5009-4c9d-8961-dee5060e1162","block_type":"box","text":"of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention and","page_number":26,"box":{"x":61,"y":506,"width":827,"height":12}},{"id":"f9047c37-531c-471a-b897-e060b07e737f","block_type":"box","text":"remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the systems,","page_number":26,"box":{"x":61,"y":521,"width":860,"height":12}},{"id":"767ee20c-e224-4112-85d6-bf8562c95b2d","block_type":"box","text":"information security or other cybersecurity of the issuers in which it invests or its service providers, counterparties,","page_number":26,"box":{"x":61,"y":537,"width":851,"height":12}},{"id":"a917ee2b-553b-43ef-921a-e9e5fde912af","block_type":"box","text":"and other third parties whose activities affect the Fund.","page_number":26,"box":{"x":61,"y":552,"width":412,"height":12}},{"id":"4e1406dd-0f26-4c85-8224-c3c53ecb5e87","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":26,"box":{"x":61,"y":583,"width":814,"height":12}},{"id":"e3a8ecf3-e719-4b1b-bd3d-f32bf1a270bf","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":26,"box":{"x":61,"y":599,"width":853,"height":12}},{"id":"9de862ac-e599-4e6d-990d-c17ca1a3f27b","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":26,"box":{"x":61,"y":614,"width":818,"height":12}},{"id":"2fdbec74-6227-442e-9f90-fb75ffaca38d","block_type":"box","text":"resources to monitor and implement required changes.","page_number":26,"box":{"x":61,"y":630,"width":412,"height":12}},{"id":"4456dcc1-0a0b-4e95-bf44-7a4a464d7adf","block_type":"box","text":"Preferred Securities Risk.","page_number":26,"box":{"x":61,"y":661,"width":203,"height":9}},{"id":"9991a4df-81c6-441d-95d6-078be1235a47","block_type":"box","text":"Preferred securities may pay fixed or adjustable rates of return. Preferred securities are","page_number":26,"box":{"x":271,"y":661,"width":648,"height":12}},{"id":"a090b862-ea56-476d-9b33-4300de46b923","block_type":"box","text":"subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred","page_number":26,"box":{"x":61,"y":676,"width":871,"height":12}},{"id":"bc55200d-de0a-4856-ab95-41bed56976a0","block_type":"box","text":"securities generally pay dividends only after the company makes required payments to holders of its bonds and other","page_number":26,"box":{"x":61,"y":692,"width":870,"height":12}},{"id":"cbe62d54-fa92-4f09-b4d1-0eeabd71ea19","block_type":"box","text":"debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to","page_number":26,"box":{"x":61,"y":707,"width":852,"height":12}},{"id":"3f2719cb-5db1-4ce4-a893-82d84812c0db","block_type":"box","text":"actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller","page_number":26,"box":{"x":61,"y":723,"width":810,"height":12}},{"id":"1c2986e2-25b9-45b9-9af1-69d1f4b82cff","block_type":"box","text":"companies may be more vulnerable to adverse developments than preferred securities of larger companies.","page_number":26,"box":{"x":61,"y":738,"width":801,"height":12}},{"id":"213f16d2-67f8-44d9-86bf-5ff279f2a6f3","block_type":"box","text":"Purchase and Sale Contracts Risk.","page_number":26,"box":{"x":61,"y":769,"width":276,"height":10}},{"id":"904a9d0c-f4eb-47a5-b25a-1d23895a700f","block_type":"box","text":"If the other party to a repurchase agreement or purchase and sale contract","page_number":26,"box":{"x":344,"y":769,"width":555,"height":12}},{"id":"4f74d043-6b12-41bb-888d-afe3fa40ad92","block_type":"box","text":"defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in","page_number":26,"box":{"x":61,"y":785,"width":798,"height":12}},{"id":"99ce245c-51e3-4cc0-bef9-d7adc1b7f4b4","block_type":"box","text":"exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market","page_number":26,"box":{"x":61,"y":800,"width":877,"height":12}},{"id":"0d39f9e5-b1e1-4f0e-b7a1-13b4fc386f21","block_type":"box","text":"value of the security declines, the Fund may lose money.","page_number":26,"box":{"x":60,"y":816,"width":422,"height":12}},{"id":"26407e2d-b035-4613-8b12-f7423ca332b7","block_type":"box","text":"Real Estate-Related Securities Risk.","page_number":26,"box":{"x":61,"y":847,"width":285,"height":9}},{"id":"4eed13b2-98df-46c4-a608-9dd92c6c7b66","block_type":"box","text":"The main risk of real estate-related securities is that the value of the","page_number":26,"box":{"x":347,"y":847,"width":515,"height":9}},{"id":"4b6db9d2-fb0e-4d85-8f93-a4ce68f0bc5c","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":26,"box":{"x":61,"y":862,"width":829,"height":12}},{"id":"5bf7723e-d5df-488f-8f3c-1f58d3a05f73","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":26,"box":{"x":61,"y":878,"width":857,"height":12}},{"id":"f9d1435a-2511-4bac-9f83-afe656795ab9","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":26,"box":{"x":61,"y":893,"width":848,"height":12}},{"id":"54a7222b-1293-45cd-b656-fd1ae0a096b8","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":26,"box":{"x":61,"y":909,"width":859,"height":12}},{"id":"3ef79f4d-54fd-4b9b-b44d-9c08f28cfee8","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":26,"box":{"x":61,"y":924,"width":846,"height":12}},{"id":"690e7b00-8262-44cd-a87a-70c4cee41f7a","block_type":"box","text":"13","page_number":26,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"585c9d51-0fc2-421e-b766-2179c97a41e5","block_type":"box","text":"NM1026U-6040015-26/40","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7563e541-8fd4-4ff3-8a17-1d661f280bd6","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":27,"box":{"x":61,"y":40,"width":818,"height":13}},{"id":"4d6a08d1-4a5e-44af-83b2-17e2910dc9da","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many issuers","page_number":27,"box":{"x":61,"y":56,"width":882,"height":12}},{"id":"05e7f0c3-ef19-4be9-af88-4f5688ae91b9","block_type":"box","text":"of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value","page_number":27,"box":{"x":61,"y":71,"width":875,"height":13}},{"id":"71e64b6d-ffc0-44ed-804a-83a8703138bf","block_type":"box","text":"of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such","page_number":27,"box":{"x":61,"y":87,"width":880,"height":12}},{"id":"aaa48fb5-5389-417d-a85d-624675185f94","block_type":"box","text":"securities. In addition, certain issuers of real estate-related securities may have developed or commenced","page_number":27,"box":{"x":61,"y":102,"width":791,"height":13}},{"id":"2b0290d6-a162-43bd-a4a4-ecd8266e031b","block_type":"box","text":"development on properties and may develop additional properties in the future. Real estate development involves","page_number":27,"box":{"x":61,"y":118,"width":847,"height":12}},{"id":"db406830-68b3-4d6b-9a3f-45256ef69146","block_type":"box","text":"significant risks in addition to those involved in the","page_number":27,"box":{"x":61,"y":134,"width":376,"height":12}},{"id":"34ad0178-960b-40a0-bf60-8d2a7a9c1005","block_type":"box","text":"ownership and operation of established properties. Real estate","page_number":27,"box":{"x":438,"y":134,"width":470,"height":11}},{"id":"8d18c5a2-a04b-45f3-94d0-af0aae55a623","block_type":"box","text":"securities may have limited diversification and are, therefore, subject to risks inherent in operating and financing a","page_number":27,"box":{"x":61,"y":149,"width":849,"height":12}},{"id":"624b5637-b1bb-4104-bfc3-c3a98b5345d8","block_type":"box","text":"limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by","page_number":27,"box":{"x":61,"y":165,"width":848,"height":12}},{"id":"ddd416dd-8411-49cb-8a91-71ddad4b08fb","block_type":"box","text":"borrowers or tenants.","page_number":27,"box":{"x":61,"y":180,"width":163,"height":10}},{"id":"d40389bd-d723-4a90-b16f-d3c76a060451","block_type":"box","text":"REIT Investment Risk.","page_number":27,"box":{"x":61,"y":211,"width":175,"height":10}},{"id":"85ff1d39-3d0f-491d-9acd-9c52f3f374e2","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in property","page_number":27,"box":{"x":237,"y":211,"width":663,"height":12}},{"id":"42903cc4-8f31-425c-a670-8894a4cbe621","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":27,"box":{"x":60,"y":227,"width":858,"height":12}},{"id":"bdbca5af-176e-4479-a824-788a4e15f469","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay their","page_number":27,"box":{"x":61,"y":242,"width":872,"height":12}},{"id":"750ae9c7-1bc9-47ed-bc57-1e3a79116944","block_type":"box","text":"loans or poor management, investments in REITs involve","page_number":27,"box":{"x":61,"y":258,"width":431,"height":12}},{"id":"d3939488-4aa2-4aa8-9662-47da08e98b64","block_type":"box","text":"unique risks. REITs may have limited financial resources,","page_number":27,"box":{"x":493,"y":258,"width":430,"height":12}},{"id":"d17717dd-0e7a-4083-b66e-20dd979a7298","block_type":"box","text":"may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more","page_number":27,"box":{"x":61,"y":273,"width":831,"height":12}},{"id":"1561bf8a-0041-4dc9-bf10-a5989324cb95","block_type":"box","text":"volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company","page_number":27,"box":{"x":60,"y":289,"width":830,"height":12}},{"id":"ce865687-648a-48f8-8f0c-df20336819d6","block_type":"box","text":"registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which allows REITs","page_number":27,"box":{"x":61,"y":304,"width":867,"height":12}},{"id":"8cb8ccd4-65f5-44a7-b193-b56fac049afe","block_type":"box","text":"to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT dividends received","page_number":27,"box":{"x":60,"y":320,"width":862,"height":12}},{"id":"0ea29f5d-ad81-4a0f-b0f3-9827638f70d7","block_type":"box","text":"by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":27,"box":{"x":61,"y":335,"width":831,"height":12}},{"id":"eb37f57d-4e11-4810-8ffe-44f77f77ed0f","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may","page_number":27,"box":{"x":61,"y":351,"width":839,"height":12}},{"id":"cb5e6a62-960c-4d06-9c8b-e533c5db29ef","block_type":"box","text":"claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company","page_number":27,"box":{"x":61,"y":366,"width":876,"height":12}},{"id":"f256269a-bc08-42be-8829-2d022ffdc142","block_type":"box","text":"may report dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":27,"box":{"x":61,"y":382,"width":880,"height":12}},{"id":"82ecf9ef-15eb-47f3-beae-9d251cc4f86b","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":27,"box":{"x":60,"y":397,"width":854,"height":12}},{"id":"0049650b-074d-4e6a-8ad2-25b0f96f3ddd","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable holding","page_number":27,"box":{"x":60,"y":413,"width":882,"height":12}},{"id":"1cf26dee-c988-4149-a609-22375daed3f1","block_type":"box","text":"period requirements.","page_number":27,"box":{"x":61,"y":428,"width":158,"height":12}},{"id":"a3e3667f-a966-4297-b7c6-63f43c61cfbf","block_type":"box","text":"Restricted Securities Risk.","page_number":27,"box":{"x":61,"y":459,"width":210,"height":10}},{"id":"0af43f51-c743-434a-96af-a164eaeec2a6","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of restricted","page_number":27,"box":{"x":273,"y":459,"width":659,"height":12}},{"id":"da0bfcd4-43e4-4443-a19e-d3dc4abad43e","block_type":"box","text":"securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund from","page_number":27,"box":{"x":61,"y":475,"width":822,"height":12}},{"id":"ad1f2365-08c0-488b-99ba-6d36eb95dbb0","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":27,"box":{"x":61,"y":490,"width":859,"height":12}},{"id":"3c41be14-8f64-4edf-8fcb-15cfbdb18cf9","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":27,"box":{"x":61,"y":506,"width":854,"height":12}},{"id":"22d5a50f-6fa4-4bb1-b85e-2dcd4eb3bbee","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":27,"box":{"x":61,"y":521,"width":851,"height":12}},{"id":"15c9ff09-f70d-4647-8600-7c21e562b11a","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":27,"box":{"x":60,"y":537,"width":843,"height":12}},{"id":"b29b92d7-0fe7-4ec7-a209-ff8de2b18ab0","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":27,"box":{"x":61,"y":552,"width":832,"height":12}},{"id":"b0ecb8ec-8d7a-49dc-b6ed-a11457c9ad4e","block_type":"box","text":"regarding the investment’s market or fair value, and the securities’ values may have significant volatility. Also, the","page_number":27,"box":{"x":61,"y":568,"width":845,"height":12}},{"id":"574000c0-0670-400f-aa6a-d7366120def9","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able to","page_number":27,"box":{"x":61,"y":583,"width":882,"height":12}},{"id":"d18c4215-8756-42bf-8ff7-557d4c9847b7","block_type":"box","text":"determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which more","page_number":27,"box":{"x":61,"y":599,"width":881,"height":12}},{"id":"ac814c13-5358-40b5-aa3f-c722e7ca64f0","block_type":"box","text":"information is available. Certain restricted securities may involve a high degree of business and financial risk and may","page_number":27,"box":{"x":61,"y":614,"width":878,"height":12}},{"id":"85040e8d-b929-49f7-8490-6e4779ab6669","block_type":"box","text":"result in substantial losses to the Fund. Certain restricted securities may represent limited investment opportunities","page_number":27,"box":{"x":61,"y":630,"width":856,"height":12}},{"id":"1f172cd5-f616-4a96-815e-55da81c905ae","block_type":"box","text":"and each shareholder’s proportionate investment exposure to such limited investment opportunities may be reduced","page_number":27,"box":{"x":61,"y":645,"width":867,"height":12}},{"id":"56a1f3f8-9dec-4376-ab94-fec400f458c5","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by other","page_number":27,"box":{"x":61,"y":661,"width":805,"height":12}},{"id":"b0c42c89-4846-407e-aefa-53ca41badd47","block_type":"box","text":"shareholders.","page_number":27,"box":{"x":61,"y":676,"width":100,"height":10}},{"id":"31745b47-d8e5-4635-92bc-4f953142156b","block_type":"box","text":"Risk of Investing in the United States.","page_number":27,"box":{"x":61,"y":707,"width":299,"height":12}},{"id":"a87bc550-2bc6-4564-89c2-50bf2b4ca571","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":27,"box":{"x":366,"y":707,"width":517,"height":12}},{"id":"a50b1341-1bd5-40bd-9600-73c607b2e9ea","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy","page_number":27,"box":{"x":61,"y":723,"width":867,"height":12}},{"id":"40786227-ea06-4759-a35e-eb9e0e468a02","block_type":"box","text":"and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United","page_number":27,"box":{"x":61,"y":738,"width":827,"height":12}},{"id":"8cd8bf69-6f2d-4a51-b03f-a8912cddd7e0","block_type":"box","text":"States are changing many aspects of financial, commercial, public health, environmental, and other regulation and","page_number":27,"box":{"x":61,"y":754,"width":847,"height":12}},{"id":"b5e3d2b9-4c9f-497e-9c00-955d4b0d3e45","block_type":"box","text":"may have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental","page_number":27,"box":{"x":61,"y":769,"width":853,"height":12}},{"id":"c297e5f6-df56-491b-b421-9bde6390cd2d","block_type":"box","text":"agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future.","page_number":27,"box":{"x":61,"y":785,"width":869,"height":12}},{"id":"67358351-3637-4c3c-80d2-982126a07c2f","block_type":"box","text":"Although elevated debt levels do not necessarily indicate or cause economic problems, elevated public debt service","page_number":27,"box":{"x":60,"y":800,"width":859,"height":12}},{"id":"0b4b4b5c-5a61-4634-a1f6-d3b1f61cb73d","block_type":"box","text":"costs may constrain future economic growth.","page_number":27,"box":{"x":61,"y":816,"width":331,"height":12}},{"id":"f9660950-a6c1-4f56-b456-9890fea7188e","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":27,"box":{"x":60,"y":847,"width":860,"height":12}},{"id":"8dff6bee-56b4-43e9-9ac8-636226f85171","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United","page_number":27,"box":{"x":61,"y":862,"width":870,"height":12}},{"id":"d1356669-cec3-46cb-87db-33d5f4fff8ac","block_type":"box","text":"States for trade. The United States has also experienced increased internal unrest and political discord. If these","page_number":27,"box":{"x":61,"y":878,"width":833,"height":12}},{"id":"9a412060-1924-4abc-a1e7-455a0e021e28","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the Fund","page_number":27,"box":{"x":60,"y":893,"width":835,"height":12}},{"id":"dc8c5332-13ff-4a96-9ec6-8dccce9acfc7","block_type":"box","text":"invests.","page_number":27,"box":{"x":61,"y":909,"width":55,"height":9}},{"id":"45aee754-91c0-4484-bdb9-78fad329877e","block_type":"box","text":"14","page_number":27,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"97103789-41c1-4a17-b7d5-8bb44e52017a","block_type":"box","text":"NM1026U-6040015-27/40","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1d88eff6-0345-4795-b02c-f486f7648192","block_type":"box","text":"Robotics-Related Companies Risk.","page_number":28,"box":{"x":61,"y":40,"width":277,"height":12}},{"id":"a1a0a1aa-aa21-42d4-9e40-84ce29e9ee96","block_type":"box","text":"Companies involved in, or exposed to, robotics-related businesses may have","page_number":28,"box":{"x":339,"y":40,"width":582,"height":13}},{"id":"78d454b5-4366-4127-9885-71918e8b2b80","block_type":"box","text":"limited product lines, markets, financial resources or personnel. These companies face intense competition and","page_number":28,"box":{"x":61,"y":56,"width":831,"height":12}},{"id":"f2d2f699-0f6e-4271-9e9f-80c08283b90b","block_type":"box","text":"potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of","page_number":28,"box":{"x":61,"y":71,"width":881,"height":13}},{"id":"a38443a7-ce57-448d-b420-3e33517d9092","block_type":"box","text":"their respective products and services. Many of these companies are also reliant on the end-user demand of products","page_number":28,"box":{"x":60,"y":87,"width":880,"height":12}},{"id":"4baae7d9-bd81-4b45-8d09-38d30e6ddda1","block_type":"box","text":"and services in various industries that may in part","page_number":28,"box":{"x":61,"y":103,"width":372,"height":12}},{"id":"fa65ab42-b678-45d2-af6f-f9d0f44029f5","block_type":"box","text":"utilize robotics. Further, many companies involved in, or exposed","page_number":28,"box":{"x":435,"y":103,"width":487,"height":12}},{"id":"c77614f4-a4f7-4f7a-a12c-822d37d1cf67","block_type":"box","text":"to, robotics-related businesses (as determined by the Investment Manager) may be substantially exposed to the","page_number":28,"box":{"x":60,"y":118,"width":837,"height":12}},{"id":"da08ff1c-31ca-4adb-9010-1541c2c1e762","block_type":"box","text":"market and business risks of other industries or sectors, and the Fund may be adversely affected by negative","page_number":28,"box":{"x":61,"y":134,"width":816,"height":12}},{"id":"2a476441-b03e-46e6-956f-a98c54e365ae","block_type":"box","text":"developments impacting those companies, industries or sectors.","page_number":28,"box":{"x":61,"y":149,"width":482,"height":12}},{"id":"8a0b7508-78a3-49aa-ae47-1a92905d9220","block_type":"box","text":"In addition, these companies are heavily dependent on intellectual property rights and may be adversely affected by","page_number":28,"box":{"x":62,"y":180,"width":864,"height":12}},{"id":"2cfdbb6b-ef05-4f8d-8c59-534b503b206f","block_type":"box","text":"loss or impairment of those rights. There can be no assurance that companies involved in robotics will be able to","page_number":28,"box":{"x":61,"y":196,"width":839,"height":12}},{"id":"903b4571-8fe5-4bef-b812-0ce98a7b78ad","block_type":"box","text":"successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors","page_number":28,"box":{"x":61,"y":211,"width":867,"height":12}},{"id":"e304bbba-da84-4cfc-a321-a4407a1cbd0a","block_type":"box","text":"will not develop technology that is substantially similar or superior to such companies’ technology. Legal and","page_number":28,"box":{"x":60,"y":227,"width":809,"height":12}},{"id":"7408f1ac-b538-40ff-9cc5-89589f15399a","block_type":"box","text":"regulatory changes, particularly related to information privacy and data protection, may have an impact on a","page_number":28,"box":{"x":61,"y":242,"width":805,"height":12}},{"id":"a34862c0-dfc9-4f31-a8cf-6b9812ba214f","block_type":"box","text":"company’s products or services. Robotics-related companies typically engage in significant amounts of spending on","page_number":28,"box":{"x":61,"y":258,"width":864,"height":12}},{"id":"b14ada99-d0b7-4ad4-824f-fb1307c0a195","block_type":"box","text":"research and development, and there is no guarantee that the products or services produced by these companies will","page_number":28,"box":{"x":61,"y":273,"width":878,"height":12}},{"id":"55e1ef33-c25c-4104-931c-5c8d745569ab","block_type":"box","text":"be successful. Robotics-related companies, especially smaller companies, tend to be more volatile than companies","page_number":28,"box":{"x":61,"y":289,"width":860,"height":12}},{"id":"876e2cc3-d7e8-419d-ac72-731bf9f2b689","block_type":"box","text":"that do not rely heavily on technology. Robotics-related companies are potential targets for cyberattacks, which can","page_number":28,"box":{"x":60,"y":304,"width":862,"height":12}},{"id":"f59ec02d-4a5b-4585-a398-e2d8891a6b1b","block_type":"box","text":"have a materially adverse impact on the performance of these companies.","page_number":28,"box":{"x":61,"y":320,"width":556,"height":12}},{"id":"ed36cec4-e472-4858-a596-5f38bba74ca2","block_type":"box","text":"Robotics technology could face increasing regulatory scrutiny in the future, which may limit the development of this","page_number":28,"box":{"x":61,"y":351,"width":856,"height":12}},{"id":"64df2835-2b55-422e-93a7-2ef72d49f20d","block_type":"box","text":"technology and impede the growth of companies that develop and/or utilize this technology.","page_number":28,"box":{"x":60,"y":366,"width":685,"height":12}},{"id":"f9f7813b-bebb-431c-8562-c41b39491840","block_type":"box","text":"Small and Mid-Capitalization Company Risk.","page_number":28,"box":{"x":61,"y":397,"width":353,"height":12}},{"id":"a004acd9-ccfc-40ed-8f01-65dccf28485b","block_type":"box","text":"Companies with small or mid-size market capitalizations will normally","page_number":28,"box":{"x":415,"y":397,"width":523,"height":12}},{"id":"69c9d54f-9cf0-4a31-b2ec-3af4e6bf9d6d","block_type":"box","text":"have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":28,"box":{"x":61,"y":413,"width":805,"height":12}},{"id":"9ad691e7-db2d-43e6-b475-d6e16332165a","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":28,"box":{"x":61,"y":428,"width":844,"height":12}},{"id":"a2df41aa-54c2-4f13-a16e-3e359716b688","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":28,"box":{"x":61,"y":444,"width":864,"height":12}},{"id":"7ab99001-eeb2-415a-b7ab-b8beba7bba4d","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":28,"box":{"x":61,"y":459,"width":513,"height":12}},{"id":"810f9e96-0502-4086-887b-3e8659fea267","block_type":"box","text":"Small Fund Risk.","page_number":28,"box":{"x":61,"y":490,"width":134,"height":10}},{"id":"076fdba7-920f-4913-b9ec-5eb401a32049","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask","page_number":28,"box":{"x":196,"y":490,"width":706,"height":12}},{"id":"a78bc5f0-9897-4bc2-949a-d7328cff0120","block_type":"box","text":"spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or","page_number":28,"box":{"x":61,"y":506,"width":877,"height":12}},{"id":"c903bc60-a1a0-4d0b-a7fc-06ec657fc50e","block_type":"box","text":"with a larger asset base. In addition, the Fund may face the risk of being delisted if it does not meet certain","page_number":28,"box":{"x":60,"y":521,"width":798,"height":12}},{"id":"22a0086d-c871-4d4f-8922-2182f8d8d60f","block_type":"box","text":"requirements set by the listing exchange. If the Fund were required to delist from the listing exchange, the Fund’s","page_number":28,"box":{"x":61,"y":537,"width":845,"height":12}},{"id":"de52ccbf-c0a4-424d-b02c-a7ad4a2dd159","block_type":"box","text":"value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of the Fund could","page_number":28,"box":{"x":60,"y":552,"width":882,"height":12}},{"id":"8560e265-e06c-437e-924a-7be0c1ff9fb2","block_type":"box","text":"lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":28,"box":{"x":61,"y":568,"width":743,"height":12}},{"id":"604d3a11-8d56-487c-9df3-5e17aa368829","block_type":"box","text":"Technology Companies Risk.","page_number":28,"box":{"x":60,"y":599,"width":234,"height":12}},{"id":"39329a33-10ed-448f-951e-2b0ec9337027","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances","page_number":28,"box":{"x":295,"y":599,"width":625,"height":12}},{"id":"69ad90e9-79ff-4879-9bbb-6815083f7c76","block_type":"box","text":"may have limited product lines, markets, financial resources and personnel. These companies may face rapid product","page_number":28,"box":{"x":61,"y":614,"width":879,"height":12}},{"id":"2d3e47ad-4c45-43a3-9575-3ba97acf44fc","block_type":"box","text":"obsolescence as well as unexpected risks and costs related to new product introduction and technological","page_number":28,"box":{"x":61,"y":630,"width":792,"height":12}},{"id":"8b092772-3f7b-496c-8030-abbe4b4552e1","block_type":"box","text":"developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected","page_number":28,"box":{"x":61,"y":645,"width":875,"height":12}},{"id":"ced1d1fa-102d-4e56-8469-3bc266af348d","block_type":"box","text":"by disruptions to supply chains and distribution networks as well as issues at third-party partners. They are heavily","page_number":28,"box":{"x":61,"y":661,"width":849,"height":12}},{"id":"2cf89ec6-766d-40c3-8e2a-ac9af7bd5800","block_type":"box","text":"dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely","page_number":28,"box":{"x":61,"y":676,"width":857,"height":12}},{"id":"5d02bb53-dc54-4248-a385-d634938f7782","block_type":"box","text":"affect their profitability. Technology companies may face increased government scrutiny and may be subject to","page_number":28,"box":{"x":61,"y":692,"width":821,"height":12}},{"id":"0c47b641-2dbb-4b55-9d81-8cc784b5709e","block_type":"box","text":"adverse government or legal action. These companies also may be adversely affected by, among other things, actual","page_number":28,"box":{"x":61,"y":707,"width":870,"height":12}},{"id":"10deb649-e64e-476d-95c9-cb669e6116e9","block_type":"box","text":"or perceived security vulnerabilities or other defects in their products and services, which may result in lawsuits,","page_number":28,"box":{"x":61,"y":723,"width":827,"height":12}},{"id":"2786d942-52e8-4700-a327-e590172bf4a3","block_type":"box","text":"government enforcement actions and other remediation costs.","page_number":28,"box":{"x":61,"y":738,"width":460,"height":12}},{"id":"b45bcd10-6f85-4853-badd-9d0a86b6ce56","block_type":"box","text":"Telecommunications Risk.","page_number":28,"box":{"x":60,"y":769,"width":211,"height":10}},{"id":"0ebc7535-e2db-4f27-90d5-65dff06c6ad6","block_type":"box","text":"The telecommunications industry is subject to governmental regulation and a greater","page_number":28,"box":{"x":278,"y":769,"width":629,"height":12}},{"id":"70976f37-c9ea-4c7c-b9bc-a554d46bbb81","block_type":"box","text":"price volatility than the overall market and the products and services of telecommunications companies may be","page_number":28,"box":{"x":61,"y":785,"width":823,"height":12}},{"id":"7c586279-8341-40b9-9355-6781aba13da8","block_type":"box","text":"subject to rapid obsolescence resulting from changing consumer tastes, intense competition, and strong market","page_number":28,"box":{"x":61,"y":800,"width":828,"height":12}},{"id":"f2e95d0b-22b6-4dc3-ae2b-86587881e5db","block_type":"box","text":"reactions to technological developments throughout the industry. Companies in the telecommunications sector may","page_number":28,"box":{"x":61,"y":816,"width":856,"height":12}},{"id":"1362ad01-df69-418b-b0fe-df277fc9867b","block_type":"box","text":"encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition,","page_number":28,"box":{"x":61,"y":831,"width":819,"height":12}},{"id":"8fb0a4fc-8d77-44b9-8d2b-9c5d2391b91b","block_type":"box","text":"particularly in formulating new products and services using new technology. The telecommunications industry is also","page_number":28,"box":{"x":61,"y":847,"width":869,"height":12}},{"id":"c18f9be0-3fdb-4089-a406-eb5fe987e19e","block_type":"box","text":"heavily regulated. Certain companies in the United States, for example, are subject to both state and federal","page_number":28,"box":{"x":61,"y":862,"width":808,"height":12}},{"id":"caf8779b-0cc6-4ae8-8ab0-0ffd02b7ed37","block_type":"box","text":"regulations affecting permitted rates of return and the kinds of services that may be offered.","page_number":28,"box":{"x":61,"y":878,"width":684,"height":12}},{"id":"9f62245f-6227-4362-a677-72e587bb8446","block_type":"box","text":"Valuation Risk.","page_number":28,"box":{"x":60,"y":909,"width":120,"height":9}},{"id":"512cc798-0076-46aa-9991-fb3d25d72532","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset","page_number":28,"box":{"x":186,"y":909,"width":744,"height":12}},{"id":"24244a35-c3ff-460e-be4e-ba70439060d7","block_type":"box","text":"may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade","page_number":28,"box":{"x":61,"y":924,"width":867,"height":12}},{"id":"03474a97-459e-4d8d-8302-7960932b055c","block_type":"box","text":"15","page_number":28,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"4499be6a-c404-4978-9356-66f97a6ebc5c","block_type":"box","text":"NM1026U-6040015-28/40","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7c9a0d9a-987e-4da2-825c-79357130dabf","block_type":"box","text":"in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. exchanges or","page_number":29,"box":{"x":61,"y":40,"width":867,"height":13}},{"id":"dee614e4-2238-49a1-a5f1-1310d1949610","block_type":"box","text":"markets may be open on days or during time periods when the Fund does not price its shares, the value of the","page_number":29,"box":{"x":61,"y":56,"width":825,"height":12}},{"id":"cab79670-c3c8-4771-be96-1677f9587824","block_type":"box","text":"securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not","page_number":29,"box":{"x":61,"y":71,"width":858,"height":13}},{"id":"7ad98cb1-60a4-43e1-adf1-e45eefd104c4","block_type":"box","text":"able to purchase or sell Fund shares.","page_number":29,"box":{"x":61,"y":87,"width":281,"height":12}},{"id":"b3decf77-44e2-40a2-8fef-68a71b3d4a65","block_type":"box","text":"Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair-valued securities or","page_number":29,"box":{"x":60,"y":118,"width":876,"height":12}},{"id":"30e1f49c-37b3-4fdd-9398-04098876d985","block_type":"box","text":"other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have","page_number":29,"box":{"x":61,"y":134,"width":827,"height":12}},{"id":"849a32c3-f0ba-4375-bdc3-0972205675b3","block_type":"box","text":"received had the securities or other assets not been fair valued or been valued using a different methodology. The","page_number":29,"box":{"x":61,"y":149,"width":853,"height":12}},{"id":"6433f79c-bb16-4bc3-8756-cefe47eb47b0","block_type":"box","text":"ability to value investments may be impacted by technological issues or errors by pricing services or other third-party","page_number":29,"box":{"x":61,"y":165,"width":870,"height":12}},{"id":"88f1bc91-0c63-4770-8569-f3216b0841a7","block_type":"box","text":"service providers.","page_number":29,"box":{"x":61,"y":180,"width":136,"height":12}},{"id":"535d5897-54ca-4459-a5f9-66efefe79eb1","block_type":"box","text":"Warrants Risk.","page_number":29,"box":{"x":60,"y":211,"width":117,"height":10}},{"id":"622256b1-0a57-4f1b-b74c-2bb966a03bdb","block_type":"box","text":"If the price of the underlying stock does not rise above the exercise price before the warrant expires,","page_number":29,"box":{"x":178,"y":211,"width":755,"height":12}},{"id":"883862bc-bfd8-4b67-a1f2-0bc31fb40572","block_type":"box","text":"the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. Thus,","page_number":29,"box":{"x":60,"y":227,"width":830,"height":12}},{"id":"a591b4e9-5a3d-4e0a-8b38-024e3332b8bc","block_type":"box","text":"investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade","page_number":29,"box":{"x":61,"y":242,"width":866,"height":12}},{"id":"d7381b1d-9088-4ac5-88e2-5e593116d8a9","block_type":"box","text":"in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the","page_number":29,"box":{"x":61,"y":258,"width":863,"height":12}},{"id":"f15d4b79-d490-466c-b544-3a315de23bdd","block_type":"box","text":"price of the underlying stock.","page_number":29,"box":{"x":61,"y":273,"width":218,"height":12}},{"id":"9406d7eb-f8de-4d6a-a6c9-3feb376f7070","block_type":"box","text":"A Further Discussion of Other Risks","page_number":29,"box":{"x":60,"y":311,"width":354,"height":12}},{"id":"3d59e15c-2d9f-4cf3-8136-12daf2397014","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":29,"box":{"x":60,"y":334,"width":842,"height":12}},{"id":"aa256d98-ebfd-47b6-bb8e-d881363164b7","block_type":"box","text":"strategies.","page_number":29,"box":{"x":61,"y":350,"width":81,"height":12}},{"id":"b75ff299-69da-406b-9381-d29d0c068ee2","block_type":"box","text":"Borrowing Risk.","page_number":29,"box":{"x":61,"y":381,"width":127,"height":12}},{"id":"2bf99d32-61b9-4c32-8c80-44d1b6850f0f","block_type":"box","text":"Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on the","page_number":29,"box":{"x":189,"y":381,"width":739,"height":12}},{"id":"d34397e4-681f-461d-b452-835fcc1220a6","block_type":"box","text":"Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the","page_number":29,"box":{"x":61,"y":396,"width":880,"height":12}},{"id":"0e96302f-354f-438d-aca6-48cb337d587d","block_type":"box","text":"Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to","page_number":29,"box":{"x":61,"y":412,"width":842,"height":12}},{"id":"32be0d56-dc3e-4f60-98e7-2d42ae804896","block_type":"box","text":"satisfy its obligations.","page_number":29,"box":{"x":61,"y":427,"width":163,"height":12}},{"id":"ad8e350f-2901-4956-b6ee-2a563a5b163a","block_type":"box","text":"Expense Risk.","page_number":29,"box":{"x":61,"y":459,"width":112,"height":11}},{"id":"bbba0b92-28a0-49e6-9ccb-f07c8f110613","block_type":"box","text":"Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":29,"box":{"x":174,"y":459,"width":725,"height":12}},{"id":"c6ee1014-a3e6-43ad-8662-0a576ca37a48","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":29,"box":{"x":60,"y":474,"width":872,"height":12}},{"id":"1491e027-ca2d-4eaf-b0c0-2f129cc6dfb5","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":29,"box":{"x":61,"y":490,"width":851,"height":12}},{"id":"180ab7f6-3063-49d5-8938-d61108050e0c","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":29,"box":{"x":61,"y":505,"width":821,"height":12}},{"id":"97f99122-22b5-4ec0-b9de-a249e200e656","block_type":"box","text":"significant.","page_number":29,"box":{"x":61,"y":521,"width":83,"height":12}},{"id":"a074fad2-43f9-466f-bdf9-b0e23d1c6e24","block_type":"box","text":"Illiquid Investments Risk.","page_number":29,"box":{"x":61,"y":552,"width":200,"height":12}},{"id":"b6f7135e-1617-44b9-b96d-c6803e2b03bd","block_type":"box","text":"The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":29,"box":{"x":262,"y":552,"width":671,"height":12}},{"id":"5ba4a7fa-09ad-423d-836d-f4ab5003c1d5","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":29,"box":{"x":61,"y":567,"width":819,"height":12}},{"id":"3d5f9ac5-923e-4e3f-9f83-89941c1a7cba","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold","page_number":29,"box":{"x":61,"y":583,"width":453,"height":12}},{"id":"a093018c-fb86-44fe-b449-76167ac0e3f3","block_type":"box","text":"or disposed of in current market conditions in seven","page_number":29,"box":{"x":515,"y":583,"width":388,"height":12}},{"id":"b968e08e-a9d4-411a-8a52-15d065370fd4","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":29,"box":{"x":61,"y":598,"width":869,"height":12}},{"id":"f1ff3cd1-99ce-46c8-ae47-292592fb1d42","block_type":"box","text":"investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can","page_number":29,"box":{"x":61,"y":614,"width":869,"height":12}},{"id":"b78c2ff0-1046-40a6-aa96-6757dfeb1327","block_type":"box","text":"be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":29,"box":{"x":61,"y":629,"width":877,"height":12}},{"id":"7ada4949-2fe6-4a4d-9b57-d6beb2ee242e","block_type":"box","text":"as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid","page_number":29,"box":{"x":61,"y":645,"width":806,"height":12}},{"id":"8e751a3b-d3a3-492c-ab59-e3e6b0586085","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce the","page_number":29,"box":{"x":61,"y":660,"width":874,"height":12}},{"id":"35f5a979-8fd4-46cd-af86-455589ae2c01","block_type":"box","text":"returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In","page_number":29,"box":{"x":61,"y":676,"width":835,"height":12}},{"id":"19faf3f5-1a23-4ea0-9bd6-242812271797","block_type":"box","text":"addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are","page_number":29,"box":{"x":61,"y":691,"width":837,"height":12}},{"id":"2aed2c84-d7b0-41bc-88dd-b71b0a0f7b8e","block_type":"box","text":"redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid","page_number":29,"box":{"x":61,"y":707,"width":843,"height":12}},{"id":"d5f9f173-8718-4321-b9b5-a52a7e81d95e","block_type":"box","text":"securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. An","page_number":29,"box":{"x":61,"y":722,"width":858,"height":12}},{"id":"a4724cdd-3a09-4f12-9a68-aba1629a0402","block_type":"box","text":"investment may be illiquid due to, among other things, the lack of an active trading market. To the extent that the","page_number":29,"box":{"x":61,"y":738,"width":836,"height":12}},{"id":"57de1a57-ed30-4035-a5ac-9a4ef1064440","block_type":"box","text":"Fund’s principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the","page_number":29,"box":{"x":61,"y":753,"width":856,"height":12}},{"id":"926f5a2e-4f9c-497f-9f60-71d0ec19fbb4","block_type":"box","text":"Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid investments may be","page_number":29,"box":{"x":61,"y":769,"width":857,"height":12}},{"id":"821bec77-23fc-408f-bd4c-3b5293b5ef58","block_type":"box","text":"harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet","page_number":29,"box":{"x":61,"y":784,"width":790,"height":12}},{"id":"f9ac8345-e02f-485a-901d-83708a9cb81d","block_type":"box","text":"redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the","page_number":29,"box":{"x":61,"y":800,"width":848,"height":12}},{"id":"bb23c023-d308-478b-9940-a06b34ef6e37","block_type":"box","text":"market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale","page_number":29,"box":{"x":61,"y":815,"width":870,"height":12}},{"id":"499c3754-88ff-489e-9bdb-2b6342bb1382","block_type":"box","text":"restrictions. During periods of market volatility, liquidity in the","page_number":29,"box":{"x":61,"y":831,"width":455,"height":12}},{"id":"0db64bd1-8e69-4571-b6a0-5b7148cb4430","block_type":"box","text":"market for the Fund’s shares may be impacted by the","page_number":29,"box":{"x":517,"y":831,"width":401,"height":12}},{"id":"4ad031c0-a891-488c-b822-c71f5935a6ee","block_type":"box","text":"liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s","page_number":29,"box":{"x":61,"y":846,"width":850,"height":12}},{"id":"46bca61b-580b-4060-af85-824e17c2a5be","block_type":"box","text":"shares trading at a premium or discount to the Fund’s NAV.","page_number":29,"box":{"x":61,"y":862,"width":446,"height":12}},{"id":"8145b592-c47d-4a06-8bd0-81a82b8ad985","block_type":"box","text":"Investment in Other Investment Companies Risk.","page_number":29,"box":{"x":61,"y":893,"width":390,"height":12}},{"id":"2db8fc9c-2d8c-4982-ac36-8d5ec7385062","block_type":"box","text":"As with other investments, investments in other investment","page_number":29,"box":{"x":452,"y":893,"width":448,"height":11}},{"id":"984425ae-f892-41fc-9931-98b7f10ad146","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":29,"box":{"x":61,"y":908,"width":821,"height":12}},{"id":"5c9e52f3-791e-47d2-abe7-8aee50a51374","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":29,"box":{"x":61,"y":924,"width":846,"height":12}},{"id":"d5f29489-21f4-4a96-a713-139b3251fbdc","block_type":"box","text":"16","page_number":29,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"36e0b15f-7225-47b4-b17b-2fc7e0795241","block_type":"box","text":"NM1026U-6040015-29/40","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"63de308a-779e-4259-be26-ac80b3e082d4","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":30,"box":{"x":61,"y":40,"width":837,"height":13}},{"id":"bcfe101e-9b89-4f4b-a9f8-83e8ab178d28","block_type":"box","text":"companies (to the extent not offset by BFA through waivers). To","page_number":30,"box":{"x":61,"y":56,"width":480,"height":12}},{"id":"e451a855-8fcd-4a4c-91df-851b858dd4c7","block_type":"box","text":"the extent the Fund is held by an affiliated fund, the","page_number":30,"box":{"x":542,"y":56,"width":386,"height":12}},{"id":"ed3a727e-ded3-4f18-9155-f96a23cb46a4","block_type":"box","text":"ability of the Fund itself to hold other investment companies may be limited.","page_number":30,"box":{"x":61,"y":71,"width":564,"height":13}},{"id":"438dadf3-47a7-46d6-9939-b3b5fa647f88","block_type":"box","text":"Money Market Securities Risk.","page_number":30,"box":{"x":61,"y":103,"width":240,"height":12}},{"id":"f582aa1f-ed75-4fb2-8dc1-f6c3a3c9ee6c","block_type":"box","text":"If market conditions improve while the Fund has invested some or all of its assets in","page_number":30,"box":{"x":303,"y":103,"width":631,"height":12}},{"id":"93ad0e3c-7d8c-4f34-9fcd-de58ed8f9e90","block_type":"box","text":"high quality money market securities, this strategy could result in reducing the potential gain from the market upswing,","page_number":30,"box":{"x":61,"y":118,"width":881,"height":12}},{"id":"15fa05dc-507f-4710-b927-28a34bbeb8c0","block_type":"box","text":"thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":30,"box":{"x":60,"y":134,"width":542,"height":12}},{"id":"c2606575-0f38-4c71-89ce-73f8128e7384","block_type":"box","text":"Ownership Limitations Risk.","page_number":30,"box":{"x":61,"y":165,"width":225,"height":12}},{"id":"1a3449a2-cbd5-4da6-93fa-772372680056","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":30,"box":{"x":287,"y":165,"width":604,"height":12}},{"id":"18d4a59c-138b-4876-a396-9d5e6b7e2001","block_type":"box","text":"transactions undertaken by BFA, its affiliates or the Fund, or as a result of third-party transactions or actions by an","page_number":30,"box":{"x":60,"y":181,"width":853,"height":12}},{"id":"9f16543a-3bac-4bc0-8675-7affe48d0bd6","block_type":"box","text":"issuer or regulator, the ability of BFA and its affiliates on behalf of clients (including the Fund) to purchase or dispose","page_number":30,"box":{"x":61,"y":196,"width":870,"height":12}},{"id":"4a4bbefb-79db-4a1a-9ddb-fa0c0f8dba33","block_type":"box","text":"of investments, exercise rights or undertake business transactions may be restricted by law, regulation or rule or","page_number":30,"box":{"x":61,"y":212,"width":838,"height":12}},{"id":"043d84c4-7716-4d3b-9204-3235a680b55a","block_type":"box","text":"otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may be affected by the","page_number":30,"box":{"x":61,"y":227,"width":847,"height":12}},{"id":"5c299ec7-ee07-4209-b532-1128e89ebd9a","block_type":"box","text":"relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of the Fund’s","page_number":30,"box":{"x":61,"y":243,"width":881,"height":12}},{"id":"f63a336a-8bec-4a7a-9be6-6322cf7a551d","block_type":"box","text":"portfolio holdings. For example, ownership limits may apply to securities whose issuers operate in certain regulated","page_number":30,"box":{"x":61,"y":258,"width":860,"height":12}},{"id":"f216c126-d07c-4c81-b5a2-dcf5937670a1","block_type":"box","text":"industries or in certain international markets. Such limits also may apply where the investing entity (such as the Fund)","page_number":30,"box":{"x":61,"y":274,"width":877,"height":12}},{"id":"4c2e6ccd-b684-46f3-875e-18e07ac828de","block_type":"box","text":"is subject to corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions.","page_number":30,"box":{"x":61,"y":289,"width":881,"height":12}},{"id":"94ba35bc-709e-40e9-8cf1-39bf4170606f","block_type":"box","text":"In certain circumstances, aggregate and/or fund-level amounts invested or voted by BFA and its affiliates for client","page_number":30,"box":{"x":62,"y":305,"width":851,"height":12}},{"id":"d2226377-3b72-4092-8e34-3db56eed7a20","block_type":"box","text":"funds and accounts managed by BFA (including the Fund) may not exceed the relevant limits without the grant of a","page_number":30,"box":{"x":60,"y":320,"width":860,"height":12}},{"id":"bb9f6738-c2e7-432f-b9a3-dae553cfade9","block_type":"box","text":"license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no","page_number":30,"box":{"x":61,"y":336,"width":834,"height":12}},{"id":"6622e862-a2f8-4c18-a184-8214913ddb29","block_type":"box","text":"guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a later date with","page_number":30,"box":{"x":61,"y":351,"width":869,"height":12}},{"id":"59967f34-9658-4674-ba58-c9d8cfa8d982","block_type":"box","text":"minimal or no notice. In other cases, exceeding such thresholds may cause BFA and its affiliates, the Fund or other","page_number":30,"box":{"x":61,"y":367,"width":861,"height":12}},{"id":"9195a962-8773-419a-9d3c-176aa2670d24","block_type":"box","text":"client accounts to suffer disadvantages or business restrictions. Ownership limitations are highly complex. It is","page_number":30,"box":{"x":61,"y":382,"width":821,"height":12}},{"id":"8af5d7a7-2b32-4ee4-9208-121c4c3601cb","block_type":"box","text":"possible that, despite BFA’s intent to either comply with or be granted permission to exceed ownership limitations, it","page_number":30,"box":{"x":61,"y":398,"width":863,"height":12}},{"id":"edaaa420-dcf5-43fb-a8b3-e8089429c0b0","block_type":"box","text":"may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":30,"box":{"x":61,"y":413,"width":802,"height":12}},{"id":"4b15ae7b-a1c9-4991-b9fa-1d28245fd401","block_type":"box","text":"disapproval that was obtained.","page_number":30,"box":{"x":61,"y":429,"width":231,"height":12}},{"id":"a07ed255-907f-4a11-b9d0-0f0882a3b304","block_type":"box","text":"Reliance on Advisor Risk.","page_number":30,"box":{"x":61,"y":460,"width":205,"height":9}},{"id":"d43fedfa-411a-4357-bea9-2150189404b7","block_type":"box","text":"The Fund is dependent upon services and resources provided by BFA, and therefore","page_number":30,"box":{"x":267,"y":460,"width":641,"height":12}},{"id":"ac54cf58-6fcc-4746-8c0d-9742eee6de0e","block_type":"box","text":"BFA’s parent, BlackRock, Inc. BFA is not required to devote its full time to the business of the Fund and there is no","page_number":30,"box":{"x":61,"y":475,"width":857,"height":12}},{"id":"57da94db-8084-4ed8-be16-880c244ff026","block_type":"box","text":"guarantee or requirement that any investment professional or other employee of BFA will allocate a substantial portion","page_number":30,"box":{"x":61,"y":491,"width":882,"height":12}},{"id":"f916e3de-d91b-4406-822c-5921dcc41340","block_type":"box","text":"of his or her time to the Fund. The loss of, or changes in, BFA’s personnel could have a negative effect on the","page_number":30,"box":{"x":61,"y":506,"width":820,"height":12}},{"id":"6ed4edd2-eea7-4383-9d22-63c5501c7388","block_type":"box","text":"performance or the continued operation of the Fund.","page_number":30,"box":{"x":61,"y":522,"width":393,"height":12}},{"id":"394df56d-94ce-4c07-83de-2a4473e40c7a","block_type":"box","text":"Securities Lending Risk.","page_number":30,"box":{"x":61,"y":553,"width":193,"height":12}},{"id":"207149a3-4345-4d24-9d4f-69956ac89a1e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":30,"box":{"x":256,"y":553,"width":658,"height":12}},{"id":"dc19c78d-886c-4ca5-a59f-f790e50885fd","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or","page_number":30,"box":{"x":61,"y":569,"width":883,"height":12}},{"id":"ede6578d-14cb-49de-81ad-0db5abaa0a39","block_type":"box","text":"at all. The Fund could also lose money in the event of","page_number":30,"box":{"x":61,"y":584,"width":402,"height":12}},{"id":"a00a5ea7-1160-4104-b45c-57cba0bb16ee","block_type":"box","text":"a decline in the value of collateral provided for loaned securities","page_number":30,"box":{"x":464,"y":584,"width":477,"height":12}},{"id":"e594f858-3d48-42c3-817b-6c5778fbf027","block_type":"box","text":"or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax","page_number":30,"box":{"x":61,"y":600,"width":855,"height":12}},{"id":"1b2150a4-6153-4b4b-aa76-715c7e86c860","block_type":"box","text":"consequences for the Fund.","page_number":30,"box":{"x":61,"y":615,"width":212,"height":12}},{"id":"efc7853d-6740-41d2-8dc8-4cfbd72aa040","block_type":"box","text":"Portfolio Holdings Information","page_number":30,"box":{"x":62,"y":653,"width":292,"height":16}},{"id":"ff1ec2ae-7499-4eba-b30e-4b86cc227d93","block_type":"box","text":"A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is","page_number":30,"box":{"x":60,"y":676,"width":862,"height":12}},{"id":"c5ec60e3-594a-4402-b541-a609dc81f8de","block_type":"box","text":"available in the Fund’s Statement of Additional Information (“SAI”). The Fund discloses its portfolio holdings daily at","page_number":30,"box":{"x":61,"y":692,"width":855,"height":12}},{"id":"6a193420-28dc-4070-a5e2-1bd1023982a1","block_type":"box","text":"www.blackrock.com. Fund fact sheets providing information regarding the Fund’s top holdings are posted on","page_number":30,"box":{"x":60,"y":707,"width":805,"height":12}},{"id":"15cb7dc2-02da-4636-977d-48589c4603cc","block_type":"box","text":"www.blackrock.com when available and may be requested by calling 1-800-474-2737.","page_number":30,"box":{"x":60,"y":723,"width":639,"height":12}},{"id":"c05cef49-ac02-485e-9456-f9d7220e4784","block_type":"box","text":"Management","page_number":30,"box":{"x":62,"y":761,"width":132,"height":15}},{"id":"afa5356a-9254-493e-a8fe-3fa05ed1247e","block_type":"box","text":"Investment Adviser.","page_number":30,"box":{"x":61,"y":784,"width":158,"height":10}},{"id":"51d2604c-2f1c-4c79-8c59-924c48331a81","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and","page_number":30,"box":{"x":225,"y":784,"width":642,"height":12}},{"id":"dfb0a2c0-3819-4ea8-8c25-ce237cab8492","block_type":"box","text":"administration of the Fund. BFA provides an investment program for the Fund and manages the investment of the","page_number":30,"box":{"x":61,"y":800,"width":844,"height":12}},{"id":"d2067724-82e5-44a3-9fba-ce3ba727026f","block_type":"box","text":"Fund’s assets. In managing the Fund, BFA may draw upon the research and expertise of its asset management","page_number":30,"box":{"x":61,"y":815,"width":830,"height":12}},{"id":"33ee51ee-8c8e-4dc4-8fe2-809c213eb708","block_type":"box","text":"affiliates with respect to certain portfolio securities. In seeking to achieve the Fund’s investment objective, BFA uses","page_number":30,"box":{"x":61,"y":831,"width":865,"height":12}},{"id":"4b6195b3-604a-4809-a669-c50ca182d06a","block_type":"box","text":"teams of portfolio managers, investment strategists and other investment specialists. This team approach brings","page_number":30,"box":{"x":60,"y":846,"width":839,"height":12}},{"id":"328c4975-be03-483d-8934-02c8cd9a6828","block_type":"box","text":"together many disciplines and leverages BFA’s extensive resources.","page_number":30,"box":{"x":60,"y":862,"width":514,"height":12}},{"id":"f702acef-1a4f-4bff-bd18-4a955bcb7f22","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Fund), BFA","page_number":30,"box":{"x":61,"y":893,"width":882,"height":12}},{"id":"7c804cb3-1d87-4d56-a7c7-4287d13f6850","block_type":"box","text":"is responsible for substantially all expenses of the Fund, except the management fees, interest expenses, taxes,","page_number":30,"box":{"x":61,"y":908,"width":832,"height":12}},{"id":"7354fdce-735b-413f-86c7-52bc87dd6233","block_type":"box","text":"expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":30,"box":{"x":61,"y":924,"width":858,"height":12}},{"id":"5e0a044c-2cae-459a-a71b-e02785078aca","block_type":"box","text":"17","page_number":30,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"92397007-81bc-4ef6-bfa4-876449abb562","block_type":"box","text":"NM1026U-6040015-30/40","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"11420a78-a869-4680-aa0c-9b735988a15f","block_type":"box","text":"transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any","page_number":31,"box":{"x":60,"y":40,"width":790,"height":13}},{"id":"9917c83d-ee8f-416a-9bef-e9be272d6e14","block_type":"box","text":"extraordinary expenses (as determined by a majority of the Trustees who are not “interested persons” of the Trust).","page_number":31,"box":{"x":61,"y":56,"width":860,"height":12}},{"id":"4d373eda-477c-4e18-b6ce-f77994dfd5af","block_type":"box","text":"For its investment advisory services to the Fund, BFA will be paid a management fee by the Fund, based on a","page_number":31,"box":{"x":61,"y":87,"width":822,"height":12}},{"id":"da61ee7e-57c5-4db3-acb2-5f38b88172e4","block_type":"box","text":"percentage of the Fund’s average daily net assets, at an annual rate of 0.65%.","page_number":31,"box":{"x":61,"y":102,"width":588,"height":13}},{"id":"1beb531c-e247-4a35-b156-77f697a31c4b","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate","page_number":31,"box":{"x":61,"y":134,"width":816,"height":12}},{"id":"8c39231e-fc4a-46fa-b999-a2fae7c938f8","block_type":"box","text":"Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income","page_number":31,"box":{"x":60,"y":149,"width":860,"height":12}},{"id":"e6becace-97d1-4809-b851-9225641f67ae","block_type":"box","text":"mutual funds and ETFs advised by BFA or its affiliates through June 30, 2028. BFA has also contractually agreed to","page_number":31,"box":{"x":61,"y":165,"width":866,"height":12}},{"id":"c8282962-585f-4270-9ff8-54583e1b92d2","block_type":"box","text":"waive a portion of its management fees by an amount equal to the aggregate Acquired Fund Fees and Expenses, if","page_number":31,"box":{"x":60,"y":180,"width":863,"height":12}},{"id":"6c5d1b80-35a0-477d-b985-ec311b8cfc8f","block_type":"box","text":"any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30,","page_number":31,"box":{"x":61,"y":196,"width":867,"height":12}},{"id":"ffc1dd20-ba09-411c-b0fb-b226a1af6aec","block_type":"box","text":"2028. The agreement (with respect to either waiver) may be terminated upon 90 days’ notice by a majority of the non","page_number":31,"box":{"x":61,"y":211,"width":873,"height":12}},{"id":"afb1090d-fa75-4e41-826d-a87cb9c29192","block_type":"box","text":"interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":31,"box":{"x":61,"y":227,"width":780,"height":12}},{"id":"fea8098d-cb67-4eb7-8dee-129091a29304","block_type":"box","text":"BFA may also from time to time voluntarily waive and/or reimburse other fees or expenses in order to limit total annual","page_number":31,"box":{"x":61,"y":258,"width":882,"height":12}},{"id":"ac21a7e4-ae0b-4e00-bc30-04ed483043a8","block_type":"box","text":"fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or","page_number":31,"box":{"x":60,"y":273,"width":803,"height":12}},{"id":"a9c673ab-a196-4486-9258-a94c6099083f","block_type":"box","text":"reimbursement may be eliminated by BFA at any time.","page_number":31,"box":{"x":61,"y":289,"width":409,"height":12}},{"id":"751077a1-bcf5-4f56-ad3c-2bd8edefb107","block_type":"box","text":"BFA is located at 400 Howard Street, San Francisco, CA 94105. It is an indirect majority-owned subsidiary of","page_number":31,"box":{"x":61,"y":320,"width":813,"height":12}},{"id":"757facb7-4f0d-478c-ba2e-9a6cfc6db6ce","block_type":"box","text":"BlackRock, Inc. (“BlackRock”). As of June 30, 2026, BFA and its affiliates provided investment advisory services for","page_number":31,"box":{"x":61,"y":335,"width":862,"height":12}},{"id":"e385efb2-b298-41b7-9f45-0908be7e03f8","block_type":"box","text":"assets of approximately $15.3 trillion. BFA and its affiliates trade and invest for their own accounts in the actual","page_number":31,"box":{"x":61,"y":350,"width":828,"height":13}},{"id":"0f8c304b-44b2-45a9-8bdf-78fcb538c1de","block_type":"box","text":"securities and types of securities in which the Fund may also invest, which may affect the price of such securities.","page_number":31,"box":{"x":61,"y":366,"width":848,"height":12}},{"id":"eb0faf40-f6cd-41f7-bd82-ecbde9fc6fe4","block_type":"box","text":"A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement with BFA will be","page_number":31,"box":{"x":60,"y":397,"width":882,"height":12}},{"id":"779ef0a3-ed9c-4f00-bc32-cac1e767049c","block_type":"box","text":"available in the Fund’s first reports filed on Form N-CSR following the commencement of operations.","page_number":31,"box":{"x":61,"y":413,"width":750,"height":12}},{"id":"23e72380-c9b4-4c5e-bf19-5d0552af5e80","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":31,"box":{"x":61,"y":444,"width":880,"height":12}},{"id":"b66f3ccc-a2d9-4dd6-90a9-06f2da9b7c57","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":31,"box":{"x":61,"y":459,"width":881,"height":12}},{"id":"83ed6e31-f186-4c2c-a9af-b8a91223f4fd","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":31,"box":{"x":60,"y":475,"width":875,"height":12}},{"id":"697270b5-c982-4d12-9716-98795f981fd9","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":31,"box":{"x":61,"y":490,"width":881,"height":12}},{"id":"6806299d-6b68-469e-99de-cf1675007fec","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied","page_number":31,"box":{"x":61,"y":506,"width":865,"height":12}},{"id":"e0627b20-55b1-4810-9528-3a506067bc70","block_type":"box","text":"on as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":31,"box":{"x":61,"y":521,"width":877,"height":12}},{"id":"d2506dbf-c4c1-4dfa-bbbb-6a8710c4f7f0","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":31,"box":{"x":61,"y":537,"width":479,"height":12}},{"id":"829956cf-713c-4d6d-a58f-7ecce2b4cfbd","block_type":"box","text":"BFA has been granted relief from the SEC that permits BFA, subject to Board approval, to hire, terminate and replace","page_number":31,"box":{"x":61,"y":568,"width":878,"height":12}},{"id":"e46ae6dd-0ba4-4bf3-a941-92a77cd143ee","block_type":"box","text":"sub-advisers for the Fund, and to amend sub-advisory agreements between BFA and sub-advisers with respect to the","page_number":31,"box":{"x":61,"y":583,"width":881,"height":12}},{"id":"48f84d74-31a8-41a2-8298-4c9bfd3bf177","block_type":"box","text":"Fund without obtaining shareholder approval. If a new sub-adviser is retained for the Fund or a sub-advisory","page_number":31,"box":{"x":61,"y":599,"width":808,"height":12}},{"id":"50cd9aa9-152c-48c5-be3e-18b8643f3bb2","block_type":"box","text":"agreement is materially amended, shareholders will receive notice of such action. The relief does not extend to any","page_number":31,"box":{"x":61,"y":614,"width":859,"height":12}},{"id":"a5c3af7e-c2f4-4f89-9c1b-fb4a47ed0c8f","block_type":"box","text":"increase in the advisory fee paid by the Fund to BFA; any such increase would be subject to the approval of Fund","page_number":31,"box":{"x":61,"y":630,"width":848,"height":12}},{"id":"a9b59bc0-814b-4009-a894-8e08e1999cf7","block_type":"box","text":"shareholders.","page_number":31,"box":{"x":61,"y":645,"width":106,"height":10}},{"id":"6b815df8-fc45-4c4e-ae38-4f769863735f","block_type":"box","text":"Portfolio Managers.","page_number":31,"box":{"x":61,"y":676,"width":155,"height":12}},{"id":"87dcb389-a2bb-4e0f-98e6-baedb3be347b","block_type":"box","text":"Tony Kim, Tomas Hamudis, Peter Jegunma, CFA and Gowrishankar Subramanian are jointly","page_number":31,"box":{"x":222,"y":676,"width":692,"height":12}},{"id":"2b51d607-24b0-4ebe-838b-893305e56e0b","block_type":"box","text":"and primarily responsible for the day-to-day management of the Fund.","page_number":31,"box":{"x":61,"y":692,"width":519,"height":12}},{"id":"9aa4bd4c-3eed-4d40-9bb8-0aa45e9dd263","block_type":"box","text":"Tony Kim has been with BlackRock since 2013. Mr. Kim has been employed by BFA or its affiliates as a portfolio","page_number":31,"box":{"x":60,"y":723,"width":837,"height":12}},{"id":"e9659777-2362-42c1-a7be-922ab311c286","block_type":"box","text":"manager since 2013 and has been a Portfolio Manager of the Fund since October 2026.","page_number":31,"box":{"x":61,"y":738,"width":654,"height":12}},{"id":"439029d9-14ac-4b4b-b77f-3bdc161e8c8d","block_type":"box","text":"Tomas Hamudis has been with BlackRock since 2021. Mr. Hamudis has been employed by BFA or its affiliates as a","page_number":31,"box":{"x":60,"y":769,"width":861,"height":12}},{"id":"e6470655-b46c-4c96-b448-44aed0418a47","block_type":"box","text":"portfolio manager since 2026 and has been a Portfolio Manager of the Fund since October 2026.","page_number":31,"box":{"x":61,"y":785,"width":718,"height":12}},{"id":"66c7c8e0-b616-4e60-be9d-13272e923b8b","block_type":"box","text":"Peter Jegunma, CFA has been with BlackRock since 2015. Mr. Jegunma has been employed by BFA or its affiliates","page_number":31,"box":{"x":61,"y":816,"width":861,"height":12}},{"id":"185bd409-df55-4275-af99-45433b204b76","block_type":"box","text":"as a portfolio manager since 2026 and has been a Portfolio Manager of the Fund since October 2026.","page_number":31,"box":{"x":61,"y":831,"width":761,"height":12}},{"id":"67a0ec46-d2dc-47ae-80fa-16437d37924e","block_type":"box","text":"Gowrishankar Subramanian has been with BlackRock since 2019. Mr. Subramanian has been employed by BFA or its","page_number":31,"box":{"x":61,"y":862,"width":882,"height":12}},{"id":"3d279ac1-3468-4ce0-ac1a-3d9b3c4ba30a","block_type":"box","text":"affiliates as a portfolio manager since 2026 and has been a Portfolio Manager of the Fund since October 2026.","page_number":31,"box":{"x":61,"y":878,"width":827,"height":12}},{"id":"6b9ebf71-a66a-4e1b-ae7b-95337d490d57","block_type":"box","text":"The Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed","page_number":31,"box":{"x":60,"y":909,"width":876,"height":12}},{"id":"e2e57067-51e1-4d31-b82e-88ca7c6acc90","block_type":"box","text":"by the Portfolio Managers and the Portfolio Managers’ ownership (if any) of shares in the Fund.","page_number":31,"box":{"x":61,"y":924,"width":705,"height":12}},{"id":"8ad1bd05-e927-4b31-a30d-516245d60eaf","block_type":"box","text":"18","page_number":31,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"89b0629d-e8a2-426b-9d7f-c2a11530620d","block_type":"box","text":"NM1026U-6040015-31/40","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6587396a-8e34-4a1a-8126-45f12bc2b60d","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":32,"box":{"x":60,"y":40,"width":365,"height":13}},{"id":"854ddf37-580d-42cb-a714-29dc4865d2da","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) is the","page_number":32,"box":{"x":426,"y":40,"width":455,"height":13}},{"id":"6aa95a85-c50b-4883-987a-26853dc392ee","block_type":"box","text":"administrator, custodian and transfer agent for the Fund.","page_number":32,"box":{"x":61,"y":56,"width":424,"height":12}},{"id":"9baf5d65-292d-47c1-bf18-bc0856784fa5","block_type":"box","text":"Conflicts of Interest.","page_number":32,"box":{"x":61,"y":87,"width":161,"height":10}},{"id":"bf352778-b6a5-4916-967f-d6c1f5b0dbaf","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries","page_number":32,"box":{"x":223,"y":87,"width":679,"height":12}},{"id":"50d80a7e-e9a8-4bac-b9f8-177cf18c4696","block_type":"box","text":"(collectively, the “Affiliates”)), and their respective directors, officers or employees, in managing their own accounts","page_number":32,"box":{"x":61,"y":102,"width":855,"height":13}},{"id":"7a2689ad-5c02-465e-b29a-8e91b385961d","block_type":"box","text":"and other accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":32,"box":{"x":61,"y":118,"width":808,"height":12}},{"id":"ce7717a4-5c82-4ce8-8a59-6fee709301b7","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":32,"box":{"x":61,"y":149,"width":836,"height":12}},{"id":"f1b37653-b6d9-48a5-889a-c57178516e1f","block_type":"box","text":"activities and in the ordinary course of business may engage","page_number":32,"box":{"x":61,"y":165,"width":455,"height":12}},{"id":"7f6f2728-e809-4fe0-97c8-f9611d2e4327","block_type":"box","text":"in activities in which their interests or the interests of","page_number":32,"box":{"x":517,"y":165,"width":392,"height":9}},{"id":"5fa2d601-c1d8-4ee8-aec6-0150176b86fa","block_type":"box","text":"other clients may conflict with those of the Fund. BFA and its Affiliates act, or may act, as an investor, research","page_number":32,"box":{"x":61,"y":180,"width":828,"height":12}},{"id":"d381650d-3619-4e31-b880-b4b6442779b4","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":32,"box":{"x":61,"y":196,"width":862,"height":12}},{"id":"01b53333-1bec-4322-9cf7-f24e04fcf29a","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and indirect interests","page_number":32,"box":{"x":60,"y":211,"width":883,"height":12}},{"id":"74e0fc17-ff97-49af-8309-3dc7278c0f65","block_type":"box","text":"in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or indirectly invest.","page_number":32,"box":{"x":61,"y":227,"width":878,"height":12}},{"id":"30d575b3-8ad3-4411-ae62-21bb4bd840c9","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment","page_number":32,"box":{"x":61,"y":258,"width":855,"height":12}},{"id":"75e56d48-74cd-4d20-8c74-ec3b1e0a2df7","block_type":"box","text":"objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or similar types","page_number":32,"box":{"x":61,"y":273,"width":882,"height":12}},{"id":"892fcd66-6b87-43f4-be3f-fc608d42a08f","block_type":"box","text":"of securities, currencies and other assets as are held by the Fund. This may include transactions in securities issued","page_number":32,"box":{"x":61,"y":289,"width":869,"height":12}},{"id":"e55beb5c-f7c1-4968-9d3e-11d5e26f89f4","block_type":"box","text":"by other open-end and closed-end investment companies, including investment companies that are affiliated with the","page_number":32,"box":{"x":61,"y":304,"width":872,"height":12}},{"id":"5080f149-119c-4d11-9b19-ccb22f113104","block_type":"box","text":"Fund and BFA, to the extent permitted under the Investment Company Act. The trading activities of BFA and its","page_number":32,"box":{"x":61,"y":320,"width":832,"height":12}},{"id":"c714fe61-1823-47d2-a1f3-f87c951ef833","block_type":"box","text":"Affiliates are carried out without reference to positions held directly or indirectly by the Fund. 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The Fund may also invest in issuances (such as debt","page_number":32,"box":{"x":61,"y":413,"width":816,"height":12}},{"id":"8b204ebf-992d-4596-8d26-30e443aa6826","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":32,"box":{"x":61,"y":428,"width":872,"height":12}},{"id":"dbe80e94-9e28-4999-b4db-53e3caeecb49","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":32,"box":{"x":61,"y":444,"width":874,"height":12}},{"id":"6bc354b1-6134-44c0-87d6-31eb7ea47357","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":32,"box":{"x":61,"y":459,"width":461,"height":12}},{"id":"9c9666ef-549c-4ba8-a19f-51e6d827e129","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":32,"box":{"x":60,"y":490,"width":869,"height":12}},{"id":"4b255169-f832-47d2-ae3c-78f2df1f1786","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":32,"box":{"x":60,"y":506,"width":584,"height":12}},{"id":"eddcdabf-591f-46cc-8dcc-ceb086625f33","block_type":"box","text":"Neither BFA nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the","page_number":32,"box":{"x":61,"y":537,"width":849,"height":12}},{"id":"3ebc8f23-db10-4fd7-a0fd-2d3588e45f48","block_type":"box","text":"Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the","page_number":32,"box":{"x":61,"y":552,"width":871,"height":12}},{"id":"304a5334-fa47-43d3-826a-73bfefc92ec1","block_type":"box","text":"Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":32,"box":{"x":61,"y":568,"width":844,"height":12}},{"id":"61ffa482-059c-4de4-91c6-e57a1b88ed41","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":32,"box":{"x":60,"y":583,"width":837,"height":12}},{"id":"fc37acd6-2dd3-4aee-a2e7-68232772230c","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":32,"box":{"x":61,"y":599,"width":822,"height":12}},{"id":"930ecee2-7d9d-4774-9b84-916b114c1d19","block_type":"box","text":"In addition, the Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or","page_number":32,"box":{"x":62,"y":630,"width":869,"height":12}},{"id":"833d0e23-9b27-4643-aa4e-ddf896dc74eb","block_type":"box","text":"clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions undertaken by","page_number":32,"box":{"x":61,"y":645,"width":862,"height":12}},{"id":"988d3a2b-af62-465f-bf1a-2e865d218802","block_type":"box","text":"BFA or an Affiliate or their directors, officers, employees or clients.","page_number":32,"box":{"x":61,"y":661,"width":491,"height":12}},{"id":"b9583e48-9399-4cd1-adae-69c7ea1a8543","block_type":"box","text":"From time to time, BFA or its advisory clients (including other funds and accounts) may, subject to compliance with","page_number":32,"box":{"x":61,"y":692,"width":851,"height":12}},{"id":"93302fa1-731c-4ef7-b81b-64fabe8007d3","block_type":"box","text":"applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases) expense","page_number":32,"box":{"x":61,"y":707,"width":858,"height":12}},{"id":"ffe53da7-04ff-4820-8619-97e049adce85","block_type":"box","text":"ratio of the Fund may be impacted by purchases and sales of the Fund by BFA or its advisory clients.","page_number":32,"box":{"x":61,"y":723,"width":750,"height":12}},{"id":"7f4ed851-ef8d-4071-b075-c9f0b4744b06","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies","page_number":32,"box":{"x":60,"y":754,"width":876,"height":12}},{"id":"56162106-5dea-4ee1-83e3-3f44c75931bf","block_type":"box","text":"designed to comply with such restrictions.","page_number":32,"box":{"x":61,"y":769,"width":308,"height":12}},{"id":"04a0c678-e253-4a2c-a12d-5c0442dc2552","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Institutional Trust","page_number":32,"box":{"x":61,"y":800,"width":826,"height":12}},{"id":"cd3393e3-7b35-4911-b7dd-5931243c093b","block_type":"box","text":"Company, N.A., an Affiliate of BFA, to serve as its securities lending agent to the extent that it participates in the","page_number":32,"box":{"x":61,"y":816,"width":832,"height":12}},{"id":"968e2e2b-ff27-44f8-8bdf-0f1f6b595d41","block_type":"box","text":"securities lending program. For these services, the securities lending agent will receive a fee from the participating","page_number":32,"box":{"x":61,"y":831,"width":853,"height":12}},{"id":"1b6b80e4-ff36-4a89-8319-d42b1d89f7eb","block_type":"box","text":"Fund based on the returns earned on the Fund’s lending activities, including the investment of the cash received as","page_number":32,"box":{"x":61,"y":847,"width":861,"height":12}},{"id":"faff56bb-76f0-41d8-8308-3133293ce845","block_type":"box","text":"collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund","page_number":32,"box":{"x":61,"y":862,"width":850,"height":12}},{"id":"6a294644-facf-47d4-b264-423e6ba3287d","block_type":"box","text":"may lend its portfolio securities under the securities lending program.","page_number":32,"box":{"x":61,"y":878,"width":516,"height":12}},{"id":"7839984e-24ed-4214-b16e-6b8eb877fb84","block_type":"box","text":"Under an ETF Services Agreement, the Fund has retained BlackRock Investments, LLC (the “Distributor” or “BRIL”),","page_number":32,"box":{"x":61,"y":909,"width":862,"height":12}},{"id":"398178da-309a-4225-bb5f-c51ec11ef6c4","block_type":"box","text":"an Affiliate of BFA, to perform certain order processing, Authorized Participant communications, and related services","page_number":32,"box":{"x":61,"y":924,"width":865,"height":12}},{"id":"a3c30dcb-feb6-4df7-9d1e-d69e53b3b0d3","block_type":"box","text":"19","page_number":32,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"89b5036e-7160-4a83-8e03-aff38dc91382","block_type":"box","text":"NM1026U-6040015-32/40","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8348619b-6741-498e-bbf2-55681ca0d8ab","block_type":"box","text":"in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A.","page_number":33,"box":{"x":61,"y":40,"width":873,"height":13}},{"id":"202603ff-448d-4762-a4a6-7fe486b078f4","block_type":"box","text":"(“Citibank”) as a subcontractor to provide certain ETF Services. BRIL retains a portion of the standard transaction fee","page_number":33,"box":{"x":61,"y":56,"width":874,"height":12}},{"id":"aa3ab27f-0af3-432c-aaae-a9937a4f2fd6","block_type":"box","text":"received from Authorized Participants on each creation or redemption order from the Authorized Participant for the","page_number":33,"box":{"x":61,"y":71,"width":854,"height":12}},{"id":"c82f57b9-3ce7-4510-9071-474cf25a0599","block_type":"box","text":"ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the design and","page_number":33,"box":{"x":61,"y":87,"width":816,"height":12}},{"id":"7d1eda8a-af1b-4e01-9d28-f0adfb39a2f8","block_type":"box","text":"development of the ETF Services platform. Citibank has, and may, from time to time, develop additional relationships","page_number":33,"box":{"x":61,"y":102,"width":873,"height":13}},{"id":"a4582436-37cf-4b32-9056-b54e25b0a874","block_type":"box","text":"with BlackRock or funds managed by BFA and its Affiliates.","page_number":33,"box":{"x":60,"y":118,"width":446,"height":12}},{"id":"2c122dfb-ea8b-454e-8589-d56cfc8ef824","block_type":"box","text":"BFA and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":33,"box":{"x":61,"y":147,"width":834,"height":12}},{"id":"8a55af56-f28d-42f0-9e74-ec8ff4e7b2a9","block_type":"box","text":"marketplace for such indexes. BFA and its Affiliates are not obligated to license an index to a fund, and no fund is","page_number":33,"box":{"x":61,"y":163,"width":847,"height":12}},{"id":"00989389-b70e-4068-9850-a4be78199886","block_type":"box","text":"under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BFA or its","page_number":33,"box":{"x":61,"y":178,"width":821,"height":12}},{"id":"aa1fd37d-00c4-434f-8ea7-bed2b486b640","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":33,"box":{"x":60,"y":194,"width":549,"height":12}},{"id":"5250231b-5b1f-4fdb-a87b-06fea6e9cfa7","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees, may give rise to other","page_number":33,"box":{"x":60,"y":223,"width":842,"height":12}},{"id":"a7eaa656-3031-4bdb-8adb-1b58e82cbe43","block_type":"box","text":"conflicts of interest that could disadvantage the Fund and its shareholders. BFA has adopted policies and procedures","page_number":33,"box":{"x":61,"y":239,"width":875,"height":12}},{"id":"2456796b-4931-48fe-9cd1-4e884795f86f","block_type":"box","text":"designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":33,"box":{"x":61,"y":254,"width":737,"height":12}},{"id":"da6be5a6-e171-464a-8f57-a9432affbeb7","block_type":"box","text":"Shareholder Information","page_number":33,"box":{"x":61,"y":289,"width":240,"height":13}},{"id":"25f6fb5d-1e9e-492e-8c3e-a222a7774673","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Fund, is available free of charge by","page_number":33,"box":{"x":60,"y":312,"width":853,"height":12}},{"id":"f993c5d1-a20c-41e6-a3cc-adcff9fb98ec","block_type":"box","text":"calling toll-free: 1-800-474-2737 or visiting our website at www.blackrock.com.","page_number":33,"box":{"x":61,"y":328,"width":585,"height":12}},{"id":"3754bb5c-2d20-47cb-ba27-efbc392bdd88","block_type":"box","text":"Buying and Selling Shares.","page_number":33,"box":{"x":61,"y":357,"width":215,"height":12}},{"id":"fd49aaa9-7f68-458b-a351-1971c59a9228","block_type":"box","text":"Shares of the Fund may be acquired or redeemed directly from the Fund only in","page_number":33,"box":{"x":277,"y":357,"width":603,"height":12}},{"id":"c9ebbbc0-954a-4884-bddb-9ee83e57e575","block_type":"box","text":"Creation Units or multiples thereof, as discussed in the","page_number":33,"box":{"x":61,"y":372,"width":411,"height":12}},{"id":"d9246036-28e7-47b7-9f55-9a30cb4f8b0e","block_type":"box","text":"Creations and Redemptions","page_number":33,"box":{"x":473,"y":372,"width":207,"height":12}},{"id":"a638564b-1ba0-4051-8615-3c9c9c13963a","block_type":"box","text":"s section of this Prospectus. Only","page_number":33,"box":{"x":680,"y":372,"width":246,"height":13}},{"id":"ccf5d532-63bd-460b-916b-e77ae7a71320","block_type":"box","text":"an Authorized Participant (as defined in the Creations and Redemptions section below) may engage in creation or","page_number":33,"box":{"x":61,"y":388,"width":850,"height":12}},{"id":"a7ab138a-c05a-41d1-aaa2-4b4bc5d39a1b","block_type":"box","text":"redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary","page_number":33,"box":{"x":61,"y":403,"width":852,"height":13}},{"id":"aa317073-9669-405e-baf2-a73b1d24d37e","block_type":"box","text":"market in amounts less than a Creation Unit.","page_number":33,"box":{"x":61,"y":419,"width":336,"height":10}},{"id":"cf7d0805-279f-47ea-aa68-2e33561c306e","block_type":"box","text":"Shares of the Fund are listed on a national securities exchange for trading during the trading day. Shares can be","page_number":33,"box":{"x":61,"y":448,"width":840,"height":12}},{"id":"822ef507-1c7e-4b15-8c89-d8038b165bb6","block_type":"box","text":"bought and sold throughout the trading day like shares of other publicly-traded companies. The Trust does not impose","page_number":33,"box":{"x":61,"y":464,"width":882,"height":12}},{"id":"dc8419ac-bd37-4782-9dd1-3cd315f2d1f9","block_type":"box","text":"any minimum investment for shares of the Fund purchased on an exchange or otherwise in the secondary market.","page_number":33,"box":{"x":61,"y":479,"width":853,"height":12}},{"id":"4acfbc39-9599-4f29-ac0a-6c908426ef27","block_type":"box","text":"The Fund’s shares trade under the ticker symbol “RBTX”.","page_number":33,"box":{"x":60,"y":495,"width":431,"height":12}},{"id":"a77b35b9-7d0b-4d41-9374-52ebf5a3a630","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market involves two types of costs that may apply","page_number":33,"box":{"x":61,"y":524,"width":869,"height":12}},{"id":"8cd8f7ee-a82c-45b2-bee8-b86c1aff9271","block_type":"box","text":"to all securities transactions. When buying or selling shares of the Fund through a broker, you may incur a brokerage","page_number":33,"box":{"x":60,"y":540,"width":873,"height":12}},{"id":"164babb4-52c7-41bb-a6ae-eee1450ce81b","block_type":"box","text":"commission and other charges. The commission is frequently a fixed amount and may be a significant proportional","page_number":33,"box":{"x":61,"y":555,"width":855,"height":12}},{"id":"99be73d9-6320-41a1-b750-45e92bfefd45","block_type":"box","text":"cost for investors seeking to buy or sell small amounts of shares. In addition, you may incur the cost of the “spread,”","page_number":33,"box":{"x":61,"y":571,"width":865,"height":12}},{"id":"18b0fd59-50cf-46b9-8323-bc1d1cdbf093","block_type":"box","text":"that is, any difference between the bid price and the ask price. The spread varies over time for shares of the Fund","page_number":33,"box":{"x":60,"y":586,"width":850,"height":12}},{"id":"3107a877-04f5-41a7-93e1-ebc63c4a17ad","block_type":"box","text":"based on the Fund’s trading volume and market liquidity, and is generally lower if the Fund has high trading volume","page_number":33,"box":{"x":61,"y":602,"width":861,"height":12}},{"id":"12de4ed3-abf5-49e8-a3ff-960ba305c466","block_type":"box","text":"and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for","page_number":33,"box":{"x":61,"y":617,"width":858,"height":12}},{"id":"3cd3bbef-c673-4bb5-b3f6-ca1ff5236932","block_type":"box","text":"funds that are newly launched or small in size). The Fund’s spread may also be impacted by the liquidity or illiquidity","page_number":33,"box":{"x":60,"y":633,"width":867,"height":12}},{"id":"924e4cf0-e523-4a41-87cf-8a2ebdb2c427","block_type":"box","text":"of the underlying securities held by the Fund, particularly for newly launched or smaller funds or in instances of","page_number":33,"box":{"x":61,"y":648,"width":826,"height":12}},{"id":"48996683-153d-4a3b-988d-ac014b129cba","block_type":"box","text":"significant volatility of the underlying securities.","page_number":33,"box":{"x":61,"y":664,"width":346,"height":12}},{"id":"9c008c82-c5a5-4e14-9d83-e33cb3a27302","block_type":"box","text":"The Fund does not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with","page_number":33,"box":{"x":60,"y":693,"width":856,"height":12}},{"id":"cb6f51b8-cfe5-49ad-9d27-0c00f90d72c2","block_type":"box","text":"the Fund. The Board determined not to adopt policies and procedures designed to prevent or monitor for frequent","page_number":33,"box":{"x":60,"y":709,"width":843,"height":12}},{"id":"940d2d12-ebf6-490a-a746-7754a521858f","block_type":"box","text":"purchases and redemptions of Fund shares because the Fund generally sells and redeems its shares directly through","page_number":33,"box":{"x":61,"y":724,"width":873,"height":12}},{"id":"48bad20b-dc3e-46df-b525-1fbf14622bd4","block_type":"box","text":"transactions that are in-kind and/or for cash, with a deadline for placing cash-related transactions no later than the","page_number":33,"box":{"x":60,"y":740,"width":847,"height":12}},{"id":"aed4c920-7729-4937-b6d9-6b4dec787eee","block_type":"box","text":"close of the primary markets for the Fund’s portfolio securities. However, the Fund has taken certain measures (e.g.,","page_number":33,"box":{"x":61,"y":755,"width":863,"height":12}},{"id":"2e84275e-10e5-4aad-b0c0-b8ddf45c3b91","block_type":"box","text":"imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject purchases","page_number":33,"box":{"x":61,"y":771,"width":874,"height":12}},{"id":"ea156f27-90ef-426f-9b01-6f947c05ff86","block_type":"box","text":"of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases","page_number":33,"box":{"x":61,"y":786,"width":852,"height":12}},{"id":"011d9c28-8049-45b1-91f7-0c412bd71df8","block_type":"box","text":"and redemptions by Authorized Participants, such as disruption of portfolio management, dilution to the Fund, and/or","page_number":33,"box":{"x":61,"y":802,"width":866,"height":12}},{"id":"89c4a790-a342-43f9-bb89-6505e976b69e","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market,","page_number":33,"box":{"x":61,"y":817,"width":837,"height":12}},{"id":"c317b770-cb49-4d55-83da-420ac4ee06bc","block_type":"box","text":"which does not involve the Fund directly, and such trading is unlikely to cause many of the harmful effects of frequent","page_number":33,"box":{"x":60,"y":833,"width":876,"height":12}},{"id":"4442bfb8-8ba3-46f3-aae4-b7fa28b9dad5","block_type":"box","text":"cash purchases or redemptions of Fund shares.","page_number":33,"box":{"x":61,"y":848,"width":360,"height":12}},{"id":"062864ff-4ed3-4cd5-b0ff-f595c727e368","block_type":"box","text":"The national securities exchange on which the Fund’s shares are listed is open for trading Monday through Friday and","page_number":33,"box":{"x":60,"y":877,"width":883,"height":12}},{"id":"385dcacf-0c71-4571-8a89-f854344438c4","block_type":"box","text":"is closed on weekends and the following holidays (or the days on which they are observed): New Year’s Day, Martin","page_number":33,"box":{"x":61,"y":893,"width":866,"height":12}},{"id":"8789d3fc-d74d-42b3-b0da-11e1e2d397f1","block_type":"box","text":"Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day,","page_number":33,"box":{"x":61,"y":908,"width":824,"height":12}},{"id":"83fc3200-cd92-4248-bb3f-e03961438352","block_type":"box","text":"Thanksgiving Day and Christmas Day. The Fund’s listing exchange is NYSE Arca.","page_number":33,"box":{"x":60,"y":924,"width":610,"height":12}},{"id":"50b916d6-20c5-476e-af1b-ea48c1db3898","block_type":"box","text":"20","page_number":33,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"de1689e5-b63d-416c-9dd3-4a6339146b19","block_type":"box","text":"NM1026U-6040015-33/40","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3fe26052-d01c-4d6d-acbe-59874a0d4b6b","block_type":"box","text":"Book Entry.","page_number":34,"box":{"x":61,"y":41,"width":92,"height":12}},{"id":"e44b5f69-a751-433c-be08-f96cf769153e","block_type":"box","text":"Shares of the Fund are held in book-entry form, which means that no stock certificates are issued. The","page_number":34,"box":{"x":155,"y":40,"width":772,"height":13}},{"id":"81adb55c-c7f4-41c1-8ac5-fe1efce67577","block_type":"box","text":"Depository Trust Company (“DTC”) or its nominee is the record owner of, and holds legal title to, all outstanding","page_number":34,"box":{"x":61,"y":56,"width":833,"height":12}},{"id":"e0c48389-8671-4429-b1f9-0e888c1e7ec3","block_type":"box","text":"shares of the Fund.","page_number":34,"box":{"x":61,"y":71,"width":149,"height":10}},{"id":"83ba561e-3d46-41ff-93f3-55085f2db18b","block_type":"box","text":"Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. DTC","page_number":34,"box":{"x":62,"y":102,"width":860,"height":13}},{"id":"847b56a3-48f6-4c62-9ff9-f27224a289e5","block_type":"box","text":"serves as the securities depository for shares of the Fund. DTC participants include securities brokers and dealers,","page_number":34,"box":{"x":61,"y":118,"width":858,"height":12}},{"id":"3427a92f-f0fd-4023-9053-b09bece1e103","block_type":"box","text":"banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":34,"box":{"x":61,"y":134,"width":838,"height":12}},{"id":"1aafb7bb-2e42-44f5-9262-9675d5964b65","block_type":"box","text":"relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock","page_number":34,"box":{"x":61,"y":149,"width":828,"height":12}},{"id":"56633a06-6775-416c-b272-4b54966af79e","block_type":"box","text":"certificates or to have shares registered in your name, and you are not considered a registered owner of shares.","page_number":34,"box":{"x":61,"y":165,"width":837,"height":12}},{"id":"ad338d72-0bbd-46a1-ba10-694da430e32d","block_type":"box","text":"Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its","page_number":34,"box":{"x":60,"y":180,"width":789,"height":12}},{"id":"efc08b33-d64a-42ef-93aa-ddc7359bb1a2","block_type":"box","text":"participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or","page_number":34,"box":{"x":61,"y":196,"width":876,"height":12}},{"id":"de761f6c-605c-4a44-b0be-2c0a51c1eb59","block_type":"box","text":"“street name” form.","page_number":34,"box":{"x":61,"y":211,"width":147,"height":10}},{"id":"b04e1a0f-ef10-499c-a892-71ac5ead5ecd","block_type":"box","text":"Share Prices.","page_number":34,"box":{"x":61,"y":242,"width":105,"height":10}},{"id":"4cb97744-e300-4b65-98ed-45b0650bbcc4","block_type":"box","text":"The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily","page_number":34,"box":{"x":167,"y":242,"width":762,"height":12}},{"id":"6bcc188c-6418-4325-9219-581a4b333459","block_type":"box","text":"NAV and are affected by market forces such as the supply","page_number":34,"box":{"x":61,"y":258,"width":438,"height":12}},{"id":"ccb4a46a-166f-4277-9472-1e43f2e5b8f9","block_type":"box","text":"of and demand for ETF shares and shares of underlying","page_number":34,"box":{"x":500,"y":258,"width":421,"height":12}},{"id":"2ef7bdd7-bca0-4e65-bd83-6c51367a3a8c","block_type":"box","text":"securities held by the Fund, economic conditions and other factors.","page_number":34,"box":{"x":61,"y":273,"width":503,"height":12}},{"id":"536079fa-a32b-45dd-a60a-b5bac3d3fea9","block_type":"box","text":"Determination of Net Asset Value.","page_number":34,"box":{"x":61,"y":304,"width":268,"height":10}},{"id":"92e11d66-298e-45ea-8be8-a5f2787ff83a","block_type":"box","text":"The NAV of the Fund normally is determined once daily Monday through Friday,","page_number":34,"box":{"x":331,"y":304,"width":604,"height":12}},{"id":"689c250a-58d4-46d1-a55a-6a2c3f0f08c2","block_type":"box","text":"generally as of the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m.,","page_number":34,"box":{"x":61,"y":320,"width":841,"height":12}},{"id":"bbc3d2a9-a656-43fb-b357-7a1c94948e13","block_type":"box","text":"Eastern time) on each day that the NYSE is open for trading,","page_number":34,"box":{"x":61,"y":335,"width":456,"height":12}},{"id":"96f204d4-881f-4191-bca0-2f9187527887","block_type":"box","text":"based on prices at the time of closing, provided that any","page_number":34,"box":{"x":518,"y":335,"width":420,"height":12}},{"id":"7fc66c7d-58ee-4a46-aedf-fd14b59eff2f","block_type":"box","text":"Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the","page_number":34,"box":{"x":61,"y":351,"width":855,"height":9}},{"id":"810c9e8e-7f05-46b0-966a-bce8f02a00b9","block_type":"box","text":"prevailing market rates on the date of valuation as quoted by one or more data service providers. The NAV of the","page_number":34,"box":{"x":61,"y":366,"width":844,"height":12}},{"id":"26cd05a4-4d25-4b39-a826-5ea277f04b33","block_type":"box","text":"Fund is calculated by dividing the value of the net assets of the Fund (","page_number":34,"box":{"x":61,"y":382,"width":520,"height":12}},{"id":"53cd919f-a04d-4f84-a03a-4ce27752ab33","block_type":"box","text":"i.e.","page_number":34,"box":{"x":582,"y":382,"width":20,"height":9}},{"id":"879842ca-5684-4af4-a0f8-efb36409e5d4","block_type":"box","text":", the value of its total assets less total","page_number":34,"box":{"x":605,"y":382,"width":283,"height":11}},{"id":"b32249ba-43eb-4c6a-b99d-e7d0d8885296","block_type":"box","text":"liabilities) by the total number of outstanding shares of the Fund, generally rounded to the nearest cent.","page_number":34,"box":{"x":61,"y":397,"width":770,"height":12}},{"id":"a1aafae5-9289-4cd9-b1c3-fa9fb7f85d4d","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BFA’s valuation","page_number":34,"box":{"x":60,"y":428,"width":878,"height":12}},{"id":"dffa14dc-75c1-4961-abce-150c58651914","block_type":"box","text":"policies and procedures. BFA has been designated by the Board as the valuation designee for the Fund pursuant to","page_number":34,"box":{"x":61,"y":444,"width":864,"height":12}},{"id":"8429e4df-351b-42f9-9292-69702b4ff605","block_type":"box","text":"Rule 2a-5 under the Investment Company Act.","page_number":34,"box":{"x":61,"y":459,"width":350,"height":12}},{"id":"51a8212d-8829-436c-bb7d-2986a0366f87","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":34,"box":{"x":61,"y":490,"width":880,"height":12}},{"id":"6b8ed58b-403a-4b31-afa7-142d84e00464","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":34,"box":{"x":60,"y":506,"width":872,"height":12}},{"id":"ce4f5406-5652-4e95-a666-fcd049566924","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":34,"box":{"x":61,"y":521,"width":868,"height":12}},{"id":"81bf67a8-77f7-43a4-ac1b-33ac285daf1f","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":34,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"4e3d964a-23f0-4175-bb66-1eff4acad65a","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares","page_number":34,"box":{"x":61,"y":552,"width":867,"height":12}},{"id":"9b512874-3fa6-44c9-aaf8-334201498fc1","block_type":"box","text":"of underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":34,"box":{"x":61,"y":568,"width":807,"height":12}},{"id":"ea4eaa8f-2581-4ed5-a224-d8a39c4185e9","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":34,"box":{"x":60,"y":599,"width":873,"height":12}},{"id":"bd1a39e3-3bcb-4a85-9c48-0a49041dc2f9","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each","page_number":34,"box":{"x":61,"y":614,"width":870,"height":12}},{"id":"ace31f5c-4aa2-4ab5-9288-2f4fe533964c","block_type":"box","text":"in accordance with BFA’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":34,"box":{"x":61,"y":630,"width":854,"height":12}},{"id":"57eb7412-dca1-4298-8086-fd5b211a92b6","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":34,"box":{"x":61,"y":645,"width":856,"height":12}},{"id":"8c2961d3-2b12-4032-96a5-e6448fd6371b","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":34,"box":{"x":61,"y":661,"width":854,"height":12}},{"id":"f4a6eea4-9736-4716-b907-44c30dc7e60d","block_type":"box","text":"odd lot sizes. 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The amortized","page_number":34,"box":{"x":60,"y":692,"width":875,"height":12}},{"id":"2308c757-6c1e-4275-9487-3126e020e411","block_type":"box","text":"cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity","page_number":34,"box":{"x":61,"y":707,"width":833,"height":12}},{"id":"da074ff9-88f0-4b23-868c-4d77afae998c","block_type":"box","text":"unless BFA determines in good faith that such method does not represent fair value.","page_number":34,"box":{"x":61,"y":723,"width":625,"height":12}},{"id":"75f95d11-5ddc-4d3e-a86a-9569f8f6142c","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":34,"box":{"x":61,"y":754,"width":837,"height":12}},{"id":"b8a50745-96a5-4eb3-a081-f2b8bf9b30d3","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the NAV of the Fund are","page_number":34,"box":{"x":61,"y":769,"width":805,"height":12}},{"id":"d0d07e46-2c10-4d6d-b055-f917e991068b","block_type":"box","text":"determined as of such times. U.S. government securities, money market instruments and fixed income securities are","page_number":34,"box":{"x":61,"y":785,"width":865,"height":12}},{"id":"e525d191-a0de-433a-8f66-076f98d409b7","block_type":"box","text":"generally priced as of close of regular trading hours on the NYSE.","page_number":34,"box":{"x":61,"y":800,"width":487,"height":12}},{"id":"71993fb5-3818-4fe4-856e-80089b747921","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value the","page_number":34,"box":{"x":60,"y":831,"width":836,"height":12}},{"id":"ee95e55d-6e0a-4dc9-8392-0d24e41c147f","block_type":"box","text":"Fund’s investments in accordance with its policies and procedures. BFA may conclude that a market quotation is not","page_number":34,"box":{"x":61,"y":847,"width":869,"height":12}},{"id":"c5d4b5b8-a0ab-47e4-88f0-3c614cb18a80","block_type":"box","text":"readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of","page_number":34,"box":{"x":61,"y":862,"width":858,"height":12}},{"id":"0c32b15e-4e9c-470b-b22c-1cc3486084a7","block_type":"box","text":"trading or other reasons, if a market quotation differs significantly from recent price quotations or otherwise no longer","page_number":34,"box":{"x":60,"y":878,"width":873,"height":12}},{"id":"9f551981-9607-45a8-a551-73bbf06c7d92","block_type":"box","text":"appears to reflect fair value, where the security or other asset or liability is thinly traded, when there is a significant","page_number":34,"box":{"x":61,"y":893,"width":852,"height":12}},{"id":"95bbb3e9-8a8c-42a2-b1ea-1f7be0e4dd9f","block_type":"box","text":"event subsequent to the most recent market quotation, or if the trading market on which a security is listed is","page_number":34,"box":{"x":61,"y":909,"width":805,"height":12}},{"id":"0c93e862-13fc-4d62-8f11-5a4452954dee","block_type":"box","text":"suspended or closed and no appropriate alternative trading market is available. A “significant event” is deemed to","page_number":34,"box":{"x":61,"y":924,"width":841,"height":12}},{"id":"e7e928d0-0823-49d5-82ca-cc497ee77fb1","block_type":"box","text":"21","page_number":34,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"dcdd44da-9f9d-4056-8596-23f6c3066407","block_type":"box","text":"NM1026U-6040015-34/40","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d852bb04-1c1c-4a6d-9acd-4e152174083d","block_type":"box","text":"occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing the Fund’s assets or","page_number":35,"box":{"x":61,"y":40,"width":850,"height":13}},{"id":"0e6b6531-e0de-4880-883c-7fc6129b0a08","block_type":"box","text":"liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price","page_number":35,"box":{"x":61,"y":56,"width":872,"height":12}},{"id":"fde5097f-9f4c-4c48-ab9a-034d02214010","block_type":"box","text":"of one or more assets held by, or liabilities of, the Fund.","page_number":35,"box":{"x":61,"y":71,"width":418,"height":13}},{"id":"0093c4c8-cd84-4be1-a242-50f5edd4683d","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":35,"box":{"x":61,"y":102,"width":830,"height":13}},{"id":"6dc964e9-cc67-4279-b01c-9431da5c06b6","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair","page_number":35,"box":{"x":61,"y":118,"width":839,"height":12}},{"id":"5228e328-d4ca-4059-bec1-c867e721f95d","block_type":"box","text":"value pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets","page_number":35,"box":{"x":60,"y":134,"width":834,"height":12}},{"id":"acb89c68-3c71-411e-8863-4c20c8d277b4","block_type":"box","text":"following the close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":35,"box":{"x":60,"y":149,"width":802,"height":12}},{"id":"7f91f092-af32-46dc-b87d-8ea6982dc88a","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":35,"box":{"x":61,"y":180,"width":837,"height":12}},{"id":"6a3dcd31-05bc-4201-a743-126c9bbfed53","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":35,"box":{"x":61,"y":196,"width":882,"height":12}},{"id":"996c2053-0aee-4a8d-b336-425918038579","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":35,"box":{"x":61,"y":211,"width":856,"height":12}},{"id":"b2cabeb2-6e6e-4272-a420-d8b9954e7f46","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which those","page_number":35,"box":{"x":61,"y":227,"width":882,"height":12}},{"id":"06946633-3c49-4c42-99f5-1f3ce9dabb5d","block_type":"box","text":"investments could have been sold during the period in which the particular fair values were used.","page_number":35,"box":{"x":61,"y":242,"width":724,"height":12}},{"id":"d0c0bd4f-59f5-48fb-b376-9cfc923c9b4b","block_type":"box","text":"Dividends and Distributions","page_number":35,"box":{"x":61,"y":276,"width":239,"height":10}},{"id":"22f59041-325a-46d7-85f9-c347817ae264","block_type":"box","text":"General Policies.","page_number":35,"box":{"x":62,"y":297,"width":124,"height":9}},{"id":"653415aa-973d-4c5c-a3db-1093aac557bd","block_type":"box","text":"Dividends from net investment income, if any, generally are declared and paid at least once a year","page_number":35,"box":{"x":187,"y":297,"width":741,"height":12}},{"id":"d434f438-ffff-4755-bc14-8b06fce9faae","block_type":"box","text":"by the Fund. Distributions of net realized gains, if any, generally are declared and paid once a year, but the Trust may","page_number":35,"box":{"x":61,"y":312,"width":878,"height":13}},{"id":"b3441314-535a-43c2-b848-e30f50089080","block_type":"box","text":"make distributions on a more frequent basis for the Fund. The Trust reserves the right to declare special distributions","page_number":35,"box":{"x":61,"y":328,"width":872,"height":12}},{"id":"cc588c29-2e7d-43b9-9d36-59beee9f2660","block_type":"box","text":"if, in its reasonable discretion, such action is necessary or advisable to preserve its status as a regulated investment","page_number":35,"box":{"x":61,"y":343,"width":867,"height":13}},{"id":"e1c5d078-6700-4821-94d7-4b7a14a978e5","block_type":"box","text":"company (“RIC”) or to avoid imposition of income or excise taxes on undistributed income or realized gains.","page_number":35,"box":{"x":61,"y":359,"width":803,"height":12}},{"id":"ae6a890a-8a00-4dea-a277-19ba3900b98a","block_type":"box","text":"Dividends and other distributions on shares of the Fund are distributed on a p","page_number":35,"box":{"x":61,"y":390,"width":565,"height":10}},{"id":"a58a49c5-e6dd-4d68-9180-cfafd9a667db","block_type":"box","text":"pro rata","page_number":35,"box":{"x":626,"y":390,"width":58,"height":12}},{"id":"c1a26b2e-dae8-4668-b3e6-59c62ad92232","block_type":"box","text":"basis to beneficial owners of","page_number":35,"box":{"x":684,"y":390,"width":221,"height":10}},{"id":"d5daf3ed-447a-4d86-9a34-c3e367cbc6a9","block_type":"box","text":"such shares. Dividend payments are made through DTC participants and indirect participants to beneficial owners","page_number":35,"box":{"x":61,"y":405,"width":850,"height":13}},{"id":"c59cafb3-86fb-448d-85ed-82281f85499b","block_type":"box","text":"then of record with proceeds received from the Fund.","page_number":35,"box":{"x":60,"y":421,"width":400,"height":12}},{"id":"af95a2f1-e86e-471c-a32d-de6e0977838e","block_type":"box","text":"Dividend Reinvestment Service.","page_number":35,"box":{"x":61,"y":452,"width":236,"height":10}},{"id":"e42cd508-4086-4ce5-ad2e-85602e176208","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make","page_number":35,"box":{"x":298,"y":452,"width":640,"height":12}},{"id":"d2437306-1d71-4cd4-88f6-8774a2e3d36f","block_type":"box","text":"available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for","page_number":35,"box":{"x":61,"y":467,"width":788,"height":13}},{"id":"9934c409-9b10-43d3-80bc-021a542b1e7e","block_type":"box","text":"reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability","page_number":35,"box":{"x":61,"y":483,"width":871,"height":12}},{"id":"cb12c3ec-9007-4346-8022-63bf5ddfd92a","block_type":"box","text":"and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to","page_number":35,"box":{"x":61,"y":498,"width":855,"height":13}},{"id":"ecc5f399-4545-4bf0-8884-04be475d2065","block_type":"box","text":"specific procedures and timetables. If this service is available and used, dividend distributions of both income and","page_number":35,"box":{"x":61,"y":514,"width":847,"height":12}},{"id":"636702d7-4e93-4882-ad74-85b43f99907d","block_type":"box","text":"realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary","page_number":35,"box":{"x":61,"y":530,"width":844,"height":12}},{"id":"34fae661-72bc-4041-97de-a68290132892","block_type":"box","text":"market.","page_number":35,"box":{"x":61,"y":545,"width":60,"height":10}},{"id":"ab72c817-ab4c-48fe-a194-96304c530598","block_type":"box","text":"Note on Tax Information.","page_number":35,"box":{"x":61,"y":576,"width":196,"height":10}},{"id":"ea41acb5-71f7-4a8c-9ae7-bc56e0fe8dd9","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal","page_number":35,"box":{"x":259,"y":576,"width":666,"height":12}},{"id":"a6348f5e-c36a-4c3b-9b22-2f7b4a073abf","block_type":"box","text":"tax law of an investment in the Fund. It is not a substitute for personal tax advice. You may also be subject to state","page_number":35,"box":{"x":60,"y":592,"width":856,"height":12}},{"id":"327c6896-3161-48c5-841a-ff52f7e5674f","block_type":"box","text":"and local taxation on Fund distributions and sales of shares. Certain states and localities may exempt from tax","page_number":35,"box":{"x":61,"y":607,"width":823,"height":12}},{"id":"25fb695d-6078-4d5d-9de8-b2008db73c02","block_type":"box","text":"distributions attributable to interest from U.S. federal government obligations. Consult your personal tax advisor about","page_number":35,"box":{"x":61,"y":623,"width":877,"height":12}},{"id":"55f511d6-66f2-4474-a341-b9eb1dc7c518","block_type":"box","text":"the potential tax consequences of an investment in shares of the Fund under all applicable tax laws.","page_number":35,"box":{"x":60,"y":638,"width":748,"height":12}},{"id":"30be5fcc-99ce-4cd2-925a-219b345a487d","block_type":"box","text":"Taxes.","page_number":35,"box":{"x":60,"y":669,"width":51,"height":10}},{"id":"58d83afb-2aef-4270-8cb3-bcbb527dfec1","block_type":"box","text":"As with any investment, you should consider how your investment in shares of the Fund will be taxed. The tax","page_number":35,"box":{"x":117,"y":669,"width":816,"height":12}},{"id":"5774097c-1232-4334-aa58-48e15811f6b6","block_type":"box","text":"information in this Prospectus is provided as general information, based on current law. You should consult your own","page_number":35,"box":{"x":61,"y":685,"width":866,"height":12}},{"id":"8c557608-759e-4dd1-bd41-630dbe8fd5e3","block_type":"box","text":"tax professional about the tax consequences of an investment in shares of the Fund.","page_number":35,"box":{"x":60,"y":700,"width":628,"height":12}},{"id":"0b8286a1-9b59-455f-868b-5389b294c42d","block_type":"box","text":"Unless your investment in Fund shares is made through a tax-exempt entity or tax-deferred retirement account, such","page_number":35,"box":{"x":61,"y":731,"width":866,"height":12}},{"id":"a64f30ff-82be-47ca-90c0-40282631bbe6","block_type":"box","text":"as an IRA, in which case your distributions generally will be taxable when withdrawn, you need to be aware of the","page_number":35,"box":{"x":61,"y":747,"width":841,"height":12}},{"id":"34b52230-fac6-4506-8639-511257f5e666","block_type":"box","text":"possible tax consequences when the Fund makes distributions or you sell Fund shares.","page_number":35,"box":{"x":61,"y":762,"width":649,"height":12}},{"id":"0f505947-220c-429d-877c-291cde7d4b01","block_type":"box","text":"Taxes on Distributions.","page_number":35,"box":{"x":60,"y":793,"width":185,"height":10}},{"id":"c3b85906-828a-4aa8-9d06-d08dc4a97e31","block_type":"box","text":"Distributions from the Fund’s investment company taxable income (other than qualified","page_number":35,"box":{"x":252,"y":793,"width":643,"height":12}},{"id":"7eabe722-ca45-4394-94b7-d7abd8325b42","block_type":"box","text":"dividend income), including distributions of income from securities lending and distributions out of the Fund’s net","page_number":35,"box":{"x":61,"y":809,"width":832,"height":12}},{"id":"f9d08162-f3b8-4004-a78e-c14510304a7d","block_type":"box","text":"short-term capital gains, if any, are taxable to you as ordinary income. Distributions by the Fund of net long-term","page_number":35,"box":{"x":61,"y":824,"width":831,"height":12}},{"id":"09492102-c108-4568-9544-a561aca16b50","block_type":"box","text":"capital gains, if any, in excess of net short-term capital losses (capital gain dividends) are taxable to you as long-term","page_number":35,"box":{"x":61,"y":840,"width":874,"height":12}},{"id":"421f5b9a-76f5-4fc9-a237-ffd41361cb29","block_type":"box","text":"capital gains, regardless of how long you have held the Fund’s shares. Distributions by the Fund that qualify as","page_number":35,"box":{"x":61,"y":855,"width":828,"height":12}},{"id":"4b17a32d-9678-4001-989c-43617ec49406","block_type":"box","text":"qualified dividend income are taxable to you at long-term capital gain rates, subject to the holding period requirements","page_number":35,"box":{"x":61,"y":871,"width":880,"height":12}},{"id":"ff24d3f9-8dbc-4f3a-88cf-0d71c6d48219","block_type":"box","text":"applicable to both you and the Fund, as set forth below. Long-term capital gains and qualified dividend income are","page_number":35,"box":{"x":61,"y":886,"width":852,"height":12}},{"id":"c74e06dd-2761-40e8-99c1-683987595cbb","block_type":"box","text":"generally eligible for taxation at a maximum rate of 15% or 20% for non-corporate shareholders, depending on","page_number":35,"box":{"x":61,"y":902,"width":824,"height":12}},{"id":"3a84e1a3-7c6d-4bff-b255-5fa3e9242de2","block_type":"box","text":"whether their income exceeds certain threshold amounts. In addition, a 3.8% U.S. federal Medicare contribution tax is","page_number":35,"box":{"x":60,"y":917,"width":874,"height":11}},{"id":"26e220a7-fe0c-4f48-bdae-10f072c5fe33","block_type":"box","text":"22","page_number":35,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"7ce9ef01-9005-4659-93e5-38fb7f6be9bc","block_type":"box","text":"NM1026U-6040015-35/40","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"da746913-844f-4a19-9f0b-4b5d7a3e6358","block_type":"box","text":"imposed on “net investment income,” including, but not limited to, interest, dividends, and net gain, of U.S. individuals","page_number":36,"box":{"x":61,"y":40,"width":875,"height":13}},{"id":"eaac8064-bc54-44cf-bec4-9d82a48ed00d","block_type":"box","text":"with income exceeding $200,000 (or $250,000 if married and filing jointly)","page_number":36,"box":{"x":60,"y":55,"width":550,"height":13}},{"id":"f23bc58f-ee51-485e-8c7c-b958e0b0ac74","block_type":"box","text":"and of estates and trusts to the extent their","page_number":36,"box":{"x":611,"y":56,"width":323,"height":10}},{"id":"5ece09bc-4129-49a2-8f35-6b0dfabd6abf","block_type":"box","text":"income exceeds certain threshold amounts.","page_number":36,"box":{"x":61,"y":72,"width":328,"height":9}},{"id":"105df8e3-7548-40c1-a7ce-761c9095a1d4","block_type":"box","text":"Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by the","page_number":36,"box":{"x":61,"y":104,"width":871,"height":12}},{"id":"00895b75-80bb-4fee-9c4e-fbdc46b56408","block_type":"box","text":"Fund. Generally, qualified dividend income includes dividend income from taxable U.S. corporations and qualified","page_number":36,"box":{"x":61,"y":120,"width":846,"height":12}},{"id":"2872b005-ae2b-4930-9783-2b2ca42916d4","block_type":"box","text":"non-U.S. corporations, provided that the Fund satisfies certain holding period requirements in respect of the stock of","page_number":36,"box":{"x":61,"y":135,"width":867,"height":12}},{"id":"dac0eb23-6487-4c92-b821-fb9d9c87d658","block_type":"box","text":"such corporations and has not hedged its position in the stock in certain ways. 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The term excludes a corporation that is a passive","page_number":36,"box":{"x":61,"y":197,"width":854,"height":12}},{"id":"b08ce603-7780-4f41-977c-8b0490ab7466","block_type":"box","text":"foreign investment company.","page_number":36,"box":{"x":60,"y":213,"width":220,"height":12}},{"id":"41b573e4-b5fc-4ec2-a5fd-1d662b3bb912","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of","page_number":36,"box":{"x":61,"y":245,"width":852,"height":12}},{"id":"cf99db94-0131-40d0-adde-217e546b9aac","block_type":"box","text":"stock held without being hedged by the Fund, and with respect to a share of the Fund held without being hedged by","page_number":36,"box":{"x":61,"y":261,"width":863,"height":12}},{"id":"5b6fefb1-1964-42fe-bb42-67ba2eaf4fc0","block_type":"box","text":"you, for 61 days during the 121-day period beginning at the date which is 60 days before the date on which such","page_number":36,"box":{"x":60,"y":276,"width":840,"height":13}},{"id":"ee9f886f-8f9c-40b6-b3ae-6d443613128f","block_type":"box","text":"share becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, 91 days during the","page_number":36,"box":{"x":61,"y":292,"width":880,"height":12}},{"id":"8fe9363d-d5e3-468d-88cb-fa91965cf3e9","block_type":"box","text":"181-day period beginning 90 days before such date. 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Certain","page_number":36,"box":{"x":62,"y":514,"width":800,"height":12}},{"id":"8ea970f7-3001-4ae8-8305-15a98f2084a8","block_type":"box","text":"distributions paid in January, however, may be treated as paid on December 31 of the prior year.","page_number":36,"box":{"x":61,"y":530,"width":723,"height":12}},{"id":"01159bd5-589f-4b89-ab31-5b0032bc13b4","block_type":"box","text":"If the Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions","page_number":36,"box":{"x":62,"y":562,"width":849,"height":12}},{"id":"1741fe8c-1a8e-4806-8a90-fd7db8f32ea7","block_type":"box","text":"made in the taxable year may be recharacterized as a return of capital to shareholders. Distributions in excess of the","page_number":36,"box":{"x":61,"y":578,"width":870,"height":12}},{"id":"bfe9e240-320c-4df0-8803-a5991b074fae","block_type":"box","text":"Fund’s minimum distribution requirements, but not in excess of the Fund’s current and accumulated earnings and","page_number":36,"box":{"x":61,"y":593,"width":846,"height":12}},{"id":"c6a65d34-d940-41c6-807f-b14f11ebfc91","block_type":"box","text":"profits, will be taxable to shareholders and will not constitute nontaxable returns of capital. A return of capital","page_number":36,"box":{"x":61,"y":609,"width":809,"height":12}},{"id":"def1ad95-4f9e-4705-8fd3-840de98b47b0","block_type":"box","text":"distribution generally will not be taxable but will reduce the shareholder’s cost basis and result in a higher capital gain","page_number":36,"box":{"x":61,"y":624,"width":874,"height":12}},{"id":"32242376-f873-43a7-9ec0-ae807b5fec89","block_type":"box","text":"or lower capital loss when those shares on which the distribution was received are sold. Once a shareholder’s cost","page_number":36,"box":{"x":61,"y":640,"width":855,"height":12}},{"id":"9cbd363f-2e36-4b5b-b01f-065f8c8beec3","block_type":"box","text":"basis is reduced to zero, further distributions will be treated as capital gain, if the shareholder holds shares of the","page_number":36,"box":{"x":61,"y":655,"width":841,"height":12}},{"id":"b983c4f7-321e-4d48-b88b-c3170174ebcb","block_type":"box","text":"Fund as capital assets.","page_number":36,"box":{"x":61,"y":671,"width":170,"height":12}},{"id":"ef54536e-1091-478b-b60d-74631c05e0b7","block_type":"box","text":"Dividends, interest and capital gains earned by the Fund with respect to securities issued by non-U.S. issuers may","page_number":36,"box":{"x":61,"y":703,"width":849,"height":13}},{"id":"f3b1f263-ed48-4f73-8575-d1a11a0666a1","block_type":"box","text":"give rise to withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between","page_number":36,"box":{"x":61,"y":719,"width":827,"height":12}},{"id":"189a7c7a-0a68-47eb-97d7-c4240a747d61","block_type":"box","text":"certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the total assets of the Fund at","page_number":36,"box":{"x":61,"y":734,"width":874,"height":13}},{"id":"e7e82541-fecf-4bb8-b17b-8abd37284555","block_type":"box","text":"the close of a year consists of non-U.S. stocks or securities (generally, for this purpose, depositary receipts, no matter","page_number":36,"box":{"x":60,"y":750,"width":876,"height":12}},{"id":"50ab9941-be80-44a6-b441-f0c0f2ab3d55","block_type":"box","text":"where traded, of non-U.S. companies are treated as “non-U.S.”), generally the Fund may “pass through” to you","page_number":36,"box":{"x":60,"y":765,"width":824,"height":13}},{"id":"2f1f3e88-e2c4-40c7-a2a3-7ea96084abbc","block_type":"box","text":"certain non-U.S. income taxes (including withholding taxes) paid by the Fund. This means that you would be","page_number":36,"box":{"x":61,"y":781,"width":803,"height":12}},{"id":"af292dc7-f6f1-4b8b-aebd-8ae16f55d6bc","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to","page_number":36,"box":{"x":61,"y":796,"width":860,"height":13}},{"id":"37353f49-848d-45b2-9991-db43756b3baa","block_type":"box","text":"either a corresponding tax deduction in calculating your taxable income, or, subject to certain limitations, a credit in","page_number":36,"box":{"x":61,"y":812,"width":850,"height":12}},{"id":"2300a572-5ab5-492d-b3c6-ed19e39bc604","block_type":"box","text":"calculating your U.S. federal income tax.","page_number":36,"box":{"x":61,"y":827,"width":305,"height":13}},{"id":"ff402891-775c-41d1-a7e4-5aa409a73107","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of the Fund, foreign capital gains taxes may not produce","page_number":36,"box":{"x":61,"y":860,"width":847,"height":12}},{"id":"6c47ce70-1e43-4b65-8f33-568c1ffb2773","block_type":"box","text":"associated foreign source income, limiting the availability of such credits for U.S. persons.","page_number":36,"box":{"x":61,"y":876,"width":671,"height":12}},{"id":"82479a45-efe3-4e68-b827-fa327998b3cf","block_type":"box","text":"If you are neither a resident nor a citizen of the United States or if you are a non-U.S. entity (other than a pass","page_number":36,"box":{"x":62,"y":908,"width":821,"height":12}},{"id":"73dd478c-fd56-4fed-a64a-4ad7508c42ad","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":36,"box":{"x":60,"y":924,"width":837,"height":12}},{"id":"b6411670-ec27-447e-a7eb-4603faa9a5b6","block_type":"box","text":"23","page_number":36,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"55c54966-ca43-45ab-86bb-403266fa1001","block_type":"box","text":"NM1026U-6040015-36/40","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"743121e7-9f44-4139-8e47-f27dae685ac8","block_type":"box","text":"withholding tax, unless a lower treaty rate applies, provided that withholding tax will generally not apply to distributions","page_number":37,"box":{"x":60,"y":41,"width":881,"height":12}},{"id":"093a9625-15a7-4184-b2b9-c2353b17100d","block_type":"box","text":"properly reported by the Fund as capital gain dividends, interest-related dividends or short-term capital gain dividends","page_number":37,"box":{"x":61,"y":56,"width":878,"height":12}},{"id":"5591bac0-583d-4193-a2d5-ce847b23ebfc","block_type":"box","text":"or upon the sale or other disposition of shares of the Fund.","page_number":37,"box":{"x":61,"y":71,"width":440,"height":12}},{"id":"1f59f12e-8fc0-400c-ba00-6e08150183f5","block_type":"box","text":"If you are a resident or a citizen of the U.S., by law, backup withholding at a 24% rate will apply to your distributions","page_number":37,"box":{"x":62,"y":104,"width":860,"height":12}},{"id":"4682ef5d-de07-447d-aa19-a026dd4ca20c","block_type":"box","text":"and proceeds if you have not provided a taxpayer identification number or social security number and made other","page_number":37,"box":{"x":61,"y":120,"width":847,"height":12}},{"id":"c189d93f-2b97-4cd7-9a97-a6c540515210","block_type":"box","text":"required certifications.","page_number":37,"box":{"x":61,"y":135,"width":168,"height":12}},{"id":"bd8fe9ac-eab4-4f20-9ce6-133d0e483a91","block_type":"box","text":"Taxes on Sales of Shares.","page_number":37,"box":{"x":60,"y":168,"width":207,"height":9}},{"id":"e76451eb-69f4-455d-bfc5-a0dda16fc08f","block_type":"box","text":"Currently, any capital gain or loss realized upon a sale of Fund shares is generally","page_number":37,"box":{"x":268,"y":168,"width":620,"height":12}},{"id":"4f2a5db7-65e8-4f52-bb83-3fd69a6be8ec","block_type":"box","text":"treated as a long-term gain or loss if the shares have been","page_number":37,"box":{"x":60,"y":183,"width":440,"height":12}},{"id":"8efb7d41-38e8-41fd-8360-4f8cf3267405","block_type":"box","text":"held for more than one year. Any capital gain or loss","page_number":37,"box":{"x":501,"y":183,"width":393,"height":12}},{"id":"1eb6b0af-b386-409d-8e92-6af8b02148fc","block_type":"box","text":"realized upon a sale of Fund shares held for one year","page_number":37,"box":{"x":61,"y":199,"width":402,"height":12}},{"id":"78439baf-97a2-4ec9-8e23-fc3f32065324","block_type":"box","text":"or less is generally treated as short-term gain or loss, except","page_number":37,"box":{"x":464,"y":199,"width":454,"height":12}},{"id":"4b4cb9a4-e9ac-48fe-9243-030a19ef51ca","block_type":"box","text":"that any capital loss on the sale of shares held for six","page_number":37,"box":{"x":60,"y":214,"width":400,"height":12}},{"id":"7f1431b9-2da1-4323-bd16-f5f3026ad89b","block_type":"box","text":"months or less is treated as long-term capital loss to the extent","page_number":37,"box":{"x":461,"y":215,"width":471,"height":11}},{"id":"13166c8a-52ff-44d3-997e-ce341b9c515a","block_type":"box","text":"that capital gain dividends were paid with respect to such shares. Any such capital gains, including from sales of Fund","page_number":37,"box":{"x":60,"y":230,"width":881,"height":12}},{"id":"580dfab0-fc67-49ef-a0ad-6cb713ed9bcb","block_type":"box","text":"shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal","page_number":37,"box":{"x":61,"y":245,"width":863,"height":12}},{"id":"e781bbdd-ade4-416d-b83c-8af33993c57a","block_type":"box","text":"Medicare contribution tax mentioned above.","page_number":37,"box":{"x":61,"y":261,"width":330,"height":9}},{"id":"3622e182-be58-4759-96b9-2c959456f0a2","block_type":"box","text":"FATCA.","page_number":37,"box":{"x":61,"y":294,"width":60,"height":9}},{"id":"086b97a1-30a0-45d0-ac0a-d7c614cad89b","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":37,"box":{"x":122,"y":294,"width":809,"height":12}},{"id":"1cc9e499-5113-47d5-9ac6-975f704c9956","block_type":"box","text":"items paid to (i) foreign financial institutions, including non-U.S. investment funds and (ii) certain other foreign entities.","page_number":37,"box":{"x":61,"y":309,"width":878,"height":12}},{"id":"d80702d7-9fe2-4489-906d-3f3698209301","block_type":"box","text":"To avoid withholding, foreign financial institutions will need to (i) enter into agreements with the IRS that state that","page_number":37,"box":{"x":60,"y":325,"width":849,"height":12}},{"id":"7be842df-3480-4ecf-8a38-7241c853bc22","block_type":"box","text":"they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct","page_number":37,"box":{"x":60,"y":340,"width":854,"height":12}},{"id":"8efc3979-a337-4b21-86e6-53798d391ea3","block_type":"box","text":"and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S.","page_number":37,"box":{"x":61,"y":356,"width":837,"height":12}},{"id":"79ff0d44-cdff-4f35-942b-05031c997843","block_type":"box","text":"accounts, report to the IRS certain information with respect to U.S. accounts maintained, agree to withhold tax on","page_number":37,"box":{"x":61,"y":371,"width":845,"height":12}},{"id":"a05a2c1f-90cd-4447-840f-7e602ff5d7d7","block_type":"box","text":"certain payments made to non-compliant foreign financial institutions or to account holders who fail to provide the","page_number":37,"box":{"x":61,"y":387,"width":845,"height":12}},{"id":"bdfcceb2-d151-4bab-ac69-4d26d73bbc06","block_type":"box","text":"required information, and determine certain other information concerning their account holders, or (ii) in the event that","page_number":37,"box":{"x":61,"y":402,"width":877,"height":12}},{"id":"6d4bda75-0770-4930-ae17-2f86391a7fbd","block_type":"box","text":"an applicable intergovernmental agreement and implementing legislation are adopted, provide local revenue","page_number":37,"box":{"x":61,"y":418,"width":808,"height":12}},{"id":"572aa213-4253-4679-85f3-e735fc474d08","block_type":"box","text":"authorities with similar account holder information. Other foreign entities may need to report the name, address, and","page_number":37,"box":{"x":61,"y":433,"width":866,"height":12}},{"id":"77907f83-8591-4dc6-b31c-0deb913047f4","block_type":"box","text":"taxpayer identification number of each substantial U.S. owner or provide certifications of no substantial U.S.","page_number":37,"box":{"x":60,"y":449,"width":805,"height":12}},{"id":"f499b923-ddeb-42bb-a814-3d6031d1eccd","block_type":"box","text":"ownership unless certain exceptions apply.","page_number":37,"box":{"x":61,"y":464,"width":324,"height":12}},{"id":"7436ae86-235f-448f-abad-1f9b66bd8a8f","block_type":"box","text":"Creations and Redemptions.","page_number":37,"box":{"x":61,"y":497,"width":226,"height":12}},{"id":"69c87bf7-75a3-49a2-9eab-1a33874a3c27","block_type":"box","text":"Prior to trading in the secondary market, shares of the Fund are “created” at NAV by","page_number":37,"box":{"x":288,"y":497,"width":636,"height":12}},{"id":"b3c391ab-8090-40cd-a771-84ae4f6fa7e0","block_type":"box","text":"market makers, large investors and institutions only in block-size Creation Units or multiples thereof. Each “creator” or","page_number":37,"box":{"x":61,"y":512,"width":879,"height":12}},{"id":"c7e07a85-8672-4290-bd83-2344fe51fd95","block_type":"box","text":"authorized participant (an “Authorized Participant”) has entered into an agreement with the Distributor. An Authorized","page_number":37,"box":{"x":61,"y":528,"width":873,"height":12}},{"id":"a55f2cd5-8768-4172-9122-631b4f6de72d","block_type":"box","text":"Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement","page_number":37,"box":{"x":61,"y":543,"width":857,"height":12}},{"id":"ba8e397d-c1e0-4335-80e7-6620d6481ea5","block_type":"box","text":"with the Fund or one of its service providers that allows such member or participant to place orders for the purchase","page_number":37,"box":{"x":60,"y":559,"width":866,"height":12}},{"id":"08405dca-f9f0-415b-ab8b-ee55739dd141","block_type":"box","text":"and redemption of Creation Units.","page_number":37,"box":{"x":61,"y":574,"width":255,"height":12}},{"id":"c1a63925-937a-43f5-b16a-ddb1fe0ac2f6","block_type":"box","text":"A creation transaction, which is subject to acceptance by the Distributor and the Fund, generally takes place when an","page_number":37,"box":{"x":60,"y":607,"width":876,"height":12}},{"id":"b720b770-4a4d-4c01-8f72-436a9fd40007","block_type":"box","text":"Authorized Participant deposits into the Fund a designated portfolio of securities, assets or other positions (a “creation","page_number":37,"box":{"x":60,"y":623,"width":882,"height":12}},{"id":"63f2403f-8f7c-4a54-b340-63cd5c253e3d","block_type":"box","text":"basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other","page_number":37,"box":{"x":61,"y":638,"width":867,"height":12}},{"id":"4c8daa08-d377-4517-996d-7cb522065402","block_type":"box","text":"positions), if any, which together approximate the holdings of the Fund in exchange for a specified number of Creation","page_number":37,"box":{"x":61,"y":654,"width":881,"height":12}},{"id":"3d98b531-4ef5-40eb-a019-4c78f1a3059f","block_type":"box","text":"Units.","page_number":37,"box":{"x":61,"y":669,"width":41,"height":10}},{"id":"730b8039-0c92-43d8-baab-a6a2d8fa1b6b","block_type":"box","text":"Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or","page_number":37,"box":{"x":61,"y":702,"width":863,"height":12}},{"id":"ce9b6cdf-56d7-4e7a-a833-05830f57fe88","block_type":"box","text":"other positions (a “redemption basket”) held by the Fund and an amount of cash (including any portion of such","page_number":37,"box":{"x":61,"y":717,"width":817,"height":12}},{"id":"d1db2ec8-af23-4c1a-8caf-97e8d62baf9e","block_type":"box","text":"securities for which cash may be substituted).","page_number":37,"box":{"x":61,"y":733,"width":337,"height":12}},{"id":"64f988dc-d9b2-4293-be38-1904caae2998","block_type":"box","text":"The Fund generally offers Creation Units partially for cash, but may, in certain circumstances, offer Creation Units","page_number":37,"box":{"x":60,"y":765,"width":844,"height":13}},{"id":"97fe003a-68c5-4f3b-88e3-2eb0a54f7446","block_type":"box","text":"solely for cash or solely in-kind. 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For delivery of prospectuses to exchange members,","page_number":38,"box":{"x":61,"y":452,"width":867,"height":12}},{"id":"c9294f40-2dbb-489d-beed-1c6c36e991ab","block_type":"box","text":"the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to transactions on a","page_number":38,"box":{"x":60,"y":467,"width":876,"height":12}},{"id":"b7a0e283-06c7-4470-9b47-1c2271f7201b","block_type":"box","text":"national securities exchange.","page_number":38,"box":{"x":61,"y":483,"width":221,"height":12}},{"id":"317182db-2c79-4a44-ab0b-5fa134498744","block_type":"box","text":"Householding.","page_number":38,"box":{"x":61,"y":512,"width":115,"height":12}},{"id":"35808ae0-723c-48d8-bed9-1a793e59398f","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery,","page_number":38,"box":{"x":177,"y":512,"width":753,"height":12}},{"id":"d4f1c8f1-7b28-4541-b167-7095fed142cd","block_type":"box","text":"based on the preference of the individual investor, in which a single copy of certain shareholder documents can be","page_number":38,"box":{"x":61,"y":527,"width":854,"height":12}},{"id":"db818e9b-ac91-4f26-ba1d-2c10c61512a2","block_type":"box","text":"delivered to investors who share the same address, even if their accounts are registered under different names.","page_number":38,"box":{"x":61,"y":543,"width":834,"height":12}},{"id":"e2261cc1-23b7-4021-9467-170367c5d336","block_type":"box","text":"Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of","page_number":38,"box":{"x":61,"y":558,"width":844,"height":12}},{"id":"3a47dd9c-1188-40f2-a9b8-eb110f471776","block_type":"box","text":"prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change","page_number":38,"box":{"x":61,"y":574,"width":865,"height":12}},{"id":"95742346-fcb4-4947-9e36-9555c5e0b443","block_type":"box","text":"your householding status.","page_number":38,"box":{"x":60,"y":589,"width":197,"height":12}},{"id":"a7ee89a3-8697-40d3-94b4-35971db62d0d","block_type":"box","text":"Distribution","page_number":38,"box":{"x":62,"y":624,"width":114,"height":12}},{"id":"27988ca8-1fed-4ccd-8bbb-f2245a949c3b","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not","page_number":38,"box":{"x":60,"y":647,"width":830,"height":12}},{"id":"f9273717-35f2-40d7-a5f0-caca3c9fdfb4","block_type":"box","text":"maintain a secondary market in shares of the Fund. The Distributor has no role in determining the policies of the Fund","page_number":38,"box":{"x":61,"y":662,"width":874,"height":12}},{"id":"1c33bae2-232b-4e35-b98d-180b07e39981","block_type":"box","text":"or the securities that are purchased or sold by the Fund. The Distributor’s principal address is 50 Hudson Yards, New","page_number":38,"box":{"x":61,"y":678,"width":870,"height":12}},{"id":"1cde47f2-4387-472e-bc91-9a245875c4e2","block_type":"box","text":"York, NY 10001.","page_number":38,"box":{"x":60,"y":693,"width":122,"height":12}},{"id":"99817e72-f47d-4cad-8d32-ce19782893d8","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries","page_number":38,"box":{"x":61,"y":722,"width":860,"height":13}},{"id":"9fe78452-f902-4116-a279-767949708fa8","block_type":"box","text":"(together, “intermediaries”) related to marketing activities and presentations, educational training programs,","page_number":38,"box":{"x":61,"y":738,"width":794,"height":12}},{"id":"5a0900b2-07cb-494a-aef1-4c2687523f7a","block_type":"box","text":"conferences, the development of technology platforms and reporting systems, data provision services, or their making","page_number":38,"box":{"x":61,"y":753,"width":874,"height":13}},{"id":"165aa534-2087-41da-9c1d-d7905547aaa5","block_type":"box","text":"shares of the Fund and certain other BFA-advised ETFs available to their customers generally and in certain","page_number":38,"box":{"x":61,"y":769,"width":803,"height":12}},{"id":"e36874d1-c6a2-461d-ac01-32f26c8c1d43","block_type":"box","text":"investment programs. 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Therefore, such payments or other financial incentives offered or made to an intermediary create","page_number":38,"box":{"x":61,"y":862,"width":862,"height":12}},{"id":"529f0d48-e20a-4e30-9007-d06afbb2a529","block_type":"box","text":"conflicts of interest between the intermediary and its customers and may cause the intermediary to recommend the","page_number":38,"box":{"x":61,"y":877,"width":858,"height":13}},{"id":"8756caac-9c1d-4064-87c0-9b9ee53ec55e","block_type":"box","text":"Fund or other BFA-advised ETFs over another investment. More information regarding these payments is contained","page_number":38,"box":{"x":61,"y":893,"width":866,"height":12}},{"id":"98295ee9-cebe-4434-a2e7-d9c868618151","block_type":"box","text":"in the Fund’s SAI.","page_number":38,"box":{"x":61,"y":909,"width":130,"height":9}},{"id":"c7e5c1e7-f94f-4d62-855a-f785f5e7929b","block_type":"box","text":"Please contact your salesperson or other investment professional for more information","page_number":38,"box":{"x":199,"y":909,"width":696,"height":12}},{"id":"fd38e502-92c1-49f9-9dc8-913faf4683ab","block_type":"box","text":"regarding any such payments his or her firm may receive from BFA or its affiliates.","page_number":38,"box":{"x":61,"y":924,"width":661,"height":12}},{"id":"0518efa8-538d-4438-9360-9b3ac783a632","block_type":"box","text":"25","page_number":38,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"2c1b8d75-f865-4032-a369-baed00332c24","block_type":"box","text":"NM1026U-6040015-38/40","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5e6ddd9a-59b7-4bca-aa2b-05403dfe0997","block_type":"box","text":"Financial Highlights","page_number":39,"box":{"x":62,"y":42,"width":194,"height":15}},{"id":"15124066-8010-41c1-b428-95805a275825","block_type":"box","text":"Financial highlights for the Fund are not available because, as of the effective date of this Prospectus, the Fund has","page_number":39,"box":{"x":61,"y":65,"width":864,"height":12}},{"id":"db9821ae-bc02-4735-9515-7a234f8b9c31","block_type":"box","text":"not commenced operations and therefore has no financial highlights to report.","page_number":39,"box":{"x":61,"y":81,"width":581,"height":12}},{"id":"86de652f-e3f5-4892-9aa6-100b2f31bd98","block_type":"box","text":"Disclaimers","page_number":39,"box":{"x":62,"y":118,"width":117,"height":12}},{"id":"d744f511-3911-4e11-8e21-f949e955bade","block_type":"box","text":"Shares of the Fund are not sponsored, endorsed or promoted by NYSE Arca. NYSE Arca makes no","page_number":39,"box":{"x":61,"y":141,"width":793,"height":12}},{"id":"f985c330-69da-40b4-8287-ca5d4ca8235e","block_type":"box","text":"representation or warranty, express or implied, to the owners of the shares of the Fund or any member of the","page_number":39,"box":{"x":61,"y":157,"width":876,"height":12}},{"id":"4f75e65e-1eda-4864-bb78-c9dee3290d3e","block_type":"box","text":"public regarding the ability of the Fund to achieve its investment objective. 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